黄金闪亮，原有暗淡-20250908

Core Viewpoint - The article highlights the significant impact of weak U.S. employment data and geopolitical factors on various commodities, particularly gold, while also discussing the implications for stock indices and oil prices [1][2][4]. Group 1: Economic Indicators - The U.S. added only 22,000 jobs in August, significantly below the expected 75,000, leading to a rise in the unemployment rate to 4.3%, the highest in nearly four years, which almost guarantees a rate cut in September [1][5]. - China's foreign exchange reserves increased by 0.91% in July, and the central bank has been increasing its gold reserves for ten consecutive months [1][6]. Group 2: Key Commodities - Gold: Gold and silver maintain a strong position due to weak U.S. employment data, confirming the likelihood of a rate cut in September. The market is also unsettled by Trump's attempts to challenge the independence of the Federal Reserve [2][17]. - Oil: OPEC+ countries confirmed an increase in oil production by 137,000 barrels per day starting in October, despite geopolitical risks that could affect supply. The weak U.S. employment data reinforces expectations for a rate cut by the Federal Reserve [4][12]. Group 3: Stock Indices - U.S. stock indices experienced declines, with the market showing signs of a potential rebound. The current market environment is characterized by a "policy bottom + liquidity bottom + valuation bottom" phase, suggesting a favorable long-term outlook despite short-term volatility [3][10]. Group 4: Industry News - The Chinese Ministry of Commerce has identified dumping of pork and related products from the EU, leading to preliminary anti-dumping measures [8].