金价上行，双焦强势-20250916

Core Viewpoint - The article discusses the recent trends in various commodities, highlighting the strength of gold prices and the performance of coking coal, while also addressing the economic indicators from China and the U.S. that influence these markets [1][3][5]. Economic Indicators - In August, China's retail sales growth slowed to 3.4% year-on-year, while industrial output increased by 5.2% [1]. - Fixed asset investment in China grew by 0.5% from January to August, with manufacturing investment rising by 5.1% [1]. - Real estate development investment decreased by 12.9% year-on-year, and new housing sales fell by 4.7% [1]. - U.S. inflation data showed an increase in CPI to 2.9% year-on-year in August, reinforcing expectations for interest rate cuts [3]. Commodity Analysis Coking Coal - Coking coal futures continued to show strength, with a notable increase in positions. The market is experiencing a high-level fluctuation due to various pressures, including supply chain dynamics and policy expectations [2][22]. Gold - Gold and silver prices are on the rise, driven by inflation data and expectations of interest rate cuts. The market is speculating on potential rate cuts of 50 basis points, with a neutral expectation of three cuts by the end of the year [3][18]. Glass and Soda Ash - Glass futures showed a slight rebound, with inventory levels decreasing. The market is focused on supply-side adjustments and the potential for improved demand in the autumn [4][17]. Other Commodities - The article also touches on the performance of other commodities such as copper, zinc, and lithium, indicating mixed trends influenced by supply and demand dynamics [19][20][21].