周一贵金属市场呈现下跌调整，美指强势反弹对贵金属形成一定压力，因特朗普政府正在考虑对负责执行 《数字服务法案》的欧盟或成员国官员实施制裁的消息拖累欧元下跌。另外周边美债收益率微涨，欧美股市 普遍回调，比特币下跌，原油上涨，南华有色金属指数上涨。最终COMEX黄金2512合约收报3410.7美元/盎 司，-0.23%；美白银2509合约收报于38.55美元/盎司，-1.29%。 SHFE黄金2510主力合约收779.18元/克， +0.46%；SHFE白银2510合约收9394元/千克，+1.89%。周二亚洲早盘，贵金属快速拉涨，因特朗普签署文 件罢免美联储理事库克，且立刻生效。 【降息预期与基金持仓】 降息预期继续降温。据CME"美联储观察"数据显示，美联储9月维持利率不变的概率为17.2%，降息25个 基点的概率为82.8%；美联储10月维持利率不变的概率为10%，累计降息25个基点的概率为55.5%，累计降 息50个基点的概率34.5%；美联储12月维持利率不变的概率2.1%，累计降息25个基点的概率为19.5%，累计 降息50个基点的概率为51.1%，累计降息75个基点的概率为27.3%。长线基金看，S ...

长江期货贵金属周报 2025/8/25 【产业服务总部|有色中心】 长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 研究员：汪国栋 执业编号：F03101701 投资咨询号：Z0021167 咨询电话：027-65777106 目录 01 行情回顾 02 周度观点 03 海外宏观经济指标 04 当周重要经济数据 05 当周重要宏观事件和政策 06 库存 07 基金持仓 08 本周关注重点 鲍威尔在央行峰会上发言偏鸽，市场对9月降息的预期 升温，美黄金价格反弹。截至上周五，美黄金报收3417 美元/盎司，周内上涨1.05%，关注上方压力位3470， 下方支撑位3350。 鲍威尔在央行峰会上发言偏鸽，市场对9月降息的预 期升温，美白银价格反弹。截至上周五，周度涨幅 3.6%，报收39.4美元/盎司，关注下方支撑位37.7， 上方压力位40.5。 17.0000 22.0000 27.0000 32.0000 37.0000 2021/01/01 2022/01/01 2023/01/01 2024/01/01 2025/01/01 01 行情回顾：上周 02 周度观点 数据来源：ifind 长 ...

美联储7月会议纪要显示，多位与会者认为当前利率距中性水平不远，绝大多数官员赞成按兵不动，这 一相对鹰派的立场抑制了降息预期，或限制贵金属上行空间。在地缘政治方面，以军进攻加沙城的军事 计划已获批准，虽以方暂未回应哈马斯的停火方案，但军事行动的推进使得地缘政治风险急剧上升。 【交易思路】 周四（8月21日），周三，美元指数先涨后跌，盘中一度升至98.42的日内高点，随后抹去日内全部涨幅 并转跌，但在会议纪要显示只有两名美联储决策者支持9月降息后，美指缩减跌幅，最终收跌0.05%， 报98.20；现货黄金持续上涨，一度逼近3350美元大关，较日低涨近40美元，最终收涨0.98%，收报 3348.05美元/盎司；现货白银收涨1.40%，报37.87美元/盎司。 【要闻汇总】 周三晚间，美元下跌。特朗普阵营官员呼吁就房贷交易调查美联储理事库克，特朗普随后喊话库克辞 职，加剧了市场对美联储政治化及政策独立性的担忧，这种不确定性为贵金属提供了部分避险支撑。 摘要周四（8月21日），周三，美元指数先涨后跌，盘中一度升至98.42的日内高点，随后抹去日内全部 涨幅并转跌，但在会议纪要显示只有两名美联储决策者支持9月降息后，美 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Today, precious metals fluctuated weakly. The main contract of Shanghai Gold closed down 0.13%, and the main contract of Shanghai Silver closed down 0.25%. The short - term trade agreements are reached in batches, the Russia - Ukraine talks have begun, and the risk - aversion demand has declined. The risk of stagflation in the US economy has increased, employment has weakened, inflation has been moderate, and the Fed's interest - rate cut expectations have rebounded [2]. - In terms of the safe - haven attribute, the leaders of the US and Russia had their first meeting in six years, and Trump said it was "productive" and promised to provide security guarantees for Ukraine. White House officials said Trump had signed an executive order to extend the China - US tariff truce for another 90 days [2]. - In terms of the monetary attribute, US retail sales in July grew strongly, and wholesale prices jumped, adding uncertainties to the Fed's interest - rate cut roadmap. The US PPI in July rose 0.9% month - on - month, the largest monthly increase in three years. The US CPI inflation in July was moderate, the CPI met expectations but the core CPI rose 3.1% year - on - year, higher than the previous value of 2.9%. Currently, the market expects the probability of a Fed rate cut in September to soar from about 40% before the non - farm payrolls report to over 80%, and the expected number of rate cuts within the year has increased from 1 to 2 - 3 times. The US dollar index and US Treasury yields rebounded after encountering resistance [2]. - In terms of the commodity attribute, the CRB commodity index rebounded under pressure, and the strong RMB suppressed domestic prices [2]. - Precious metals are expected to fluctuate weakly in the short term, oscillate at high levels in the medium term, and rise step - by - step in the long term [2]. - The gold price trend is the anchor for the silver price. In terms of the capital side, the net long positions of CFTC silver and iShare silver ETF decreased slightly. In terms of inventory, the recent visible inventory of silver increased slightly [6]. 3. Summary by Relevant Catalogs Gold - **Market Performance**: The main contract of Shanghai Gold closed down 0.13%, and international and domestic gold prices showed different trends. For example, the Comex gold主力合约收盘价 was $3358.90 per ounce, down $19.10 (-0.57%) from the previous day and down $40.70 (-1.20%) from the previous week [2][3]. - **Strategy**: Conservative investors should wait and see, while aggressive investors can buy low and sell high. Good position management and strict stop - loss and take - profit are recommended [3]. - **Related Data**: Various data such as price, basis, spread, open interest, inventory, CFTC management fund net position, and gold ETF are presented in detail in the report [3]. - **Net Position Ranking**: The top 10 net long and net short positions of futures companies' members in Shanghai Gold on the Shanghai Futures Exchange are listed, showing the changes in positions of different companies [4]. Silver - **Market Performance**: The main contract of Shanghai Silver closed down 0.25%, and international and domestic silver prices also had different changes. For example, the Comex silver主力合约收盘价 was $37.33 per ounce, down $0.73 (-1.93%) from the previous day and down $0.61 (-1.61%) from the previous week [2][7]. - **Strategy**: Similar to gold, conservative investors should wait and see, and aggressive investors can buy low and sell high with proper position management and strict stop - loss and take - profit [7]. - **Related Data**: Data including price, basis, spread, open interest, inventory, CFTC management fund net position, and silver ETF are provided [7]. - **Net Position Ranking**: The top 10 net long and net short positions of futures companies' members in Shanghai Silver on the Shanghai Futures Exchange are shown, along with the changes in positions of each company [8]. Fundamental Key Data - **Monetary Attribute Data**: It includes federal fund target rate, discount rate, Fed total assets, M2, ten - year US Treasury real yield, US dollar index, US Treasury yield spreads, inflation data, economic growth data, labor market data, real estate market data, consumption data, industrial data, trade data, and economic survey data [9][11][12]. - **Other Data**: Central bank gold reserves of different countries, IMF foreign exchange reserve ratios, gold/foreign exchange reserve ratios, geopolitical risk index, VIX index, CRB commodity index, and offshore RMB data are also presented [13]. - **Fed Interest Rate Expectations**: The expected probabilities of different interest - rate ranges in Fed meetings from 2025 to 2026 are provided according to the CME FedWatch tool [14].

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Views - **Short - term**: On August 19, the main contract of Shanghai gold futures closed down 0.13% to 775.06 yuan/gram, and the main contract of Shanghai silver futures closed down 0.25% to 9187 yuan/kilogram. The potential for a three - way meeting between the US, Russia, and Ukraine may ease geopolitical conflicts, and high market risk preference along with a cooling of the Fed's rate - cut expectations due to tariff policies are suppressing precious metal prices. However, factors like the decline in US consumer confidence in August and ongoing tariff impacts will support gold prices. Short - term gold prices are expected to fluctuate within a range. Silver is expected to be volatile in the short - term. [4] - **Long - term**: With the US debt exceeding $7 trillion and a certain probability of Fed rate cuts this year, gold has long - term support. In the long run, factors such as the Fed's potential rate cuts, global geopolitical uncertainties, great - power competition, and the trend of de - dollarization with continued central bank gold purchases will likely push up the long - term center of gold prices. For silver, in the medium - term, it is more likely to follow fundamental logic, and caution is needed regarding its upside potential. [4] 3. Section - by - Section Summaries Price Tracking - **Precious Metal Prices**: On August 19, compared to August 18, London gold spot dropped 0.4% to $3336.05/ounce, London silver spot fell 0.5% to $37.90/ounce, COMEX gold decreased 0.4% to $3380.20/ounce, and COMEX silver declined 0.6% to $37.93/ounce. In the domestic market, AU2510 dropped 0.3% to 775.06 yuan/gram, and AG2510 fell 0.8% to 9187 yuan/kilogram. [3] - **Price Spreads and Ratios**: From August 18 to August 19, the spread of gold TD - SHFE active price increased 5.8% to - 3.47 yuan/gram, and the spread of silver TD - SHFE active price decreased 19.4% to - 25 yuan/kilogram. [3] Position Data - **ETF Holdings**: As of August 18, compared to August 15, the gold ETF - SPDR remained unchanged at 965.36 tons, and the silver ETF - SLV increased 1.89% to 15356.60489 tons. [3] - **Non - commercial Positions in COMEX**: For COMEX gold, from August 15 to August 18, non - commercial long positions decreased 1.40% to 288115 contracts, non - commercial short positions increased 6.32% to 58630 contracts, and net long positions decreased 3.19% to 229485 contracts. For COMEX silver, non - commercial long positions decreased 6.99% to 66252 contracts, non - commercial short positions increased 6.84% to 21984 contracts, and net long positions decreased 12.61% to 44268 contracts. [3] Inventory Data - **SHFE Inventories**: On August 19, compared to August 18, SHFE gold inventories decreased 0.03% to 36333 kilograms, and SHFE silver inventories increased 0.97% to 1149446 kilograms. [3] - **COMEX Inventories**: From August 15 to August 18, COMEX gold inventories increased 0.03% to 38646556 ounce, and COMEX silver inventories remained unchanged at 507551254 ounce. [3] Interest Rates, Exchange Rates, and Stock Markets - **Interest Rates**: From August 18 to August 19, the 2 - year US Treasury yield increased 0.05%. [4] - **Exchange Rates and Stock Markets**: The dollar index increased 0.31%, the VIX decreased 0.66%, the S&P 500 decreased 0.01%, the dollar/yuan central parity rate increased 0.53%, and NYMEX crude oil decreased 0.89%. [4] Key News - Trump plans a three - way meeting between the US, Russia, and Ukraine after meeting with Zelensky, and Zelensky said that Ukraine no longer insists on a cease - fire as a prerequisite for negotiation, and territorial issues can only be discussed with Putin. [4] Operation Strategy - For gold, in the short - term, it is expected to fluctuate within a range. Pay attention to the speech of the Fed Chairman at the global central bank annual meeting this week. In the long - term, it is recommended to cautiously go long at low prices. For silver, in the short - term, it is expected to be volatile, and in the medium - term, caution is needed regarding its upside potential. [4]

贵金属日报 2025-08-20 贵金属 钟俊轩 贵金属研究员 从业资格号：F03112694 交易咨询号：Z0022090 电话：0755-23375141 邮箱： zhongjunxuan@wkqh.cn 沪金跌 0.36 %，报 772.60 元/克，沪银跌 1.65 %，报 9061.00 元/千克；COMEX 金涨 0.01 %， 报 3359.00 美元/盎司，COMEX 银涨 0.03 %，报 37.35 美元/盎司； 美国 10 年期国债收益率 报 4.3%，美元指数报 98.27 ； 市场展望： 俄罗斯和乌克兰之间的谈判进一步推进，昨夜公布的美国地产数据仍具备韧性，金银价格短线 承压。 Politico 报道称美国正考虑在匈牙利首都布达佩斯举办俄罗斯及乌克兰的会谈。白宫新闻秘 书表示普京同意启动和平进程的下一个阶段。同时，昨夜公布的美国 7 月 营建许可年化数为 135.4 万户，低于预期的 138.6 万户以及前值的 139.3 万户。但 7 月新屋开工年化值则达 到 142.8 万户，大幅高于预期的 129 万户。美国经济数据具备韧性，海外地缘冲突风险阶段 性释放，贵金属价格短线承压。 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The medium - to long - term trend of precious metals may be bullish, while the short - term is in an overall oscillatory consolidation. For London gold, the support levels are at 3330 and then the 3300 integer mark, with resistance levels in the 3350 area, 3370, and 3400. For London silver, the support is at 37.5 and the resistance is in the 38.1 area and 39. The operation strategy is to maintain the idea of buying on dips [4]. 3) Summary by Relevant Catalogs [行情回顾] - On Monday, the precious metals market had a narrow - range oscillatory consolidation with light trading. The market is focused on the guidance of the Jackson Hole Global Central Bank Symposium on the Fed's future interest - rate cut prospects. Multiple investment banks on Monday evening dampened the optimistic expectations. Before the mid - September FOMC, one PCE, one non - farm payroll, and one CPI will be announced. Nomura expects Powell not to give a "clear commitment" on Friday; BofA expects Powell to hold a hawkish stance; Morgan Stanley expects Powell to emphasize inflation risks and resist the market's interest - rate cut expectations. The US dollar index rebounded, short - term US bonds oscillated, yields on medium - and long - term bonds rose, Bitcoin fell, crude oil oscillated, the Chinese stock market was strong, and European and American stock markets oscillated. Finally, the COMEX gold 2512 contract closed at $3378 per ounce, down 0.14%; the US silver 2509 contract closed at $38.065 per ounce, up 0.24%. The SHFE gold 2510 main contract was at 777.66 yuan per gram, up 0.32%; the SHFE silver 2510 contract was at 9204 yuan per kilogram, down 1.23%. Geopolitically, after the "Trump - Zelensky meeting", Trump called Putin and said he was arranging a tri - party meeting, and both Russia and the US support direct Russia - Ukraine negotiations; Hamas agreed to a new Gaza cease - fire agreement proposed by the mediator [2]. [降息预期与基金持仓] - Expectations for the number of interest - rate cuts within the year have cooled, and the fantasy of a 50 - basis - point cut in September has been dashed. According to CME's "FedWatch" data, the probability that the Fed will keep interest rates unchanged in September is 7.9%, and the probability of a 25 - basis - point cut is 92.1%; in October, the probability of keeping rates unchanged is 3.2%, the probability of a cumulative 25 - basis - point cut is 41.7%, and the probability of a cumulative 50 - basis - point cut is 55.2%; in December, the probability of keeping rates unchanged is 0.8%, the probability of a cumulative 25 - basis - point cut is 12.6%, the probability of a cumulative 50 - basis - point cut is 45%, and the probability of a cumulative 75 - basis - point cut is 41.6%. In terms of long - term funds, the SPDR Gold ETF holdings decreased by 2.86 tons to 961.36 tons; the iShares Silver ETF holdings decreased by 28.25 tons to 15071.31 tons. In terms of inventory, SHFE silver inventory decreased by 15.7 tons to 1150.8 tons per day; as of the week ending August 8, SGX silver inventory decreased by 64.5 tons to 1304.5 tons per week [3]. [本周关注] - This week's data is light. Moderate attention should be paid to the US weekly initial jobless claims, housing data, and the US S&P manufacturing and services PMI. In terms of events, focus on the Jackson Hole Global Central Bank Symposium. At 22:00 on Friday, Fed Chairman Powell will give a speech at the symposium. Additionally, at 23:00 on Wednesday, Fed Governor Waller will give a speech at a blockchain seminar in Wyoming. At 02:00 on Thursday, the Fed will release the minutes of its monetary policy meeting; at 03:00, 2027 FOMC voter and Atlanta Fed President Bostic will give a speech on the economic outlook [4]. [贵金属期现价格表] - The table shows the latest prices, daily changes, and daily change rates of SHFE and SGX gold and silver futures and spot contracts, as well as the CME gold - silver ratio [5]. [库存持仓表] - The table presents the latest values, daily changes, and daily change rates of SHFE, CME, and SGX gold and silver inventories, as well as SHFE gold and silver positions and SPDR gold and SLV silver ETF holdings [16][17]. [股债商汇总览] - The table shows the latest values, daily changes, and daily change rates of the US dollar index, US dollar - RMB exchange rate, Dow Jones Industrial Average, WTI crude oil spot, LmeS copper 03, 10 - year US Treasury yield, 10 - year US real interest rate, and 10 - 2 - year US Treasury yield spread [23].

Group 1: Market Performance - Shanghai gold futures (Au) dropped 0.13% to 775.04 yuan/gram, while Shanghai silver futures (Ag) rose 0.16% to 9225.00 yuan/kilogram. COMEX gold futures rose 0.02% to 3378.80 dollars/ounce, and COMEX silver futures rose 0.19% to 38.10 dollars/ounce [1]. - The US 10 - year Treasury yield was reported at 4.34%, and the US dollar index was at 98.11 [1]. - In the detailed data, Au(T + D) closed at 774.80 yuan/gram, up 0.22% from the previous trading day; Ag(T + D) closed at 9227.00 yuan/kilogram, up 0.42%. London gold was at 3332.40 dollars/ounce, down 0.09%, and London silver was at 37.73 dollars/ounce, down 1.53% [3]. Group 2: Market Outlook and Influencing Factors - There is an expectation of further easing of overseas geopolitical risks, which has a negative impact on gold prices. After the meeting between Trump and Zelensky, it was reported that Ukraine will buy weapons worth hundreds of billions of dollars from the US, and Trump will arrange a meeting between Putin and Zelensky, leading to a phased release of overseas geopolitical risks [1]. - Fed Chair Powell will speak at the Jackson Hole central bank annual meeting on the evening of August 22, Beijing time. The impact of imported inflation in the US is gradually emerging, and the Trump administration is putting pressure on the Fed to cut interest rates due to US debt interest payments. Powell's speech will significantly affect the prices of gold and silver. There is a driving force for the expectation of an interest - rate cut to further increase in the fourth quarter when the new Fed chairperson will be announced [2]. Group 3: Trading Strategy - Currently, in the precious metals strategy, it is recommended to wait for Powell's specific statement. If his monetary policy speech is significantly dovish, it is recommended to enter long positions in silver on dips. The reference operating range for the main contract of Shanghai gold futures is 765 - 794 yuan/gram, and for the main contract of Shanghai silver futures is 9045 - 9526 yuan/kilogram [2]. Group 4: Data Summary - A detailed summary of key gold and silver data is provided, including closing prices, trading volumes, open interest, inventories, and historical quantiles for different markets such as COMEX, LBMA, SHFE, etc. For example, COMEX gold's closing price (active contract) was 3381.70 dollars/ounce, with a trading volume of 11.55 million lots, down 28.99% from the previous period [5]. - The report also presents various charts showing the relationships between gold and silver prices, trading volumes, open interest, and other factors, as well as the near - far month structure and internal - external price differences of gold and silver [10][19][51].

·银河期货：贵金属的回调深度或有限预计短期内将延续在高位的窄幅波动走势 ·国投期货：近期避险情绪受到压制贵金属震荡调整或将延续 ·银河期货表示，上周美国PPI的意外大幅走高，且最新的零售数据显示出美国消费的韧性，持续打压了 市场对于今年剩余时间的降息预期，对降息次数的押注由3次减少为2次。另外，周末特朗普和普京会晤 以推动俄乌冲突的解决，再度增加了市场对地缘问题缓和的预期，贵金属、尤其是黄金当前暂时承压。 但往未来看，由于美国经济在关税冲击下出现"类滞胀"反应仍是基准情景，贵金属的回调深度或有限， 预计短期内将延续在高位的窄幅波动走势。提示本周重点关注周五鲍威尔在杰克逊霍尔全球央行年会的 发言，以寻找美联储货币政策路径的线索。 ·国投期货表示，上周五美国公布零售销售月率0.5%符合预期，贵金属波动有限。周末美俄会谈释放积 极信号，特朗普称取得了重大进展。近期避险情绪受到压制，贵金属震荡调整或将延续。 ·海通期货表示，上周，黄金反弹走势未能延续，并再度开启回调，整体仍维持高位区间震荡格局。首 先，由于短端美债利率最近两周以来并未进一步向下，年内降息预期也暂未继续抬升，压制黄金上方空 间。美国7月核心CPI同比再 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The price of precious metals has corrected due to factors such as the unexpected US PPI data in July, the meeting between the US and Russia leading to a cooling of risk aversion, the significant shortfall of the US non - farm payrolls data in July, and the sharp decline in the market's expectation of an aggressive interest rate cut in September. However, due to concerns about the US fiscal situation and geopolitical prospects, the precious metal prices are expected to have support at the bottom. It is recommended to pay attention to the signal of a September interest rate cut released by Powell at the Jackson Hole Central Bank Symposium [5][11]. 3. Summary by Directory 3.1 Market Review - As of last Friday, the price of US gold closed at $3382 per ounce, down 2.2% for the week. The upper resistance level is $3450, and the lower support level is $3320. The price of US silver closed at $38 per ounce, down 1.3% for the week. The lower support level is $37, and the upper resistance level is $39.5 [5]. 3.2 Weekly View - The price of precious metals has corrected due to multiple factors, including the unexpected US PPI data, the meeting between the US and Russia, and the significant shortfall of the US non - farm payrolls data. The market's expectation of an aggressive interest rate cut in September has cooled significantly. The results of the US trade negotiations with multiple countries have been finalized, and the market's optimistic expectation of a trade agreement between the US and Europe has increased. Although the market expects an interest rate cut in September, Powell's remarks at the interest rate meeting were hawkish. The US tariff policy has basically been finalized, and there are concerns about the US fiscal situation and geopolitical prospects, so the precious metal prices are expected to have support at the bottom. It is recommended to pay attention to the signal of a September interest rate cut released by Powell at the Jackson Hole Central Bank Symposium [11]. 3.3 Overseas Macroeconomic Indicators The report presents data and trends of various overseas macroeconomic indicators such as real interest rates (10 - year TIPS yield), exchange rates (euro - US dollar, pound - US dollar), the US dollar index, yield spreads (10Y - 2Y), gold - silver ratio, the Fed's balance sheet size, and WTI crude oil futures prices, but no specific conclusions are drawn [15][18][19]. 3.4 Important Economic Data of the Week - US CPI annual rate unadjusted in July was 2.7%, expected 2.8%, and the previous value was 2.7%. - US PPI annual rate in July was 3.3%, expected 2.5%, and the previous value was 2.3%. - US retail sales monthly rate in July was 0.5%, expected 0.5%, and the previous value was 0.6%. - The preliminary value of the University of Michigan Consumer Confidence Index in the US in August was 58.6, expected 62, and the previous value was 61.7 [28]. 3.5 Important Macroeconomic Events and Policies of the Week - The meeting between the US and Russia on Friday lasted about two and a half hours, with limited exchanges on specific issues, and no agreement text or specific arrangements were announced. Zelensky will visit Washington on Monday to meet with Trump, and Trump hopes to hold a summit between the US, Russia, and Ukraine before August 22 if the talks go well. - The US PPI rose 0.9% month - on - month in July, significantly higher than the zero growth in June and the market expectation of 0.2%, the largest increase since June 2022. The core PPI in July rose 3.7% year - on - year, expected 2.9%, and the previous value was 2.6%; it rose 0.9% month - on - month, expected 0.2%, and the previous value was flat [30]. 3.6 Inventory - Gold: COMEX inventory increased by 1,597 kg to 1,201,725.17 kg this week, and SHFE inventory increased by 300 kg to 36,045 kg. - Silver: COMEX inventory increased by 32,933.21 kg to 15,786,620.42 kg this week, and SHFE inventory decreased by 16,832 kg to 1,141,555 kg [13]. 3.7 Fund Position - This week, the net long position of gold CFTC speculative funds was 220,543 contracts, a decrease of 9,674 contracts from last week. - This week, the net long position of silver CFTC speculative funds was 41,696 contracts, a decrease of 6,804 contracts from last week [13]. 3.8 Key Points to Watch This Week - On Thursday, August 21, at 20:30, the number of initial jobless claims in the US for the week ended August 16 will be released; at 21:45, the preliminary value of the US SPGI Manufacturing PMI for August will be released. - On Friday, August 22, at 22:00, Fed Chairman Powell will give a speech at the Jackson Hole Global Central Bank Symposium [41]. Strategy Suggestion Buy on dips after the price correction. Refer to the operating range of 760 - 810 for the Shanghai Gold 10 contract and 8800 - 9500 for the Shanghai Silver 10 contract [13].