Report Industry Investment Rating No relevant content provided. Core Viewpoints - Futures market conditions during the 2025 National Day holiday varied across different sectors. Some commodities showed price increases due to factors like supply disruptions, geopolitical events, and market sentiment, while others faced downward pressure from factors such as supply - demand imbalances and macroeconomic uncertainties [2][4][9] - Different commodities have different risk levels and corresponding operation strategies based on their specific fundamentals, including factors like supply, demand, inventory, and policy expectations [4][5][6] Summary by Category Financial Futures Index Futures - **Risk Level**: ★★ - **Fundamentals**: The US government shutdown, delayed non - farm data, and changes in global political situations affected the market. Domestic holiday travel and movie consumption showed certain trends [4] - **Operation Strategy**: Focus on IF, IC, IM boosted by the 14th Five - Year Plan [4] Treasury Bonds - **Risk Level**: ★★ - **Fundamentals**: The 10 - year treasury bond rate oscillated around 1.8%, with limited capital gain space. Short - end coupon strategies were relatively stable, but there were risks of increased capital fluctuations in the fourth quarter [5] - **Operation Strategy**: Control duration, prioritize dumbbell - shaped allocation, defend at the short - end, and wait for higher odds for long - end trading [5] Precious Metals Gold - **Risk Level**: ★★ - **Fundamentals**: Delayed non - farm data, lower - than - expected ADP employment data, and the US government shutdown risk drove up the risk - aversion sentiment. There were differences in the market's expectation of the year - end interest rate cut, and the US economic data showed a downward trend [6] - **Operation Strategy**: Hold existing long positions and build new long positions on dips after the holiday [6] Silver - **Risk Level**: ★★ - **Fundamentals**: Similar to gold, and there was still room for the gold - silver ratio to repair during the interest rate cut process [7][8] - **Operation Strategy**: Hold existing long positions, and be cautious about opening new positions [8] Non - ferrous Metals Copper - **Risk Level**: ★★★ - **Fundamentals**: Supply was affected by mine accidents and domestic smelter overhauls. Terminal consumption was weak but had potential for improvement. Inventories were at a low level, and domestic policies might be strengthened [9] - **Operation Strategy**: Hold long positions on dips [9] Aluminum - **Risk Level**: ★★ - **Fundamentals**: The Fed cut interest rates as expected, and there was room for domestic LPR adjustment. Alumina supply was generally loose, while electrolytic aluminum supply was stable with limited growth. Demand entered the peak season, and inventory decreased [11] - **Operation Strategy**: Hold long positions and consider the arbitrage strategy of going long on AD and short on AL [12] Nickel - **Risk Level**: ★★ - **Fundamentals**: Indonesia adjusted the RKAB cycle, which brought uncertainty to the nickel ore supply. Nickel remained in an oversupply situation, and the downstream stainless - steel market was weak [13] - **Operation Strategy**: Observe or hold short positions moderately on rallies [13] Tin - **Risk Level**: ★★ - **Fundamentals**: Supply was tightened due to the closure of illegal tin mines in Indonesia. The semiconductor industry was recovering, and inventories were decreasing [15] - **Operation Strategy**: Hold long positions moderately on dips [14][15] Black Building Materials Steel - **Risk Level**: ★★ - **Fundamentals**: During the holiday, steel billet prices were stable, and iron ore futures rose slightly. The current situation was weak in the industry but strong in the macro - aspect, and attention should be paid to the inventory increase after the holiday [16] - **Operation Strategy**: Observe or conduct short - term trading, and pay attention to the support around 3000 for RB2601 [16] Iron Ore - **Risk Level**: ★★ - **Fundamentals**: Steel mills' profitability was at a relatively high level, and short - term negative feedback was unlikely. The key was whether steel demand could support the high iron - making water output [18] - **Operation Strategy**: Observe or conduct short - term trading [18] Glass - **Risk Level**: ★★ - **Fundamentals**: Market sentiment was boosted by news and price increases of some manufacturers. Supply was stable, demand was in the peak season, and inventories were decreasing [20] - **Operation Strategy**: Maintain the long strategy for the 01 contract, hold existing long positions, and open new long positions on dips, paying attention to the support at 1160 - 1200 [22] Coking Coal and Coke - **Risk Level**: ★★ - **Fundamentals**: Some coal mines in Shanxi had short - term production suspensions, and Mongolian coal imports were expected to increase after the holiday. The first round of coke price increase was implemented, but the second round failed [23] - **Operation Strategy**: Wait and pay attention to the new round of industrial inventory transfer after the holiday [23] Energy and Chemicals Crude Oil - **Risk Level**: ★★ - **Fundamentals**: Geopolitical disturbances did not have a substantial impact on supply. The "supply increase and demand decrease" situation persisted, and prices were under pressure during the holiday [25] - **Operation Strategy**: Consider the market as weak and oscillating [25] PVC - **Risk Level**: ★ - **Fundamentals**: Cost was at a low - profit level, supply was high, and demand was affected by the real - estate market and export policies [27] - **Operation Strategy**: No specific strategy provided in the text Caustic Soda - **Risk Level**: ★ - **Fundamentals**: Focus on post - holiday inventory accumulation. Supply was affected by upstream inventory and liquid chlorine, and demand was increasing marginally [28] - **Operation Strategy**: Consider the market as oscillating, and pay attention to the range of 2450 - 2650 for the 01 contract [28] Urea - **Risk Level**: ★★ - **Fundamentals**: Supply increased, agricultural demand was scattered, and inventory was accumulating. The supply - demand pattern of compound fertilizers improved slightly [31] - **Operation Strategy**: Observe the support at 1600 - 1630 for the 01 contract and the positive arbitrage opportunity after the 1 - 5 spread weakens further [31] Methanol - **Risk Level**: ★★ - **Fundamentals**: Supply increased, the demand of the main downstream (methanol - to - olefins) was strong, and inventories were decreasing [33] - **Operation Strategy**: Conduct range trading, and pay attention to the range of 2330 - 2450 for the 01 contract [33] Soda Ash - **Risk Level**: ★ - **Fundamentals**: Supply was abundant, downstream demand was weak, and upstream faced inventory accumulation pressure after the holiday [35] - **Operation Strategy**: Without policy support, the market may weaken PTA - **Risk Level**: ★★★ - **Fundamentals**: The market changed little during the holiday. After - holiday maintenance of some devices and slow recovery of downstream weaving affected the inventory situation. Cost - end oil prices declined [36] - **Operation Strategy**: The price may oscillate between 4500 - 4800, and producers should conduct hedging on rallies in the fourth quarter [36] Agricultural Products Cotton and Cotton Yarn - **Risk Level**: ★★ - **Fundamentals**: Cotton purchase prices were stable during the holiday. Due to the US government shutdown, US cotton data was suspended, and price fluctuations were small [39] - **Operation Strategy**: Conduct selling hedging on rallies [39] Live Pigs - **Risk Level**: ★★ - **Fundamentals**: Pig prices declined during the holiday due to oversupply. In the long - term, supply will increase before May next year, and prices will be under pressure [40] - **Operation Strategy**: The futures market is expected to open lower. Adopt a long - term short - selling strategy for 11, 01, 03, 05 contracts, be cautious about bottom - fishing for 07, 09 contracts, and pay attention to the arbitrage of going long on 05 and short on 03 [41] Corn - **Risk Level**: ★ - **Fundamentals**: New - season corn prices declined due to concerns about quality and increased supply. Demand was weak in the short - term but had potential for recovery in the long - term [43] - **Operation Strategy**: Adopt a short - selling strategy on the futures market, and wait for rallies to enter short positions [43] Eggs - **Risk Level**: ★★★ - **Fundamentals**: Egg prices were weak during the holiday. Supply growth slowed down, but there was still pressure. There was replenishment demand after the holiday, but prices were under pressure in the long - term [45] - **Operation Strategy**: Hold short positions for the 11 - month contract. Be cautious about short - selling the 12 and 01 contracts, and wait for rallies to enter short positions [46] Meal - **Risk Level**: ★★ - **Fundamentals**: CBOT soybeans rose slightly during the holiday. Domestic soybean supply was expected to be loose in the fourth quarter, and soybean meal inventory was increasing. Prices were expected to rise slightly in November [48] - **Operation Strategy**: Hold long positions on dips and reduce positions on rallies for M2601, and pay attention to the support at 2900 - 2930 [48] Oils - **Risk Level**: ★★★ - **Fundamentals**: Palm oil and soybean oil prices rose slightly during the holiday. Malaysian palm oil exports were strong, and there was a possibility of inventory reduction. Domestic oil inventories were high in the short - term [50] - **Operation Strategy**: Adopt a long - buying strategy on dips for 01 contracts of palm, soybean, and rapeseed oils, and pay attention to the positive arbitrage of the rapeseed - soybean oil price spread [50]

Core Viewpoint - The recent surge in gold prices is attributed to several factors, including expectations of interest rate cuts by the Federal Reserve, increased market risk aversion due to the U.S. government shutdown, and a shift in investor preference towards gold as a reliable asset amidst changing geopolitical conditions [2][4]. Group 1: Gold Price Movement - Gold prices have recently reached new highs, with spot gold hitting $3,945, reflecting a 0.62% increase [1]. - Since August 19, gold prices have shown a strong upward trend, rising nearly 20% from $3,400 to close to $4,000 in less than two months [1]. Group 2: Reasons for Price Surge - The probability of a Federal Reserve interest rate cut in October has exceeded 90%, which is expected to sustain bullish sentiment for gold [2]. - The U.S. government shutdown has heightened market risk aversion, leading to increased investment in gold as a safe-haven asset [2]. - Changing regional dynamics and a lack of trust in the dollar have driven investors towards gold, as it is currently viewed as one of the few reliable assets [2]. Group 3: Investment Considerations - For most investors, the current high gold prices may not present a favorable entry point unless they had previously invested at lower levels [4]. - The lack of clear acceleration in gold price movements suggests caution for those considering new investments at this stage [5]. - Gold is primarily seen as a defensive asset, and investors seeking maximum returns may find better opportunities in the stock market rather than in gold [5].

Core Viewpoint - The recent fluctuations in gold and silver prices are attributed to profit-taking after reaching historical highs, alongside the impact of a rising U.S. dollar index and falling oil prices [1]. Market Performance - The most actively traded gold futures for December 2025 closed at $3,880.80 per ounce, reflecting a decline of 0.43% [1]. - Silver futures for December delivery settled at $46.87 per ounce, down 1.70% [1]. Economic Context - The U.S. government shutdown has entered its second day, with significant implications including the suspension of $18 billion in infrastructure funding and potential layoffs of thousands of federal workers [1]. - Economists warn that large-scale layoffs could undermine corporate confidence and reduce capital investment, contributing to market risk aversion [1]. Investment Outlook - Despite a year-to-date increase of over 40% in gold prices, analysts believe gold still offers substantial value as it is viewed as the only asset capable of maintaining purchasing power [1]. - There is a bullish sentiment for gold in the last quarter of 2025, with potential prices reaching $4,000 per ounce [1].

Oil Market - International oil prices have experienced a significant decline, with WTI crude oil futures dropping by $1.30 to $60.48 per barrel, a decrease of 2.1%, and Brent crude oil futures falling by $1.03 to $64.32 per barrel, down 1.58% [1][3] - Brent and WTI crude oil have seen four consecutive days of decline, reaching their lowest levels in nearly four months due to concerns over potential oversupply ahead of an upcoming OPEC meeting [3] - HFI Research indicates that U.S. oil inventories are expected to increase by year-end, contributing to a persistently weak oil market environment [4] Gold Market - Gold prices initially reached a record high of $3,897 per ounce before experiencing a sharp decline, dropping below $3,820 per ounce [5] - Year-to-date, spot gold prices have risen by $1,200 per ounce, representing an increase of over 45%, driven primarily by risks associated with the U.S. economy [9] - The ongoing U.S. government shutdown has heightened market risk aversion, leading to increased expectations for further interest rate cuts by the Federal Reserve, which has supported gold prices [10] - Institutions such as JPMorgan and UBS have raised their gold price forecasts, with expectations that gold could reach $3,800 per ounce by Q4 2025 and potentially exceed $4,000 per ounce in Q1 2026 [11] - Analysts predict that gold prices will likely fluctuate between $3,700 and $4,100 per ounce in Q4 2023, with a possibility of breaking above $4,200 per ounce if no significant negative factors arise [12]

Group 1 - The U.S. federal government has entered a shutdown for the first time in nearly seven years, but investors believe the impact on the economy will be limited and short-term [1] - President Trump announced an agreement with Pfizer to voluntarily lower drug prices in the U.S., which is seen as a positive move for the pharmaceutical industry, leading to a nearly 6.8% increase in Pfizer's stock price [1] - Major U.S. stock indices rose collectively, with the S&P 500 index reaching a record closing high, up 0.34% [1] Group 2 - The ISM manufacturing PMI for September was reported at 49.1, indicating a contraction for the seventh consecutive month, with new orders declining and manufacturing activity shrinking across 11 industries [3] - The ADP reported a decrease of 32,000 jobs in the private sector for September, the largest drop since March 2023, which has heightened expectations for interest rate cuts by the Federal Reserve [6] - Market expectations for two more rate cuts by the end of the year have risen to over 90% following the weak employment report [6] Group 3 - European stock indices rose across the board, supported by news of the EU planning to increase steel import tariffs to protect local producers [8] - Healthcare stocks in Europe were buoyed by the performance of related sectors in the U.S., with AstraZeneca rising over 11% and Merck increasing by over 10% [8] Group 4 - International oil prices fell due to unexpected increases in refined oil and gasoline inventories, alongside concerns about potential OPEC+ production increases [10] - As of the close, light crude oil futures were priced at $61.78 per barrel, down 0.95%, while Brent crude futures settled at $65.35 per barrel, down 1.03% [10] Group 5 - Gold prices reached a new high as investor uncertainty from the government shutdown and weak employment data increased demand for safe-haven assets [12] - The December gold futures price closed at $3,897.5 per ounce, marking a 0.63% increase [12]

Report Industry Investment Rating No relevant content provided. Core View of the Report The report provides a comprehensive analysis of the precious metals, copper, aluminum, zinc, lead, nickel, stainless steel, industrial silicon, polysilicon, lithium carbonate, and tin markets. It takes into account factors such as market trends, supply and demand dynamics, policy impacts, and geopolitical risks, and offers corresponding trading strategies for each metal [3][4][6][8]. Summary by Related Catalogs Precious Metals - **Market Review**: London gold reached a new high of over $3,830 per ounce, closing up 1.97%. London silver hit a high of $47.174, closing up 1.9%. The Shanghai gold and silver futures also reached new highs [3]. - **Important Information**: The US government faces a shutdown crisis, which may affect economic data release and the Fed's October monetary policy decision. The probability of the Fed cutting interest rates in October is 89.8% [3][4]. - **Logic Analysis**: The US government shutdown risk and the expectation of interest rate cuts have increased market risk aversion, leading to a strong upward trend in precious metals. However, due to the approaching National Day holiday in China, it is advisable to reduce positions at high prices [4]. - **Trading Strategies**: Take profits at high prices before the holiday and hold light positions. Wait and see for arbitrage. Buy deep out - of - the - money call options or collar call options [4]. Copper - **Market Review**: The night - session of SHFE copper 2511 contract closed up 1.96%. LME copper closed down 2.19%. LME inventory decreased by 500 tons, while COMEX inventory increased by 923 tons [6]. - **Important Information**: The US government may shut down, and different Fed officials have different views on interest rates [6]. - **Logic Analysis**: The Grasberg accident has exacerbated the tightness of copper ore supply. Domestic production has declined, and consumption is weak. The long - term supply - demand structure has changed [8]. - **Trading Strategies**: Adopt a low - buying strategy for long positions. Hold off - market positive arbitrage positions. Wait and see for options [8]. Alumina - **Market Review**: The night - session of alumina 2601 contract fell. Spot prices in various regions declined [10]. - **Important Information**: Eight departments proposed to strengthen resource exploration and rationally layout alumina projects. The national alumina operating capacity increased, and the import price decreased [10][13]. - **Logic Analysis**: Policy impacts on capacity investment are limited. The import window is open, and the fundamentals are in surplus, so the price is expected to be weak [14]. - **Trading Strategies**: Expect the price to trend weakly. Wait and see for arbitrage and options [14][16]. Cast Aluminum Alloy - **Market Review**: The night - session of cast aluminum alloy 2511 contract rose. Spot prices remained flat [16]. - **Important Information**: Policies affected the recycled aluminum industry. The exchange's aluminum alloy warehouse receipts increased, and downstream enterprises had different holiday arrangements [18]. - **Logic Analysis**: The tight supply of scrap aluminum restricts raw material stocking. Downstream holidays are extended, and the price is expected to fluctuate narrowly [18]. - **Trading Strategies**: Expect the futures price to fluctuate with the aluminum price. Wait and see for arbitrage and options [19]. Electrolytic Aluminum - **Market Review**: The night - session of SHFE aluminum 2511 contract rose. Spot prices in various regions declined [21]. - **Important Information**: US economic data showed resilience. Chinese aluminum ingot inventory decreased, and photovoltaic installation declined. Downstream enterprises' holiday and procurement situations varied [22][23]. - **Logic Analysis**: US economic data affects interest rate cut expectations. Domestic inventory decreased, but consumption is not strong. The price is expected to fluctuate, and there may be inventory accumulation after the holiday [24]. - **Trading Strategies**: Expect the price to fluctuate in the short term. Wait and see for arbitrage and options [25]. Zinc - **Market Review**: LME zinc rose, and SHFE zinc rose. Spot premiums increased [26]. - **Important Information**: Domestic zinc inventory decreased, and a mining company obtained a new mining license [27]. - **Logic Analysis**: In October, domestic zinc concentrate production may decrease, and imports are expected to decline. Refined zinc supply may increase, and consumption is not expected to improve significantly. Overseas inventory reduction supports the price, but there are risks of overseas delivery [27][28]. - **Trading Strategies**: Control positions before the holiday. Wait and see for arbitrage and options [30]. Lead - **Market Review**: LME lead fell, and SHFE lead fell slightly. Spot prices declined, and downstream procurement was okay [32]. - **Important Information**: Lead inventory decreased, lead battery enterprise production was mixed, and the holiday may lead to a decline in production [32][33][35]. - **Logic Analysis**: The lead concentrate market is in tight balance, and scrap lead prices are likely to rise. Primary lead production may be affected by losses, while secondary lead production may increase. Consumption in the peak season is not as expected [35]. - **Trading Strategies**: Expect the price to fluctuate weakly. Wait and see for arbitrage and options [36]. Nickel - **Market Review**: LME nickel rose, and SHFE nickel rose. LME nickel inventory increased, and premiums of different brands changed [38]. - **Important Information**: Russian nickel entered the US market through Europe. Indonesia's actions affected the nickel price [38][40]. - **Logic Analysis**: Indonesia's actions drove a slight rebound in the nickel price. Downstream consumption is expected to be flat, and the supply is still in surplus. It is recommended to hold an empty position during the holiday [40]. - **Trading Strategies**: Expect a wide - range fluctuation. Wait and see for arbitrage and options [41][42]. Stainless Steel - **Market Review**: The main contract of stainless steel rose, and index positions decreased. Spot prices were in a certain range [42]. - **Important Information**: A Korean and a Chinese company will jointly build a stainless steel plant in Indonesia [42]. - **Logic Analysis**: Stainless steel followed the nickel price to rebound slightly. Supply pressure remains, but inventory is lower than last year, and the price is expected to fluctuate at a high level. It is recommended to hold an empty position during the holiday [44]. - **Trading Strategies**: Expect a wide - range fluctuation. Wait and see for arbitrage and options [44]. Industrial Silicon - **Market Review**: The industrial silicon futures fell, and some spot prices declined [46]. - **Important Information**: A silicon project started construction [46]. - **Logic Analysis**: The inventory structure is "low at both ends and high in the middle." The supply is not very sensitive to price changes. There are rumors of increased production, and the price may回调 in the short term and then can be bought [46]. - **Trading Strategies**: Expect a short - term callback and then buy. Sell out - of - the - money put options to take profits. No arbitrage opportunity [47]. Polysilicon - **Market Review**: The polysilicon futures fluctuated narrowly and fell slightly. Spot prices were stable [49]. - **Important Information**: The State - owned Assets Supervision and Administration Commission held a symposium [49]. - **Logic Analysis**: Spot prices are stable, but there are pressures on contract delivery and inventory accumulation. The price may回调 in the short term, and it is recommended to exit long positions and then re - enter after the holiday [49]. - **Trading Strategies**: Expect a short - term callback, exit long positions and re - enter after the holiday. Conduct reverse arbitrage between 2511 and 2512 contracts. Sell out - of - the - money put options to take profits [50]. Lithium Carbonate - **Market Review**: The main contract of lithium carbonate rose, and positions and warehouse receipts increased. Spot prices declined [52][53]. - **Important Information**: A lithium mining company modified a supply agreement, Tesla entered the Indian market, and a lithium project was put into production [53]. - **Logic Analysis**: October demand is strong, supply growth is narrowing, and inventory is decreasing. The price is expected to fluctuate during the holiday, and the situation may change after the holiday. It is recommended to hold an empty position [52][53][54]. - **Trading Strategies**: Expect a wide - range fluctuation. Wait and see for arbitrage. Sell out - of - the - money put options [55]. Tin - **Market Review**: SHFE tin rose, and spot prices declined. Consumption was weak [56]. - **Important Information**: The US government shutdown risk, Fed officials' views, and Indonesia's closure of illegal mining points affected the market [56][57]. - **Logic Analysis**: The US situation and Indonesia's actions affected the price. The tin concentrate supply is still tight, demand is weak, and inventory decreased. Attention should be paid to Myanmar's resumption of production and consumption recovery [57][59]. - **Trading Strategies**: Expect a short - term strong - side fluctuation, be cautious about Indonesia's event. Wait and see for options [59].

Core Viewpoint - The precious metals market is experiencing high uncertainty due to various factors, including potential U.S. government shutdown, geopolitical tensions, and expectations of further interest rate cuts by the Federal Reserve, leading to a surge in gold prices to new historical highs [1][2][3]. Group 1: Market Analysis - Evergrande Futures indicates that the U.S. housing market is showing signs of improvement, with the August pending home sales index rising by 0.5% year-on-year, up from a previous increase of 0.3%, driven by lower mortgage rates [1]. - The potential U.S. government shutdown on October 1 could lead to a halt in economic data releases, including the non-farm payroll report, which may create volatility in the market [2][3]. - The COMEX gold management fund's net positions increased by 1,578 contracts to 160,500 contracts, while the silver management fund's net positions rose by 1,293 contracts to 37,000 contracts, indicating a bullish sentiment in the precious metals market [3]. Group 2: Economic Indicators - The Federal Reserve's officials express concerns about inflation, suggesting that a shift to a more accommodative monetary policy may only occur if there is substantial economic weakness, which is not currently observed [1]. - Barclays Bank notes that the potential loss of Federal Reserve independence could lead to a risk premium in the dollar and U.S. Treasury bonds, making gold an unexpectedly attractive hedge [4]. Group 3: Investment Strategy - Given the current market conditions and the upcoming holiday period, investors are advised to maintain light positions in precious metals to mitigate risks associated with potential price volatility [2][3]. - Heraeus analysts highlight that the recent interest rate cuts by the Federal Reserve are likely to support gold prices, with expectations of further cuts in the coming years [3].

Group 1 - The core viewpoint of the news highlights a strong performance in the gold sector, with the CSI Gold Industry Index rising by 2.34% and key stocks like Jiangxi Copper and Zijin Mining showing significant gains [1] - The Gold Stock ETF (517520) has reached a new scale of 11.503 billion yuan, marking a one-year high and ranking 1/6 among comparable funds [2] - Over the past two weeks, the Gold Stock ETF has seen a substantial increase in shares by 234 million, also ranking 1/6 among comparable funds [3] Group 2 - The Gold Stock ETF has experienced a net outflow of 90.4764 million yuan recently, but has had a net inflow on 7 out of the last 10 trading days, totaling 736 million yuan [3] - The listing of Zijin Gold International on the Hong Kong Stock Exchange has positively impacted the Gold Stock ETF, which holds over 17% of Zijin Mining [3] - Market analysts suggest that rising geopolitical tensions and expectations of U.S. interest rate cuts are driving up safe-haven demand for precious metals, indicating a potential upward trend in gold prices [4]

【黄金期货最新行情】 里士满联储主席巴尔金：即将公布的数据将决定美联储是否应进一步降息；美联储理事鲍曼强烈支持美 联储仅持有国债，忽略关税的一次性影响是合适的。 27日讯据华尔街日报报道，一名美国高级官员及一名乌克兰官员透露，特朗普表示，他对放宽乌克兰使 用美制远程武器打击俄罗斯境内目标的限制持开放态度，但在此次会面中并未承诺具体行动。 【机构观点】 银河期货： 【基本面消息】 数据显示，9月29日上海黄金现货价格报价857.03元/克，相较于期货主力价格（866.52元/克）贴水9.49 元/克。 美国8月核心PCE物价指数年率2.9%，预期2.90%，前值2.90%。美国8月核心PCE物价指数月率0.2%，预 期0.20%，前值由0.30%修正为0.2%。美国8月个人支出月率0.6%，预期0.5%，前值0.50%。美国9月密歇 根大学消费者信心指数终值55.1，预期55.4，前值55.4。美国9月一年期通胀率预期终值4.7%，预期 4.8%，前值4.80%。 美国联邦政府2026财政年度将于10月1日开启，但截至目前，国会在财政拨款上仍未达成任何共识。若 两党在那之前不能协商一致，美国联邦政府资金将在9月 ...

Group 1: Domestic Gold Prices - Domestic gold prices reached a new high on September 29, with Chow Sang Sang gold rising by 3 CNY per gram to 1111 CNY per gram, marking the highest price among gold stores [1] - Shanghai China Gold increased by 8 CNY per gram, pricing at 1019 CNY per gram, which remains the lowest among the listed stores [1] - The price difference between the highest and lowest gold prices narrowed to 92 CNY, indicating significant variation in pricing across different brands [1] Group 2: Gold Store Pricing Overview - The detailed pricing for various gold stores on September 29, 2025, includes: - Lao Miao Gold: 1108 CNY per gram (down 2 CNY) - Liufu Gold: 1108 CNY per gram (no change) - Chow Tai Fook Gold: 1108 CNY per gram (no change) - Zhou Liufu Gold: 1065 CNY per gram (up 5 CNY) - Jin Zun Gold: 1108 CNY per gram (no change) - Lao Feng Xiang Gold: 1110 CNY per gram (up 2 CNY) - Chao Hong Ji Gold: 1108 CNY per gram (no change) - Zhou Sheng Sheng Gold: 1111 CNY per gram (up 3 CNY) - Cai Bai Gold: 1058 CNY per gram (no change) - Shanghai China Gold: 1019 CNY per gram (up 8 CNY) - Zhou Da Sheng Gold: 1108 CNY per gram (no change) [1] Group 3: Platinum Prices - Platinum prices also saw an increase, with Chow Sang Sang platinum jewelry rising by 15 CNY per gram to 648 CNY per gram [1] Group 4: Gold Recycling Prices - The gold recycling price slightly decreased by 2.3 CNY per gram, with notable differences among brands: - Heavy Gold: 849.50 CNY per gram - Cai Zi Gold: 852.70 CNY per gram - Chow Sang Sang Gold: 842.00 CNY per gram - Chow Tai Fook Gold: 851.30 CNY per gram - Lao Feng Xiang Gold: 860.20 CNY per gram [2] Group 5: International Gold Prices - The spot gold price maintained an upward trend, reaching a peak of 3818.87 USD per ounce, marking a new historical high [4] - As of the latest update, the gold price was reported at 3812.12 USD per ounce, reflecting a 1.40% increase [4] - Market concerns regarding a potential government shutdown in the U.S. have heightened risk aversion, contributing to the rise in gold prices [4] - Geopolitical tensions, particularly related to the Russia-Ukraine situation, are also influencing market dynamics, with the U.S. considering military support for Ukraine [4]