Group 1 - The core viewpoint of the articles indicates a rebound in gold and silver prices following a significant drop, with gold futures for December 2025 rising by 1.58% to $4035.50 per ounce [1] - The volatility in the gold and silver markets remains high, as evidenced by the large daily price fluctuations [1] - The U.S. Bureau of Labor Statistics is recalling employees to compile the Consumer Price Index report for September, which is expected to be released before the Federal Reserve's policy meeting at the end of October [1] Group 2 - The World Gold Council reported record inflows into gold exchange-traded funds (ETFs) in the third quarter, with September alone accounting for over 60% of the total inflow [2] - In September, 145.6 tons of gold flowed into global gold ETFs, valued at over $17.3 billion, contributing to a total increase of 221.7 tons in the third quarter, worth nearly $26 billion [2] - Silver futures for December delivery also saw an increase, rising by 0.76% to $47.52 per ounce [3]

Group 1 - The core viewpoint of the articles highlights a rebound in gold and silver prices following a significant drop, with December 2025 gold futures rising by 1.58% to $4035.50 per ounce on October 10 [1] - The U.S. Labor Department is recalling employees to compile the Consumer Price Index report for September, which is expected to be released before the Federal Reserve's policy meeting on October 28-29 [1] - The University of Michigan reported a slight decrease in the consumer confidence index for October, with an initial value of 55, compared to 55.1 in September, while economists had anticipated a lower figure of 54.2 [1] Group 2 - The World Gold Council reported record inflows into gold exchange-traded funds (ETFs) in the third quarter, with September accounting for over 60% of the total inflow, amounting to 145.6 tons valued at over $17.3 billion [2] - In the third quarter, gold ETF holdings increased by 221.7 tons, valued at nearly $26 billion [2] - Silver futures for December delivery also saw an increase, rising by 0.76% to $47.52 per ounce on the same day [3]

Core Insights - Malaysia's inflation rate rose to 4.14% in August, driven by continuous increases in food prices [1] Summary by Categories Inflation Data - The Consumer Price Index (CPI) for August showed a monthly increase of 0.36%, significantly higher than July's increase of 0.02% [1] Contributing Factors - The primary contributors to the inflation rise were the price increases in fish, fruits, and vegetables [1]

Core Insights - Croatia's consumer price index (CPI) increased by 4.1% year-on-year in August, with a slight month-on-month rise of 0.1% [1] - The largest price increases were observed in housing, water, electricity, gas, and other fuels, which rose by 8.1% year-on-year, followed by restaurants and hotel accommodation (+7.5%) and non-alcoholic beverages (+6.3%) [1] - The harmonized index of consumer prices (HICP) in Croatia rose by 4.6% year-on-year in August, with an average month-on-month increase of 0.2% [1] Price Changes by Category - Housing, water, electricity, gas, and other fuels: +8.1% year-on-year [1] - Restaurants and hotel accommodation: +7.5% year-on-year [1] - Non-alcoholic beverages: +6.3% year-on-year [1] - Education: +5.9% year-on-year [1] - Medical services: +5.1% year-on-year [1] - Transportation: -1.3% year-on-year [1] - Clothing and footwear: -0.6% year-on-year [1] - Communication services: -0.4% year-on-year [1] Additional Insights - Service prices increased by 6.4% year-on-year in August [1] - Food, alcoholic beverages, and tobacco products saw a year-on-year price increase of 6.2% [1] - Energy prices rose by 2.5% year-on-year, while non-food industrial goods (excluding energy) increased by 0.5% year-on-year [1]

Group 1 - The Swiss monthly Consumer Price Index (CPI) unexpectedly contracted, raising speculation about the Swiss National Bank potentially lowering interest rates to negative territory in the coming months [3] - The USD/CHF currency pair has been slowly rising from a low of 0.8025 but remains constrained within a narrow range below 0.8060-0.8070 [3] - The US labor data has weakened, increasing hopes for a Federal Reserve rate cut, which has limited the upside potential for the dollar [3] Group 2 - The annual inflation rate in Switzerland remained stable at 0.2% in August, unchanged from the previous month, but the monthly inflation rate declined by 0.1% for the first time since January, contrary to expectations [3] - The disappointing JOLTS job openings report from the US indicated the worst performance in the past 10 months, intensifying pressure for a short-term rate cut by the Federal Reserve [3] - Federal Reserve officials have hinted at a potential rate cut in September and possibly further cuts in 2025, which has restricted the dollar's upward movement [3]

Core Viewpoint - The decline of the US dollar appears to be linked to the consumer price index meeting expectations, according to Monex USA's trading director Juan Perez [1] Group 1 - The US dollar has experienced a decline [1] - The consumer price index has aligned with market expectations [1]

Core Insights - The preliminary statistics released by the Ministry of Internal Affairs and Communications of Japan indicate that the consumer price index (CPI) for the 23 wards of Tokyo increased by 2.9% year-on-year in July, excluding fresh food [1] Group 1 - The CPI increase suggests ongoing inflationary pressures in the Tokyo region, which may impact consumer spending and overall economic growth [1] - The exclusion of fresh food from the CPI calculation highlights the focus on core inflation metrics, which can provide a clearer picture of underlying price trends [1]

Group 1 - The core point of the article is that U.S. retail sales increased by 0.6% in June, surpassing market expectations, but this rise may be influenced by tariff-induced price increases rather than an actual boost in consumer purchasing power [1] - In June, core retail sales (excluding automobiles, gasoline, building materials, and food services) grew by 0.5%, up from a downwardly revised 0.2% in May, indicating a moderate slowdown in consumer spending despite some positive signals [1] - Among 13 major retail categories, 10 experienced growth, with auto sales rebounding after two months of decline, contributing significantly to overall growth [1] Group 2 - The consumer price index (CPI) rose by 0.3% month-on-month and 2.7% year-on-year in June, aligning with market expectations, while core CPI increased by 0.2% month-on-month and 2.9% year-on-year, slightly below the expected 3% [2] - The producer price index (PPI) did not meet expectations, primarily due to a significant decline in service prices, indicating that businesses are absorbing some of the costs from tariff increases [2] - The final demand PPI remained flat month-on-month, with the year-on-year increase dropping from 2.7% in May to 2.3% in June [2]

Report Industry Investment Rating - Not mentioned in the report Core View - The Fed's expected timing of interest rate cuts is delayed, but due to the slower - than - expected bond - issuing pace of the US Treasury, combined with continuous gold purchases by central banks around the world and unresolved geopolitical risks, precious metal prices are likely to rise and difficult to fall. It is recommended that investors mainly lay out long positions on pullbacks [1]. Summary by Relevant Information Gold and Silver Market Data - **Shanghai Gold**: The closing price was 777.46 yuan/g, with a change of 8.16 yuan compared to a certain reference and 5.95 yuan compared to another reference. The trading volume was 38,158, and the open interest was 214,998 [1]. - **COMEX Gold Futures**: The closing price was 3370.30, the trading volume was 180,941, and the open interest was 254,790. The inventory was 36,748,662.05 troy ounces [1]. - **London Gold Spot**: The price was 3332.15 dollars/ounce, with a change of 19.00 dollars compared to a certain reference and - 0.95 dollars compared to another reference [1]. - **Shanghai Silver**: The closing price was 9172.00 yuan/kg, the trading volume was 1,017,134, and the open interest was 3,243,004 [1]. - **COMEX Silver Futures**: The closing price was 38.41 dollars/ounce, the trading volume was 21,699, and the open interest was 131,773. The inventory was 499,281,076.24 troy ounces [1]. - **London Silver Spot**: The price was 37.50 dollars/ounce, with a change of 1.50 dollars compared to a certain reference and 2.11 dollars compared to another reference [1]. Important Information - **Tariff Policies**: The EU plans to impose counter - tariffs on 72 billion euros of US goods. Trump threatens Russia with 100% tariffs if an agreement is not reached within 50 days. Brazil seeks to reduce tariffs to 30% and delay for 90 days. The Trump administration imposes a 17% anti - dumping tariff on Mexican tomatoes [1]. - **US Treasury's Plan**: The US Treasury plans to increase cash reserves to 500 billion and 850 billion dollars by the end of July and September respectively, through increasing the weekly benchmark Treasury auction scale [1]. - **Central Bank Policies and Economic Data**: - The Fed's July interest rate cut probability is low due to higher - than - expected non - farm payrolls in June, but the expected timing of rate cuts is still September/December [1]. - The European Central Bank cut interest rates by 25 basis points in June. The market expects 1 - 2 more rate cuts by the end of 2025 [1]. - The Bank of England cut the key interest rate by 25 basis points in June and may cut rates 2 - 3 times by the end of 2025 [1]. - The Bank of Japan raised interest rates by 25 basis points in January and may reduce quarterly Treasury purchases from 400 billion to 200 billion yen starting in April 2026 [1]. Trading Strategy - For London gold, focus on the support level around 3150 - 3250 and the resistance level around 3500 - 3700. For Shanghai gold, focus on the support level around 730 - 750 and the resistance level around 840 - 900. For London silver, focus on the support level around 34 - 35 and the resistance level around 38 - 40. For Shanghai silver, focus on the support level around 830 - 8600 and the resistance level around 9000 - 10000 [1].

Core Viewpoint - The Reserve Bank of Australia (RBA) Chairman, Philip Lowe, indicated that the monthly Consumer Price Index (CPI) is experiencing significant volatility, suggesting that quarterly data may present a more accurate reflection of economic conditions [1] Group 1 - The RBA is seeking to ensure that the economy aligns with expected pathways [1]