Core Viewpoint - Precious metal futures have seen significant gains, with gold and silver prices rising sharply on October 13, indicating a bullish trend in the market [1] Group 1: Price Movements - Gold futures increased by over 2%, currently priced at 928.3 yuan per gram [1] - Silver futures saw an increase of 2.6%, currently priced at 11,505 yuan per kilogram [1]

Core Insights - Precious metals futures experienced a short-term rise, with COMEX gold futures increasing by 0.70% to $3,895.3 per ounce [1] - COMEX silver futures saw a nearly 3% increase, reaching $47.725 per ounce [1]

Core Insights - Domestic precious metal futures showed mixed performance, with Shanghai gold and silver prices experiencing slight increases, while international precious metals saw a decline in gold prices and a rise in silver prices [1][2] Price Trends - As of September 29, 2025, the main contracts for Shanghai gold and silver were priced at 865.90 CNY per gram (up 1.27%) and 10,919.00 CNY per kilogram (up 3.73%), respectively [1][2] - Internationally, COMEX gold was priced at 3,843.40 USD per ounce (down 1.41%), while COMEX silver was at 47.13 USD per ounce (up 1.64%) [1][2] Market Sentiment - The market is cautious due to ongoing geopolitical conflicts, a potential U.S. government shutdown, and shifts in Federal Reserve monetary policy, which could impact gold's long-term outlook [3] - The upcoming release of the U.S. non-farm payroll report and the Federal Reserve's September meeting minutes are key events to watch, as they may influence market sentiment regarding interest rate cuts [3] Technical Analysis - Last week, spot gold saw a slight increase of 0.3%, with a weekly rise of approximately 2%, reaching a peak of 3,790 USD [4] - The core PCE price index for August met expectations with a month-on-month increase of 0.2%, indicating sustained consumer spending growth [4] - Increased volatility in gold prices is anticipated during the upcoming holiday period, with a focus on whether gold can break previous high points [4]

Group 1 - The domestic precious metals market showed a positive trend on September 22, with both gold and silver futures prices increasing [1] - The main contract for gold (沪金) closed at 840.80 CNY per gram, reflecting a rise of 1.33%, while the main contract for silver (沪银) closed at 10,270.00 CNY per kilogram, with a gain of 3.34% [1] - The opening prices for gold and silver futures were 831.02 CNY per gram and 9,971.00 CNY per kilogram, respectively, with previous closing prices of 830.56 CNY and 9,971.00 CNY [2] Group 2 - As of September 19, the silver futures warehouse receipts totaled 1,159,443 kilograms, a decrease of 44,080 kilograms compared to the previous trading day, while gold futures warehouse receipts increased by 999 kilograms to 57,429 kilograms [3] - There were no instances of "backwardation" (where spot prices exceed futures prices) reported for any commodity contracts as of September 19 [3] - The basis for gold was calculated at -2.3 with a basis rate of -0.28%, while the basis for silver was -93 with a basis rate of -0.94% [3]

Group 1 - Domestic precious metal futures showed mixed results on August 6, with Shanghai gold main contract priced at 783.72 CNY per gram, down 0.08%, and Shanghai silver main contract at 9192.00 CNY per kilogram, up 1.29% [1][2] - International precious metal futures also displayed mixed performance, with COMEX gold priced at 3430.80 USD per ounce, down 0.12%, and COMEX silver at 37.89 USD per ounce, up 0.15% [1][2] Group 2 - The U.S. trade balance recorded a deficit of 60.2 billion USD in June, the smallest since September 2023 [3] - The final S&P Global Services PMI for July in the U.S. was 55.7, exceeding expectations of 55.2 and matching the previous value [3] - The probability of maintaining interest rates in September is 7.6%, while the probability of a 25 basis point rate cut is 92.4% [3] Group 3 - On August 5, COMEX gold prices increased by 0.25% to 3435.00 USD per ounce, while Shanghai gold main contract rose by 0.01% to 784.40 CNY per gram [4] - The market currently anticipates a greater than 90% probability of a 25 basis point rate cut by the Federal Reserve in September, which is expected to support stronger gold prices [4]

Market Overview - Domestic precious metal futures showed a positive trend on July 18, with the main gold contract priced at 776.40 CNY per gram, an increase of 0.16%, and the main silver contract at 9227.00 CNY per kilogram, up by 0.85% [1] - International precious metals also experienced gains, with COMEX gold priced at 3344.90 USD per ounce, down by 0.01%, and COMEX silver at 38.49 USD per ounce, up by 0.16% [1] Price Data - The opening, highest, and lowest prices for the main contracts on July 18 were as follows: - Main Gold (沪金): Opened at 772.00 CNY, reached a high of 777.66 CNY, and a low of 771.90 CNY per gram [2] - Main Silver (沪银): Opened at 9110.00 CNY, peaked at 9244.00 CNY, and dropped to a low of 9095.00 CNY per kilogram [2] - COMEX Gold: Opened at 3347.50 USD, with a high of 3350.30 USD and a low of 3337.20 USD per ounce [2] - COMEX Silver: Opened at 38.42 USD, reached a high of 38.58 USD, and a low of 38.38 USD per ounce [2] Market Sentiment - The market sentiment remains mixed, with significant divergence between bulls and bears, leading to unclear short-term trends in gold prices [4]

Group 1 - New York gold futures reached $3,350 per ounce, with a daily increase of 0.73% [1] - New York silver futures surpassed $38 per ounce, with a daily increase of 1.86% [1]

Group 1 - Domestic precious metal futures experienced a rise, with Shanghai gold quoted at 781.30 CNY per gram, an increase of 0.03%, and Shanghai silver at 8770.00 CNY per kilogram, up by 0.35% [1] - International precious metals showed mixed results, with COMEX gold priced at 3369.60 USD per ounce, down by 0.44%, while COMEX silver was at 36.09 USD per ounce, up by 0.38% [1] Group 2 - The price movements of gold are influenced by multiple factors, including the Federal Reserve's decision to maintain interest rates unchanged, which has tempered expectations for rate cuts, putting pressure on gold prices [3] - The recent military actions by the U.S. against Iran's nuclear facilities have introduced new uncertainties into the global economy, leading to a sharp rise in energy prices, which could suppress consumer spending and investment activities [3] - Morgan Stanley's chief economist highlighted that rising oil prices, in the context of high tariffs from the Trump administration, could significantly pressure household consumption and overall economic growth [3] Group 3 - Last week, COMEX gold prices fell by 1.98% to 3384.40 USD per ounce, while Shanghai gold futures dropped by 1.99% to 778.58 CNY per gram [4] - Current CME data indicates an 84.5% probability of maintaining interest rates in July, with a 15.5% chance of a 25 basis point cut, and a 60% cumulative probability of a 25 basis point cut by September [4]

Price Performance - London Gold latest price is 3339.90, down 34.70 [1] - London Silver latest price is 36.19, up 0.39 [1] - London Platinum latest price is 1134.00, up 55.00 [1] - London Palladium latest price is 1014.00, up 14.00 [1] - WTI Crude latest price is 64.58, up 1.21 [1] - LME Copper latest price is 9756.00, up 118.50 [1] - Dollar Index latest is 99.20, up 0.46 [1] - Euro to US Dollar latest is 1.14, no change [1] - Pound to US Dollar latest is 1.35, no change [1] - US Dollar to Japanese Yen latest is 144.86, up 1.27 [1] - US 10 - year TIPS latest is 2.20, up 0.09 [1] Trading Data - COMEX Silver inventory data not provided [2] - SHFE Silver latest inventory is 1117.94, up 10.63 [2] - Gold ETF latest holding is 934.21, down 1.44 [2] - Silver ETF latest holding is 14709.29, up 36.76 [2] - SGE Silver latest inventory is 1396.61, no change [2] - SGE Gold latest deferred fee payment direction is 1, no change [2] - SGE Silver latest deferred fee payment direction is 1, down 1.00 [2]

Group 1 - Domestic precious metal futures experienced an overall increase, with the main Shanghai gold contract priced at 777.30 CNY per gram, up by 0.29%, and the main Shanghai silver contract at 8280.00 CNY per kilogram, up by 0.49% [1] - International precious metal prices showed mixed results, with COMEX gold priced at 3332.10 USD per ounce, down by 0.76%, and COMEX silver at 33.57 USD per ounce, down by 0.21% [1] Group 2 - As of May 17, the number of initial jobless claims in the U.S. was 227,000, slightly below the market expectation of 230,000, indicating a healthy job market despite trade policy uncertainties [3] - The U.S. manufacturing PMI rose to a three-month high of 52.3, while the services PMI initial value also reached 52.3, marking a two-month high [3] - The CME "FedWatch" tool indicates a 94.4% probability of maintaining interest rates in June, with a 5.6% chance of a 25 basis point cut [4]