9月26日，金价维持高位震荡，COMEX黄金期货价格早盘小幅回落后午后有所回升，目前交投于3776美元附近，黄金相关ETF纷纷走强，截至 13:16，黄金ETF华夏(518850)涨0.15%，黄金股ETF(159562)涨0.10%，有色金属ETF基金(516650)涨1.07%。 消息面上，包括美联储主席鲍威尔在内的美联储政策决策者的言论表明，这在很大程度上将取决于即将公布的经济数据。与此同时，美联储理事 斯蒂芬•米兰倾向于更激进的降息0.50%，他认为，撇开暂时的关税影响不谈，通胀更接近2%的目标。美联储官员的谨慎语气可能会限制金价近期 的上行空间。 对于近期黄金强势表现，SPI资产管理公司管理合伙人Stephen Innes表示，黄金价格上涨对贵金属投资者而言是重大利好，但这一黄色金属向每盎 司4000美元逼近的走势，也透露出自20世纪70年代末以来从未有过的经济与地缘政治焦虑情绪。 宝城期货分析指出，本周纽约金触及 3800美元后呈现高位展荡态势，对应沪金主力期价在850-860元区间晨荡。9月议息会议后美元指数持续反 弹，给予金价压力，短线多头了结意愿上升，沪金持仓量持续下降，中长线上行趋势未改。 ...

Group 1 - The core viewpoint of the report is that Tongguan Gold (00340) is rated "outperform" by Guosen Securities, with projected net profits of HKD 780 million, HKD 1.05 billion, and HKD 1.26 billion for 2025-2027, representing growth rates of 269%, 34%, and 21% respectively [1] - The company aims to enhance research on mineralization patterns in Gansu and Tongguan, actively pursue external acquisitions for growth, and establish strategic cooperation with Zijin Mining [1][2] - The company is characterized as a small but beautiful regional gold mining enterprise, with a focus on gold mining and recovery, holding an average resource grade of 8.26 grams per ton and a resource volume of 55 tons as of the end of 2024 [2] Group 2 - Gold prices are expected to remain strong due to weakening US dollar credit, with the dollar index having dropped by 10% year-to-date as of mid-September [2] - Central bank gold purchases have exceeded 1,000 tons for three consecutive years, significantly higher than the average of 473 tons from 2010 to 2021, providing long-term support for gold prices [2] - The company has signed a long-term gold streaming agreement with Zijin Mining, receiving USD 25 million in upfront funding while committing to deliver approximately 422 kilograms of gold over nine years [4] Group 3 - The company is focused on resource expansion, with both production and reserve mines being prioritized [3] - The Tongguan mining area currently has only Xiangshun Mining in production, with a processing plant capable of handling 1,500 tons, while the Gansu area is supported by Beidong Mining, which is gradually reaching production capacity [3] - The company aims to achieve a total processing capacity of 940,000 tons annually across both mining areas, with significant growth potential remaining [3]

9月15日-19日，受货币政策预期落地、官员表态及技术调整共同驱动，金价呈现"创新高-回落-反弹"的 剧烈震荡走势，截至收盘，COMEX黄金期货价格报3719.4美元/盎司周度涨幅0.9%，截至亚市收盘，黄 金ETF华夏（518850）周度跌0.68%，黄金股ETF（159562）周度跌4.78%。 南华期货分析指出，美联储确定性处于货币政策宽松周期，而宽松的实施节奏与前后置，更多影响黄金 上涨的短期节奏，但不改黄金价格重心继续上抬的方向。接下来，投资者仍需重点聚焦美联储货币政策 预期波动，潜在则需锚定美经济、就业与通胀数据，以及美联储人员调整、官员讲话等因素。 每日经济新闻 消息面上，美联储9月议息会议决定将联邦基金利率目标区间下调25个基点至4.0%～4.25%，点阵图显 示年内还有2次降息空间。美联储鲍威尔表态谨慎，强调此次为"风险管理式降息"，需平衡通胀粘性与 就业下行风险，并明确表示政治压力不影响决策。周五美国参议院否决共和党提出的临时拨款法案，美 国政府10月关门的风险骤增。 ...

如期而至的美联储降息来了，9月18日凌晨，鲍师傅宣布美联储降息25个基点。就在鲍师傅说了句下午 好后，仅仅过了半小时，伦敦金现货大跌1个点。有意思的是，在前一个交易日，也就是9月17日，伦敦 金现货价格每盎司突破3700美元，来到了历史性的高位。今天就顺着美联储降息来给大家讲讲美联储降 息如期而至，为何黄金还跌？黄金的大顶在哪里？以及黄金的逻辑是什么？本期视频会结合最近黄金价 格走势来做解读。 ...

Group 1: Domestic Gold Market - Domestic gold prices have stabilized after a slight decline, with the highest price at 1078 CNY/gram and the lowest at 999 CNY/gram, maintaining a price difference of 79 CNY [1] - The latest prices from various gold retailers show a mix of slight declines and stable prices, with notable prices including Lao Miao at 1067 CNY/gram (down 8 CNY) and Shanghai China Gold at 999 CNY/gram (unchanged) [1] - Platinum prices have increased, with Zhou Shengsheng's platinum jewelry priced at 557 CNY/gram, up by 5 CNY [1] Group 2: Gold Recycling Prices - The gold recycling price has decreased by 4.5 CNY/gram, with significant price differences among brands [2] - The current recycling prices for gold are as follows: 815 CNY/gram for general gold, 820.50 CNY/gram for Cai Bai, and 828.00 CNY/gram for Lao Feng Xiang [2] Group 3: International Gold Market - The spot gold price has continued to decline, closing at 3644.29 USD/ounce, down 0.42%, with a slight recovery to 3645.15 USD/ounce reported [4] - The decline in gold prices is attributed to a strengthening US dollar and a decrease in initial jobless claims in the US, leading to profit-taking by investors [4] - Despite recent declines, the long-term outlook for gold remains positive, with expectations of a potential rise towards 4000 USD/ounce as market consensus strengthens [4]

Group 1 - The core viewpoint is that gold prices have surged to $3,700 since August, entering a phase of consolidation after the Federal Reserve's interest rate decision on September 17 [4] - The recent interest rate cut is seen as just the beginning, with expectations of more sustained cuts or greater flexibility in the future [4] - The rise in gold prices is supported by issues related to U.S. Treasury bonds and trust in the dollar, rather than economic downturn pressures [4] Group 2 - In the short term, gold is expected to fluctuate between $3,600 and $3,700, with key support at $3,630 and a critical level at $3,610 [4][6] - The market is characterized by strong support at $3,630, which has proven effective despite rapid declines [6] - The strategy for trading in a volatile market emphasizes waiting for confirmation before entering positions, particularly as long as $3,610 remains intact [6]

Group 1: Precious Metals Market Overview - On September 13, 2025, the global precious metals market experienced mixed fluctuations, with spot gold prices slightly declining to $3636.46 per ounce, down 0.11% [1] - In contrast, spot silver showed strong performance, rising by 1.05% to close at $41.56 per ounce, while platinum prices followed gold's trend, decreasing by 0.26% to $1383.50 per ounce [1] Group 2: Jewelry Brand Pricing Analysis - Major jewelry brands in China are engaged in a pricing competition for gold and platinum, with prices for gold ranging from ¥1032 to ¥1078 per gram across various brands [2][3][4] - For platinum, prices vary from ¥445 to ¥561 per gram, indicating a competitive market landscape [2][3][4] Group 3: Gold Market Dynamics - The latest trading price for gold in the Shanghai Gold Exchange is ¥826.63 per gram, reflecting a slight increase of ¥0.54, or 0.065% [5] - The price range for gold during the observation period has been between ¥823.64 and ¥829.40 per gram, indicating stable market conditions [5] Group 4: Gold Mining Companies' Performance - Eight major gold mining companies reported a combined net profit of ¥314 billion for the first half of 2025, marking a significant increase compared to the previous year [19] - Zijin Mining reported a net profit of ¥232.92 billion, a 54.41% increase year-on-year, driven by rising prices and improved operational efficiency [21] - Shandong Gold achieved a net profit of ¥28.08 billion, nearly doubling its profit from the previous year, with a revenue increase of 24.01% [22] Group 5: Market Disparities Among Gold Companies - Not all gold companies experienced growth; China Gold reported a revenue decline of 11.54% and a net profit drop of 46.35% due to reduced sales volume and lower gross margins [27] - The performance of individual companies varies significantly, highlighting a market segmentation phenomenon despite overall industry growth [27]

Core Viewpoint - The article presents a historical overview of gold prices in China from 2015 to 2025, indicating a significant upward trend in gold prices over the years, with projections for future prices reaching 819.61 yuan per gram by 2025 [1]. Price Summary - In 2015, the gold price was 235 yuan per gram [1] - In 2016, the gold price increased to 267 yuan per gram [1] - In 2017, the gold price further rose to 275 yuan per gram [1] - In 2018, the gold price slightly decreased to 270 yuan per gram [1] - In 2019, the gold price increased to 312 yuan per gram [1] - In 2020, the gold price surged to 386 yuan per gram [1] - In 2021, the gold price decreased to 374 yuan per gram [1] - In 2022, the gold price increased to 398 yuan per gram [1] - In 2023, the gold price reached 452 yuan per gram [1] - By 2024, the gold price is projected to reach 580 yuan per gram [1] - By 2025, the gold price is expected to reach 819.61 yuan per gram [1]

Core Viewpoint - The Federal Reserve announced a 0.25 percentage point reduction in the federal funds rate target range to 4% - 4.25%, marking the first rate cut of the year and a resumption of easing measures since December of the previous year [2][4] Economic Indicators - Recent indicators show a slowdown in economic activity during the first half of the year, with job growth decelerating and a slight increase in the unemployment rate, although it remains low [3][4] - The inflation rate has risen and remains slightly elevated [3] Federal Reserve's Dual Mandate - The Federal Open Market Committee (FOMC) aims to maximize employment and maintain an inflation rate of 2%, while acknowledging the uncertainty in the economic outlook [4] - The FOMC has noted an increase in the risks associated with employment [4] Future Rate Expectations - Predictions suggest the Fed may lower rates to around 3% in the future, with potential further reductions by the end of 2026 [2][7] - The dot plot indicates that most Fed officials expect two more rate cuts in 2025, with some anticipating a total of five cuts to bring rates below 3% [7] Market Reactions - Following the rate cut announcement, the U.S. dollar index fell to 96.22, the lowest since February 2022, while gold prices surged, surpassing $3,700 per ounce [11][12] - The U.S. stock market experienced volatility, with the S&P 500 index slightly declining and the Nasdaq index also falling after an initial rise [12] Global Monetary Policy Implications - The Fed's rate cut may open up space for other countries to ease their monetary policies, as seen with the Bank of Canada also lowering its benchmark rate [8] - Analysts suggest that the Fed's actions could create favorable external conditions for domestic monetary easing in other countries, including China [8]

Core Viewpoint - The price of gold has surpassed $3,700, with a significant increase of over 100% in the past two years and a 45% rise this year alone, indicating strong momentum in the gold market [1] Group 1: Gold Price Trends - Gold prices have increased by more than 100% over the past two years [1] - Year-to-date, gold prices have risen by 45% [1] - The current price level suggests a potential further increase of approximately $340, or 9.2% [1] Group 2: Market Participation - The involvement of gold mining companies indicates that retail investors are beginning to engage in momentum trading within the gold market [1] - The prediction of gold prices reaching $4,000 by the end of the year reflects a bullish sentiment in the market [1]