Report Industry Investment Rating - No relevant content provided Core Viewpoints - On September 17, the main contract of Shanghai gold futures closed down 0.36% to 835.08 yuan/gram, and the main contract of Shanghai silver futures closed down 1.77% to 9,906 yuan/kilogram. As the interest rate cut is about to be implemented, the market is worried about the "buy the rumor, sell the fact" risk. Asian - session precious metals showed an early downward trend, with silver performing weaker than gold. However, in the European and American sessions, precious metals rebounded. In the short - term, after the Fed's interest rate cut, precious metals prices will enter a high - level shock. In the long - term, with the Fed restarting interest rate cuts and having more room for cuts, continuous global geopolitical uncertainties, intensified great - power games, and the wave of de - dollarization, the long - term center of gold prices is likely to continue to rise [5] Summary by Relevant Catalogs Price Tracking of Domestic and Foreign Gold and Silver - On September 17, 2025, London Gold Spot was at $3,675.20 per ounce, London Silver Spot was at $41.91 per ounce, COMEX Gold was at $3,712.20 per ounce, and COMEX Silver was at $42.24 per ounce. Compared with September 16, the prices of gold and silver decreased, with gold down about 0.5% and silver down about 1.9% - 2.2%. In the domestic market, AU2510 was at 835.08 yuan/gram, AG2510 was at 9,906 yuan/kilogram, AU(T + D) was at 832.55 yuan/gram, and AG(T + D) was at 9,892 yuan/kilogram, all showing a decline [5] Spread/Ratio and Price Spread Analysis - On September 17, 2025, the gold TD - SHFE active price spread was - 2.53 yuan/gram, and the silver TD - SHFE active price spread was - 14 yuan/kilogram. Compared with September 16, the gold spread decreased by 38.0%, and the silver spread decreased by 22.2%. The SHFE gold - silver main ratio was 84.30, and the COMEX gold - silver main ratio was 87.89, showing an increase compared with September 16 [5] Position Data - As of September 16, 2025, the gold ETF - SPDR position was 979.95 tons, and the silver ETF - SLV position was 15,217.84357 tons, showing an increase compared with September 15. COMEX gold non - commercial long positions increased by 2.87%, non - commercial short positions decreased by 4.72%, and non - commercial net long positions increased by 4.89%. COMEX silver non - commercial long positions decreased by 2.71%, non - commercial short positions decreased by 0.16%, and non - commercial net long positions decreased by 3.55% [5] Inventory Data - On September 17, 2025, SHFE gold inventory was 54,126 kilograms, an increase of 1.69% compared with September 16. SHFE silver inventory was 1,221,428 kilograms, a decrease of 0.80% compared with September 16. COMEX gold inventory on September 16 was 39,166,833 troy ounces, a decrease of 0.04% compared with September 15, and COMEX silver inventory was 524,632,441 troy ounces, a decrease of 0.57% compared with September 15 [5] Interest Rate/Exchange Rate/Stock Market Data - On September 17, 2025, the US dollar/Chinese yuan central parity rate was 7.10, a decrease of 0.02% compared with September 16. The US dollar index on September 16 was 96.64, a decrease of 0.73% compared with September 15. The 2 - year US Treasury yield decreased by 0.85%, the 10 - year US Treasury yield decreased by 0.25%, the VIX increased by 4.27%, the S&P 500 decreased by 0.13%, and NYWEX crude oil increased by 2.01% [5]

Group 1 - The Federal Reserve has identified increased downside risks for unemployment, indicating potential economic challenges ahead [1] - Eli Lilly and Novo Nordisk are advancing in the competitive landscape of weight-loss medications, suggesting a growing market for obesity treatments [1] - Walmart is making strides to establish itself as a leader in agentic AI, reflecting the company's commitment to innovation and technology integration [1]

| | | 同王王 (how Sang Sang | | | | | --- | --- | --- | --- | --- | --- | | 周生生 PROMESSA | MINTYGREEN | EMPHASIS | MARCO BICEGO | 劳力士 | 帝舵表 | | | | | | | 金价(人民币) | | 足金饰品 (每克 ) | | 英出 | | | 11091 | | | | 换金价 | | | 1951 | | | | 换珠宝价 | | | 1951 | | 950铂金饰品 (每克 ) | | 卖出 | | | ¥564 | | | | 换金价 | | | ¥453 | | 生生金宝 (每克 ) | | 卖出 | | | 1966 | 与此同时，国内金饰品牌价格也随之上涨，部分品牌涨至年内最高。中新经纬查询发现，9月16日，周生生金饰价格为1091元/克，为年内最高，较前一日 上涨17元；老庙黄金为1087元/克，为年内最高，单日上涨13元；老凤祥为1086元/克，为年内最高，单日上涨12元；周大福为1087元/克，单日上涨9元。 CHOW TAI FOOK 周 大 福 把"浙江之声" ...

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting competent advisors before making any financial decisions, particularly in the context of investments and trading activities [1]. Group 1 - The website provides general news, personal analysis, and third-party content intended for educational and research purposes [1]. - It explicitly states that the information does not constitute any recommendation or advice for investment actions [1]. - Users are advised to perform their own research and consider their financial situation before making decisions [1]. Group 2 - The website includes information about complex financial instruments such as cryptocurrencies and contracts for difference (CFDs), which carry a high risk of losing money [1]. - It encourages users to understand how these instruments work and the associated risks before investing [1].

This is it. Everybody’s expecting the Federal Reserve to announce a cut in borrowing rates later today, and investors have been practically jumping for joy. Savers? Not so much. The Fed’s borrowing rate has a direct (and immediate) impact on saving rates. So if you’ve got a lot of money sitting in a high-yield savings account (HYSA), you might be wondering what you can do about it. More News from Barchart Generally speaking, you should expect your interest income to shrink in line with the federal funds ...

Expectations for a Fed Rate Cut - Bloomberg Surveillance https://t.co/jRCLA1qXwF ...

Core Viewpoint - The SLV silver ETF reached a new 14-year high due to a weaker US dollar and declining Treasury yields, which have supported the rally in precious metals [1] Group 1: Market Dynamics - The weaker US dollar has contributed to the rise in precious metals, making them more attractive to investors [1] - A decline in Treasury yields has also played a significant role in bolstering the precious metals market [1] Group 2: Investor Sentiment - Investors have already factored in a potential rate cut by the Federal Reserve in September, influencing their investment strategies in precious metals [1]

Market Overview - Wall Street showed positive performance despite negative economic indicators, with hopes of a Federal Reserve rate cut contributing to market optimism [1] - The S&P 500 increased by 1.6%, the Dow Jones rose by 0.9%, and the Nasdaq Composite surged by 2% [2] Consumer Sentiment - The University of Michigan's preliminary Survey of Consumers indicated a decline in overall sentiment to 55.4 in September, a 4.8% decrease from the previous month and a 21% drop year-over-year, marking the lowest level since May [3] - The Index of Consumer Expectations fell by 7.3% sequentially and 30.4% annually to 51.8 in September, while Current Economic Conditions saw a slight decline of 0.8% month-on-month and 3.3% year-over-year to 61.2 [4] Inflation Data - The U.S. annual inflation rate rose to 2.9% in August 2025, the highest since January, with a monthly CPI increase of 0.4%, driven by higher gasoline and food prices [5] - Core inflation remained steady at 3.1%, with a monthly increase of 0.3%, consistent with market expectations [6] Employment Data - The U.S. economy added 22,000 jobs in August 2025, significantly lower than the upwardly revised 79,000 in July and below market forecasts of 75,000 [7] - Job growth was primarily observed in health care and social assistance, while wholesale trade and manufacturing experienced notable job losses [8] Federal Reserve Rate Expectations - There is a 93.4% probability of a 25-basis point rate cut in the upcoming September meeting, with a 6.6% chance of a 50-basis point cut, reflecting a shift in market expectations following recent inflation data [9] IPO Market Activity - Six companies went public in a five-day period, each raising over $100 million, a significant milestone not seen since November 2021 [10] - Notable IPOs included Gemini Space Station, Black Rock Coffee Bar, Via Transportation, Legence, Figure Technology Solutions, and Klarna [11] Top-Performing ETFs - Crypto and blockchain-based ETFs saw significant gains, with Solana price increasing by approximately 13.3%, Bitcoin rising by 4.5%, and Ethereum gaining 3.7% [12] - CoinShares Bitcoin Mining ETF increased by 26.7%, Global X Blockchain ETF rose by 21.9%, Schwab Crypto Thematic ETF gained 21.8%, Grayscale Bitcoin Miners ETF was up by 21.4%, and Solana ETF increased by 17.6% [13][14][15][16][17]

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Group 1: Dollar Index and Federal Reserve Actions - The dollar index (DXY00) is down by -0.11% due to expectations of a -25 basis point cut in the fed funds target range at the upcoming FOMC meeting [1] - The S&P's rally to a new record high has reduced liquidity demand for the dollar, contributing to its losses [1] - The US September Empire manufacturing survey fell to a three-month low of -8.7, significantly weaker than the expected 5.0, further pressuring the dollar [3] Group 2: Market Expectations and Rate Cuts - Markets are pricing in a 100% chance of a -25 basis point rate cut and an 8% chance of a -50 basis point cut at the FOMC meeting [4] - Following the anticipated -25 basis point cut, there is an 89% chance of a second -25 basis point cut at the October 28-29 meeting, leading to an overall -70 basis point reduction in the federal funds rate by year-end [4] Group 3: Euro Performance and ECB Policy - The euro (EUR/USD) is up by +0.17% due to dollar weakness and hawkish comments from ECB Governing Council member Kocher, indicating the ECB is nearing the end of its rate-cutting cycle [5] - However, gains in the euro are limited by a significant drop in the German August wholesale price index and Fitch Ratings' downgrade of France's credit rating, which are dovish factors for ECB policy [6] - Ongoing concerns regarding the Russian-Ukrainian war are also negatively impacting the euro, as negotiations are currently on "pause" [6]