1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - In the short - term, the precious metals market may remain under pressure and experience a corrective trend. The market may enter an oscillatory range as there is a lack of further bullish catalysts, and the interpretation of Powell's speech is "cautiously dovish", deviating from market expectations. In the long - term, if the September economic data continues to be weak, the market may raise the expectation of interest rate cuts this year again, and gold and silver prices are expected to break through previous highs. The U.S. government's long - standing debt credit problem also strongly supports the monetary attribute of gold. The recommended strategy is to try short positions lightly at high prices and focus on range - bound trading [8]. 3. Summary According to Relevant Catalogs 3.1 Weekly Highlights Summary - **Market Review**: At the beginning of the week, the precious metals market continued to rise strongly driven by the increasing expectation of interest rate cuts. Before the FOMC meeting, gold and silver futures prices reached new historical highs. After the interest rate cut was realized, the market selling pressure increased significantly, and long - position funds flowed out. The Fed cut interest rates by 25 basis points as expected. The risk - balance wording in the policy statement changed significantly, and it first clearly admitted the economic slowdown, employment slowdown, a slight rise in the unemployment rate, and persistent high inflation in the first half of the year. The latest SEP shows a slight downward shift in the policy path compared to the June forecast. The median forecast of the federal funds rate at the end of 2025 is 3.6%, implying a further 50 - 75 basis points of easing space this year. The inflation and labor market forecasts were also readjusted. The initial jobless claims in the U.S. last week had the largest single - week decline in nearly four years, but the continuing claims remained above 1.9 million, indicating structural problems in the labor market. U.S. retail sales in August increased by 0.6% month - on - month, and real retail sales increased by 2.1% year - on - year [8]. - **Market Outlook**: In the short - term, the precious metals market may be under pressure and correct. The follow - up market trend depends on the August PCE data and the tone of the Fed officials' subsequent speeches. In the long - term, if the September economic data is weak, the expectation of interest rate cuts may rise again, and gold and silver prices may break through previous highs. The recommended strategy is to try short positions lightly at high prices and focus on range - bound trading. The recommended range for the main SHFE gold 2512 contract is 800 - 850 yuan/gram, and for the main SHFE silver 2512 contract is 9800 - 10100 yuan/kg [8] 3.2 Futures and Spot Markets - **Price Changes**: As of September 19, 2025, COMEX silver was at $42.29 per ounce, down 1.10% from last week; the main SHFE silver 2512 contract was at 9971 yuan/kg, up 0.41% month - on - month. COMEX gold was at $3679.40 per ounce, basically unchanged from last week; the main SHFE gold 2512 contract was at 830.56 yuan/gram [11] - **ETF Holdings**: As of September 18, 2025, the net holdings of the SPDR gold ETF decreased by 0.23% month - on - month, while the net holdings of the SLV silver ETF increased by 0.90% month - on - month [16] - **Speculative Net Positions**: As of September 9, 2025, the total and net positions of COMEX gold increased by 3.39% and 4.89% respectively month - on - month, while the total and net positions of COMEX silver decreased by 1.05% and 3.55% respectively month - on - month [21] - **Basis Changes**: As of September 19, 2025, the gold basis was 0.43 yuan/gram, and the silver basis was - 24 yuan/kg [25] - **Inventory Trends**: As of September 18, 2025, COMEX gold inventory increased by 0.95% month - on - month, and SHFE gold inventory increased by 22.19% month - on - month. COMEX silver inventory increased by 0.80% month - on - month, while SHFE silver inventory decreased by 1.50% month - on - month [31] 3.3 Industrial Supply and Demand Situation 3.3.1 Silver Industry - **Import Volume**: As of July 2025, China's silver import volume decreased by 7.46% month - on - month, while the import volume of silver ore sand increased by 22.32% month - on - month [35] - **Downstream Demand**: As of August 2025, the monthly output of integrated circuits was 4.25 million pieces, with a year - on - year growth rate of 3.20%, driven by the increasing demand for silver in the semiconductor industry [41] - **Supply - Demand Pattern**: As of the end of 2024, the industrial demand for silver increased by 4% year - on - year, the demand for coins and net bars decreased by 22% year - on - year, and the net investment demand for silver ETFs increased from - 37.6 million ounces to 61.6 million ounces. The total demand for silver decreased by 3% year - on - year. The total supply of silver increased by 2% year - on - year, and the supply - demand gap decreased by 26% month - on - month [47][51] 3.3.2 Gold Industry - **Price Fluctuations**: As of September 19, 2025, the gold recycling price in China decreased by 0.27% month - on - month. The gold prices of Laofengxiang decreased by 0.19% month - on - month, Zhou Dafu increased by 0.47% month - on - month, and Liulifuzhou remained unchanged [55] - **Supply - Demand Pattern**: According to the World Gold Council, in Q2 2025, the investment demand for gold ETFs declined slightly. The central bank's gold - buying pace slowed down, and the high gold price also led to a marginal decline in the demand for gold jewelry manufacturing [57] 3.4 Macroeconomic and Options - **Dollar and Treasury Yields**: The U.S. dollar fluctuated weakly this week, and the yield of 10 - year U.S. Treasury bonds increased slightly. The 10Y - 2Y Treasury yield spread widened, the CBOE gold volatility decreased, and the ratio of SP500 to COMEX gold price continued to decline [61][65] - **Central Bank Gold - Buying**: In September 2025, the People's Bank of China increased its gold reserves by about 1.87 tons [74]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The Shanghai copper market may be supported by a slight reduction in supply and a gradual warming of demand. The Fed's September interest - rate meeting announced a 25 - basis - point rate cut, and the dot - plot implies further rate cuts. Domestically, policies to expand service consumption were introduced. The supply of copper concentrate is tight, and the profit of smelters may be affected, leading to a possible reduction in refined copper supply. The decline in copper prices has boosted downstream purchasing enthusiasm, and the pre - holiday inventory - building demand has increased domestic demand. It is recommended to conduct short - term long trades at low prices with light positions [4]. 3. Summary According to Relevant Catalogs 3.1. Week - to - Week Summary - **Market Performance**: The Shanghai copper main contract fluctuated and declined weekly, with a weekly change of - 1.42% and an amplitude of 2.5%. The closing price of the main contract was 79,910 yuan/ton [4]. - **International Situation**: The Fed cut interest rates by 25 basis points in September, and the dot - plot implies a total of 75 - basis - point cuts this year and 25 - basis - point cuts next year [4]. - **Domestic Situation**: The State Council Information Office held a press conference to introduce policies to expand service consumption [4]. - **Fundamentals**: The copper concentrate TC spot index is negative, and the supply of copper ore is tight. The supply of raw materials is tight, and the decline in copper prices restricts smelter profits, so domestic refined copper supply is expected to converge. The decline in copper prices boosts downstream purchasing, and pre - holiday inventory - building demand increases domestic demand, leading to a slight reduction in social inventory [4]. - **Strategy**: Light - position short - term long trades at low prices, paying attention to rhythm and trading risks [4]. 3.2. Futures and Spot Market - **Futures Contract**: As of September 19, 2025, the basis of the Shanghai copper main contract was 80 yuan/ton, a week - on - week increase of 385 yuan/ton. The main contract price was 79,910 yuan/ton, a week - on - week decrease of 1,150 yuan/ton, and the position was 116,552 lots, a week - on - week decrease of 70,324 lots [9]. - **Spot Price**: As of September 19, 2025, the average spot price of 1 electrolytic copper was 79,990 yuan/ton, a week - on - week decrease of 1,130 yuan/ton [15]. - **Cross - Month Spread**: As of September 19, 2025, the cross - month spread of the Shanghai copper main contract was 30 yuan/ton, a week - on - week decrease of 250 yuan/ton [15]. - **Premium**: As of the latest data this week, the CIF average premium of Shanghai electrolytic copper was 59 US dollars/ton, a week - on - week decrease of 0 US dollars/ton [21]. - **Position**: As of the latest data, the net position of the top 20 in Shanghai copper was a net short of - 14,204 lots, a decrease of 6,666 lots compared with last week [21]. - **Implied Volatility**: As of September 19, 2025, the short - term implied volatility of the Shanghai copper main contract at - the - money options fell to around the 50th percentile of historical volatility. As of this week, the put - call ratio of Shanghai copper options was 0.7497, a week - on - week increase of 0.0258 [26]. 3.3. Industrial Situation 3.3.1. Upstream Situation - **Copper Concentrate Price**: As of the latest data this week, the copper concentrate price in the main domestic mining area (Jiangxi) was 70,320 yuan/ton, a week - on - week decrease of 960 yuan/ton [29]. - **Copper Scrap Processing Fee**: As of the latest data this week, the southern copper scrap processing fee was 700 yuan/ton, a week - on - week increase of 0 yuan/ton [29]. - **Copper Ore Import**: As of July 2025, the monthly import volume of copper ore and concentrates was 2.5601 million tons, an increase of 210,500 tons from June, a growth rate of 8.96%, and a year - on - year growth rate of 18.41% [35]. - **Refined - Scrap Copper Price Difference**: As of the latest data this week, the refined - scrap copper price difference (including tax) was 1,807.21 yuan/ton, a week - on - week decrease of 414.21 yuan/ton [35]. - **Global Copper Ore Production**: As of June 2025, the global monthly production of copper concentrate was 1,916 thousand tons, a decrease of 81 thousand tons from May, a decline of 4.06%. The global capacity utilization rate of copper concentrate was 79%, a decrease of 0.9% from May [40]. - **Port Inventory**: As of the latest data, the copper concentrate inventory in seven domestic ports was 574,000 tons, a month - on - month increase of 14,000 tons [40]. 3.3.2. Supply Side - **Refined Copper Production**: As of August 2025, the monthly production of refined copper in China was 1.301 million tons, an increase of 31,000 tons from July, a growth rate of 2.44%, and a year - on - year growth rate of 16.06%. As of June 2025, the global monthly production of refined copper (primary + recycled) was 2,431 thousand tons, an increase of 45 thousand tons from May, a growth rate of 1.89%. The capacity utilization rate of refined copper was 83.5%, an increase of 3.7% from May [45]. - **Refined Copper Import**: As of July 2025, the monthly import volume of refined copper was 335,969.236 tons, a decrease of 1,073.33 tons from June, a decline of 0.32%, and a year - on - year growth rate of 12.05%. As of the latest data this week, the import profit and loss was 160.89 yuan/ton, a week - on - week decrease of 151.67 yuan/ton [50][51]. - **Inventory**: As of the latest data this week, the LME total inventory decreased by 5,075 tons week - on - week, the COMEX total inventory increased by 4,719 tons week - on - week, and the SHFE warehouse receipts increased by 6,278 tons week - on - week. The total social inventory was 156,600 tons, a week - on - week decrease of 13,000 tons [54]. 3.3.3. Downstream and Application - **Copper Products**: As of August 2025, the monthly production of copper products was 2.2219 million tons, an increase of 52,600 tons from July, a growth rate of 2.42%. The monthly import volume of copper products was 430,000 tons, a decrease of 50,000 tons from July, a decline of 10.42%, and a year - on - year growth rate of 2.38% [60]. - **Power Grid Investment**: As of July 2025, the cumulative year - on - year growth rates of power and grid investment completion were 3.37% and 12.49% respectively [66]. - **Household Appliance Production**: As of August 2025, the year - on - year growth rates of the monthly production of washing machines, air conditioners, refrigerators, freezers, and color TVs were - 1.6%, 12.3%, 2.5%, - 0.5%, and - 3.2% respectively [66]. - **Real Estate Investment**: As of August 2025, the cumulative real estate development investment completion was 6.030919 trillion yuan, a year - on - year decrease of 12.9% and a month - on - month increase of 12.56% [72]. - **Integrated Circuit Production**: As of August 2025, the cumulative production of integrated circuits was 342,912,327,000 pieces, a year - on - year increase of 8.8% and a month - on - month increase of 16.42% [72]. 3.3.4. Overall Situation - **Global Supply - Demand**: According to ICSG, the supply of refined copper is in excess. As of June 2025, the global monthly supply - demand balance of refined copper showed a surplus of 36 thousand tons. According to WBMS, the cumulative global supply - demand balance as of June 2025 was 46,500 tons [77].

Group 1: Gold Market Analysis - Gold prices experienced a slight recovery, increasing by approximately 0.30% during the Asian session on September 19, breaking a two-day decline [1] - The price of gold reached a historical high of $3707.35 per ounce on September 17, but faced selling pressure following optimistic labor market data, leading to profit-taking and a shift towards the dollar [1][3] - Analysts noted that profit-taking was driven by a reassessment of Federal Reserve policy changes, with expectations of rate cuts tempered by Chairman Powell's comments indicating a cautious approach to rate adjustments [3] Group 2: Market Sentiment and Technical Indicators - Despite the initiation of a new easing cycle by the Federal Reserve, gold prices have struggled to find upward momentum, remaining above $3600 per ounce [3] - The market's risk-averse sentiment persists, with expectations of two more rate cuts by the Federal Reserve this year limiting the downside for gold [4] - Technical analysis indicates that gold is facing resistance around $3670, with support at approximately $3630, suggesting a range-bound trading environment [4] Group 3: Broader Economic Indicators - The U.S. dollar index has shown signs of recovery following the Federal Reserve's rate cut, which has further pressured gold prices [4] - Positive initial jobless claims data from the U.S. has also contributed to downward pressure on gold [4]

Group 1: Monetary Policy Decisions - The Federal Open Market Committee (FOMC) lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, aligning with market expectations[1] - The median rate forecast for the end of the year is 3.5%-3.75%, indicating an additional 50 basis points of potential cuts within the year[2] - Powell characterized the rate cut as a "risk management cut," reflecting a balanced policy stance between hawkish and dovish views[1] Group 2: Economic Outlook - The Fed raised its real GDP growth forecast for next year to 1.8% while slightly lowering the unemployment rate forecast and raising core inflation expectations[2] - There is significant divergence among committee members regarding future rate cuts, with 9 members advocating for 2 more cuts, while 6 believe no further cuts are necessary[2] - Despite a weakening job market, consumer and retail sales indicators remain robust, suggesting a favorable environment for risk assets[3] Group 3: Investment Recommendations - The likelihood of two additional 25 basis point cuts in upcoming meetings is high, making the current environment favorable for equities[3] - Investors are advised to maintain equity asset allocations until there is a clear deterioration in economic indicators[3] Group 4: Risk Factors - Unexpectedly strong recovery in the job market and persistent inflation above expectations could delay the Fed's rate cut schedule[4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The Fed cut interest rates by 25 basis points as expected, but Powell's hawkish remarks after the meeting supported the dollar, putting short - term pressure on the RMB and negatively impacting the equity market sentiment. The "supply - strong, demand - weak" pattern may continue according to August economic data, and the bond market is expected to remain in a high - level oscillation pattern [8][15]. - In the commodity market, gold is under short - term pressure but has long - term upward potential, and crude oil's trend is volatile due to geopolitical conflicts. The commodity index is expected to show wide - range oscillations [9]. - In the foreign exchange market, the dollar has short - term rebound space but is under pressure in the medium term, while the euro is supported as the eurozone's inflation eases and the interest - rate cut cycle nears its end [9]. Summary by Relevant Catalogs This Week's Summary and Next Week's Allocation Suggestions Stock Market - A - share major indices generally rose this week, except for the Shanghai Composite Index. The four stock index futures showed different trends, with small and medium - cap stocks performing well, ranked as IM>IC>IF>IH. The release of poor August economic data on Monday pressured the stock market, and Powell's hawkish remarks after the Fed's interest - rate cut on Thursday - Friday negatively affected the equity market sentiment. The market trading activity increased slightly this week. The allocation suggestion is to buy on dips [8][15]. Bond Market - This week, Treasury bond futures showed mixed trends. TS and TL main contracts fell by 0.02% and 0.41% respectively, while TF and T main contracts rose by 0.08% and 0.13% respectively. Emotional factors significantly affect the bond market. The "supply - strong, demand - weak" pattern may continue, and the expectation of restarting Treasury bond trading supports the bond market. The bond market is unlikely to weaken trend - wise, and yields are expected to remain in a high - level oscillation pattern. The allocation suggestion is to watch cautiously [8]. Commodity Market - The Wind Commodity Index fell 0.19%, and the CSI Commodity Futures Price Index rose 0.12%. Gold is under short - term pressure but has long - term upward potential, and crude oil's trend is volatile due to geopolitical conflicts. The commodity index is expected to show wide - range oscillations. The allocation suggestion is to mainly watch [9]. Foreign Exchange Market - The euro against the dollar rose 0.26%, and the euro against the dollar 2509 contract rose 0.22%. The Fed's interest - rate cut and Powell's remarks gave the dollar short - term rebound space but put it under medium - term pressure. The eurozone's inflation eases, and the interest - rate cut cycle nears its end, supporting the euro. The allocation suggestion is to watch cautiously [9]. Important News and Events - **Global Central Bank Policies**: The Fed cut interest rates by 25 basis points to 4.00% - 4.25%, the ECB kept rates unchanged for the second time, the Bank of Canada cut rates by 25 basis points to 2.5%, and the BoJ kept rates unchanged [13][19]. - **Domestic Policies**: China will select about 50 pilot cities for new consumption formats, models, and scenarios, and introduce a series of policies to boost service consumption [15][17]. - **Corporate News**: Since the "14th Five - Year Plan", central SOEs' total assets have increased from less than 7 trillion yuan to over 9 trillion yuan, and their total profit has increased from 1.9 trillion yuan to 2.6 trillion yuan [17]. This Week's Domestic and Foreign Economic Data - **China**: In August, the year - on - year growth rate of industrial added value of large - scale industries was 5.2% (expected 5.7%, previous value 5.7%), fixed - asset investment was 0.5% (expected 1.4%, previous value 1.6%), infrastructure investment was 3.2%, manufacturing investment was 6.2%, real - estate development investment decreased by 12%, and social consumer goods retail sales increased by 3.4% (expected 3.9%, previous value 3.7%) [14]. - **US**: In August, the retail sales monthly rate was 0.6% (expected 0.2%, previous value 0.6%), the industrial output monthly rate was 0.1% (expected - 0.1%, previous value - 0.4%), and the initial jobless claims for the week ending September 13 were 231,000 (expected 240,000, previous value 264,000) [20]. - **EU**: In July, the seasonally - adjusted trade balance was 53 billion euros (previous value 37 billion euros), the industrial output monthly rate was 0.3% (expected 0.4%, previous value - 0.6%), and the CPI annual rate in August was 2% (expected 2.1%, previous value 2.1%) [20]. - **UK**: The unemployment rate in August was 4.39% (previous value 4.4%) [20]. Next Week's Important Economic Indicators and Economic Events - From September 22 - 26, there are important economic data releases in China, the eurozone, the US, France, Germany, and the UK, such as China's one - year loan prime rate, the eurozone's consumer confidence index, and the US's core PCE price index [81].

Core Viewpoint - The Federal Reserve's recent interest rate cut of 25 basis points to a target range of 4.00% to 4.25% marks a significant shift in monetary policy, impacting global capital risk pricing and providing a favorable environment for Chinese assets [1][2]. Group 1: Impact on Chinese Assets - The 25 basis point rate cut aligns with market expectations and is seen as a preventive risk management measure, which lowers external constraints and creates a favorable window for the strengthening of Chinese assets [2]. - The restoration of the China-U.S. interest rate differential enhances the long-term appeal of Chinese bonds [2]. - The weakening of the strong dollar expectation contributes to stabilizing the RMB exchange rate [2]. - International funds are likely to reduce their concerns about A-shares and RMB assets, leading to increased strategic allocations in a lower risk premium environment [2]. Group 2: Macro Policy Space for China - The Fed's rate cut provides more room for China's macroeconomic policy, although it does not imply a straightforward follow-the-leader approach [3]. - China's macro policy focus remains on stabilizing growth and mitigating risks, with a flexible monetary policy that supports the real economy through structural tools and credit guidance [3]. - Effective investment expansion and optimizing expenditure structure are core strategies on the fiscal side [3]. - The external environment created by the Fed's cut is relatively loose, but domestic economic development and high-quality growth objectives will ultimately dictate policy direction [3]. Group 3: Future Fed Rate Cuts - The Fed's future rate cut trajectory is closely watched, with indications that the policy rate remains above neutral levels, suggesting a cautious approach to further easing [3]. - The Fed may retain policy tools to address potential employment downturn risks rather than fully releasing all easing measures prematurely [3]. - Conditions that could trigger another Fed rate cut include a sustained rise in U.S. unemployment above 4.5%, a significant reduction in consumer momentum, and confirmation that inflationary pressures are transitory [4].

Core Viewpoint - The Federal Reserve has restarted its interest rate cut cycle by lowering the policy rate by 25 basis points to a range of 4.0-4.25% after nearly three quarters of pausing rate cuts, indicating a shift towards risk management in monetary policy [2] Group 1: Federal Reserve's Actions and Economic Outlook - The Federal Reserve's decision to cut rates is based on a significant decline in labor supply and demand, a slight increase in unemployment, and reduced persistent inflation risks, suggesting a proactive approach to economic management [2] - The Fed's economic forecast indicates that GDP growth is expected to be 0.2% higher than previously anticipated, while the unemployment rate is expected to remain unchanged, reflecting an outlook for a soft landing of the U.S. economy [2] - The dot plot released by the Fed suggests a higher likelihood of consecutive rate cuts in the remaining meetings of the year, with an increase in the number of rate cuts expected over the next two years [2] Group 2: Independence of the Federal Reserve - The participation of newly appointed Fed Governor Miran, who voted against the rate cut and favored a 50 basis point reduction, highlights potential divisions within the Fed regarding interest rate policy [3] - Miran's aggressive stance reflects a preference for rapidly lowering the policy rate to alleviate fiscal pressure, indicating that political influences may still affect the Fed's decision-making process [3] - The differing votes among Fed members suggest that the independence of the Federal Reserve may be challenged, leading to potential market volatility and uncertainty regarding the extent of future rate cuts [3]

Group 1 - The Federal Reserve lowered the target range for the federal funds rate from 4.25%-4.50% to 4.00%-4.25%, a decrease of 25 basis points, primarily driven by weaker-than-expected non-farm employment data and inflation returning below 3% [1] - There is a possibility of a global central bank rate cut wave following the Fed's decision, with expectations for the People's Bank of China to have room for monetary policy easing to support the economy and stabilize the real estate and stock markets [2] - The shift in monetary policy may lead to a significant transfer of household savings to capital markets, as lower deposit rates make equities and funds more attractive, with a recommendation for investors to allocate around 20% of their portfolio to gold assets [3] Group 2 - The impact of the Fed's rate cut on global assets includes initial gains in U.S. stock indices followed by a quick pullback, while the dollar index experienced a drop but rebounded by the end of the trading session [2] - Historical trends suggest that Fed rate cuts typically support risk asset prices and alleviate capital outflow pressures in emerging markets, although the current economic conditions in Europe and Japan may limit the extent of dollar depreciation [4] - The Chinese yuan is expected to maintain stability, with a reduced risk of rapid appreciation or significant depreciation, as the narrowing of the China-U.S. interest rate differential alleviates depreciation pressure [4]

Core Viewpoint - The Federal Reserve has initiated a new rate-cutting cycle by lowering the federal funds rate by 25 basis points to a target range of 4.00%-4.25%, which is expected to create new opportunities for Chinese assets in the medium to long term [1] Group 1: Market Reactions and Implications - The rate cut has triggered a global market response, with a consensus among fund companies that A-shares and Hong Kong stocks are expected to perform well despite short-term volatility [1][6] - The market exhibited a "good news priced in" reaction following the rate cut announcement, with fluctuations in the dollar index, U.S. Treasury yields, and stock indices [3] - Historical data suggests that A-shares and Hong Kong stocks typically perform well in the months following a Federal Reserve rate cut [7] Group 2: Investment Opportunities - Fund companies are optimistic about the long-term outlook for Chinese assets, citing improved liquidity conditions and potential for foreign capital inflow into A-shares and Hong Kong stocks [6][8] - Key investment directions identified include technology growth stocks, the Hong Kong market, consumer sectors, and gold assets, with a focus on sectors sensitive to interest rates and benefiting from global liquidity improvements [9]

Core Viewpoints - The current sentiment in the precious metals market remains bullish, with expectations of price increases, particularly for silver, amid a backdrop of potential interest rate cuts by the Federal Reserve [1][2][3] Group 1: Market Analysis - Wengang Futures suggests maintaining a bullish outlook on precious metals prices, particularly silver, due to the anticipated rise in interest rate cut expectations following the appointment of a new Federal Reserve chairman [1] - Guotou Futures notes that the recent drop in initial jobless claims in the U.S. indicates a weaker precious metals market, with potential for a phase of consolidation as the Fed's dovish stance is less than expected [1][2] - Galaxy Futures highlights the persistent risk of stagflation in the U.S., which continues to provide a support base for precious metals prices despite recent market adjustments [2] Group 2: Economic Indicators - Capital.com analysts indicate that the market sentiment has cooled, with the Fed's lack of dovish guidance leading to increased yields and a stronger dollar, which may hinder gold prices from breaking above $3,700 per ounce [2] - Zaner Metals emphasizes that despite short-term volatility, the long-term bullish trend for gold remains intact, supported by geopolitical risks and central banks' continued accumulation of gold [3]