摘要9月4日金价继续攀升，多个金店金饰价格突破1060元/克，2025年9月4日，各大品牌黄金零售价格 大幅上涨，据金投网统计，目前是周生生价格最高，为1062元/克（工费另计），菜百首饰黄金价格最 低，为1012元/克（工费另计），投资金条价格每克835-849.00元左右，白银价格9.39元/克。 9月4日金价继续攀升，多个金店金饰价格突破1060元/克，2025年9月4日，各大品牌黄金零售价格大幅 上涨，据金投网统计，目前是周生生价格最高，为1062元/克（工费另计），菜百首饰黄金价格最低， 为1012元/克（工费另计），投资金条价格每克835-849.00元左右，白银价格9.39元/克。 尽管金价于短线面临一定压力，然而从中期视角来看，美国劳动力市场的放缓态势却为黄金价格提供了 有力支撑。据最新数据显示，JOLTS职位空缺数量已降至718万，触及近一年来的最低水平，这一关键 指标进一步强化了市场对于美联储有望在9月重启降息周期的预期。 目前，市场广泛共识认为，年内至少将迎来两次幅度为25个基点的降息举措。此种预期有效遏制了美元 指数持续上行的空间，进而对无收益属性的黄金资产构成显著利好。 值得关注的是 ...

作者丨 吴斌 黄欣然 实习生曾晓莹 编辑丨 包芳鸣 叶映橙 9月以来，黄金价格迎来"开门红"。 9月3日，Comex黄金期货最高升至3640.1美元/盎司，伦敦金现货最高价亦达3578.375美元/盎 司，双双再创历史新高。金价行情带动A股相关黄金股上涨。 如果在2025年开年各花1万元买黄金和黄金股，哪个更赚钱？ 21数读梳理数据发现，截至9月3日收盘，今年以来紫金矿业、山东黄金等头部黄金股的涨幅已 超50%，跑赢黄金涨幅。无论是买黄金和黄金股，均大幅跑赢上证指数。 金价缘何再创新高 长城证券首席经济学家汪毅对21世纪经济报道记者表示，鲍威尔8月暗示美联储可能即将降 息，美联储政策"偏鸽"预期成为本轮金价上涨的核心驱动力。鲍威尔表示，当前形势暗示就业 增长面临下行风险，风险平衡点的变化可能要求调整政策，美联储对降息持开放态度。其态度 暗示了，尽管当前通胀上行风险依然存在，但美联储仍可能在未来数月降息。 从近期美国的经济数据来看，非农就业数据低于预期，失业率有所升高，核心通胀数据显示通 胀压力仍存。目前市场对于美联储9月降息的预期较高，根据CME美联储观察工具，市场对美 联储9月降息25个基点的概率已超过85 ...

Core Viewpoint - The price of spot gold has reached a historic high of over $3,560 per ounce, marking a year-to-date increase of over 35% [1]. Group 1: Market Performance - Spot gold has risen for seven consecutive trading days, with significant increases in gold stocks such as Harmony Gold (up over 5%) and AngloGold Ashanti (up over 3%) [1]. - Domestic gold jewelry prices have also surged, with brands like Chow Sang Sang reporting prices of 1,056 yuan per gram and other brands like Chow Tai Fook and Luk Fook at 1,053 yuan per gram [6]. Group 2: Regulatory Changes - The Shanghai Gold Exchange announced adjustments to the margin levels and price fluctuation limits for gold and silver contracts, effective from September 5, 2025 [3][4]. - The margin level for Au (T+D) contracts will increase from 13% to 14%, and the price fluctuation limit will rise from 12% to 13% [4]. Group 3: Consumer Behavior - Consumers appear to have adapted to high gold prices, with some expressing that fluctuations are normal and maintaining a long-term view on gold as a safe-haven asset [9]. - The price of gold jewelry in the Shenzhen market has crossed 800 yuan per gram, which is seen as a critical threshold affecting retail business [7]. Group 4: Economic Factors - Recent dovish comments from Federal Reserve Chairman Jerome Powell and economic data have strengthened market expectations for a rate cut in September, supporting gold prices [10]. - The World Gold Council is exploring a digital form of gold, which could revolutionize trading and settlement in the $900 billion physical gold market [11].

Group 1 - The spot gold price has reached a new historical high of over $3,560 per ounce, marking an increase of over 35% year-to-date, with gold stocks in the US also rising significantly [1] - The international gold price has increased for seven consecutive trading days [1] - The Shanghai Gold Exchange has announced adjustments to the margin levels and price fluctuation limits for gold and silver contracts, effective from September 5, 2025 [3][4] Group 2 - Domestic gold jewelry prices have continued to rise, with brands like Chow Sang Sang and Chow Tai Fook reporting prices of 1,056 RMB and 1,053 RMB per gram, respectively [6] - In the Shenzhen market, the price of gold jewelry has reached 818 RMB per gram, up from approximately 796 RMB per gram on August 30 [8] - The World Gold Council has indicated that consumer confidence may remain low, potentially impacting gold jewelry consumption in the second half of the year, despite some seasonal improvements and potential policy support [8] Group 3 - Recent dovish comments from the Federal Reserve Chairman and economic data have strengthened market expectations for a rate cut in September, supporting the rise in gold prices [9] - The gold price has increased by 26% in the first half of the year, outperforming most major asset classes, suggesting a potential for price stability in the second half [9] - The World Gold Council is exploring a digital form of gold, which could revolutionize the physical gold market valued at $900 billion [9][10]

Group 1: Gold Market - Gold prices reached a historic high, surpassing $3,500 per ounce, with London spot gold touching $3,508 [1][3] - The surge in gold prices is driven by expectations of interest rate cuts from the Federal Reserve and increasing geopolitical tensions, leading to a significant influx of safe-haven investments into gold [3] - Morgan Stanley has set a year-end target price for gold at $3,800, indicating strong bullish sentiment in the market [3] Group 2: Tesla and Robotics - Tesla's new "Macro 4.0" strategy shifts focus from electric vehicles to AI and robotics, with Elon Musk stating that 80% of Tesla's future value will depend on the Optimus robot [1][3] - The robotics supply chain, including sensors and lightweight materials, is expected to experience significant growth, similar to the smartphone industry's early days [3] - Companies involved in Tesla's supply chain, particularly those producing harmonic reducers and tactile sensors, are becoming increasingly active [3] Group 3: Technology and Huawei - Huawei's upcoming launch of the Mate XTs, featuring the Kirin 9020 chip and potentially the first eSIM technology, is anticipated to be a breakthrough for foldable phones and IoT devices [4] - The consumer electronics sector is showing signs of activity, particularly among semiconductor companies supplying Huawei, which may lead to positive surprises [4] Group 4: A-Share Market and Economic Indicators - The PMI data for August indicates a mixed economic recovery, with manufacturing at 49.4% and non-manufacturing at 50.3%, suggesting a cautious recovery [4] - Recent fiscal policies, including four tax exemption measures to support social security funds, are seen as a boost to the market [4] - The margin trading balance has exceeded 2.29 trillion, a historical high, indicating increased activity from institutional investors in undervalued tech and new energy companies [4] Group 5: Global Market Environment - The Federal Reserve's decision to maintain interest rates has led to market speculation about potential cuts in mid-September, with the dollar index dropping by 0.7% [5] - European markets showed slight gains, with Germany's DAX up 0.13% and France's CAC40 up 0.2%, while international oil prices increased by 0.67%, signaling positive trends for the energy sector [5]

Group 1 - The core viewpoint of the article highlights the strong performance of Zhaojin Mining (1818.HK) driven by rising gold prices, with the stock price reaching a historical high of 29.1 HKD and a market capitalization exceeding 100 billion HKD [1] - Recent gold prices have surged, with spot gold reaching 3547 USD/ounce, marking a new historical peak. This increase is attributed to heightened expectations of interest rate cuts by the Federal Reserve, enhancing gold's appeal as a safe haven amid sell-offs in stock and bond markets. Over the past six trading days, spot gold prices have risen by over 5% [1] - Zhaojin Mining's interim results indicate a significant revenue increase of 50.69% year-on-year, reaching 6.973 billion CNY for the first half of 2025. The net profit attributable to shareholders also saw a substantial rise of 160.44%, amounting to 1.44 billion CNY [1] Group 2 - The company's infrastructure development for the Ruihai project has accelerated, with a successful trial run of a 12,000 tons/day ore processing system, indicating initial industrial production capabilities. This strengthens the expectations for the production of marine gold mines [1]

Group 1: Gold Price Movement - On September 1, international gold prices rose sharply, with COMEX gold futures reaching a record high of $3,557.1 per ounce, up over 1% during the day, and a year-to-date increase of nearly 35% [1] - Domestic gold prices also increased, with the Shanghai gold 2510 contract closing at 800.56 yuan per gram, up 2.08%, marking a year-to-date rise of over 28% [1] - The rise in gold prices has led to a surge in gold jewelry prices, with several brands reporting prices of 1,027 yuan per gram for pure gold jewelry [1] Group 2: Factors Influencing Gold Prices - The recent increase in gold prices is primarily driven by expectations of interest rate cuts from the Federal Reserve, with multiple officials signaling a dovish stance [1] - The probability of a 25 basis point rate cut in September has risen to 87.4%, which has positively impacted gold prices [1] - Political uncertainties, including threats from Trump regarding the Federal Reserve, and ongoing international geopolitical risks have also heightened market demand for gold [2] Group 3: Gold Demand and Market Outlook - Global gold demand has significantly increased, with a 3% year-on-year growth expected in Q2 2025, reaching 1,249 tons, and a 45% increase in value to $132 billion, marking a historical high [2] - Investment in gold bars and coins has surged, with Chinese investors showing the highest demand for these products since 2013 [2] - Several institutions are optimistic about future gold price performance, citing ongoing macroeconomic uncertainties and the potential for continued interest rate cuts as key drivers [2] Group 4: Performance of Gold Stocks - On September 1, A-share gold stocks collectively rose, with an average increase of 8.55%, and several stocks hitting the daily limit [3] - The financial performance of gold companies has improved significantly, with 12 gold stocks reporting year-on-year profit growth or turning profitable in the first half of 2025 [3] - Notably, West Gold reported a net profit of 154 million yuan, a 131.94% increase year-on-year, achieving the highest profit for the same period since its listing [3] Group 5: Institutional Investment in Gold Stocks - The National Social Security Fund increased its holdings in Shandong Gold in Q2, raising its share count by 15.31% to 33.88 million shares, with a market value of 1.082 billion yuan [4] - Other institutional investors, including insurance funds and public funds, also increased their stakes in Shandong Gold during the same period [4]

Group 1 - The core viewpoint of the articles highlights the rising gold prices driven by expectations of interest rate cuts and uncertainties in the global financial market, with gold being increasingly viewed as a safe-haven asset [1][2] - The internal power struggle within the Federal Reserve is causing challenges to the confidence in the US dollar, further boosting the demand for gold [1] - Analysts suggest that gold is becoming a strategic allocation in the current volatile market environment, especially as recession fears grow [1][3] Group 2 - There is a noticeable difference between international and domestic gold prices, with the Chinese market showing relative stability despite international prices reaching historical highs [2] - Factors influencing domestic gold prices include the demand for diversification, consumption trends, and currency fluctuations, with the People's Bank of China increasing its gold reserves significantly [2] - The gold ETF (518800) has shown stable performance over the past decade, making it an attractive investment option for those seeking liquidity and convenience [3]

9月1日亚洲市场盘中，COMEX黄金期货一度涨超1%，最高触及3552美元/盎司，再创历史新高；现货 黄金盘中突破3480美元/盎司，已逼近4月份创下的历史新高；现货白银盘中一度涨超2%，自2011年10 月以来首次突破每盎司40美元。今年以来，现货黄金涨幅超过32%，现货白银涨幅更是接近40%。 近期，在美联储降息预期的推动下，黄金、白银价格持续上涨。今日，A股黄金概念股受到资金追捧， 西部黄金、盛达资源等多股涨停，中金黄金、山东黄金、紫金矿业等纷纷大涨。 今日，COMEX黄金期货一度涨超1%，最高触及3552美元/盎司，再创历史新高；现货黄金涨幅也一度 超过1%，最高触及3486美元/盎司，距离今年4月份创下的历史新高（3500美元/盎司）仅相差14美元/盎 司；现货白银盘中一度涨超2%，并突破40美元/盎司，创出近14年新高。 美国总统特朗普对美联储的频频攻击，引发了人们对该央行独立性的担忧。在地缘政治局势紧张和金融 环境不确定的背景下，投资者对避险资产的强烈需求推动金银价格走高。 美联储主席鲍威尔在8月22日的讲话中释放信号，或将在9月16—17日会议上启动降息，以缓解劳动力市 场疲软压力。市场普遍预 ...

Group 1 - Gold and silver prices have reached historical highs, with COMEX gold futures peaking at $3552 per ounce and spot gold breaking $3480 per ounce, marking a year-to-date increase of over 32% for gold and nearly 40% for silver [1][2] - The recent surge in gold and silver prices is driven by expectations of interest rate cuts from the Federal Reserve, with a 87.4% probability of a 25 basis point cut in September [2][9] - A strong demand for safe-haven assets is evident amid geopolitical tensions and uncertainties in the financial environment, further pushing gold and silver prices higher [2][3] Group 2 - A significant rise in A-share gold concept stocks has been observed, with the Wind precious metals index increasing over 6% and several individual stocks hitting their daily limit [5][6] - Specific stocks such as China Ruilin, Western Gold, and Shengda Resources have shown notable gains, with increases of nearly 10% [6][7] - Research institutions indicate that there is still room for gold prices to rise, driven by the challenges to the Federal Reserve's independence and the downward trend in real interest rates [8][10] Group 3 - The geopolitical landscape, including tensions in the Middle East and uncertainties surrounding U.S. tariff policies, has contributed to the increased demand for gold as a safe-haven asset [3][4] - The recent actions by President Trump against Federal Reserve officials have raised concerns about the independence of the central bank, which may influence future monetary policy and impact gold prices [3][9] - Long-term forecasts suggest that the combination of fiscal dominance and monetary policy will lead to increased liquidity in the U.S. dollar, benefiting risk assets and potentially driving gold prices higher [9][10]