投资咨询业务资格:证监许可【2012】31号 | | | | | 国贸期货研究院 | | | 投资咨询号: Z0013700 | | | 2025/9/5 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 宏观金融研究中心 白素娜 | | | 从业资格号:F3023916 | | | | | | 日期 | 伦敦金现 | 伦敦银现 | COMEX黄金 | | COMEX白银 | AU2510 | AG2510 | AU (T+D) | AG (T+D) | | 内外盘金 | | (美元/盎司) | (美元/盎司) | (美元/盎司) | | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 银15点价 | | | | | | | | | | | | 格跟踪 (本表数 | 2025/9/4 | 3536. 55 | 40. 85 | 3596. 80 | | 41.45 | 812. 98 | 9773.00 | 808. 90 | 9769.00 | | 据来源 ...

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2025/9/2 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 宏观金融研究中心 白素娜 | | | | | 从业资格号:F3023916 | | | | | | 日期 | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2510 | AG2510 | AU (T+D) | AG (T+D) | | 内外盘金 | | (美元/盎司) | (美元/盎司) | (美元/盎司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 银15点价 - | | | | | | | | | | | 格跟踪 (本表数 | 2025/9/1 | 3478. 93 | 40. 52 | 3546. 90 | 41. 37 | 800. 56 | 9775.00 | 796. 65 | 9747.00 | | 据来 ...

lu ( p = 57 ) = 1 7 1 1 - 1 世界500强投资企业 投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2025/9/1 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 宏观金融研究中心 白素娜 | | 人业资格号:F3023916 | | | | | | 日期 | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2510 | AG2510 | AU (T+D) | AG (T+D) | | 内外盘金 银15点价 | | (美元/盎司) | (美元/盎司) | (美元/盎司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 格跟踪 | 2025/8/29 | 3411.45 | 38. 82 | 3470. 00 | 39.49 | 785. 12 | 9386. 00 | 782. 05 | 9357 ...

| | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2025/8/29 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 宏观金融研究中心 白素娜 | | 人业资格号:F3023916 | | | | | | | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2510 AG2510 | | AU (T+D) | AG (T+D) | | 内外盘金 银15点价 | 日期 | (美元/盎司) | (美元/盎司) | (美元/盎司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 格跟踪 | 2025/8/28 | 3395. 28 | 38. 84 | 3451. 20 | 39.50 | 783. 22 | 9377.00 | 780. 22 | 9345.00 | | (本表数 据来源: | 2025/8/27 | 3376.92 | 38. 43 | 3426. 60 | 38. 47 | 781. 1 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On August 27, the main contract of Shanghai gold futures closed up 0.12% to 781.16 yuan/gram, and the main contract of Shanghai silver futures closed down 0.52% to 9,305 yuan/kg [4] - The event of Trump dismissing Fed Governor Cook has further fermented. Political pressure has strengthened the expectation of a Fed rate cut in September, thus supporting precious metal prices. On the other hand, the official implementation of a 50% tariff on India by the US and Trump's tariff remarks have slightly increased market risk aversion. However, Trump's statement that the US has completed trade agreements with the EU, Japan, and South Korea, along with strong US core durable goods order data in July, highlighting US economic resilience and providing support for the US dollar index, have limited the upside space for gold prices. In the short term, precious metal prices are still supported. For gold, it is recommended to hold long positions or go long on pullbacks. For silver, it is expected to follow gold in the short term, but with signs of cooling in the stock market and commodities, short - term fluctuations need attention, and the upside height and duration in the medium term should be treated with caution [4] - In the medium - to - long term, due to expectations of Fed rate cuts, continuous global geopolitical uncertainties, intensified large - scale games, and the wave of de - dollarization, along with continued gold purchases by global central banks, the medium - to - long - term center of gravity of gold is likely to continue to move up [4] Summary by Related Catalogs Price Tracking - **Precious Metal Prices**: On August 27, 2025, London gold spot was at $3,376.92/ounce, London silver spot was at $38.43/ounce, COMEX gold was at $3,426.60/ounce, and COMEX silver was at $38.47/ounce. Compared with August 26, the price of London gold remained unchanged, London silver fell 0.7%, COMEX gold rose 0.1%, and COMEX silver fell 0.6%. The prices of domestic gold and silver futures and spot also showed corresponding changes, with AU2510 remaining unchanged, AG2510 falling 0.5%, AU (T + D) remaining unchanged, and AG (T + D) falling 0.6% [3] - **Price Spreads and Ratios**: On August 27, 2025, the gold TD - SHFE active price spread was - 3.14 yuan/gram, the silver TD - SHFE active price spread was - 35 yuan/kg, the gold internal - external price spread (TD - London) was 6.00 yuan/gram, and the silver internal - external price spread (TD - London) was - 582 yuan/kg. Compared with August 26, the price spreads showed different degrees of change, with the gold TD - SHFE active price spread falling 7.6%, the silver TD - SHFE active price spread rising 12.9%, the gold internal - external price spread rising 21.4%, and the silver internal - external price spread falling 4.7%. The SHFE gold - silver main ratio was 83.95, and the COMEX gold - silver main ratio was 89.08, both showing slight increases [3] Position Data - **ETF Holdings**: As of August 26, 2025, the gold ETF - SPDR held 959.92 tons, up 0.15% from August 25. The silver ETF - SLV held 15,274.6947 tons, down 0.09% [3] - **Non - commercial Positions in COMEX**: As of August 19, 2025 (weekly data), the non - commercial long positions in COMEX gold decreased by 4.46%, the non - commercial short positions increased by 6.92%, and the net long positions decreased by 7.36%. For COMEX silver, the non - commercial long positions increased by 2.79%, the non - commercial short positions decreased by 1.96%, and the net long positions increased by 5.15% [3] Inventory Data - On August 27, 2025, the SHFE gold inventory was 37,503 kg, unchanged from August 26. The SHFE silver inventory was 1,165,498 kg, up 3.39% from August 26. The COMEX gold inventory on August 26 was 38,578,730 troy ounces, up 0.04% from August 25, and the COMEX silver inventory on August 26 was 508,778,300 troy ounces, unchanged from August 25 [3] Related Market Data - **Macroeconomic Indicators**: From August 25 to August 27, 2025, the US dollar index fell 0.11%, the 2 - year US Treasury yield fell 3.22%, the 10 - year US Treasury yield fell 0.19%, the VIX fell 0.47%, the NYMEX crude oil price rose 0.41%, and the S&P 500 fell 2.21% [4] Market News and Analysis - Trump announced the dismissal of Fed Governor Cook, who refused to resign and will sue. The Fed stated that only "just cause" can remove a governor and will abide by court decisions. The Trump administration is considering exerting greater influence on the 12 regional reserve banks of the Fed [4] - In July, the preliminary monthly change in US durable goods orders was - 2.8%, a second consecutive month of negative growth. However, the preliminary monthly change in core durable goods orders excluding aircraft and non - defense capital goods increased by 1.1%, exceeding expectations and indicating US economic resilience [4] - Trump said that the US has completed trade agreements with the EU, Japan, and South Korea, and a 50% tariff on India officially took effect on August 27 [4]

黄金行情走势分析： 白银行情走势分析： 白银昨日（周一）以小幅上涨开局，坚定守住关键技术支撑位，同时美元走软和贸易紧张局势重现激发了避险需求。 鉴于美元面临审视、贸易政策不确定性上升且避险资金回流，白银短期倾向看涨。王召金觉得应密切关注阻力位触发 点和美元表现，以获取方向信号。白银今日开盘低开高走，直线拉升，截至目前白银在32.33附近徘徊，如果上行突破 32.65，将冲击33.00；若是承压32.65，回调下行，破位32.00，将继续测试31.60。白银短线操作思路上王召金建议以反 弹高空为主，回踩低多为辅，上方短期重点关注32.65-32.75一线阻力，下方短期重点关注32.20-32.10一线支撑。 作者：王召金 今年黄金市场堪称"史诗级"动荡年，行情不断突破历史框架。自元旦后，多空博弈便趋近白热化，4月以来更是进入 高强度震荡周期，单日百美元级涨跌已从"黑天鹅"蜕变为"日常菜"，日内V型与倒V形态高频切换，价格在多空绞杀中 呈现脉冲式波动。其背后是关税博弈、地缘危机、去美元化浪潮、美联储政策摇摆及全球经济衰退预期等多重变量共 振。谈判未达成预期，地缘局势加剧，因此王召金提醒需密切关注经济数据和美联储的 ...