另据国家外汇管理局9月7日发布的数据，我国8月末黄金储备规模为7402万盎司，较上月增加6万盎司，实现连续第10个月增 持。 9月9日晚间，北京时间22时左右，现货黄金价格盘中上扬0.87%，突破3660美元/盎司，再次刷新历史最高记录。同期，COMEX 黄金期货价格也一度站上3700美元/盎司。 不过进入深夜，黄金市场出现明显波动，价格自高位回落。据智通财经9月9日报道，现货黄金在冲高后回调，一度由涨转跌， 最低下探至3626.75美元/盎司。市场观点指出，降息预期升温令美元承压，从而提振以美元计价的黄金。此外，地缘局势变化以 及多国央行继续增持黄金，也对金价构成支撑。 黄金作为对全球流动性及通胀环境高度敏感的资产，兼具避险功能。除了各国央行持续购入，美联储货币政策宽松预期、美国 财政扩张带来压力、通胀韧性以及国际地缘风险等因素，共同推动金价上行。 在美国通胀持续偏高和财政扩张态势下，多国央行对美元信用体系的担忧增强，黄金成为提升本币信用和抵御美元风险的重要 选项。市场预计，只要美联储维持宽松政策、美国财政政策继续扩张以及通胀保持粘性，金价仍具备进一步上行的条件，后续 有望继续挑战年内高点。 与此同时，在国 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Due to the expected expansion of the US fiscal deficit, the potential for the Fed to cut interest rates, continuous gold - buying by central banks globally, and persistent geopolitical risks, precious metal prices are likely to rise and difficult to fall. Investors are advised to mainly establish long positions on price pull - backs [1]. 3. Summary by Related Contents Market Data - **Shanghai Gold Futures**: On July 3, 2025, the closing price was 776.04 yuan/gram, with a change of 0.76 yuan compared to the previous day and - 0.06 yuan compared to the previous week. The trading volume was 202,457.00, and the open interest was 33,329.00 [1]. - **Shanghai Gold Spot (T + D)**: The closing price was 770.33 yuan/gram, down 2.93 yuan. The trading volume was 29,774.00, and the open interest was 225,294.00 [1]. - **Shanghai Silver Futures**: The closing price was 8,747.00 yuan/kg, down 63.00 yuan. The trading volume was 323,881.00, and the open interest was 249,023.00 [1]. - **Shanghai Silver Spot (T + D)**: The closing price was 8,737.00 yuan/kg, down 68.00 yuan. The trading volume was 521,320.00, and the open interest was 3,142,008.00 [1]. - **COMEX Gold Futures**: The closing price was 3,368.70 dollars/ounce, up 30.20 dollars. The trading volume was 129,510.00, and the open interest was 332,177.00 [1]. - **COMEX Silver Futures**: The closing price was 0.92 dollars/ounce, up 0.55 dollars. The trading volume was 39,724.00, and the open interest was 131,315.00 [1]. - **London Gold Spot**: The price was 3,335.70 dollars/ounce, up 33.20 dollars [1]. - **London Silver Spot**: The price was 36.31 dollars/ounce, down 0.20 dollars [1]. Important Information - **US Situation**: The US House - passed "Great Beauty" bill plans to raise the debt ceiling to 5 trillion dollars and expand the fiscal deficit by over 3 trillion dollars. The ADP employment in June decreased by 33,000, reducing the probability of the Fed not cutting interest rates in July, but the expected rate - cut time is still September/October/December [1]. - **Eurozone Situation**: The ECB cut interest rates by 25 basis points in June, with the deposit mechanism rate at 2%. The manufacturing PMI in June continued to rise, and the CPI annual rate was in line with expectations but higher than the previous value. The market expects 1 - 2 rate cuts by the end of 2025 [1]. - **UK Situation**: The Bank of England cut the key interest rate by 25 basis points in May. The CPI annual rate in May was in line with expectations but lower than the previous value. The manufacturing and service PMI in June were higher than expected. Due to the GDP decline in April, the expectation of an August rate cut is rising, with 2 - 3 rate cuts expected by the end of 2025 [1]. - **Japan Situation**: The Bank of Japan raised interest rates by 25 basis points in January. It may reduce the quarterly government bond purchase scale from 400 billion yen to 200 billion yen in April 2026. There is still an expectation of an interest - rate hike by the end of 2025 [1]. Trading Strategy - Investors are advised to mainly establish long positions on price pull - backs. For London gold, pay attention to the support level around 3,000 - 3,200 dollars/ounce and the resistance level around 3,500 - 3,700 dollars/ounce; for Shanghai gold, the support level is around 730 - 750 yuan/gram and the resistance level is around 840 - 900 yuan/gram. For London silver, the support level is around 31 - 34 dollars/ounce and the resistance level is around 38 - 40 dollars/ounce; for Shanghai silver, the support level is around 8,300 - 8,500 yuan/kg and the resistance level is around 8,900 - 9,100 yuan/kg [1].