Report Summary 1. Report Industry Investment Rating No investment rating was provided in the report. 2. Core View of the Report The report indicates that the sentiment for gold is cooling, and silver is in a state of oscillatory adjustment. The trend strength for both gold and silver is neutral, with a value of 0 [1][4]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price Data**: - Gold: Shanghai Gold 2510 closed at 814.88 with a daily increase of 1.31% and a night - session close of 821.68 with a 1.40% increase; Comex Gold 2510 closed at 3619.70 with a 0.56% increase [2]. - Silver: Shanghai Silver 2510 closed at 9820 with a - 0.04% decrease and a night - session close of 9918.00 with a 1.34% increase; Comex Silver 2510 closed at 41.810 with a 0.19% increase [2]. - **Trading Volume and Position Data**: - Gold: The trading volume of Shanghai Gold 2510 contract against 2512 contract was 265,502, an increase of 66,450 from the previous day; the position was 142,330, an increase of 3,706 [2]. - Silver: The trading volume of Shanghai Silver 2510 was 627,101, an increase of 79,159 from the previous day; the position was 270,592, a decrease of 12,126 [2]. - **ETF and Inventory Data**: - ETF: SPDR Gold ETF holdings were 984.26, a decrease of 6 from the previous day [2]. - Inventory: Shanghai Gold inventory was 40,251 kg, an increase of 60 kg from the previous day; Shanghai Silver inventory was 1,227,039 kg, an increase of 11,811 kg [2]. - **Spread and Arbitrage Cost Data**: - Gold: The spread between Gold T + D and AU251 was - 4.91, unchanged from the previous day; the cost of buying December Shanghai Gold and selling June Shanghai Gold for inter - period arbitrage decreased by 0.87 to 4.77 [2]. - Silver: The spread between Silver T + D and AG2510 was 24, an increase of 1 from the previous day; the cost of buying December Shanghai Silver and selling June Shanghai Silver for inter - period arbitrage decreased by 11.3 to 73.41 [2]. - **Exchange Rate Data**: - The US dollar index was 98.16, a decrease of 0.16%; the US dollar against the Chinese yuan (CNY spot) was 7.15, a decrease of 0.03% [2]. 3.2 Macro and Industry News - US economic data shows mixed signals: The ISM services index expansion speed reached a six - month high, but employment was weak; ADP employment growth in August slowed significantly to 54,000, and the number of initial jobless claims last week rose to 237,000, the highest since June; the trade deficit widened to a four - month high due to a surge in imports [2][5]. - Fed's stance: The Fed's third - in - command said that gradual interest rate cuts were appropriate, while a voting member for next year reiterated that they did not support a rate cut in September [5]. - Other news: The US Department of Justice launched a criminal investigation into Fed governor Cook; Trump signed a US - Japan trade executive order, imposing a maximum 15% tariff on most Japanese products; Nasdaq tightened regulations on cryptocurrency concept stocks and small - cap stocks [5]. 3.3 Trend Strength The trend strength for gold and silver is 0, indicating a neutral stance. The range of trend strength is from - 2 (most bearish) to 2 (most bullish) [4].

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