Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the report. 2) Core View of the Report - The precious metals market continued its volatile upward trend on Thursday. After the release of better - than - expected US Q2 GDP and lower - than - expected weekly initial and continuing jobless claims data, precious metals briefly pulled back but quickly regained ground due to the overall weakness of the US dollar and US Treasury yields. The US dollar gold price showed a more prominent upward trend, while the RMB gold price increase was limited by exchange - rate appreciation. Before the release of next week's non - farm payroll data, the market's expectation of a 25BP Fed rate cut in September remained stable, and dovish expectations were expected to continue to dominate the market, with the precious metals market likely to maintain a relatively strong volatile trend [1][3]. - The report is optimistic about the medium - term trend of gold but warns that the strengthening of emerging - market equities may suppress its elasticity. The Fed's rate - cut cycle is expected to resume in September. The shadow Fed chairman is likely to align with the president's preferences before taking office, and overseas liquidity is expected to expand in the next 1 - 2 quarters. The market may also trade the risk of the Fed's independence, which is positive for the gold trend. However, the strong performance of the global equity market, especially in emerging markets, may reduce the attractiveness of the precious metals market. A stagflation combination of rate cuts and a weakening economy is more beneficial to gold, while a rate - cut and recovery combination would limit gold's elasticity and benefit silver more [3]. - The weekly target ranges are [3300, 3500] for London gold spot and [36, 40] for London silver spot [4]. 3) Summary by Related Catalogs Key Information - US Q2 real GDP annualized revised value increased by 3.3% quarter - on - quarter, higher than the expected 3.1% and the initial value of 3%. Real personal consumption expenditure revised value increased by 1.6% quarter - on - quarter, compared with the initial value of 1.4%. The final sales annualized revised value increased by 6.8% quarter - on - quarter, compared with the initial value of 6.3%. US Q2 corporate profits annualized initial value increased by 2% quarter - on - quarter, while the Q1 final value decreased by 3.3% [2]. - US Q2 core PCE price index annualized revised value increased by 2.5% quarter - on - quarter, lower than the expected 2.6% but the same as the initial value; it increased by 2.7% year - on - year, the same as the initial value. The US Q2 PCE price index annualized revised value increased by 2% quarter - on - quarter, compared with the initial value of 2.1%; it increased by 2.4% year - on - year, the same as the initial value [2]. - Last week, the number of initial jobless claims in the US was 229,000, lower than the expected 230,000, and the previous value was revised from 235,000 to 234,000. The four - week average was 228,500, compared with the previous value of 226,250. The number of continuing jobless claims for the week ending August 16 was 1,954,000, lower than the expected 1,970,000, and the previous value was revised from 1,972,000 to 1,961,000 [2]. - Lisa Cook sued Trump for his attempt to remove her from the position of Fed governor [2]. Price Logic - The precious metals market's short - term pullback was due to economic data, but the overall upward trend was maintained because of the weak US dollar and US Treasury yields. The market's expectation of a Fed rate cut in September was stable, and dovish expectations dominated. The medium - term outlook for gold was positive, but emerging - market equity strength might pose a challenge. Different economic combinations (rate cuts + weak economy or rate cuts + recovery) would have different impacts on gold and silver [3]. Outlook - The weekly target ranges are [3300, 3500] for London gold spot and [36, 40] for London silver spot [4]. Commodity Index - On August 28, 2025, the comprehensive commodity index data showed that the commodity index was 2215.26, up 0.18%; the commodity 20 index was 2466.34, up 0.28%; the industrial products index was 2250.61, up 0.27%; the PPI commodity index was 1320.77, down 0.04% [41]. - The precious metals index on August 28, 2025, was 2740.59, with a daily increase of 0.42%, a 5 - day increase of 1.50%, a 1 - month increase of 2.42%, and a year - to - date increase of 23.87% [42].