Group 1: Gold Market Insights - International spot gold prices reached a historic high, surpassing $3748 per ounce, with an increase of over $1105 this year [1] - As of the report, international spot gold was quoted at $3747.11 per ounce, while domestic spot gold was priced at 845 yuan per gram [1] - On September 22, COMEX gold futures rose by 2.03% to $3781.2 per ounce, and COMEX silver futures increased by 3.17% to $44.32 per ounce [1] Group 2: Employment and Economic Indicators - U.S. non-farm employment increased by only 22,000 in August, significantly below the expected 75,000, with the unemployment rate rising to 4.3%, the highest since 2021 [1] - A report indicated that from April 2024 to March 2025, non-farm employment was revised down by 911,000, marking the largest downward adjustment on record [1] - The dollar faces medium to long-term weakening pressure, enhancing the appeal of non-yielding assets like gold as a safe haven [1] Group 3: Federal Reserve's Stance on Interest Rates - Several Federal Reserve officials expressed skepticism about further interest rate cuts, with St. Louis Fed President supporting a recent 25 basis point cut for preventive measures [2] - The current interest rate is viewed as being between slightly tight and neutral, suggesting limited room for further cuts [2] - New Fed Governor Stephen Milan argued that maintaining short-term rates above neutral could lead to unnecessary layoffs and higher unemployment, advocating for significant and rapid rate cuts in the coming months [2]

此前，美国劳工统计局9月5日公布的数据显示，美国8月非农就业人口增加2.2万人，远低于预期的7.5万 人；美国8月失业率升至4.3%，为2021年以来新高。除了增长远逊于预期，6月和7月非农就业人数合计 下修2.1万人。 齐盛期货分析师刘旭峰表示，此次非农年度基准的下修表现出美国经济的疲弱。过去在美联储的降息周 期内，海外经济都表现不佳，因为美联储降息通常是迫于经济压力而降息。现在利率绝对水平较高，叠 加特朗普的关税政策，他对未来美国就业和经济状况并不看好。 刘旭峰认为，美国发布非农年度基准数据后，市场对美联储降息的预期进一步提升，大宗商品价格或获 得一定支撑，但这种支撑并不能长时间持续。 "本次降息逻辑发酵是以宏观经济较弱为基础。经济下行压力大，有色金属的需求也难以走强。"刘旭峰 说。 当地时间9月9日，美国劳工统计局公布了初步基准修订数据，截至今年3月的一年间的非农就业人数下 修91.1万，相当于每月平均少增加近7.6万。按1.71亿劳动力总数计算，本次修订约占0.6%。这是自2000 年以来的最大下修幅度。 上证报中国证券网讯（记者 霍星羽）当地时间9月9日，美国劳工统计局公布了初步基准修订数据，截 至 ...