9月23日，COMEX黄金期货价格首次突破3800美元关口，盘中最高触及3824.6美元/盎司，再次刷新历 史新高。 金价"暴走"不停歇。9月23日，COMEX黄金期货价格首次突破3800美元关口，盘中最高触及3824.6美 元/盎司，再次刷新历史新高。 随着价格中枢不断抬高，国际金价也再次进入全新交易区间。9月以来，国际金价上涨按下加速键，截 至目前已累计上涨超8.5%，年内涨幅扩大到38%，远超全球主要股指与债券收益。外资机构纷纷唱多金 价，并进一步调高目标价预期，最高看涨至5000美元。 "中长期看，黄金上涨周期仍未结束，"夏莹莹预计，美元货币体系进入下坡路阶段，世界多极化发展、 逆全球化趋势、美债偿债能力不足等问题，将进一步推动全球央行增配黄金、减配美元。四季度，央行 购金仍是金价的托底，投资需求动力仍存，年内目标位有望进一步上抬至4000整数关口。 还能"上车"吗？ 从3500美元到3800美元，黄金只用了不到半年。面对不断上移的价格中枢，投资者在纠结"贵不贵""买 不买"。 "分批配置、重视波动风险，"面对"暴走"的黄金，业内人士建议，短期金价涨速过快，若宏观数据超预 期或地缘缓和，不排除技术性回 ...

金价"暴走"不停歇。9月23日，COMEX黄金期货价格首次突破3800美元关口，盘中最高触及3824.6美 元/盎司，再次刷新历史高点。 随着价格中枢不断抬高，国际金价也再次进入全新交易区间。9月以来，国际金价上涨按下加速键，截 至目前已累计上涨超8.5%，年内涨幅扩大到38%，远超全球主要股指与债券收益。外资机构纷纷唱多金 价，并进一步调高目标价预期，最高看涨至5000美元。 站在当前时点，投资者还能"上车"吗？如何"上车"？ 南华期货贵金属新能源研究组负责人夏莹莹对第一财经称，近期金价继续强势走高，主要受美联储降息 靴子落地，市场对美国经济的滞胀风险以及美联储独立性担忧等因素影响。在金价波动加剧背景下，短 期节奏或较难把握。接下来，国内市场即将迎来长假，投资者仍需警惕假期期间美非农数据影响下的价 格波动风险。 价格中枢继续上移 "分批配置、重视波动风险。"面对"暴走"的黄金，业内人士建议，短期金价涨速过快，若宏观数据超预 期或地缘缓和，不排除技术性回调。普通投资者应立足于长期配置价值，而非盲目博弈短线收益。 截至目前，各类黄金资产收益也有所分化。COMEX黄金期货价格年内累计涨幅38.3%；上期所沪金期 ...

金价"暴走"不停歇。9月23日，COMEX黄金期货价格首次突破3800美元关口，盘中最高触及3824.6美 元/盎司，再次刷新历史新高。 随着价格中枢不断抬高，国际金价也再次进入全新交易区间。9月以 来，国际金价上涨按下加速键，截至目前已累计上涨超8.5%，年内涨幅扩大到38%，远超全球主要股指 与债券收益。外资机构纷纷唱多金价，并进一步调高目标价预期，最高看涨至5000美元。 站在当前时 点，投资者还能"上车"吗？如何"上车"？ 南华期货贵金属新能源研究组负责人夏莹莹称，近期金价继 续强势走高，主要受美联储降息靴子落地，市场对美国经济的滞胀风险以及美联储独立性担忧等因素影 响。在金价波动加剧背景下，短期节奏或较难把握。接下来，国内市场即将迎来长假，投资者仍需警惕 假期期间美非农数据影响下的价格波动风险。（第一财经） ...

9月23日，COMEX黄金期货价格首次突破3800美元关口，盘中最高触及3824.6美元/盎司，再次刷新历 史新高。 金价"暴走"不停歇。9月23日，COMEX黄金期货价格首次突破3800美元关口，盘中最高触及3824.6美 元/盎司，再次刷新历史新高。 随着价格中枢不断抬高，国际金价也再次进入全新交易区间。9月以来，国际金价上涨按下加速键，截 至目前已累计上涨超8.5%，年内涨幅扩大到38%，远超全球主要股指与债券收益。外资机构纷纷唱多金 价，并进一步调高目标价预期，最高看涨至5000美元。 站在当前时点，投资者还能"上车"吗？如何"上车"？ 南华期货贵金属新能源研究组负责人夏莹莹对第一财经称，近期金价继续强势走高，主要受美联储降息 靴子落地，市场对美国经济的滞胀风险以及美联储独立性担忧等因素影响。在金价波动加剧背景下，短 期节奏或较难把握。接下来，国内市场即将迎来长假，投资者仍需警惕假期期间美非农数据影响下的价 格波动风险。 截至目前各类黄金资产收益也有所分化。COMEX黄金期货价格年内累计涨幅38.3%；上期所沪金期货 价格年内累计涨幅36.7%。 价格中枢继续上移 从3500美元到3800美元，黄金只 ...

国内方面，9月3日夜盘交易时段初期，沪金期货主力合约最高至819.68元/克，创下今年4月下旬以来新 高，今年以来累计涨幅超31%。 国投期货表示，美联储降息预期升温，以及市场对美联储独立性的担忧，共同助推国际黄金价格刷新历 史高点，短期建议继续持有黄金期货多头。 9月3日，国际黄金价格创下历史新高。Wind数据显示，截至北京时间21:08，伦敦现货黄金价格最高涨 至3556.055美元/盎司，COMEX黄金期货价格最高触及3618.6美元/盎司，两者均创下历史新高，今年以 来累计涨幅分别为35.37%、36.86%。 ...

Group 1: Report Industry Investment Ratings - Gold investment rating: ★☆☆, indicating a bullish bias but limited operability on the trading floor [1] - Silver investment rating: ★☆★, with a bullish bias and some potential for trading [1] Group 2: Core Views of the Report - Overnight, the US announced an 8 - month ISM manufacturing PMI of 48.7, slightly lower than expected. The increasing expectation of a Fed rate cut and concerns about the Fed's independence have boosted the strong performance of precious metals. Maintain a long - position in precious metals [1] - Focus on the US non - farm payroll data on Friday. A continued weak performance would confirm the rate - cut expectation, while a strong performance could trigger an adjustment. Also, pay attention to the US JOLTs job openings data tonight [1] Group 3: Other Key Information - Trump will hold an emergency meeting on tariff rulings on Wednesday and may appeal to the Supreme Court as early as Wednesday. If the tariff appeal is rejected, tariffs may have to be withdrawn, and trillions of dollars may have to be refunded. Trump claims the stock market decline is due to the need for tariff policies [1] - The US Housing Finance Agency Director will present the latest information on Fed Governor Cook's mortgage fraud case at 10 am EST on Thursday [2] - Russia and the US Foreign Ministry will hold consultations [2]

Market Overview - Last week, spot gold opened at $3368.96/oz, peaked at $3453.63/oz, and closed at $3447.57/oz, with a weekly increase of 2.31% [3] - Spot silver opened at $38.918/oz, reached a high of $39.967/oz, and closed at $39.669/oz, marking a weekly rise of 2.24% [3] - The increase in gold prices was driven by heightened safe-haven demand due to concerns over the independence of the Federal Reserve, political instability in France, and cooling expectations for Russia-Ukraine talks [3] - Gold prices rose 4.7% month-on-month, while silver prices increased by 8.3% [3] ETF Holdings - As of August 29, 2025, SPDR Gold Trust's holdings increased by 20.91 tons to a total of 977.68 tons [3] - iShares Silver ETF's silver holdings rose by 21.18 tons to 15,310 tons [5] CFTC Positions - There was a net increase in gold positions while silver saw a net decrease, indicating a strengthening of both investment and speculative demand for gold [10] - The report suggests investors should participate with light positions and be flexible in their trading strategies [10] Futures Market - Gold futures basis remained stable, closing at 5.45 yuan/gram, with a peak of 5.66 yuan/gram [10] - Silver futures basis declined, closing at 48 yuan/kilogram, with a high of 56 yuan/kilogram [12] Domestic and International Price Differences - The domestic and international price difference for gold fluctuated, closing at -0.10 yuan/gram [12] - The silver price difference increased, closing at 399 yuan/kilogram [13] Delivery and Inventory - Both gold and silver showed a bearish trend in deferred delivery, suggesting a focus on potential shifts in market sentiment [13]

Group 1 - The core viewpoint of the article highlights a significant rise in China's A-share precious metals sector, which increased by over 8% on the first trading day of September, outperforming all other industry sectors [1] - The precious metals sector, represented by gold, saw an increase of 8.82%, with all listed precious metal stocks in A-shares experiencing gains, including notable stocks like Zhongjin Gold, Hunan Gold, and Western Gold, which hit the daily limit of approximately 10% [1] - The rise in international gold prices is attributed to increasing expectations of a Federal Reserve interest rate cut and concerns regarding the independence of the Federal Reserve, which has positively impacted the precious metals sector [1] Group 2 - On the same trading day, all three major A-share indices rose, with the Shanghai Composite Index closing at 3875 points, up 0.46%, the Shenzhen Component Index at 12828 points, up 1.05%, and the ChiNext Index at 2956 points, up 2.29% [1] - The total trading volume in the Shanghai and Shenzhen markets was approximately 27.5 billion RMB, which is a decrease of about 48.3 billion RMB compared to the previous trading day [1]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Views of the Report - Last week, the main contract price of SHFE zinc changed from rising to falling. Macroscopically, the market digested Powell's dovish speech, and the focus shifted to concerns about the independence of the Federal Reserve. The risk appetite declined, dragging down the prices of risk assets. However, the PCE data in July met expectations, strengthening the expectation of an interest rate cut in September, and the US dollar declined. China's PMI in August improved slightly month - on - month but remained below the boom - bust line. Fundamentally, the processing fees for domestic zinc concentrates in September remained stable month - on - month, and those for imported ores continued to rise rapidly. Refinery maintenance in September will reduce the monthly supply of refined zinc by more than 8,000 tons, and the high import loss limits the import supplement, so the supply - side pressure eases. On the demand side, due to transportation control in the north, galvanizing enterprises have inventory backlogs and may reduce production or stop work. The consumption of die - casting zinc alloys and zinc oxide has not improved significantly. Social inventories are accumulating seasonally, but the accumulation is expected to end soon. Overseas, large traders are still in the process of picking up and transferring goods, and LME inventories continue to decline, providing support. Overall, the market risk preference switches frequently, and the macro situation is difficult to provide a trend - setting guide. The refinery maintenance eases the supply pressure, and there is an expectation of marginal improvement in consumption, which limits the downside space of zinc prices. However, the continuous inventory accumulation also dampens the enthusiasm of bulls. Therefore, it is expected that zinc prices will mainly operate in a low - level oscillation pattern, waiting for the gradual improvement of the consumption side [3][9][10]. 3. Summary According to Relevant Catalogs 3.1 Transaction Data - From August 22 to 29, the price of SHFE zinc decreased by 135 yuan/ton to 22,140 yuan/ton; the price of LME zinc increased by 8.5 US dollars/ton to 2,814 US dollars/ton; the Shanghai - London ratio decreased by 0.07 to 7.87; the inventory of SHFE increased by 8,142 tons to 85,980 tons; the inventory of LME decreased by 11,575 tons to 56,500 tons; the social inventory decreased by 13,200 tons to 103,700 tons; the spot premium increased by 10 yuan/ton to - 30 yuan/ton [4]. 3.2 Market Review - The main contract price of SHFE zinc ZN2510 failed to continue rising last week, with the center of gravity moving slightly lower, mainly dragged down by concerns about the independence of the Federal Reserve and the political situation in France, and the continuous inventory accumulation in China. It finally closed at 22,140 yuan/ton, with a weekly decline of 0.61%. LME zinc maintained a sideways oscillation under the influence of the cooling of market risk preference and the continuous decline of LME inventories, and finally closed at 2,814 US dollars/ton, with a weekly increase of 0.3%. In the spot market, downstream buyers negotiated prices at low points during the week, but the purchasing sentiment weakened on Friday, and the spot quotation changed from a small premium to a small discount [5][6]. 3.3 Industry News - In September, the average processing fee for domestic zinc concentrates remained flat month - on - month at 3,950 yuan/metal ton, and the average processing fee for imported zinc concentrates increased by 14.71 US dollars/dry ton to 70.68 US dollars/dry ton. From January to June 2025, the global zinc market had a surplus of 47,000 tons, compared with a surplus of 246,000 tons in the same period last year. The global refined zinc production from January to June was 6.644 million tons, and the consumption was 6.597 million tons [11].

贵金属日报:关税担忧及地缘升级重新推升避险需求 夏莹莹（投资咨询证号：Z0016569） 投资咨询业务资格:证监许可【2011】1290号 2025年6月3日 【行情回顾】 上周COMEX贵金属整体震荡微跌，但周一强势上涨。具体看，利空面，周一特朗普将欧盟50%关税威 胁的最后期限从6月1日推迟到7月9日，这一决定源于欧盟委员会主席冯德莱恩的主动致电请求，该消息 略微改善市场风险偏好，贵金属略承压； 周二美国股债汇齐升反映对美国财政担忧缓解，风险偏好改 善，资金重新回流美国市场，美消费者信心指数亦超预期；周三美债5Y拍卖良好，且美联储会议纪要继 续传递谨慎降息态度；周四亚盘早盘时段，贵金属市场一度快速回落，受美国法院叫停特朗普"解放 日"贸易政策这一消息影响。利多面，周四贵金属很快收复跌幅，因美国上诉法院迅速恢复了关税，叠加 特朗普邀请会见鲍威尔，亦引发美联储"独立性担忧"；周五晚间特朗普发文称中国违反与美国协议，关 税冲突担忧重新升温；周六早晨，白宫宣布自这周起，美国钢铁和铝进口关税从25%翻番至50%，这亦促 使欧盟委员会警告称欧洲准备报复，进一步加剧关税担忧，且俄乌冲突有所升级。 【资金与库存】 长线基 ...