1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The report aims to objectively reflect the research views of futures companies and securities companies on various commodity futures, track hot - spot varieties, analyze market investment sentiment, and summarize investment driving logic [1] 3. Summary by Relevant Catalogs 3.1 Market Quotes - **Commodities**: PTA, ethylene glycol, palm oil, PVC, and crude oil had positive weekly price changes with rates of 3.22%, 1.41%, 1.40%, 1.31%, and 1.13% respectively from August 18 to August 22, 2025. While silver, methanol, gold, copper, aluminum, corn, pig, iron ore, soybean meal, rebar, polysilicon, glass, and coking coal had negative changes, with coking coal dropping 5.53% [2] - **A - shares**: The Shanghai - Shenzhen 300, CSI 500, and SSE 50 had positive weekly price changes of 4.18%, 3.87%, and 3.38% respectively [2] - **Overseas Stocks**: The FTSE 100, France CAC40, and Hang Seng Index had positive changes of 2.00%, 0.58%, and 0.27% respectively, while the Nasdaq Index and Nikkei 225 had negative changes of - 0.58% and - 1.72% respectively [2] - **Bonds**: The 5 - year, 10 - year, and 2 - year Chinese government bonds had positive price changes of 4.20%, 2.21%, and 1.83% respectively [2] - **Foreign Exchange**: The euro - US dollar exchange rate had a positive change of 0.16%, while the US dollar central parity rate and the US dollar index had negative changes of - 0.07% and - 0.12% respectively [2] 3.2 Commodity Views 3.2.1 Macro - financial Sector - **Stock Index Futures**: Among 8 institutions' views, 3 were bullish, 2 were bearish, and 3 were neutral. Bullish factors included the Fed's dovish signal, relaxation of Shanghai's real - estate purchase restrictions, expectations of further stimulus policies, central bank's net liquidity injection, and increased trading volume and record - high margin trading balance. Bearish factors included weaker - than - expected economic data, cooling effect of earnings reports, over - heated small - cap stock trading, and short - term correction risk after a rapid rise [4] - **Treasury Bond Futures**: Among 7 institutions' views, 1 was bullish, 4 were bearish, and 2 were neutral. Bullish factors included the Fed's dovish signal, lower - than - expected social financing and credit data, and the central bank's clear attitude to maintain market liquidity. Bearish factors included the strong stock market, seasonal issuance peak in the third quarter, more sensitive stock market to the Fed's rate - cut expectation, and weak expectation of further policy easing [4] 3.2.2 Energy Sector - **Crude Oil**: Among 9 institutions' views, 3 were bullish, 3 were bearish, and 3 were neutral. Bullish factors included the Fed's dovish signal, unexpected decline in US crude oil inventory, seasonal rebound in US gasoline crack spread, and potential increase in sanctions against Russia. Bearish factors included weak euro - zone macro - economy, OPEC +'s planned production increase, significant production growth in Latin American countries, and weakening of crude oil calendar spread [5] 3.2.3 Agricultural Products Sector - **Palm Oil**: Among 8 institutions' views, 3 were bullish, 1 was bearish, and 4 were neutral. Bullish factors included lower - than - expected US biodiesel exemption, slow inventory growth in Malaysia, low - inventory environment before the production - reduction period, and declining inventory in Indonesia. Bearish factors included the Indonesian palm - oil industry's call to re - evaluate the B50 plan, rising inventory in China, short - term correction risk after a sharp rise, and a significant increase in Indonesia's palm - oil production in June [5] 3.2.4 Non - ferrous Metals Sector - **Copper**: Among 7 institutions' views, 2 were bullish, 0 were bearish, and 5 were neutral. Bullish factors included Powell's dovish remarks, improved macro - sentiment, tight overseas mine supply, and expected increase in downstream restocking demand. Bearish factors included uncertain impact of tariffs on demand, increased non - US supply due to US copper tariff policy, stable but weak restocking demand at high prices, and increased domestic electrolytic copper production in July [6] 3.2.5 Chemicals Sector - **Glass**: Among 7 institutions' views, 0 were bullish, 1 was bearish, and 6 were neutral. Bullish factors included real - estate policy - driven demand improvement, traditional demand peak season in September, and enhanced bottom - valuation support. Bearish factors included lower spot transaction prices, large premium of the 01 contract, increasing inventory pressure of float - glass factories, and weakening cost support from coal price decline [6] 3.2.6 Precious Metals Sector - **Gold**: Among 7 institutions' views, 2 were bullish, 0 were bearish, and 5 were neutral. Bullish factors included Powell's dovish speech, US economic stagflation expectation, and mid - term de - dollarization logic. Bearish factors included the market having priced in the Fed's rate - cut expectation, progress in trade negotiations, and lack of strong upward momentum [7] 3.2.7 Black Metals Sector - **Coking Coal**: Among 8 institutions' views, 3 were bullish, 1 was bearish, and 4 were neutral. Bullish factors included the eighth round of coke price increase, high expected molten - iron output, stricter safety supervision before early September, and a coal - mine accident in Fujian. Bearish factors included increased Mongolian coal imports, weakened downstream purchasing enthusiasm, expected production cuts by downstream steel mills and coking plants at the end of August, and the opening of the Australian coal import window [7]

Market Overview - On July 30, gold prices showed narrow fluctuations, trading around $3329.35 per ounce, following a rebound on July 29 where prices peaked at $3333.93 and closed at $3326.35, marking an increase of approximately 0.36% [1] - The rebound occurred after a significant drop to $3302, the lowest point since July 9, indicating a rapid shift in market sentiment [1] - Key factors influencing this volatility include the upcoming Federal Reserve interest rate decision, critical developments in US-China trade negotiations, and fluctuating global risk sentiment [1] Technical Analysis - The daily chart indicates a small bullish candle for gold, with attention on potential further rebounds and pullbacks [3] - Key resistance levels are identified at $3345-$3350, while support levels are noted at $3320 and $3310 [3] - A breakout above $3350 could lead to further upward movement towards $3380-$3400, while failure to maintain above $3300 may result in testing lower support levels [3] Short-term Strategy - A trading strategy suggests buying near $3320 with a stop-loss at $3312, targeting $3345 for a potential reversal to short [4]

Group 1 - The most active gold futures for December 2025 rose by $12.1 to close at $3,383.0 per ounce, marking an increase of 0.36% [1] - The rise in gold prices was supported by an increase in oil prices and a slight decline in U.S. Treasury yields, helping gold to end a four-day losing streak [1] - International oil prices surged over 3% due to increased U.S. pressure on Russia, impacting the overall market sentiment [1] Group 2 - The gold price faced downward pressure recently due to a trade agreement between the U.S., Japan, and Europe, which alleviated trade war concerns [1] - Analysts expect gold prices to remain volatile until the Federal Reserve provides guidance on future interest rate cuts [1] - The Federal Reserve's upcoming meeting is anticipated to maintain the current federal funds rate, but any dovish signals could support gold prices [1] Group 3 - Long-term market analysts remain optimistic about gold, suggesting that a clearer dovish path from the Federal Reserve could weaken the dollar and enhance gold's appeal as a hard asset amid rising fiscal deficits [1] Group 4 - The U.S. Department of Labor reported a decrease in job openings to 7.44 million in June, down from 7.71 million in May, which was below economists' expectations of 7.51 million [2] Group 5 - Silver futures for September delivery increased by 5.5 cents, closing at $38.385 per ounce, reflecting a rise of 0.14% [3]