Report Industry Investment Rating - Not mentioned in the report Core Viewpoints of the Report - The price of gold benefits from the expansion of the US fiscal deficit, while the price of silver is more driven by the expectation of the Fed's loose monetary policy. There is a possibility that the Fed will cut interest rates by 75 basis points more than the market expects this year. Against the background of the further fermentation of the expectation of the Fed's loose monetary policy, the increase in the silver price will be significantly greater than that of gold, and the gold - silver ratio will be further revised downward. It is recommended to go long on silver on dips. The reference operating range of the main contract of Shanghai gold is 770 - 794 yuan/gram, and that of the main contract of Shanghai silver is 9135 - 10000 yuan/kilogram [3] Summary According to Relevant Catalogs Market Quotes - On August 27, 2025, Shanghai gold rose 0.33% to 784.16 yuan/gram, Shanghai silver rose 0.02% to 9327.00 yuan/kilogram; COMEX gold rose 0.03% to 3449.50 dollars/ounce, COMEX silver rose 0.01% to 39.22 dollars/ounce; the US 10 - year Treasury yield was reported at 4.24%, and the US dollar index was reported at 98.14 [2] - New York Fed President Williams made a neutral - to - dovish statement, suggesting that the Fed may adjust interest rates. The CME interest rate observer shows that the probability of the Fed cutting interest rates by 25 basis points at the September interest - rate meeting is 88.7%, and it is also priced that the Fed will cut interest rates by another 25 basis points at the December meeting [2] Key Data of Gold and Silver - **Gold**: COMEX gold's closing price (active contract) was 3451.80 dollars/ounce, up 0.25%; trading volume decreased by 12.96% to 14.71 million lots; open interest decreased by 1.71% to 43.85 million lots; inventory remained flat at 1200 tons. LBMA gold's closing price was 3376.35 dollars/ounce, up 0.27%. SHFE gold's closing price (active contract) was 781.16 yuan/gram, up 0.01%; trading volume increased by 8.75% to 19.21 million lots; open interest decreased by 1.72% to 40.89 million lots; inventory remained flat at 37.50 tons; the precipitated funds flowed out by 1.71% to 511.07 billion yuan. Au(T + D)'s closing price was 777.62 yuan/gram, up 0.10%; trading volume decreased by 0.91% to 27.31 tons; open interest increased by 2.23% to 200.08 tons [7] - **Silver**: COMEX silver's closing price (active contract) was 38.70 dollars/ounce, up 0.38%; open interest increased by 1.31% to 15.85 million lots; inventory remained flat at 15825 tons. LBMA silver's closing price was 38.22 dollars/ounce, down 0.53%. SHFE silver's closing price (active contract) was 9305.00 yuan/kilogram, down 0.52%; trading volume decreased by 5.65% to 44.75 million lots; open interest decreased by 2.26% to 74.03 million lots; inventory increased by 3.39% to 1165.50 tons; the precipitated funds flowed out by 2.77% to 185.98 billion yuan. Ag(T + D)'s closing price was 9261.00 yuan/kilogram, down 0.54%; trading volume increased by 30.65% to 354.76 tons; open interest increased by 1.85% to 3354.472 tons [7] Price - Related Charts - The report includes multiple charts showing the relationship between the price of gold and silver and factors such as the US dollar index, real interest rates, trading volume, open interest, and the near - far month structure, as well as the internal and external price differences of gold and silver [9][12][13][18][21][23][30][32][34][41][43][49][53]

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - The strong performance of US economic data released last night put short - term pressure on gold and silver prices, but Trump's removal of Fed Governor Cook further weakened the Fed's independence, and it is certain that the Fed will shift to a dovish stance in its medium - term monetary policy [2][3]. - The US economic data such as durable goods orders, Richmond Fed manufacturing index, and consumer confidence index were better than expected, causing a short - term decline in gold and silver prices after the durable goods orders data was released [2]. - Trump's removal of Cook may lead to a new dovish - leaning理事 entering the FOMC, driving the Fed to implement further interest rate cuts. Based on the current weak US employment data and moderately rising consumer price index, there is a possibility of a 75 - basis - point interest rate cut by the Fed this year [3]. - Silver prices are expected to rise more significantly than gold prices under the expectation of the Fed's loose monetary policy, and the gold - silver ratio will be further downward - corrected. It is recommended to go long on silver at low prices, with the reference operating range for the main Shanghai gold contract being 770 - 794 yuan/gram and the main Shanghai silver contract being 9135 - 10000 yuan/kilogram [3]. 3. Summary According to Relevant Catalogs 3.1 Market Prices - Shanghai gold (Au) rose 0.21% to 781.86 yuan/gram, Shanghai silver (Ag) fell 0.30% to 9326.00 yuan/kilogram; COMEX gold rose 0.24% to 3441.10 dollars/ounce, COMEX silver rose 0.22% to 38.69 dollars/ounce. The US 10 - year Treasury yield was 4.26%, and the US dollar index was 98.24 [2]. - Other price data such as Au(T + D), London gold, SPDR gold ETF holdings, SLV silver ETF holdings, etc. are also presented in the report [4]. 3.2 Economic Data - The US July durable goods orders had a month - on - month value of - 2.8%, higher than the expected - 4% and the previous value of - 9.4%. The US August Richmond Fed manufacturing index was - 7, higher than the expected - 11 and the previous value of - 20. The US August Conference Board consumer confidence index was 97.4, higher than the expected 96.2 [2]. 3.3 Policy Impact - Trump's removal of Fed Governor Cook due to suspected financial crimes has a major impact on the Fed's monetary policy independence. If Cook's position is ultimately removed, new dovish - leaning理事 will enter the FOMC, potentially leading to further interest rate cuts [3]. 3.4 Market Outlook and Strategy - Based on the historical price movements of precious metals, gold prices benefit from the expansion of the US fiscal deficit, while silver prices are more driven by the expectation of the Fed's loose monetary policy. It is believed that there is a possibility of a 75 - basis - point interest rate cut by the Fed this year, and silver prices will rise more than gold prices, with the gold - silver ratio further downward - corrected. It is recommended to go long on silver at low prices, with reference operating ranges for Shanghai gold and silver contracts provided [3]. 3.5 Data Charts - The report includes a large number of data charts showing the relationship between precious metal prices, trading volumes, open interests, and other factors, as well as the near - far month structure and internal - external price differences of precious metals [6][11][18][23][24][31][34][41][43][50][55][56][58]