当地时间周二，国际金价下跌，跌至两周多来最低水平。截至收盘，纽约商品交易所12月黄金期价收于 每盎司3358.7美元，跌幅为0.57%。 国内部分品牌金饰克价跌至979元/克 记者注意到，国内部分品牌金饰克价跌至979元/克。截至发稿，周六福足金999价格为979元/克，足金 999.9为989元/克；周生生足金饰品价格为999元/克；老庙、周大福均为1002/克。 | 今日黄金最新价格 | | 单位:元/克 更新时间:08-20 | | --- | --- | --- | | 門** 周大福 | 周六福 | 膜 周生生 | | 1002.00 | 979.00 | 999.00 | | 金条价格 992.00 | 金条价格 874.00 | 金条价格 884.00 | | 周大生 | ■ 潮宏基 | ー 六福珠宝 | | 1002.00 | 1002.00 | 1002.00 | | 铂金价格 541.00 | 铂金价格 541.00 | 金条价格 992.00 | | 的 老凤祥 | 命 老庙黄金 | (= 中国黄金 | | 1000.00 | 997.00 | 771.80 | | 足金价格 1000. ...

Report Summary 1. Report Industry Investment Rating - No information provided in the report regarding industry investment rating. 2. Core Viewpoint - The Shanghai Gold main contract fluctuated during the session, while the Shanghai Silver contract weakened significantly. The US Department of Commerce's tariff - increasing policy has caused the precious metals market to experience a correction due to the spill - over effect of steel and aluminum tariffs. However, the tariffs have no substantial impact on silver, and the probability of silver being additionally taxed is extremely low. The current correction may be mainly driven by market sentiment. The S&P's confirmation of the US sovereign credit rating has supported the US dollar, and the dollar index has continued its rebound from a low level. The market is currently focusing on the cease - fire expectation between Russia and Ukraine and the expected trading around the Fed's interest - rate cuts at the Jackson Hole meeting on Friday. If Fed Chairman Powell further releases hawkish signals, the dollar index and US Treasury yields may continue to rebound, putting pressure on the upward movement of gold prices. In the short term, if there is no significant progress in the geopolitical situation, the precious metals market is expected to continue to trade within a range, and mid - term interest - rate cuts provide strong support for the bottom of gold prices. The negotiation between Russia and the US may affect the gold price. If the negotiation makes substantial progress, it may further relieve the downward pressure on the gold price; if it fails to meet expectations, it may increase the demand for safe - haven buying. It is recommended to maintain a wait - and - see attitude towards gold in the short term, and pay attention to short - term rebound trading opportunities for silver as it approaches the oversold range. The recommended trading range for the Shanghai Gold 2510 contract is 770 - 800 yuan/gram, and for the Shanghai Silver 2510 contract is 9000 - 9100 yuan/kilogram [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices**: The closing price of the Shanghai Gold main contract was 772.68 yuan/gram, down 2.38 yuan; the closing price of the Shanghai Silver main contract was 9042 yuan/kilogram, down 145 yuan [2]. - **Positions**: The main - contract positions of Shanghai Gold were 191,474 lots, up 39 lots; the main - contract positions of Shanghai Silver were 318,678 lots, down 23,822 lots. The net positions of the top 20 in the Shanghai Gold main contract were 160,754 lots, down 1365 lots; the net positions of the top 20 in the Shanghai Silver main contract were 114,342 lots, down 5142 lots [2]. - **Warehouse Receipts**: The warehouse - receipt quantity of gold was 36,582 kilograms, up 249 kilograms; the warehouse - receipt quantity of silver was 1,140,199 kilograms, down 9247 kilograms [2]. 3.2现货市场 - **Spot Prices and Basis**: The Shanghai Non - ferrous Metals Network's gold spot price was 768.7 yuan/gram, down 4.2 yuan, and the basis of the Shanghai Gold main contract was - 3.98 yuan/gram. The Shanghai Non - ferrous Metals Network's silver spot price was 9026 yuan/kilogram, down 128 yuan, and the basis of the Shanghai Silver main contract was - 16 yuan/kilogram, down 17 yuan [2]. 3.3 Supply and Demand Situation - **ETF Holdings**: The gold ETF holdings were 962.21 tons, down 3.15 tons; the silver ETF holdings were 15,339.66 tons, down 16.94 tons [2]. - **CFTC Non - commercial Net Positions**: The gold CFTC non - commercial net positions were 229,485 contracts, down 7565 contracts; the silver CFTC non - commercial net positions were 44,268 contracts, down 6390 contracts [2]. - **Supply and Demand Volumes**: The total quarterly supply and demand of gold were both 1313.01 tons, with an increase of 54.84 tons in supply and 54.83 tons in demand. The annual total supply of silver was 987.8 million troy ounces, down 21.4 million troy ounces, and the annual global total demand for silver was 1195 million ounces, down 47.4 million ounces [2]. 3.4 Option Market - **Historical Volatility**: The 20 - day historical volatility of gold was 10.17%, down 0.53%; the 40 - day historical volatility of gold was 10.6%, up 0.12% [2]. - **Implied Volatility**: The implied volatility of at - the - money call and put options for gold was 17.36%, up 0.33% [2]. 3.5 Industry News - The US Department of Commerce added 407 product categories to the steel and aluminum tariff list, with a 50% tax rate. The new list covers a wide range of products, including wind turbines and their components, mobile cranes, railway vehicles, furniture, compressors, and pump equipment [2]. - US President Trump said the US would help Ukraine defend but would not send ground troops, and reiterated that Ukraine would not be allowed to join NATO [2]. - The US and Japan plan to conduct in - depth consultations on implementing a $550 billion investment in the US. The investment involves important fields such as semiconductors, pharmaceuticals, steel, and shipbuilding, and a mechanism to verify national interests will be established [2]. - S&P confirmed the US "AA+/A - 1+" sovereign credit rating with a stable outlook, reflecting the expected continuous resilience of the US economy [2]. - The European Central Bank President Lagarde said the trade agreement between the US and the EU was slightly higher than expected but far from the severe scenario of US tariffs exceeding 20% [2].

Group 1 - International precious metals market experienced a decline, with silver dropping nearly 2% [1] - As of the close on August 19, 2025 December gold futures fell by $19.1, settling at $3358.9 per ounce, a decrease of 0.57% [1] - The market is cautious ahead of Federal Reserve Chairman Jerome Powell's upcoming speech, leading to a short-term adjustment in precious metal positions [1][2] Group 2 - The US dollar index rose by 0.1%, closing at 98.265, which negatively impacted the precious metals market [2] - The annual Jackson Hole global central bank conference is approaching, with market participants keenly awaiting Powell's policy signals [2] - UBS raised its gold price target for March 2026 by $100 to $3600 per ounce, citing ongoing macroeconomic risks in the US and strong investment demand [2] Group 3 - September silver futures closed down by $0.735, settling at $37.330 per ounce, a decline of 1.93% [3] - December silver futures also fell by $0.74, closing at $37.820 per ounce, a decrease of 1.92% [3]

Group 1: Precious Metals - Spot platinum (XPTUSD) is priced at 1450.620, showing an increase of 5.240 or 0.36% [2] - Spot palladium (XPDUSD) is priced at 1292.376, reflecting a decrease of 3.710 or 0.29% [2] - Gold (COMEX) is trading at 3403.900, down by 6.400 or 0.19% [2] - Silver (COMEX) is priced at 39.175, decreasing by 0.065 or 0.17% [2] Group 2: Foreign Exchange - The euro to US dollar (EURUSD) is at 1.168, down by 0.08% [3] - The British pound to US dollar (GBPUSD) is at 1.348, down by 0.10% [3] - The US dollar to Japanese yen (USDJPY) is at 147.592, up by 0.17% [3] - The Australian dollar to US dollar (AUDUSD) is at 0.652, down by 0.12% [3] - The US dollar to Swiss franc (USDCHF) is at 0.799, up by 0.11% [3] Group 3: Cryptocurrencies - Bitcoin (BTC) is priced at 117355.800, down by 24.570 or 0.02% [4] - Litecoin (LTC) is at 115.500, increasing by 0.070 or 0.06% [4] - Ethereum (ETH) is priced at 3757.220, down by 5.110 or 0.14% [4] - Ripple (XRP) is at 3.529, decreasing by 0.020 or 0.57% [4] Group 4: Treasury Bonds - The US 2-year Treasury yield is at 3.859, up by 0.007 or 0.18% [6] - The US 5-year Treasury yield is at 3.911, increasing by 0.003 or 0.08% [7] - The US 10-year Treasury yield is at 4.374, down by 0.005 or 0.11% [7] - The US 30-year Treasury yield is at 4.938, up by 0.001 or 0.02% [7] - The UK 10-year Treasury yield is at 4.603, down by 0.001 or 0.02% [7] - The German 10-year Treasury yield is at 2.618, down by 0.073 or 2.71% [7] - The French 10-year Treasury yield is at 3.297, down by 0.099 or 2.92% [7] - The Italian 10-year Treasury yield is at 3.482, down by 0.094 or 2.63% [7] - The Japanese 10-year Treasury yield is at 1.520, down by 0.007 or 0.46% [7]

Report Summary Industry Investment Rating No industry investment rating is provided in the report. Core View The report suggests that the medium - to long - term outlook for precious metals may be bullish. For the short - term, the volatility of London gold is continuously narrowing, and attention should be paid to the support at the 3300 level and the short - term direction choice. The support level for London silver is around 37.3. The operation strategy is to maintain the idea of buying on dips [5]. Summary by Directory 1. Market Review - On Wednesday, the precious metals market was generally volatile. The market fluctuated sharply due to the news that Trump might fire Powell in advance. The US dollar index is facing key resistance at 99 (60 - day moving average) and 100. The 10Y US Treasury yield is approaching the 4.5% watershed, which may have a negative impact on precious metals in the short term. The influence of the US dollar's appreciation on RMB - denominated precious metals is relatively limited. The surrounding US stocks fluctuated slightly higher, Bitcoin rose, crude oil fluctuated, and the South China Non - ferrous Metals fluctuated [2]. - COMEX gold 2508 contract closed at $3354.2 per ounce, up 0.52%; US silver 2509 contract closed at $38.125 per ounce, up 0.04%. SHFE gold 2510 main contract was at 776.66 yuan per gram, down 0.2%; SHFE silver 2510 contract was at 9152 yuan per kilogram, down 0.35% [2]. - Fed's permanent voting member Williams said that the US economy is expected to grow by about 1% this year, and the unemployment rate is expected to rise to 4.5% by the end of the year. The overall inflation rate in June may be 2.5%, and the core inflation rate may be 2.75%. Tariffs are in the "initial stage" of affecting the economy and are expected to push up the inflation rate by one percentage point in the remaining time of 2025 and in 2026 [2]. - The Fed's Beige Book showed that from the end of May to the beginning of July, economic activity increased slightly, and the economic outlook was neutral to slightly pessimistic. Only two regions expected economic activity to grow, while other regions expected it to remain flat or decline slightly [2]. 2. Interest Rate Cut Expectations and Fund Holdings - The expectation of an interest rate cut in September has slightly cooled. According to CME's "FedWatch" data, the probability that the Fed will keep interest rates unchanged in July is 95.9%, and the probability of a 25 - basis - point cut is 4.1%. In September, the probability of keeping interest rates unchanged is 43.7%, the probability of a cumulative 25 - basis - point cut is 54%, and the probability of a cumulative 50 - basis - point cut is 2.2%. In October, the probability of keeping interest rates unchanged is 19.4%, the probability of a cumulative 25 - basis - point cut is 48.3%, the probability of a cumulative 50 - basis - point cut is 31%, and the probability of a cumulative 75 - basis - point cut is 1.3% [3]. - In terms of long - term funds, the SPDR Gold ETF's holdings increased by 3.15 tons to 950.79 tons; the iShares Silver ETF's holdings decreased by 36.73 tons to 14819.29 tons. For inventory, SHFE silver inventory decreased by 9.9 tons to 1212.8 tons, and SGX silver inventory increased by 7.3 tons to 1327.2 tons in the week ending July 4 [3]. 3. This Week's Focus - This week, focus on the US retail sales data and weekly initial jobless claims on Thursday evening. At 22:00 on Thursday, Fed Governor Kugler will speak on the housing market and the outlook for the US economy [4]. 4. Price and Inventory Tables - The precious metals' futures and spot price table shows the latest prices, daily changes, and daily change rates of SHFE gold and silver, SGX gold and silver, CME gold and silver, etc. For example, SHFE gold main - continuous contract is at 776.66 yuan per gram, down 0.48% [6]. - The inventory and holding table shows the latest values, daily changes, and daily change rates of SHFE and CME gold and silver inventories and holdings, as well as SPDR gold and SLV silver holdings. For example, SHFE gold inventory is 28872 kilograms, with no change [14]. 5. Other Market Data - The stock - bond - commodity summary table shows the latest values, daily changes, and daily change rates of the US dollar index, US stocks, crude oil, copper, US Treasury yields, etc. For example, the US dollar index is at 98.3222, down 0.31% [20].

1. Report Industry Investment Rating - No investment rating was provided in the report. 2. Core View of the Report - The erosion of the Fed's independence is the main theme for future trading in the precious metals market. Expectations of a loose monetary policy will drive the prices of gold and silver higher, and silver will benefit more from this expectation. It is recommended to focus on long - position opportunities in silver. The reference operating range for the main contract of Shanghai Gold is 759 - 809 yuan/gram, and for the main contract of Shanghai Silver is 9020 - 10000 yuan/kilogram [3]. 3. Summary by Related Contents Market Performance - Shanghai Gold rose 0.68% to 778.42 yuan/gram, and Shanghai Silver rose 2.38% to 9232.00 yuan/kilogram. COMEX Gold rose 0.58% to 3383.50 dollars/ounce, and COMEX Silver rose 0.41% to 39.12 dollars/ounce. The US 10 - year Treasury yield was 4.43%, and the US dollar index was 97.97 [2]. - For other assets, the US 10 - year Treasury yield rose 0.08 percentage points to 4.43%, the TIPS rose 0.05 percentage points to 2.06%, the US dollar index rose 0.28 to 97.8731, and the offshore RMB exchange rate fell 0.04 to 7.2545. Stock indices such as the Dow Jones, S&P 500, and Nasdaq all declined, while the VIX index rose 0.62 to 16.40 [4]. Market Outlook - The divergence in the views of Fed voting members reflects not only their hawkish or dovish tendencies but also the significant interference of the Trump administration in the Fed's independence. Figures like Bowman and Waller, who support a July rate cut, are more influenced by Trump's stance on monetary policy than the current US inflation and economic situation. Trump has expressed strong dissatisfaction with Powell and called for an immediate rate cut and even his resignation [2]. Gold and Silver Data Details - **Gold**: In COMEX, the closing price of the active contract rose 1.12% to 3370.30 dollars/ounce, the trading volume rose 39.51% to 20.70 million lots, the open interest rose 1.25% to 44.31 million lots, and the inventory fell 0.09% to 1143 tons. In SHFE, the closing price of the active contract rose 0.03% to 773.56 yuan/gram, the trading volume rose 9.26% to 29.02 million lots, the open interest fell 1.03% to 39.16 million lots, and the inventory remained unchanged at 24.59 tons. The precipitation funds in SHFE gold decreased by 0.99% to 484.62 billion yuan [6]. - **Silver**: In COMEX, the closing price of the active contract rose 3.85% to 39.08 dollars/ounce, the open interest fell 0.47% to 16.28 million lots, and the inventory fell 0.12% to 15394 tons. In SHFE, the closing price of the active contract rose 1.36% to 9040.00 yuan/kilogram, the trading volume rose 141.85% to 168.64 million lots, the open interest rose 9.41% to 95.70 million lots, and the inventory rose 0.50% to 1303.59 tons. The precipitation funds in SHFE silver increased by 10.90% to 233.59 billion yuan [6].

Group 1: Precious Metals - Spot platinum (XPTUSD) is priced at 1362.546, down by 16.228 or 1.18% [2] - Spot palladium (XPDUSD) is priced at 1120.423, up by 4.285 or 0.38% [2] - Gold (COMEX GC) is priced at 3304.200, down by 6.800 or 0.21% [2] - Silver (COMEX SI) is priced at 36.615, down by 0.310 or 0.84% [2] Group 2: Foreign Exchange - Euro to US Dollar (EURUSD) is at 1.171, down by 0.11% [3] - British Pound to US Dollar (GBPUSD) is at 1.359, up by 0.01% [3] - US Dollar to Japanese Yen (USDJPY) is at 146.488, down by 0.05% [3] - Australian Dollar to US Dollar (AUDUSD) is at 0.654, up by 0.11% [3] - US Dollar to Swiss Franc (USDCHF) is at 0.795, down by 0.06% [3] Group 3: Virtual Currency - Bitcoin (BTC) is priced at 109443.990, up by 521.010 or 0.48% [4] - Litecoin (LTC) is priced at 88.790, up by 1.030 or 1.17% [4] - Ethereum (ETH) is priced at 2664.260, up by 49.010 or 1.87% [4] - Ripple (XRP) is priced at 2.375, up by 0.064 or 2.77% [4] Group 4: Treasury Bonds - The yield on the 2-year US Treasury bond is 3.876, down by 0.033 or 0.84% [6] - The yield on the 5-year US Treasury bond is 3.953, down by 0.034 or 0.85% [7] - The yield on the 10-year US Treasury bond is 4.386, down by 0.030 or 0.68% [7] - The yield on the 30-year US Treasury bond is 4.916, down by 0.030 or 0.61% [7] - The yield on the 10-year UK Treasury bond is 4.610, down by 0.024 or 0.52% [7] - The yield on the 10-year German Treasury bond is 2.632, down by 0.012 or 0.45% [7] - The yield on the 10-year French Treasury bond is 3.355, down by 0.005 or 0.15% [7] - The yield on the 10-year Italian Treasury bond is 3.548, down by 0.013 or 0.37% [7] - The yield on the 10-year Japanese Treasury bond is 1.513, up by 0.027 or 1.82% [7]

Group 1: Precious Metals - Spot platinum (XPTUSD) is priced at 1376.506, showing an increase of 7.008 or 0.51% [2] - Spot palladium (XPDUSD) is priced at 1118.302, with a rise of 4.240 or 0.38% [2] - Gold (COMEX) is trading at 3345.600, down by 0.800 or 0.02% [2] - Silver (COMEX) is at 36.950, slightly up by 0.010 or 0.03% [2] Group 2: Foreign Exchange - Euro to USD (EURUSD) is at 1.174, increasing by 0.30% [3] - GBP to USD (GBPUSD) is at 1.363, up by 0.20% [3] - USD to JPY (USDJPY) is at 146.111, with a slight increase of 0.03% [3] - AUD to USD (AUDUSD) is at 0.651, rising by 0.33% [3] - USD to CHF (USDCHF) is at 0.797, decreasing by 0.16% [3] Group 3: Cryptocurrencies - Bitcoin is priced at 107880.120, down by 382.820 or 0.35% [4] - Litecoin (LTC) is at 85.760, decreasing by 0.290 or 0.34% [4] - Ethereum (ETH) is trading at 2531.090, down by 11.200 or 0.44% [4] - Ripple (XRP) is at 2.257, decreasing by 0.014 or 0.61% [4] Group 4: Treasury Bonds - The yield on the 2-year US Treasury bond is at 3.893 [6] - The yield on the 5-year US Treasury bond is at 3.960, down by 0.006 or 0.15% [7] - The yield on the 10-year US Treasury bond is at 4.388, decreasing by 0.007 or 0.16% [7] - The yield on the 30-year US Treasury bond is at 4.917, down by 0.013 or 0.26% [7] - The yield on the 10-year UK Treasury bond is at 4.577, decreasing by 0.014 or 0.30% [7] - The yield on the 10-year German Treasury bond is at 2.606, increasing by 0.040 or 1.54% [7] - The yield on the 10-year French Treasury bond is at 3.321, up by 0.042 or 1.28% [7] - The yield on the 10-year Italian Treasury bond is at 3.517, increasing by 0.045 or 1.30% [7] - The yield on the 10-year Japanese Treasury bond is at 1.476, up by 0.011 or 0.75% [7]

Group 1 - Silver prices have surged significantly this year, reaching over $37 per ounce in June, marking a nearly decade-high [1] - Domestic silver prices also exceeded 8.46 yuan per gram, indicating strong upward momentum [1] - Sales of investment silver bars increased by 20% in June compared to May, with consumers showing high interest in one-kilogram and 500-gram silver bars [3] Group 2 - The demand for silver investment products, such as silver bars and silver ingots, has seen a year-on-year increase of over 40% due to rising prices [4] - Some investors are choosing to sell their silver products for profit, while others are entering the market to purchase silver [5] - The silver recycling process involves purity testing and melting, with a low incidence of counterfeit silver reported [5] Group 3 - The silver market has experienced a supply shortage for five consecutive years, driven by increased industrial demand from sectors like electric vehicles, AI, semiconductors, and 5G [7] - Current silver prices are at a critical resistance level of $37 per ounce, with expectations that this level may be broken, influenced by international capital flows and potential long-term interest rate cuts by the Federal Reserve [7] - Platinum prices have also surged by 36% this year, surpassing gold's price increase, indicating a broader trend in precious metals [9] Group 4 - The market for precious metals, including silver and platinum, is becoming increasingly popular, but experts advise consumers to remain rational and avoid impulsive buying due to significant geopolitical influences on market volatility [14]

Group 1: Precious Metals - Spot platinum (XPTUSD) is priced at 1359.948, increasing by 8.048 or 0.60% [2] - Spot palladium (XPDUSD) is priced at 1123.684, increasing by 16.944 or 1.53% [2] - Gold (COMEX) is priced at 3359.100, increasing by 44.100 or 1.33% [2] - Silver (COMEX) is priced at 36.575, increasing by 0.245 or 0.67% [2] Group 2: Foreign Exchange - Euro to USD (EURUSD) increased by 0.13% to 1.180 [3] - GBP to USD (GBPUSD) remained unchanged at 1.373 [3] - USD to JPY (USDJPY) decreased by 0.63% to 143.114 [3] - AUD to USD (AUDUSD) decreased by 0.15% to 0.657 [3] - USD to CHF (USDCHF) decreased by 0.45% [3] Group 3: Virtual Currency - Bitcoin (BTC) is priced at 106427.170, decreasing by 719.330 or 0.67% [4] - Litecoin (LTC) is priced at 85.020, decreasing by 0.980 or 1.14% [4] - Ethereum (ETH) is priced at 2433.590, decreasing by 51.880 or 2.09% [4] - Ripple (XRP) is priced at 2.186, decreasing by 0.050 or 2.24% [4] Group 4: Treasury Bonds - The 2-year U.S. Treasury yield is at 3.740, increasing by 0.019 or 0.51% [6] - The 5-year U.S. Treasury yield is at 3.811, increasing by 0.017 or 0.45% [7] - The 10-year U.S. Treasury yield is at 4.235, increasing by 0.033 or 0.79% [7] - The 30-year U.S. Treasury yield is at 4.765, decreasing by 0.010 or 0.21% [7] - The 10-year UK Treasury yield is at 4.439, decreasing by 0.051 or 1.14% [7] - The 10-year German Treasury yield is at 2.562, decreasing by 0.035 or 1.35% [7] - The 10-year French Treasury yield is at 3.252, decreasing by 0.021 or 0.64% [7] - The 10-year Italian Treasury yield is at 3.468, decreasing by 0.025 or 0.72% [7] - The 10-year Japanese Treasury yield is at 1.394, decreasing by 0.032 or 2.24% [7]