9月26日，记者探访济南市泉城路多家金店，其中周大福足金饰品报价1108元/克，周生生足金饰品报价 1106元/克，老庙黄金足金饰品报价1106元/克，多家品牌金饰价格都超过了1100元/克。 随着美联储降息"靴子"落地，国际金价连日来延续涨势，COMEX黄金期货多个合约价格陆续创出历史 新高。今年以来，国际现货黄金价格从2625美元/盎司起步，持续攀升并突破3700美元/盎司大关，累计 上涨超过1000美元/盎司，年内涨幅达40%。 对于后续走势，多家机构虽然进一步上调对金价的预期，但也持续提示回调风险。 金饰克价首次站上1100元 随着国际黄金价格走高，国内金饰价格也持续上涨，首次站上1100元/克。 避险需求与央行增持的双重驱动 黄金是规避风险的投资标的。这轮金价走强的主要逻辑，是国际地缘政治紧张、美国经济衰退以及降息 预期等因素，造成投资人的避险心态。尤其是中东与东欧地缘风险局势仍在发酵，推动金价突破关键关 口。 银河期货贵金属高级研究员王露晨表示，8月份以来，美国多项宏观数据不及预期，其中劳动力市场降 温显著，交易者对未来的流动性宽松预期较强，导致新一轮降息预期升温。但海外市场多个主要经济体 的长期 ...

Democratic Republic of Congo says it loses 60 tons of gold a year to smuggling. The new mines minister wants the country to build new sites to recapture that wealth https://t.co/1gXQGBCFIX ...

Market Performance - Major A-share indices showed mixed results, with the Shanghai Composite Index down 0.01% at 3853 points, while the Shenzhen Component Index rose 0.67% and the ChiNext Index increased by 1.58%, reaching a three-year high [1] - The total market turnover was 2.39 trillion yuan, an increase of 446 billion yuan compared to the previous trading day, with over 3800 stocks declining [1] Sector Performance - In September, 145 domestic online games were approved, leading to a rise in the gaming sector, with Glacier Network increasing nearly 7% [1] - The power equipment sector performed strongly, with Shanghai Electric and Jinshi Technology both hitting the daily limit [1] - The superconducting concept was active, with Woer Nuclear Material rising nearly 8% [1] - AI hardware and application sectors saw collective gains, with Cambridge Technology and Inspur Information both hitting the daily limit and reaching new highs [1] - Other sectors with notable gains included holographic technology, blind box economy, and copper cable high-speed connections [1] - Conversely, the precious metals sector declined, with Shandong Gold leading the losses [1] - The shipping and port sector fell, with Nanjing Port dropping over 6% [1] - Gas stocks also saw declines, with Dazhong Public Utilities hitting the daily limit down [1] - Other sectors with significant losses included titanium dioxide, jewelry, and automotive services [1] Top Gainers and Fund Flow - The top gainers included computer hardware (+3.59%) and power generation equipment (+3.20%) [2] - Net capital inflow was observed in the computer hardware and power generation equipment sectors [2] - The five-day gainers included comprehensive categories with a rise of +2.519% [2]

周四（9月25日），现货黄金市场表现平静，缺乏明确的单边走势。在亚洲交易时段，金价在每盎司3750美元下方呈现出涨跌互现的拉锯格局。当前，多空 双方力量相对均衡，市场正在等待关键的经济数据，特别是即将公布的美国PCE通胀指标，来为下一步走势寻找清晰的方向。 多空因素交织，金价陷入拉锯 从技术分析的角度看，黄金的短期走势图也清晰地标出了当前的"战场"区域。 上方阻力：金价在本周初尝试冲击3800美元/盎司的心理关口未果，显示该位置存在较强阻力。目前，近期的初步阻力位在3765-3766美元附近，更重要的阻 力则是3790美元附近的前期高点。金价需要成功突破并站稳3800美元上方，才能为新一轮的上涨打开空间。 下方支撑：对于黄金多头而言，一个非常关键的支撑位在3700美元关口。上周金价有效突破该水平，被视为一个积极的看涨信号。目前，3700美元已转变为 坚固的支撑基础，预计金价回落至该位置附近时，会吸引新的买盘入场。如果该支撑位被意外跌破，则可能引发一波技术性卖出，金价可能会进一步向下测 试3650美元甚至3610-3600美元区域。 所有人的目光都聚焦在周五即将发布的美国个人消费支出（PCE）物价指数上。这是美 ...

Group 1 - The analysis indicates that, despite expectations for a new round of interest rate cuts in the U.S., futures funds have begun to increase short positions in metals, which may explain the limited rise in metal prices recently [1][5][14] - As of September 16, 2023, the net long position in COMEX gold decreased by 3.6% to 499 tons, marking the 102nd consecutive week of net long positions [2][5] - The net long position in COMEX silver increased by 5% to 5,930 tons, continuing a streak of 82 weeks of net long positions, with silver prices rising 47.2% year-to-date [5][8] Group 2 - The net long position in platinum increased by 2% to 23 tons, while palladium remains in a net short position of 15 tons, indicating ongoing challenges for other precious metals [6][10] - The gold-to-North American mining stock ratio has dropped 2.7% to 12.985X, reflecting a trend where mining stocks have underperformed compared to physical gold [19][26] - The market anticipates a 91.9% probability of a 0.25% rate cut in October, with expectations for a total of three rate cuts this year, which could influence commodity investments, particularly in gold [24][25] Group 3 - The gold-silver ratio, a measure of market sentiment, was reported at 85.509, down 1.0% week-over-week, indicating a slight shift in market dynamics [20][23] - The analysis suggests that the current economic environment may lead to stagflation, prompting investments in commodities and defensive stocks, while bonds and growth stocks may face pressure [25][27] - The ongoing focus on environmental, social, and governance (ESG) factors is influencing investment strategies, with a notable shift away from traditional mining and oil companies [19][26]

Core Insights - The article discusses the implications of the recent Federal Reserve interest rate decisions and their potential impact on commodity markets, particularly gold and silver [2][26][27] - It highlights the current sentiment in the market regarding precious metals and the positioning of managed funds in the futures market [5][6][14] Group 1: Federal Reserve and Interest Rates - The Federal Reserve lowered interest rates by 0.25% and indicated two more cuts this year, with further reductions expected in 2026 and 2027, although the magnitude is less than predicted by investment banks [2][26] - The article questions the need for rate cuts if the economy is performing well and inflation is controlled, suggesting that market expectations may not fully reflect potential future rate decreases [27][28] Group 2: Commodity Market Sentiment - Managed positions in COMEX gold showed a net long position of 499 tons, down 3.6% from the previous week, while silver's net long position increased to 5,930 tons, up 1.0% [5][6] - The article notes that gold prices have increased by 40.5% year-to-date, while fund long positions have decreased by 1.4% during the same period [5][6] Group 3: Market Dynamics and Predictions - The article suggests that the current gold bull market may be in a consolidation phase, with indicators for its end being a return to a rate hike cycle or improved global cooperation leading to economic growth [27][28] - It emphasizes the importance of monitoring the gold-to-silver ratio as a measure of market sentiment, which currently stands at 85.509, reflecting a 5.9% decline this year [21][22] Group 4: Fund Positioning and Trends - The article highlights that despite a general bullish sentiment towards commodities, managed funds have begun increasing short positions in precious metals, which may limit price increases [5][6][14] - The article also discusses the historical context of fund positioning in copper and other metals, indicating a shift in market dynamics influenced by external factors such as tariffs and geopolitical events [16][28]

2025年9月23日，纽约商品交易所（NYMEX）黄金期货市场见证了历史性的一刻。12月交割的黄金期货价格飙升69.30美元，涨幅高达1.9%，最终收 盘价定格在每盎司3775.10美元，不仅创下了当日的最高纪录，更是刷新了黄金期货的历史收盘价纪录。这已是2025年内黄金价格第36次冲破历史新 高，显示出其强劲的上涨势头。 与1980年黄金价格的抛物线式飙升及其随后的暴跌形成鲜明对比的是，本轮黄金上涨行情呈现出更为温和和可持续的特点，波动性显著降低。期权市 场的关键指标并未显示出非理性的狂热行为。风险管理专家Brett Friedman指出，如果市场泡沫正在形成，通常会伴随隐含波动率因不确定性加剧和价 格狂热波动而急剧上升。然而，目前价外期权相对于平价期权的价差并未出现显著扩大，OptionMetrics的数据也显示该指标处于正常水平，这表明投 资者情绪尚未达到狂热的程度。Teucrium的董事总经理兼高级投资组合专家Jake Hanley通过分析黄金价格图表，认为其展现了"经典突破行为"，包括 长期的盘整、清晰的阻力位突破、看涨的趋势排列以及伴随强劲阳线和持续性的决定性上涨。 尽管整体市场情绪乐观，但部分迹 ...

High-rolling investors have positioned themselves bearish on Wheaton Precious Metals WPM, and it's important for retail traders to take note.\This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in WPM often signals that someone has privileged information.Today, Benzinga's options scanner spotted 8 options trades for Wheaton Precious Metals. This is not a typical pattern.The sent ...

Group 1 - First Majestic Silver Corp. (NYSE:AG) experienced a significant share price increase, reaching a record high of $12.16, closing up 14.31% at $12.14, driven by a surge in silver prices [1][2] - Silver spot prices rose to $44.06 per troy ounce, up 2.27%, influenced by expectations of interest rate cuts, which typically weaken the US dollar and enhance the appeal of precious metals [2] - The company reported positive exploration results from its Los Gatos Silver Mine in Chihuahua, Mexico, focusing on expanding mineralization of silver, zinc, lead, copper, and gold [3]

Group 1 - Gold Port Corporation has selected Jaisingh's Equipment Rental for the construction of road access to the Groete Gold Copper Project, which involves approximately 13 kilometers of dirt road access along with bridge and drainage construction [1] - The completion of site access will allow the company to deploy its new MP Power track mounted core rig to initiate the drill program [1] - Gold Port Corporation is focused on enhancing the NI 43-101 gold deposit at the Groete Project, aiming for a higher-grade lower tonnage resource [2] Group 2 - The Groete Project was last explored in 2012, resulting in an Inferred Mineral Resource of 1.57 million gold equivalent ounces within 74 million tonnes, at a grade of 0.66 grams per tonne gold equivalent [2] - The calculation of the Inferred Mineral Resource used a cut-off grade of 0.25 gold equivalent grams per tonne, with gold priced at US$1,275 per ounce and copper at US$3.00 per pound [2] - Detailed information regarding the Mineral Resource is available in a National Instrument 43-101 report by P&E Mining Consultants Inc., dated April 16, 2019 [2]