•随着交易员继续在历史高位附近了结获利，金价在上涨和下跌之间摇摆。 黄金市场基本持平，交易商忽视美元涨势和 •银价反弹至45.00美元，美国GDP增速超过分析师预期。 •由于对贵金属的需求强劲，铂金上涨4%。 黄金 铂金 从技术面看，黄金需要稳定在3780-3790美元阻力位上方，才能在短期内获得额外的上行动力。 白银 随着金银比回落至84.00以下，白银测试多年高点。 相对强弱指标处于超买区域，因此回调的风险正在增加。 铂金成功突破了1500-1505美元阻力位，并向1550美元移动。 如果铂金收于1550美元以上，则将获得额外的动力并向1600美元前进。 美国时间9月25日，全球最大白银ETF——iShares Silver Trust的白银持仓量为15390.07吨，较前一交易日减少79.05吨。 白银网 ...

Group 1 - The international precious metals market showed mixed trends on September 25, with gold prices consolidating at high levels while silver prices surged significantly [1] - The most actively traded December 2025 gold futures closed at $3780.5 per ounce, up $12 from the previous trading day, reflecting a 0.32% increase [1] - The U.S. economic data released on the same day exceeded expectations, strengthening the dollar and putting pressure on gold prices, with the dollar index rising by 0.7% to 98.554 [1] Group 2 - The U.S. second-quarter GDP annualized growth rate was significantly revised up to 3.8%, driven by strong consumption and a slowdown in imports, contrary to analysts' expectations of no revision [1] - Initial jobless claims in the U.S. for the week ending September 20 were reported at 218,000, lower than the expected 235,000, indicating resilience in the labor market [1] - The overall expectation for policy easing remains unchanged, with safe-haven sentiment and bullish funds driving demand for precious metals, allowing silver to continue its upward trend [2]

影响走势的关键事件主要集中在三个方面：一是美联储的政策动向，任何关于降息节奏的言论或数据 （如即将公布的PCE物价指数）都会引起市场剧烈波动；二是地缘政治风险，如北约与俄罗斯关系的紧 张升级，持续为市场注入避险需求；三是全球央行的购金行为，例如中国人民银行持续的黄金储备增 持，为金价提供了结构性的需求基础。因此，操作上需在短期技术调整与中长期宏观利好之间寻找平衡 点，并密切关注上述事件的进展。 今日的操作思路应以高位震荡对待。由于金价在连续上涨后处于技术性超买状态，且美元指数出现短线 反弹迹象，直接追多风险较大。建议上方重点关注3750-3760美元区间的阻力效果，若能在此区域承 压，可考虑轻仓尝试短线空单，目标看向3700美元整数关口附近，止损设于3760美元上方。反之，若金 价回落至3700美元附近获得支撑，或是有效跌破3680-3650美元这一更强支撑带，则是为中长期布局多 单的较好机会，因为整体的看涨逻辑并未改变。 展望黄金后期走势，短期可能面临获利了结带来的回调压力，但中长期前景依然偏向乐观。推动金价的 核心动力来自于全球主要央行，尤其是美联储的降息预期。目前市场普遍预测美联储将在年内继续降 息，这 ...

美联储政策信号的谨慎转向与内部分歧美联储的政策动向一直是黄金价格的晴雨表，而本周鲍威尔的表态进一步加剧了市场的谨慎情绪。美联储主席鲍威尔 在周二的讲话中强调，必须谨慎平衡顽固通胀与就业市场放缓的风险，没有提供关于未来利率走向的新线索，这被解读为对进一步宽松政策的保守态度。市 场目前预计今年将再降息25个基点，其中10月份降息的可能性高达94%，12月份为77%。然而，这种预期并非铁板钉钉，因为美联储内部官员的观点存在明 显分歧。一方面，芝加哥联储主席古尔斯比警告不要进行一系列激进降息操作，他认为就业市场的急剧放缓并不意味着经济衰退即将来临，并指出许多中西 部企业仍担心通胀尚未得到控制。他的最新表态显示，在即将到来的政策投票中，他可能不太愿意支持进一步降息，而是强调基于通胀可能只是暂时的假设 就过度提前降息会带来不安。 基本面： 周四（9月25日）白银周四早盘高位震荡盘整小幅上涨，美联储降息如约而至，银价未能大涨反而走低，基本面美元指数周三上涨约0.65%，升至近两周高 位，这使得以美元计价的黄金对其他货币持有者变得更加昂贵，进而压制了需求。同时，指标10年期美国国债收益率也随之走高，进一步增强了美元的吸引 力 ...

根据香港黄金交易所高级行员（简称：香港第一金PPLI平台）现货黄金最新走势，国际现货伦敦金价格又暴涨了，再次刷新了历史新高现报3790美元/盎 司，距离3800美元/盎司大关仅差一步之遥。之前香港第一金市场部负责人陈生就说过黄金看似在山顶，其实只是在半山腰，黄金会涨到你心服口服，这句 话至今还适用。看到这篇文章的读者们，你是不是也觉得最近这个金价涨得太猛了，难道仅仅是因为美联储要降息就能涨这么多吗？现在国际现货黄金已经 来到3800美元/盎司大关，未来的时间里面或者国庆节假期黄金还会不会继续涨，今天，第一金陈生就用一篇文章给大家分析分析。 所以读者们，估计看到这里你们应该跟第一金陈生想法差不多，再这么发展下去，没有了纸质货币的信任度，早晚国际贸易也得回到传统货币金银本位。现 在美元在全球央行储备的份额一直在持续的下降，创下了26年来新低，好多国家也在背地里悄悄的抛售美国国债，现在的实物黄金已经成为全球央行第一大 储备资产了。现在很多国家做生意都优先不考虑美元结算，比如说俄罗斯卖石油给印度，就用卢比和卢布直接换，中国跟俄罗斯买天然气也开始用人民币和 卢布结算。这里告诉大家一个好消息，咱们中国的人民币已经跟全球4 ...

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - On September 23, the prices of precious metals continued to rise strongly. The price of London gold broke through the $3,700 per ounce mark, and the main contract of Shanghai gold futures broke through the 85 yuan per gram mark, both hitting new all - time highs. Silver prices also rose, but the short - term upward momentum slowed down [4][5]. - In the short term, precious metal prices will remain high and strong. It is recommended to hold long positions, but investors should be cautious about chasing high prices due to potential increased volatility during the National Day holiday [5]. - In the long term, factors such as the Fed's potential interest rate cuts, global geopolitical uncertainties, the unsustainable US debt, and the intensification of great - power competition will increase the risk of the US dollar's credit, and the central banks' gold purchases will continue. Therefore, the long - term price center of gold is likely to move upward [5]. Summary by Relevant Catalogs Price Tracking - **Precious Metal Prices**: On September 23, compared with September 22, London gold spot rose 1.0% to $3,752.14 per ounce, London silver spot rose 0.1% to $43.74 per ounce, COMEX gold rose 1.0% to $3,786.20 per ounce, COMEX silver rose 0.3% to $44.11 per ounce, AU2510 rose 1.1% to 851.92 yuan per gram, AG2510 rose 0.2% to 10,306 yuan per kilogram, AU (T + D) rose 1.1% to 849.90 yuan per gram, and AG (T + D) rose 0.3% to 10,279 yuan per kilogram [3]. - **Price Spreads/Ratios**: From September 22 to September 23, the spread of gold TD - SHFE active price changed from - 2.5 yuan per gram to - 2.02 yuan per gram, a change of - 19.2%; the spread of silver TD - SHFE active price changed from - 31 yuan per kilogram to - 27 yuan per kilogram, a change of - 12.9%; the gold's internal - external spread (TD - London) changed from - 8.56 yuan per gram to - 7.29 yuan per gram, a change of - 14.9%; the silver's internal - external spread (TD - London) changed from - 914 yuan per kilogram to - 895 yuan per kilogram, a change of - 2.0%; the SHFE gold - silver ratio rose 0.8% to 82.66; the COMEX gold - silver ratio rose 0.7% to 85.85; the spread between AU2512 - 2510 rose 0.6% to 3.52 yuan per gram; the spread between AG2512 - 2510 rose 26.5% to 43 yuan per kilogram [3]. Position Data - **Non - commercial Positions in COMEX**: As of September 16 (weekly data), compared with September 19, the non - commercial long positions in COMEX gold increased 0.59% to 326,778 contracts, the non - commercial short positions decreased 4.38% to 60,368 contracts, and the net long positions increased 1.78% to 266,410 contracts; the non - commercial long positions in COMEX silver decreased 1.14% to 71,623 contracts, the non - commercial short positions increased 8.49% to 20,085 contracts, and the net long positions decreased 4.45% to 51,538 contracts [3]. - **ETF Positions**: From September 19 to September 22, the gold ETF - SPDR position increased 0.60% to 1,000.57 tons, and the silver ETF - SLV position increased 1.08% to 15,368.89554 tons [3]. Inventory Data - **SHFE Inventory**: From September 22 to September 23, the SHFE gold inventory increased 2.76% to 59,013 kilograms, and the SHFE silver inventory increased 0.04% to 1,149,043 kilograms [3]. - **COMEX Inventory**: From September 19 to September 22, the COMEX gold inventory increased 0.56% to 39,682,786 troy ounces, and the COMEX silver inventory increased 0.06% to 524,378,224 troy ounces [3]. Market Review and Analysis - **Market Review**: On September 23, the main contract of Shanghai gold futures rose 1.99% to 85.44 yuan per gram, and the main contract of Shanghai silver futures rose 1.78% to 10,349 yuan per kilogram [4]. - **Logic Analysis**: After the Fed's interest rate cut in September, the market continued to bet on two more rate cuts this year. The potential government "shutdown" and the cryptocurrency market turmoil increased market risk - aversion sentiment, leading to a strong rise in precious metal prices. Silver's short - term upward momentum slowed down. In the short term, precious metal prices will remain high, but investors should be cautious about increased volatility. In the long term, gold's price center is likely to move upward [5].

智通财经APP获悉，9月24日，香港黄金交易所公布市场交易安排，由于香港天文台已发出十号飓风信 号，预料信号会维持一段时间，香港黄金交易所电子交易平台一切交易如常进行；港金公开喊价市场方 面，倘若八号(或以上)飓风信号日间仍然生效，港金公开喊价巿场上、下午交易时段休市并暂停议定公 价。 ...

投资有风险！ 最近，"黄金"商业区域传出多家黄金原料商 "爆雷跑路"消息！ 深圳市粤宝鑫贵金属有限公司在该地区是属于知名的黄金原料交易场所，每天有稳定的人流量，基本都 稳定在2000人左右。 可就在9月13日，周围的商铺竟然意外的发现粤宝鑫贵金属有限公司竟然和往常不同。 大门被紧紧关着，并且在门上还贴着一张白色的封条，周围的人也觉得很纳闷。 没想到短短几个小时群里的人数就超过了400人，并且群里一直在不断的进入，不仅仅是本地，还有一 些外地的商户也是受害者。 并且群里还有部分的商户直接被粤宝鑫贵金属有限公司卷走了将近400万元，群里普遍被卷走了几十 万。 毕竟平常这个情况早就开门了，并且"粤宝鑫"三个大字被拆除了，明明前一天晚上还是正常营业，一晚 上过去就只剩下空的了。 随后隔壁的店铺还说在12日的时候还看见粤宝鑫贵金属有限公司店里人一直在整理货。 这个消息在当地被传开后就有不少曾和粤宝鑫贵金属有限公司业务往来的商户来到了现场的。 一开始并不知情随后发现联系不人，这个时候大家才意识到自己是不是被骗了，粤宝鑫贵金属有限公司 的负责人早就已经卷钱"跑了"。 现场有不少的受害者都在围观，并且彼此询问过后才知道都存在 ...

Group 1 - The Shanghai Gold Exchange will be closed from October 1 to October 8 for the National Day holiday, with trading resuming on October 9 [1] - To mitigate risks associated with potential fluctuations in international gold and silver prices during the holiday, the Exchange is adjusting margin levels and price limits for gold and silver deferred contracts [1] - Starting from the close of trading on September 26, the margin ratio for various gold contracts will increase from 14% to 16%, and the price limit will change from 13% to 15%. For silver contracts, the margin will rise from 17% to 19%, and the price limit will adjust from 16% to 18% [1] Group 2 - Members are advised to enhance risk awareness and develop detailed emergency response plans to ensure market stability and healthy operation [2]

Core Viewpoint - The Shanghai Gold Exchange has announced adjustments to margin levels and price fluctuation limits for gold and silver contracts in preparation for the National Day holiday in 2025 [1] Group 1: Market Operations - The Shanghai Gold Exchange will be closed from October 1 to October 8, 2025, and will resume normal operations on October 9, 2025 [1] - There will be no night trading on September 30, 2025 [1] Group 2: Margin and Price Limits Adjustments - Starting from the close on September 26, 2025, the margin ratio for various gold contracts, including Au(T+D), mAu(T+D), Au(T+N1), Au(T+N2), NYAuTN06, and NYAuTN12, will increase from 14% to 16% [1] - The price fluctuation limit for these gold contracts will change from 13% to 15% starting the next trading day [1] - The margin ratio for the Ag(T+D) contract will rise from 17% to 19%, with the price fluctuation limit increasing from 16% to 18% on the following trading day [1]