Core Viewpoint - International spot gold prices have surpassed $3,800 per ounce for the first time, reaching a historical high, driven by a weaker dollar and expectations of further interest rate cuts by the Federal Reserve [1][4]. Group 1: Gold Market Dynamics - On the 29th, international spot gold prices peaked at $3,819.81 per ounce, marking a significant milestone [1]. - The SPDR Gold Trust, the world's largest gold-backed ETF, reported an increase in holdings from 996.85 tons to 1,005.72 tons, a rise of 0.89% [1]. - Year-to-date, gold prices have risen by 45%, influenced by central bank demand and the Fed's renewed interest rate cuts [6]. Group 2: Economic and Political Influences - The softening of the dollar is attributed to ongoing discussions between U.S. Congress leaders and President Trump regarding government funding [3]. - A potential government shutdown could delay key employment data, complicating the Fed's monetary policy outlook [4]. - Current market expectations indicate a 90% probability of a rate cut in October and a 65% chance in December [4]. Group 3: Broader Precious Metals Market - Silver prices reached their highest level since 2011 on the 29th, reflecting broader trends in precious metals [6]. - Analysts from Barclays suggest that gold prices appear reasonable compared to the dollar and U.S. Treasury bonds, indicating gold's role as a value hedge [6]. - Predictions from institutions like Goldman Sachs and Deutsche Bank suggest that the upward trend in gold prices is likely to continue [6].

Report Investment Rating - No investment rating for the industry is provided in the report. Core View - Although the market's expectation of the Fed's interest rate cut in October has decreased and the number of expected rate cuts in 2026 has been reduced from 3 to 2 due to the robust performance of multiple US economic and employment data and Fed Chairman Powell's statement on balancing employment and inflation, the expected expansion of fiscal deficits in many countries globally, geopolitical risks such as the Russia-Ukraine and Israel-Palestine conflicts, and the continuous gold purchases by central banks of many countries may support precious metal prices in the medium and long term [1]. Summary by Relevant Data Gold Market - **Shanghai Gold Futures**: The closing price was 854.72 yuan/gram, with a change of 1.34 compared to the previous day and 9.56 compared to the previous week. The trading volume was 270,430, with a decrease of 146 compared to the previous day and an increase of 39,583 compared to the previous week. The inventory (in ten grams) was 57,429 [1]. - **Spot Shanghai Gold T+D**: The closing price was 852.90 yuan/gram. The trading volume was 5,422, with a decrease of 2,880 compared to the previous day. The holding volume was 219,666, with a decrease of 3,600 compared to the previous day and 8,504 compared to the previous week [1]. - **COMEX Gold Futures**: The closing price was 3,678.20 dollars/ounce, with a change of 9.30 compared to the previous day and 111.60 compared to the previous week. The trading volume was 206,111, with a decrease of 48,786 compared to the previous day and 12,457 compared to the previous week. The inventory (in troy ounces) was 39,946,410.45 [1]. - **London Gold Spot**: The price was 3,769.85 dollars/ounce, with a change of 39.10 compared to the previous day and 126.15 compared to the previous week. The SPDR Gold ETF holding volume was 1,005.72 tons, with an increase of 30.06 compared to the previous day and 8.87 compared to the previous week [1]. Silver Market - **Shanghai Silver Futures**: The closing price was 221.00 yuan/ten grams. The trading volume was 957,978, with an increase of 257,267 compared to the previous day and 168,324 compared to the previous week. The inventory (in ten grams) was 1,156,855 [1]. - **Spot Shanghai Silver T+D**: The closing price was 10,551 yuan/ten grams. The trading volume was 212,236, with an increase of 606,548 compared to the previous day and 91,584 compared to the previous week. The holding volume was 44,832, with a decrease of 139,222 compared to the previous day [1]. - **COMEX Silver Futures**: The closing price was 46.37 dollars/ounce. The trading volume was 101,291, with an increase of 1,626 compared to the previous day and 43,663 compared to the previous week. The inventory (in troy ounces) was 530,344,533.33 [1]. - **London Silver Spot**: The price was 3.15 dollars/ounce. The iShares Silver ETF holding volume was 15,361.84 tons, with a decrease of 28.23 compared to the previous day [1]. Price Ratios and Other Commodities - **Price Ratios**: The ratios of gold to silver prices in different markets showed various changes. For example, the ratio of Shanghai gold futures to Shanghai silver futures was 80.52, with a change of -1.53 compared to the previous day and -1.58 compared to the previous week [1]. - **Other Commodities**: INE crude oil was 0.70 yuan/barrel, ICE Brent crude oil was 68.82 dollars/barrel, NYMEX crude oil was 65.19 dollars/barrel, Shanghai copper futures were 82,470 yuan/ton, and LME copper spot was 10,205 dollars/ton, etc. [1]. Stock Indices - **Major Stock Indices**: The Shanghai Composite Index was 3,828.5764, with a decrease of 25.20 compared to the previous day and -0.47 compared to the previous week. The S&P 500 was 6,643.7000, with an increase of 38.98 compared to the previous day and 11.74 compared to the previous week. Other indices such as the UK FTSE 100, French CAC40, German DAX, etc., also showed different changes [1]. Important Information - **Economic Data**: The US core PCE price index in August increased by 0.2% month - on - month, in line with expectations, and consumer spending increased for three consecutive months. Trump's drug tariff is 15% and does not apply to trade agreement parties such as the EU and Japan [1]. - **US Government Situation**: On September 30, the US government's federal funds will be exhausted. The Senate will resume to review a temporary spending bill. The Republican members of the US House of Representatives have announced a temporary spending bill to avoid a government shutdown on October 1, but the bill does not include the healthcare policy required by the Democrats, leading to a stand - off between the two parties [1].

Group 1 - International spot gold prices surpassed $3,800 per ounce for the first time, reaching a peak of $3,819.81 on the 29th [1] - The largest gold-backed ETF, SPDR Gold Trust, reported an increase in holdings from 996.85 tons to 1,005.72 tons, a rise of 0.89% [1] - The rise in gold prices is attributed to a weakening dollar and expectations of further interest rate cuts by the Federal Reserve [1] Group 2 - Gold prices have increased by 45% this year, driven by central bank demand and the Fed's decision to resume rate cuts [2] - Analysts from Goldman Sachs and Deutsche Bank expect the upward trend in gold prices to continue [2] - Silver prices reached their highest level since 2011, indicating a broader trend in precious metals [2]

Core Viewpoint - The recent U.S. inflation data met expectations, strengthening market bets on potential interest rate cuts by the Federal Reserve later this year, leading to significant increases in precious metal prices, particularly gold and silver [1][2]. Market Review - On the last Friday, spot gold saw a substantial rise, reaching above $3780 during intraday trading but ultimately closed up 0.31% at $3760.53 per ounce, marking a six-week consecutive increase [2]. - Spot silver also surged, breaking above $46 and hitting a 14-year high, closing up 1.98% at $46.06 per ounce, similarly recording six consecutive weeks of gains [2]. Key News Summary - U.S. personal consumption expenditures (PCE) have increased for the third consecutive month, with the core PCE price index remaining at a stubborn year-on-year increase of 2.9%, which is a key inflation indicator for the Federal Reserve [3]. - The consumer confidence index from the University of Michigan has dropped to a four-month low, indicating rising concerns over income [3]. - The precious metals market has continued its strong upward trend, with both gold and silver futures reaching historical highs, particularly silver, which has shown stronger momentum [3]. - As of September 26, the COMEX silver futures have surpassed the $46 mark, driven by market sentiment following anticipated interest rate cuts by the Federal Reserve [3]. - Economic data indicates a significant upward revision of the U.S. second-quarter GDP growth rate to 3.8%, up from a previous estimate of 3.3%, with consumer spending growth also revised upward [3]. - Despite the strong economic data supporting a rebound in the dollar, silver continues to reach new highs, suggesting a robust trend [3]. - Short-term expectations indicate silver may challenge the historical high of $50, with a forecast for increased volatility in the market [3]. - Mid-term target prices are set at $4000 for COMEX gold and $50 for COMEX silver [3].

Core Viewpoint - Precious metal prices surged on Monday, with gold reaching a record high due to concerns over a potential U.S. government shutdown, which could delay key employment data and cloud the Federal Reserve's monetary policy path [1] Group 1: Gold Market Dynamics - Spot gold prices rose by 1% to a record high of $3,798.73 per ounce, surpassing last Tuesday's peak, marking six consecutive weeks of price increases [1] - Year-to-date, gold prices have surged over 40%, driven by central bank demand and the Federal Reserve's return to interest rate cuts, with expectations of continued upward momentum [1] - Gold ETFs are at their highest holdings since 2022, indicating strong investor interest and support for the price increase [1] Group 2: Other Precious Metals - Silver prices increased by 1.2%, while platinum and palladium also saw significant gains, supported by ongoing market supply tightness and inflows into precious metal-backed ETFs [1] Group 3: Economic and Policy Implications - Investors are closely watching a meeting between U.S. congressional leaders and Trump, as failure to reach an agreement on a short-term spending bill could lead to a government shutdown, threatening the release of critical economic data, including the employment report expected to show a slowdown in job growth for September [1] - Barclays strategists noted that gold prices do not appear overvalued relative to the U.S. dollar and government bonds, suggesting that gold should carry a certain premium related to the risks of the Federal Reserve losing its independence [1]

Group 1 - The Federal Reserve has officially initiated interest rate cuts, leading to increased market liquidity and a surge in gold prices, which have risen for four consecutive weeks and are hovering near historical highs, with a potential breakthrough of the 3700 mark [1] - The decision to cut rates is primarily driven by structural weaknesses in the job market, with the unemployment rate rising to 4.3% in August and non-farm payrolls increasing by only 22,000, significantly below the expected 150,000 [1] - Market expectations suggest that the Federal Reserve may implement three rate cuts this year, reinforcing strong support for gold prices, with a consensus that prices could reach 4000 USD by the end of the year [1] Group 2 - Current bullish momentum in gold suggests that any pullback may present a good entry opportunity, with a 91.9% probability of a 25 basis point rate cut by the Federal Reserve in October [2] - A promotional campaign by the company offers double points for trading gold and silver, incentivizing traders to participate in the market during this bullish phase [2][4] - The points earned from trading can be redeemed for bonuses, enhancing the trading experience and encouraging more transactions [4][5]

Group 1 - The article discusses the recent surge in gold prices, reaching $3750, driven by expectations of further monetary easing by the Federal Reserve and increased demand for safe-haven assets due to geopolitical risks [1] - It highlights the importance of monitoring key events such as speeches by Federal Reserve Chairman Jerome Powell and PCE data, which are expected to influence short-term gold price movements [5] - The long-term outlook for gold remains positive, supported by the onset of a global rate-cutting cycle and ongoing geopolitical uncertainties, suggesting a solid foundation for a bull market in gold [5] Group 2 - The company, Lingfeng Precious Metals, emphasizes its commitment to providing secure and transparent trading services, holding a top-tier trading license and adhering to strict regulations [1] - The MT4 trading system offered by Lingfeng is noted for its stability, efficiency, and user-friendliness, allowing investors to execute trades with millisecond order execution speeds [2] - Lingfeng's mobile app facilitates easy trading for investors, enabling them to capture opportunities in the gold market regardless of their location, thus simplifying the trading process for both experienced and novice investors [5]

Core Insights - The 2025 precious metals market is expected to experience increased volatility due to factors such as geopolitical conflicts, policy shifts, and AI trading, leading traders to pursue "stable profits" [1] - Compliance platforms like Giant Gold Industry are offering MT4 demo accounts to guide ordinary investors from "blind exploration" to "systematic profitability" in spot gold trading [1] Group 1: MT4 Demo Trading Features - New users at Giant Gold Industry receive $200,000 in virtual funds for trading in international spot gold and silver markets, allowing risk-free strategy testing [2] - The demo trading environment shares real-time market data with live trading, ensuring consistency in price, spreads, and slippage rates, thus minimizing cognitive biases [2] - The platform supports 29 technical indicators and various charting tools, enabling traders to analyze market conditions and optimize their trading strategies [2] Group 2: Three-Stage Simulation Training - **Stage 1: Basic Entry (1-2 weeks)** - Focus on mastering trading operations such as placing orders and analyzing charts, with daily trading practice and performance reviews [3] - **Stage 2: Strategy Refinement (3-4 weeks)** - Utilize MT4's strategy testing features to backtest selected investment strategies, analyzing win rates and adjusting parameters for optimization [3] - **Stage 3: Psychological Training (1 month+)** - Establish strict trading rules and maintain a trading journal to assess the impact of emotions on decision-making [3] Group 3: Real Trading Challenges - **Psychological Transition** - Traders may find it easier to profit in demo trading but face fear during real trading losses; starting with a small investment can help mitigate this [4] - **Strategy Adaptation** - Real trading may present challenges such as slippage and unexpected news impacts; traders should adjust their strategies accordingly [4] Group 4: Continuous Improvement - Weekly reviews of real trading performance are essential for evaluating strategies and making necessary adjustments based on discrepancies between demo and real trading [4] - Educational resources provided by regulated trading firms like Giant Gold Industry can enhance traders' understanding and skills in precious metals trading [4]

•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]