新华财经北京9月3日电上海黄金交易所发布通知，根据《上海黄金交易所风险控制管理办法》的有关规 定，对黄金延期品种与白银延期合约交易保证金水平和涨跌停板比例进行调整。 （文章来源：新华财经） 自2025年9月5日（星期五）收盘清算时起，Au（T+D）、mAu（T+D）、Au（T+N1）、Au （T+N2）、NYAuTN06、NYAuTN12等合约的保证金水平从13%调整为14%，下一交易日起涨跌幅度限 制从12%调整为13%；Ag（T+D）合约的保证金水平从16%调整为17%，下一交易日起涨跌幅度限制从 15%调整为16%。 ...

Core Insights - The international gold price has surpassed the historic threshold of $3500, reflecting increased global economic uncertainty and reaffirming gold's status as a safe-haven asset [1] - The recent surge in gold prices is driven by rising expectations of a Federal Reserve interest rate cut, which has put downward pressure on the US dollar index [1] - Geopolitical risks and a weak US labor market further enhance gold's appeal as a safe investment [1] Company Overview - Leading Precious Metals is a compliant and secure gold trading platform, holding authoritative regulatory licenses to ensure customer transaction safety and fund transparency [2] - The company employs a strict fund segregation policy, keeping client funds separate from operational funds to protect investor rights [2] - The trading system is stable, with over 98% of transactions executed within 0.5 seconds, providing a solid guarantee for investors to capitalize on market fluctuations [2] Cost Efficiency - The company offers competitive spreads, with up to $26 cashback for each gold and silver trade, starting from a minimum of 0.01 lots [3] Professional Services - Leading Precious Metals emphasizes service experience, with a professional analyst team providing daily market analysis and operational strategies to help investors understand market changes [4] - The company offers 24/7 customer service to quickly address client inquiries and needs [5] - Daily online teaching sessions and real-time strategy sharing are available to enhance investors' trading skills [6] Market Opportunity - The breakthrough of gold prices above $3500 represents a significant vote of confidence in the face of global economic uncertainty, highlighting the concentrated release of gold investment value [6] - Leading Precious Metals positions itself as a trustworthy partner for investors, aiming to help them seize every profit opportunity in the gold investment wave [8]

Fundamental Analysis - Gold prices have surged strongly, stabilizing above the historical $3,500 mark, continuing a bullish trend due to the contraction in U.S. manufacturing for six consecutive months, escalating tariff disputes, and strong expectations for Federal Reserve rate cuts [1] - The latest data shows that the manufacturing Purchasing Managers' Index (PMI) rose slightly from 48.0 in July to 48.7 in August, but remains below the neutral 50 mark, indicating ongoing contraction in the manufacturing sector, which constitutes about 10.2% of the U.S. economy [1] - The uncertainty surrounding tariff policies has intensified, with a U.S. appeals court ruling that most of the Trump administration's tariff measures are illegal, although these tariffs will remain in effect until October 14 [1] Technical Analysis - The gold price is showing a strong upward trend with higher lows, indicating a robust bullish momentum, as evidenced by the recent historical highs [3] - The MACD indicator suggests that bullish forces are dominating the market, with the fast and slow lines operating above the zero line [3] Trading Strategy - For gold, a long position is suggested at $3,512.0 with a stop loss at $3,500.0 and targets set at $3,525.0 and $3,565.0 [4] - For silver, a long position is recommended at $40.45 with a stop loss at $40.25 and targets at $40.85 and $41.20 [6] Market News - The market is anticipating several key economic indicators and speeches, including the European Central Bank President Lagarde's speech and various PMI data releases from France, Germany, and the Eurozone [8]

Group 1 - The Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole symposium has strengthened market expectations for a rate cut in September, with traders now estimating an 85% probability of a 25 basis point cut, up from 75% prior to Powell's remarks [1][3] - Powell indicated that the risks to employment are increasing, suggesting that the Fed may need to adjust its policy stance to address these concerns, which opens the door for a potential rate cut as early as September [1][3] - Recent inflation data continues to rebound, and Powell believes that the impact of tariffs on inflation will accumulate in the coming months, although he considers most of these effects to be one-time events [3][4] Group 2 - The upcoming non-farm payroll data will be crucial in determining the pace and magnitude of any potential rate cuts, as it may provide decisive guidance for the Federal Reserve [4][5] - Goldman Sachs traders suggest that if August's non-farm employment growth falls below 100,000, it could solidify the case for a September rate cut, especially under political pressure [5] - The weekly initial jobless claims data will also serve as a reference point for interest rate expectations [5]

Core Viewpoint - International gold prices have reached a historic high due to strengthened expectations of interest rate cuts in the U.S. and a continued weakening of the dollar, with spot gold peaking at $3508.70 per ounce, reflecting a daily increase of over 0.7% [1][2] Group 1: Economic Factors - Market expectations for interest rate cuts are primarily driven by recent weak U.S. economic data, with a 90% probability of a 25 basis point cut in the September policy meeting according to CME FedWatch [2] - Key economic indicators include a significant drop in July non-farm payrolls to 73,000, the lowest in nine months, and an increase in the unemployment rate to 4.2%, alongside a decline in labor participation rate to 62.2%, the lowest in nearly three years [2] - Manufacturing jobs have seen negative growth for three consecutive months, with a reduction of 11,000 jobs in July [2] Group 2: Geopolitical Risks - Rising geopolitical tensions, particularly in the Middle East, have further supported precious metals, with recent missile attacks by Houthi forces on Israeli oil tankers escalating market risk aversion [2] - Ongoing conflicts such as the Russia-Ukraine war and geopolitical tensions in Thailand and Cambodia continue to influence market sentiment [2] Group 3: Physical Demand - Positive trends in physical demand for gold are noted, with China's central bank increasing its gold reserves to 73.96 million ounces, marking a month-on-month increase of 60,000 ounces for the ninth consecutive month [3] - The Saudi central bank's recent purchase of $4 million in silver ETFs indicates a growing trend in silver investment demand [3] - SPDR Gold ETF holdings have risen to 977.68 tons, up from 967.94 tons, reflecting increased investor interest [3] Group 4: Market Outlook - Multiple futures companies maintain an optimistic outlook for precious metals, with Everbright Futures highlighting strong industrial demand for silver as a key driver for price increases [4] - Hongyuan Futures suggests that the dovish signals from Fed Chairman Powell regarding employment trends, combined with ongoing global central bank purchases of gold, may lead to a bullish trend for precious metals [4] - Shanghai Zhongti Futures emphasizes the potential for increased volatility in gold prices, particularly in light of upcoming economic data releases [4] Group 5: Investor Sentiment - Investors are advised to look for buying opportunities on price dips, as the overall trend for gold and silver remains strong amid expectations of interest rate cuts and geopolitical uncertainties [5] - The market is closely monitoring the upcoming non-farm payroll data, which could significantly influence the Fed's decision on interest rates and, consequently, precious metal prices [5]

Core Insights - The article discusses the advantages of trading in foreign precious metal futures, highlighting the leverage effect and the ability to operate in both long and short positions, which allows investors to maximize opportunities and manage risks effectively [1] Group 1: Trading Mechanism - Foreign precious metal futures operate under a margin system, enabling investors to engage with lower capital while aiming for higher returns [1] - The T+0 trading system allows investors to enter and exit positions at any time, providing flexibility to respond to market changes [1] Group 2: Recommended Trading Platforms - **Jinrong China**: A platform under Hong Kong Jinrong Group, offering a comprehensive trading system and a variety of precious metal investment products, including London gold and silver [3] - **Wanzhou Gold**: A professional electronic trader recognized by the Hong Kong Gold Exchange, focusing on enhancing user experience and ensuring smooth transactions [4] - **Huadu Gold**: Provides 24/7 electronic trading services and accurate financial information, specializing in gold and silver trading [5] - **Lingfeng Precious Metals**: Offers trading in electronic London gold and silver, regulated by the Hong Kong Gold Exchange [6] - **Xinhui Precious Metals**: Operates under the highest AA class license, dealing in various gold and silver products [8] - **Sanjia Gold and Silver**: A member of the Hong Kong Gold Exchange, utilizing an electronic trading platform for London gold and silver contracts [9] - **Tianyu Gold**: A financial institution with a global reach, recognized as an electronic trader by the Hong Kong Gold Exchange [10] - **Dingzhan Gold**: Provides 24-hour trading services for precious metals, holding an AA class membership [11] - **Hengda Gold and Silver Investment**: Established in 1990, it operates under the highest AA class license, offering a range of gold and silver trading options [12] - **Hansheng Group**: A member of both the Hong Kong Gold Exchange and the Shanghai Gold Exchange, providing various gold trading services [13]

资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 伦敦金银市场协会（LBMA）9月1日下午黄金定盘价报每盎司3474.90美元，当天上午定盘价报每盎司 3468.80美元；LBMA白银定盘价报每盎司40.575美元，前一交易日报每盎司38.800美元。 ...

Core Insights - Physical gold investment is gaining popularity among Asia's wealthy elite, with family offices bypassing traditional brokers to engage directly in gold trading [1][2] - The demand for physical gold is increasing amid a turbulent international financial environment, with significant growth in gold allocation among Hong Kong and mainland Chinese investors [2] - The establishment of Hong Kong as an international gold trading hub is being accelerated, supported by government initiatives and the launch of an offshore gold vault [4] Group 1: Investment Trends - Family offices in the Asia-Pacific region are increasingly investing directly in physical gold, with Cavendish Investment Corp. allocating about one-third of its portfolio to gold trading [1] - HSBC's survey indicates that Hong Kong investors have more than doubled their gold allocation within a year, while mainland Chinese investors' allocation rose from 7% to 15% [2] - Some investors are utilizing gold leasing strategies to earn returns of 3% to 4%, while others are engaging in arbitrage by buying gold in Dubai and selling it at a premium in Hong Kong [2] Group 2: Market Dynamics - The current market is characterized as a seller's market due to high demand and limited supply, with expectations of continued opportunities for about a year [1] - Global financial institutions are optimistic about gold prices, with Deutsche Bank predicting an average price of $3,700 per ounce by 2026, and Goldman Sachs forecasting a peak of $4,000 [2] - However, high gold prices may lead to a decline in demand from major consumers like China and India, particularly for jewelry [3] Group 3: Regulatory and Operational Challenges - Hong Kong's gold trading sector faces compliance challenges, with only two refineries certified by the London Bullion Market Association, which may limit institutional investment [6] - Supply chain risks are highlighted, particularly concerning the potential for smuggling through countries like Kenya [6] - Despite risks, the market remains profitable, with Cavendish and partners charging a premium of 5% to 10% on each shipment, indicating strong investor interest [6]

1. Report's Industry Investment Rating - No information provided in the report 2. Core Views of the Report - Last week, precious metal prices continued to rise. Concerns about the Fed's independence boosted risk - aversion sentiment, and the release of the US July PCE data further strengthened the market's interest - rate cut expectation. COMEX gold futures approached the historical high, and international silver prices reached a 14 - year high [3][6][7]. - The US economy remains resilient, but under Trump's pressure, the Fed's interest - rate cut expectation is intensifying. Many Fed officials have expressed support for interest - rate cuts, and the market expects a more than 86% probability of a 25 - basis - point cut in September [3][7]. - Market doubts about the Fed's independence, the weakening of the US dollar index, and the interest - rate cut expectation support the rise of precious metal prices. Technically, gold prices face pressure at the previous high, while silver prices are expected to be stronger in the short term [3][7]. 3. Summary by Directory 3.1 Last Week's Trading Data | Contract | Closing Price | Change | Change Rate (%) | Total Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Gold | 785.12 | 11.72 | 1.52 | 136691 | 178255 | Yuan/gram | | Shanghai Gold T + D | 781.70 | 4.87 | 0.63 | 27326 | 201542 | Yuan/gram | | COMEX Gold | 3516.10 | 98.90 | 2.89 | - | - | US dollars/ounce | | SHFE Silver | 9386 | 194 | 2.11 | 522479 | 634627 | Yuan/kilogram | | Shanghai Silver T + D | 9365 | 54 | 0.58 | 409046 | 3444504 | Yuan/kilogram | | COMEX Silver | 40.75 | 1.87 | 4.81 | - | - | US dollars/ounce | [4] 3.2 Market Analysis and Outlook - Precious metal prices rose last week. The US July PCE data strengthened the interest - rate cut expectation, pushing up gold and silver prices. COMEX gold futures neared the historical high, and silver prices hit a 14 - year high [3][6][7]. - The US economy shows resilience, but the Fed's interest - rate cut expectation is increasing due to Trump's pressure. Many Fed officials support interest - rate cuts, and the market expects an over 86% probability of a 25 - basis - point cut in September [3][7]. - Doubts about the Fed's independence, the weakening of the US dollar index, and the interest - rate cut expectation support the rise of precious metal prices. Technically, gold prices face pressure at the previous high, and short - term silver prices are expected to be stronger [3][7]. 3.3 Important Data Information - The annualized revised quarter - on - quarter growth rate of the US Q2 real GDP was 3.3%, higher than the expected 3.1% and the initial value of 3%. The annualized revised quarter - on - quarter growth rate of the Q2 core PCE price index was 2.5%, consistent with the initial value but lower than the expected 2.6% [10]. - The US July PCE price index was 2.6% year - on - year, in line with expectations and the previous value; the month - on - month growth was 0.2%, in line with expectations and lower than the previous 0.3%. The US July core PCE price index rose 2.9% year - on - year, the highest since February 2025, in line with expectations [10]. - US personal spending in July 2025 increased 0.5% month - on - month to $20.802 trillion, accelerating from the revised 0.4% in June and in line with market expectations [10]. - The number of initial jobless claims in the US last week was 229,000, lower than the expected 230,000, and the number of continued claims dropped to 1.954 million, both lower than expected [10]. 3.4 Related Data Charts - **ETF Holdings**: As of August 29, 2025, the total gold holdings of ETFs were 977.68 tons, an increase of 20.91 tons from last week; the silver holdings of ishare were 15310.00 tons, an increase of 21.18 tons from last week [11]. - **CFTC Non - commercial Positions**: For gold futures on August 26, 2025, non - commercial long positions were 275767, non - commercial short positions were 61456, and non - commercial net long positions were 214311, an increase of 1721 from last week. For silver futures on the same day, non - commercial long positions were 68227, non - commercial short positions were 21761, and non - commercial net long positions were 46466, a decrease of 83 from last week [14].

Group 1 - The core viewpoint is that gold and silver, as precious metals, are popular choices for investors due to their value preservation and investment appreciation, making it essential to choose a reliable trading platform for investment [1] Group 2 - The company, Jinrong China, has been operating under strict regulations from the Hong Kong financial market since its establishment in 2010, obtaining the highest level AA class trading license from the Hong Kong Gold Exchange [2][3] - Jinrong China provides unique transaction codes issued by the Hong Kong Gold Exchange for each trade, allowing investors to verify transaction details and protect their investment rights [2] Group 3 - Jinrong China emphasizes a robust risk control system to ensure the safety of customer transactions, implementing strict identity verification and secure fund management practices [5] - The company stores customer data in an encrypted database and restricts access to sensitive information through confidentiality agreements [5] Group 4 - Jinrong China prioritizes customer service, offering professional support and utilizing advanced trading platforms like MT4 and MT5 to enhance the trading experience [7] - The company has received accolades such as "Best Customer Support Award" and "Best Trading Experience Award" from international evaluation agencies, reflecting its commitment to customer satisfaction [7] - Jinrong China aims to continuously optimize its service system to maximize investment returns for its clients [7]