Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - In the short - term, after the weakening of the US employment market in August and relatively controllable inflation pressure in August, the preliminary value of the University of Michigan Consumer Confidence Index in September hit a new low since May, which supports the market to continue trading the Fed's interest - rate cut expectations and boosts the strong rise of precious metal prices. Concerns about US economic stagflation are rising, boosting the industrial properties of silver. Before the interest - rate cut in September, precious metal prices are still supported and expected to remain strong at high levels, but volatility may intensify. Key events to watch this week include the Fed's August FOMC meeting and China - US economic and trade talks [6]. - In the long - term, due to the Fed's interest - rate cut expectations, continuous global geopolitical uncertainties, intensified great - power competition, and the de - dollarization wave with continuous gold purchases by global central banks, the long - term center of gold prices is likely to continue to rise [6]. 3. Summary by Relevant Contents 3.1 Price Tracking - On September 12, 2025, compared with September 11, 2025, London gold spot rose 0.5% to $3650.31/ounce, London silver spot rose 2.4% to $42.04/ounce, COMEX gold rose 0.5% to $3688.50/ounce, COMEX silver rose 2.6% to $42.60/ounce, AU2510 rose 0.4% to 834.22 yuan/gram, AG2510 rose 2.4% to 10035 yuan/kg, AU (T + D) rose 0.4% to 830.68 yuan/gram, and AG (T + D) rose 2.5% to 10010 yuan/kg [5]. - Regarding price differences, from September 11 to 12, 2025, the gold TD - SHFE active price difference increased by 7.9%, the silver TD - SHFE active price difference decreased by 10.7%, the gold internal - external (TD - London) price difference increased by 31.8%, the silver internal - external (TD - London) price difference increased by 0.9%, the SHFE gold - silver ratio decreased by 2.0%, the COMEX gold - silver ratio decreased by 2.0%, the AU2512 - 2510 price difference increased by 20.4%, and the AG2512 - 2510 price difference increased by 13.0% [5]. 3.2 Position Data - From September 11 to 12, 2025, the gold ETF - SPDR position decreased by 0.32% to 974.8 tons, the silver ETF - SLV position remained unchanged at 15069.6026 tons. COMEX gold non - commercial long positions increased by 2.87% to 324875 contracts, non - commercial short positions decreased by 4.72% to 63135 contracts, and the non - commercial net long position increased by 4.89% to 261740 contracts. COMEX silver non - commercial long positions decreased by 2.71% to 72450 contracts, non - commercial short positions decreased by 0.16% to 18513 contracts, and the non - commercial net long position decreased by 3.55% to 53937 contracts [5]. 3.3 Inventory Data - On September 12, 2025, compared with September 11, 2025, SHFE gold inventory increased by 5.58% to 52950 kg, SHFE silver inventory increased by 0.51% to 1246569 kg, COMEX gold inventory increased by 0.01% to 38914491 troy ounces, and COMEX silver inventory increased by 0.55% to 527423230 troy ounces [5]. 3.4 Interest Rate, Exchange Rate, and Stock Market Data - From September 11 to 12, 2025, the US dollar/CNY central parity rate decreased by 0.02%, the US dollar index increased by 0.09%, the 2 - year US Treasury yield increased by 1.14% to 3.56%, the 10 - year US Treasury yield increased by 1.25% to 4.06%, the VIX increased by 0.34%, the S&P 500 decreased by 0.05% to 6584.29, and NYMEX crude oil increased by 0.58% to $62.60 [5]. 3.5 Market Review - On September 12, the main contract of Shanghai gold futures rose 0.1% to 80.68 yuan/gram, and the main contract of Shanghai silver futures rose 2.36% to 10035 yuan/kg [5].

Core Insights - The global gold spot market is experiencing explosive growth in 2025, driven by expectations of Federal Reserve interest rate cuts and escalating geopolitical risks, with gold prices surpassing $3,674 per ounce in early September, marking a 38% increase year-to-date [1] - The Asian market is particularly notable, with gold futures trading volume in the Asian session exceeding one-third of the total, and daily trading volume of micro gold futures contracts increasing fivefold compared to two years ago, indicating a significant rise in retail investor participation [1] Market Data - In China, the total transaction value of all gold varieties reached 10.70 trillion yuan in Q1 2025, a year-on-year increase of 42.85%, while domestic gold ETF holdings surged by 327.73% [3] - Central banks are on a gold-buying spree, with the People's Bank of China increasing its gold reserves for ten consecutive months, reaching 74.02 million ounces by the end of August, and global central bank purchases expected to remain between 900-950 tons in 2025 [4] Trading Platform Requirements - As the influence of the Asian trading session grows, investors' demands for gold trading platforms are evolving, necessitating three core standards: easy verification of regulatory qualifications, system stability for order execution during high volatility, and comprehensive risk management tools [3] Compliance and Security - Jinsheng Precious Metals meets the core requirements of a compliant gold trading platform, being an AA class member of the Hong Kong Gold Exchange, with transparent trading processes and independent transaction codes for trades over 0.1 lots [6] - The platform implements a "funds separation custody" system, ensuring client funds are stored separately from operational funds, and offers a rapid two-hour withdrawal service, significantly faster than the industry average [7] Investment Guidelines for New Investors - New investors are advised to verify platform regulatory qualifications, test small transaction processes, and learn basic trading rules to avoid scams [8] - It is emphasized that with gold prices at historical highs, there is no possibility of "guaranteed high returns," and investors should establish rational expectations and utilize regulated trading platforms [8]

Core Viewpoint - The current surge in global gold prices, reaching historical highs, raises questions about whether it is a suitable time to invest in gold, with various factors contributing to this trend [1][3]. Group 1: Market Dynamics - Global gold prices, including domestic physical gold, futures, and international London gold, are consistently hitting historical highs, with Hong Kong's gold trading volume also reaching record levels [1]. - The recent U.S. Federal Reserve's interest rate cuts, moving from a 25 basis point reduction to a 50 basis point reduction, have provided strong support for gold prices [1]. - The weakening U.S. dollar, coupled with geopolitical tensions in the Middle East and the Russia-Ukraine conflict, has driven investors towards gold as a safe-haven asset [1]. Group 2: Inflation and Central Bank Actions - Persistent global inflation, economic contraction, and currency depreciation are underlying factors supporting the long-term rise in gold prices, with central banks worldwide, including China's, continuously increasing their gold reserves [1]. - The market sentiment indicates that while current conditions favor gold, there is a cautionary note that once positive news is fully priced in, it could lead to a downturn [3]. Group 3: Price Predictions and Market Sentiment - Short-term predictions suggest that gold could reach a pressure point of $3,700 per ounce, but there is a possibility of a technical adjustment thereafter, with a support range between $3,700 and $3,550 [3][4]. - The current market environment is characterized by a struggle between bullish and bearish sentiments, as evidenced by recent fluctuations in international gold prices [4].

Group 1 - Recent economic data has been leaning dovish, paving the way for the Federal Reserve to initiate a rate cut cycle, with significant signals from Powell and a historic downward revision of non-farm employment by 910,000 [1] - The expectation of rate cuts is enhancing the attractiveness of precious metals by suppressing the dollar and real interest rates, leading to a strong performance in silver, which has seen a notable increase due to both gold's rise and a correction in the gold-silver ratio [1] - As of September 12, gold futures rose by 0.58% to $3,694.8 per ounce, while silver increased by 1.37% to $42.730 per ounce, with domestic silver prices breaking the 10,000 yuan per kilogram mark, reaching a historical high [1] Group 2 - The latest data shows that the U.S. August CPI rose by 2.9% year-on-year and 0.4% month-on-month, with core CPI at 3.1% year-on-year and 0.3% month-on-month, indicating persistent inflation without deterioration [2] - Initial jobless claims surged to 263,000, the highest in nearly four years, signaling a slowdown in the labor market, which reinforces expectations for a 25 basis point rate cut by the Federal Reserve next week and supports the potential for three cumulative cuts by year-end [2] - Treasury Secretary Becerra is engaging with potential Federal Reserve chair candidates and is advocating for a "organic" approach to reducing the balance sheet, aiming to carefully cut the Fed's substantial bond holdings and lessen economic intervention [2] Group 3 - Precious metals are expected to continue a volatile upward trend in the medium to long term, with short-term gold prices projected to fluctuate between $3,550 and $3,730 per ounce, corresponding to domestic gold prices between 790 and 845 yuan per gram [3] - Silver prices are closely monitored around the $43 per ounce resistance level, with a potential target of $45 per ounce if a breakthrough occurs, translating to approximately 10,150 yuan per kilogram domestically [3] - The suggested strategy is to gradually accumulate positions on dips in the market [3]

（一）美国核心经济数据解读 全球股市表现：美股三大股指全线走强，道琼斯指数强势上涨 617.08 点，涨幅 1.36%，收报 46108.00 点；标普 500 指数上涨 55.43 点，涨幅 0.85%，收报 6587.47 点；纳斯达克指数上涨 157.01 点，涨幅 0.72%，收报 22043.07 点，市场对美联储降息的预期推动股市情绪回暖。国内贵金属方面，上海黄金交易 所黄金 T+D 隔夜收盘下跌 0.25%，报 826.63 元 / 克，今日早盘盘初下跌 0.26%，报 826.56 元 / 克；白银 T+D 隔夜收盘上涨 1.01%，报 9870.0 元 / 千克，今 日早盘盘初上涨 0.91%，报 9860.0 元 / 千克，跟随国际贵金属走势呈现分化。 （三）今日人民币汇率中间价一览 CPI 数据超预期表现：美国 8 月季调后 CPI 月率录得 0.4%，不仅刷新今年 1 月以来的新高，更超出市场预期及前值的 0.3%；年率则达 2.9%，同样为 1 月 以来最高水平，虽与市场预期一致，但较前值 2.7% 显著上升。值得注意的是，季调后核心 CPI 月率与年率均符合市场预期，分别稳定在 0 ...

美国债市和股市的积极响应，进一步印证了降息预期对黄金的间接支撑。在债市，10年期美债收益率跌至五个月低点，一度触及3.994%，收盘下跌1.7个基 点至4.015%。两年期收益率小幅下跌至3.531%，收益率曲线趋平至正48.2个基点，这被视为经济预期向好的信号。30年期公债标售顺利进行，需求稳健，尽 管财政担忧存在，但一级交易商无需填补空缺，凸显市场对美债的信心。同时，TIPS损益平衡收益率显示，市场预期未来10年年均通胀率约2.4%，略高于 美联储2%目标，这为黄金作为通胀对冲工具提供了空间。 基本面： 周五（9月12日）亚盘时段，现货黄金守住隔夜空间后延续强势，目前暂反弹至3646美元附近表现强劲。周四现货黄金价格虽小幅回落0.2%至每盎司3632.49 美元，但距离周二创下的历史高位不远。周二金价曾创下3674.36美元的新纪录，今年以来，金价已累计上涨38%，这不仅得益于地缘政治风险和通胀压 力，还深受美国经济数据和美联储货币政策预期的影响。 技术面： 日线级别，金价昨日录得小实体收盘守住短期涨幅仍暗示强势，盘中最低触及3610美元上方并迅速收复，短期或仍有望延续新高，交易者留意3660一线短期 破 ...

行情回顾： 国际黄金周三（9月10日）触底反弹维持震荡走势，开盘价3645.53美元/盎司，最高价3657.50美元/盎司，最低 价3618.74美元/盎司，收盘价3644.43美元/盎司。 消息面： 周三公布的美国8月PPI月率录得-0.1%，低于市场预期0.3%，前值位0.7%；美国8月PPI年率录得2.6%，低于市 场预期3.3%，前值为3.1%。 评论称，在8月PPI涨幅低于预期、缓解了市场对通胀压力阻碍货币宽松政策的担忧后，交易员们周三押注，美 联储可能将启动一系列降息，并持续至年底。公布的数据显示，8月PPI同比增长2.6%，低于七月3.1%的同比增 幅，同时亦大幅低于预期。根据与美联储政策利率挂钩的期货合约定价，市场预计美联储将在下周会议上先降 息25个基点，随后在年内继续以同等幅度降息。 美国财经网站investinglive分析师Adam Button表示，明天将公布消费者价格指数（CPI）报告。这是一个强烈 信号，表明数据可能低于预期，美国股指期货已因此上涨。若CPI结果低于预期——尤其是出现如此大幅的低 于预期——那么美联储降息50个基点的可能性将更高。剔除食品和能源后的生产者价格指数（ ...

Core Viewpoint - The article discusses the volatility of gold prices during the non-farm payroll (NFP) data release, highlighting the dual nature of opportunities and risks for investors in this context [3]. Group 1: Impact of Non-Farm Data on Gold Prices - Non-farm data directly reflects the U.S. economic situation and influences gold price movements: positive data increases expectations for Federal Reserve interest rate hikes, strengthening the dollar and suppressing gold prices; negative data raises risk aversion, providing an opportunity for gold to rise [3]. - The upcoming non-farm data is particularly sensitive as it relates to the Federal Reserve's decision on interest rate cuts in September, potentially triggering significant price movements in gold [3]. Group 2: Advantages of Leading Global Platform - Leading Global offers three core advantages that create a "safety barrier" for non-farm investment: 1. Rapid trading response to lock in key price points, utilizing the MT5 trading system for efficient order execution and 24/7 trading support [4]. 2. Comprehensive strategy support throughout the trading cycle, including pre-release reports on ADP data and unemployment claims, real-time expert analysis during the data release, and post-event summaries to help investors learn from their experiences [5]. 3. Low entry barriers for investment, allowing individuals to start trading gold with as little as 70 yuan, catering to various investment scales, and offering demo accounts for beginners to familiarize themselves with the trading process [6]. Group 3: Trust in Leading Global - A professional gold trading platform is essential for investors to navigate market volatility and achieve returns, with Leading Global's over ten years of experience in precious metals trading providing a stable trading system, professional strategy support, and comprehensive risk control [7].

Market Overview - The US dollar index is trading around 98.17, while spot silver opened at $40.66/oz and is currently around $40.72/oz. The silver T+D is trading at approximately 9752 CNY/kg, and the main Shanghai silver contract is at 9767 CNY/kg. Key focus today includes the US unemployment rate for August, adjusted non-farm payrolls, and average hourly wage changes [1] - On September 4, the dollar index rose by 0.13% to close at 98.27. Spot silver closed at $40.62/oz, down 1.38%, as the August "small non-farm" data fell short of expectations, causing silver to drop below $41/oz. Spot gold also saw a decline of 0.38% to $3545.53/oz, ending a seven-day rally [1] Silver Market Data - The SLV silver ETF holdings decreased by 50.83 tons to 15230.57 tons compared to the previous trading day [2] - On September 4, the payment direction for deferred compensation fees was Ag(T+D)—short paying long [2] Economic Indicators - The US August "small non-farm" payrolls recorded an increase of 54,000, below the expected 65,000, with the previous value revised from 104,000 to 106,000. Initial jobless claims rose to 237,000, the highest level since June [3] - The average rate for a 30-year fixed mortgage in the US fell to 6.5%, the lowest since October 17 of the previous year, down from 6.56% the previous week. This decline may attract hesitant homebuyers, although many are still waiting for more significant rate cuts [4] Silver Price Analysis - The silver market opened at 41.191, experienced a slight rise to 41.221, and then saw a strong pullback, reaching a low of 40.387 before closing at 40.658. The market is currently awaiting non-farm payroll results, with suggested trading positions around 39.5 and targets set at 40.5, 40.7, and 41-41.2 [4]

Group 1: Market Overview - The international spot gold market is experiencing a strong volatile pattern in 2025, with the latest data showing London gold at $3557.54 per ounce as of September 4, reflecting a 5.7% increase from $3364.82 on August 25, 2025, with an intraday fluctuation of $28, indicating high market activity [1] - A joint report from Wall Street and Bybit indicates that London gold has reached a new record high of $3508 per ounce in 2025, driven by expectations of a Federal Reserve interest rate cut on September 17, with predictions that prices may approach $4000 by year-end [1] - The World Gold Council reported that global central banks purchased a net 24 tons of gold in February 2025, with Poland and China continuing to increase their holdings, providing medium to long-term support for gold prices [1] Group 2: Trading Platforms and Compliance - In light of high volatility in international spot gold, selecting compliant trading channels is crucial for risk management, with Gold盛贵金属 being a member of the Hong Kong Gold Exchange, allowing verification through a compliance query tool [3] - Gold盛贵金属's platform ensures customer funds are independently stored in licensed banks in Hong Kong, utilizing SSL encryption technology, which serves as a "double insurance" for funds, distinguishing between compliant and non-compliant channels [3] Group 3: Trading Tools and Cost Management - In Q2 2025, the global average daily trading volume of gold reached $329 billion, with compliant platforms accounting for 79% of spot trading volume, making a compliant trading app essential for investors [4] - Gold盛贵金属's mobile app supports flexible trading from 0.01 to 20 lots, allowing beginners to start with small amounts, and includes a price alert feature to help investors adjust strategies during high volatility periods [4] - The trading cost directly impacts profitability, with Gold盛贵金属 offering a $30 per lot spread discount and zero commission policy, potentially saving about $50 per standard lot based on recent price fluctuations [5] Group 4: Investment Risks and Strategies - New investors in London gold should be aware of three main traps: avoiding unregulated platforms, understanding leverage risks, and being mindful of hidden costs such as overnight interest [6] - It is recommended to use compliant platforms and scientific strategies as the core for profitability during the high volatility period of gold prices in 2025 [6]