Key Points - The Shanghai Gold Exchange has announced adjustments to the margin levels and price fluctuation limits for gold and silver deferred contracts, effective from September 5, 2025 [2] - The margin level for Au (T+D), mAu (T+D), Au (T+N1), Au (T+N2), NYAuTN06, and NYAuTN12 contracts will increase from 13% to 14%, with the price fluctuation limit changing from 12% to 13% [2] - The margin level for Ag (T+D) contracts will rise from 16% to 17%, and the price fluctuation limit will be adjusted from 15% to 16% [2] - Members are advised to enhance risk awareness and prepare emergency risk response plans to ensure market stability [3]

Core Viewpoint - The Shanghai Gold Exchange (SGE) has announced adjustments to margin levels and price fluctuation limits for certain gold and silver contracts, aiming to enhance market risk management and curb excessive speculation amid recent price volatility in precious metals [3][4]. Group 1: Margin Adjustments - Starting from the close of trading on September 5, 2025, the margin level for various gold contracts, including Au (T+D) and mAu (T+D), will increase from 13% to 14%, while the price fluctuation limit will rise from 12% to 13% [3]. - The margin level for the Ag (T+D) contract will be adjusted from 16% to 17%, with the price fluctuation limit increasing from 15% to 16% [3]. Group 2: Market Context and Implications - Recent market trends show a significant surge in gold prices, with London spot gold surpassing $3,500 per ounce and COMEX gold futures rising by 1.51% to $3,599.5 per ounce, reaching historical highs [4]. - Analysts believe that the increase in margin requirements and the relaxation of price fluctuation limits are intended to strengthen risk management and prevent systemic risks [4]. - Short-term effects may include increased margin requirements, reduced leverage, and higher costs for short-term speculation, while long-term effects could lead to more rational trading and improved market efficiency [4].

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]

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外盘贵金属期货属于保证金制度，具有杠杆效应，在一定程度上降低了投资者的资金投入，使得他们有 机会实现以小博大的目的。在交易机制上，外盘期货可以做多做空，双向操作争取更多的机会；同时， 其T+0的交易制度下，投资者可以随时进出场，不受交割时间的限制，这样不仅可以根据行情变化灵活 操作，还能够灵活控制风险，减少损失，保护本金。 金荣中国（jrjr.com/?347）是香港金荣集团旗下的一家专注为全球投资者提供专业贵金属网上投资服务 的交易商，该平台涵盖了伦敦金、伦敦银、实物黄金与人民币公斤条等贵金属投资业务，行员编号： 084号。 金荣中国经过十五年的实践摸索，已经形成了非常完善的交易体系，完成了品牌全新升级，以丰富的理 财产品、极高的品牌信誉、安全的国际软件、超低的投资成本、公开透明的交易环境、权威的数据报 价、高级别的安全体系和优质的服务质量，为全球客户带来良好的交易体验。 2、万洲金业App 万洲金业集团有限公司注册成立于香港，作为香港黄金交易所认可的专业电子交易商，万洲金业致力为 广大投资者打造优质可靠的贵金属投资服务平台，持有金银业贸易场AA类会员牌照，行员编号为141 号。秉承客户至上的经营理念，不断 ...

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。 ...

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