1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The commodity market rebounded after a correction last week, with an overall increase of 0.43%. Precious metals led the gains at 4.48%, followed by non - ferrous metals at 0.73%. Energy, chemicals, agricultural products, and black commodities declined by 0.06%, 1.23%, and 1.95% respectively. [2][7] - Due to uncertainties in the Fed's interest - rate cut path and the non - realization of expected domestic interest - rate cut policies, short - term liquidity is disrupted, and the commodity market may fluctuate. [2] - Different sectors have different short - term trends: precious metals may fluctuate; non - ferrous metals may remain stable; black commodities may fluctuate weakly; energy may fluctuate; chemical products face pressure; and agricultural products and oilseeds may fluctuate. [3][4] 3. Summary by Relevant Catalogs 3.1 Market Review - **Overall Performance**: The commodity market rose 0.43% last week. Precious metals led with a 4.48% increase, non - ferrous metals rose 0.73%, while energy, chemicals, agricultural products, and black commodities declined. [2][7] - **Top Gainers and Losers**: Silver, fuel oil, and copper had the highest increases at 6.63%, 4.36%, and 3.28% respectively. Rapeseed meal, coking coal, and coke had the largest declines at 4.64%, 2.88%, and 2.65% respectively. [2][7] - **Volatility**: The 20 - day average volatility of the commodity market continued to rise, especially for oilseeds. [2][7] - **Funds**: The overall market scale increased slightly, with net inflows in non - ferrous and precious metal sectors. [2][7] 3.2 Outlook - **Precious Metals**: PCE data met expectations, reducing pressure on the Fed's interest - rate cut rhythm. Uncertainties in interest - rate cut expectations may lead to short - term fluctuations. [3] - **Non - Ferrous Metals**: The stronger US dollar after the interest - rate meeting suppresses the sector, but domestic demand expectations and pre - holiday restocking support prices. The Grasberg copper mine accident affects supply and copper prices. The sector may remain stable in the short term. [3] - **Black Commodities**: Rebar demand improved, production stabilized, and inventory decreased. Steel mills have thin profits, and raw material supply is stable. The sector may fluctuate weakly in the short term. [3] - **Energy**: US inventory declines and geopolitical risks support oil prices. Geopolitical risks may rise around the National Day, but the rebound space is limited. The sector may fluctuate in the short term. [4] - **Chemical Products**: Polyester sales increased, reducing inventory pressure, but inventory accumulation and low profits continue to pressure the industry. [4] - **Agricultural Products**: Argentina's agricultural policy changes and China's increased soybean purchases reduce the supply gap risk next year. Palm oil is in a production - reduction cycle, and the oilseed sector may fluctuate in the short term. [4] 3.3 Commodity Fund Overview - **Gold ETFs**: Most gold ETFs had positive returns, with a combined scale increase of 1.83% and a combined trading volume increase of 4.52%. [39] - **Other ETFs**: The energy - chemical ETF had a 0.63% return, the soybean meal ETF had a - 1.81% return, the non - ferrous metal ETF had a 1.82% return, and the silver futures fund had a 5.72% return. [39]

Core Viewpoint - The report highlights a significant increase in gold ETF investments driven by the Federal Reserve's interest rate cuts, geopolitical uncertainties, and central bank gold purchases, emphasizing the long-term value of gold as an investment asset [1][10]. Group 1: Gold Price and ETF Performance - Shanghai gold reached a new high of 838.42 yuan per gram, with domestic gold ETF total assets reaching 155.67 billion yuan, a 120% increase from the end of last year [1][2]. - The performance of gold ETFs is closely linked to gold price movements, with COMEX gold prices rising over 10% in the past month, reaching 3,719.4 USD per ounce [2][3]. - Several gold ETFs, including the Yongying CSI Hong Kong-Shenzhen Gold Industry Stock ETF and Huaxia CSI Hong Kong-Shenzhen Gold Industry Stock ETF, saw net asset value increases exceeding 15% in the last month [2][3]. Group 2: Factors Supporting Gold Prices - Weak U.S. economic data and expectations of interest rate cuts have made gold more attractive, with investors seeking to hedge against currency depreciation [3][4]. - The trend of de-dollarization and increased gold purchases by central banks, particularly in emerging markets, has provided strong support for gold prices [4][7]. - Strong performance in gold mining stocks, driven by rising gold prices and increased production, has attracted more capital into the gold market [4][5]. Group 3: Fund Flows in Gold ETFs - Since September, gold ETFs have seen a reversal from the net outflows experienced in August, with a total inflow of 4.774 billion yuan as of September 19 [5][6]. - The Yongying CSI Hong Kong-Shenzhen Gold Industry Stock ETF had the largest net subscription, totaling 2.548 billion shares, followed by Huaxia and Huazhong ETFs [5][6]. - The overall fund flow in gold ETFs has been complex, influenced by market conditions, economic data, and policy expectations, with significant inflows observed earlier in the year [5][6]. Group 4: Global Gold ETF Holdings - Since 2025, the holdings of six major global gold ETFs have increased by 203.28 tons, with significant contributions from SPDR and iShares [7][10]. - The increase in gold ETF holdings reflects investor confidence in gold as a safe-haven asset amid ongoing geopolitical risks and economic uncertainties [7][10].

Group 1 - International precious metal futures experienced a general decline, with COMEX gold futures down 0.82% to $3694.60 per ounce and COMEX silver futures down 2.15% to $41.99 per ounce [1] - Analysts suggest that the shift in major central banks' monetary policies may further weaken the dollar's attractiveness, potentially providing support for the precious metals market [1] Group 2 - Recent reports indicate significant inflows into U.S. gold ETFs, totaling approximately $367 billion, while Chinese gold ETFs saw outflows exceeding $26.5 billion, marking China as the only region with notable reductions [3] - Retail investors are marginally increasing their gold holdings, while institutions are reducing their positions, reflecting a divergence in sentiment [3] - Speculative net long positions in gold have rapidly decreased, indicating a weakening bullish sentiment among institutions [3] - Although COMEX gold and London spot gold prices have reached historical highs, Shanghai gold has not yet surpassed its previous peak, suggesting a lack of enthusiasm in China compared to other global regions [3] - Hong Kong has announced five measures to accelerate the establishment of an international gold trading market, aiming to expand gold storage and build a regional gold reserve hub with a target of over 2000 tons in three years [3]

Report Summary 1) Report Industry Investment Rating - No information provided on the industry investment rating. 2) Core View of the Report - The US July PCE inflation data met expectations with a slight increase from the previous month, having little impact on the interest rate cut expectation. Combined with the dovish remarks of the Fed Chairman and the Trump's dismissal of Cook, the market sentiment is to continue betting on a Fed rate cut in September. The intense battle in the Donetsk town between Russia and Ukraine and the death of multiple senior Houthi officials in the Israeli military air - strike led to the COMEX gold breaking through the key resistance level of $3,500 on Friday night. Attention can be paid to the two important resistance levels of 790 and 800 for Shanghai Gold on Monday. The factors such as the Fed likely entering an interest rate cut cycle in the second half of the year, the easing of global trade frictions, and the continuous gold purchases by global central banks are all positive for the gold price [6]. 3) Summary by Related Information - **US Economic Data**: The annual rate of the US July core PCE price index was 2.9%, in line with the expected 2.90% and up from the previous value of 2.80%. The COMEX gold price rose 2.89% to $3,516.10 per ounce [6][9]. - **Market Catalysts**: The dovish remarks of the Fed Chairman, the Trump's dismissal of Cook, the intense battle in the Donetsk town between Russia and Ukraine, and the death of multiple senior Houthi officials in the Israeli military air - strike influenced the gold market [6]. - **Gold Price Outlook**: The COMEX gold broke through the $3,500 key resistance level on Friday night, and attention can be paid to the 790 and 800 resistance levels of Shanghai Gold on Monday. The second - half factors like the Fed's possible interest rate cut cycle, the easing of global trade frictions, and the continuous gold purchases by global central banks are favorable for the gold price [6].

现货黄金 金十图示：2025年08月04日（周一）上海金午盘价为777.29元/克，较国际金价(775.66元/克)，高1.63元/克 ...

现货黄金 金十图示：2025年08月04日（周一）上海金早盘价为776.83元/克，较国际金价(775.04元/克)，高1.79元/克 ...

现货黄金 金十图示：2025年07月31日（周四）上海金早盘价为765.5元/克，较国际金价(763.03元/克)，高2.47元/克 ...

Group 1 - The core point of the article indicates that on July 30, 2025, the midday price of gold in Shanghai was 769.74 CNY per gram, which is 2.01 CNY higher than the international gold price of 767.73 CNY per gram [1] Group 2 - The article highlights the current status of spot gold prices, reflecting the ongoing trends in the gold market [3]

Group 1 - The core point of the article highlights the price of gold in Shanghai on July 29, 2025, which is 767.8 CNY per gram, indicating a premium of 1.89 CNY over the international gold price of 765.91 CNY per gram [1] Group 2 - The article mentions the current spot gold price, which is relevant for market participants and investors [3]

Group 1 - The core point of the article highlights the price of gold in Shanghai on July 28, 2025, which is 769.11 CNY per gram, slightly higher than the international gold price of 768.09 CNY per gram by 1.02 CNY [1] Group 2 - The article mentions the current status of spot gold, indicating its relevance in the market [3]