Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The weak performance of the US employment data in August, the core CPI annual rate of consumer - end inflation meeting expectations and the previous value, more Fed officials supporting interest rate cuts, and Trump's continuous pressure or potential replacement of Fed officials have led the market to expect that the Fed may cut interest rates by 25 basis points consecutively in September, October, and December. Combined with geopolitical risks such as the Russia - Ukraine conflict and the continuous gold purchases by central banks around the world, precious metal prices are likely to rise and difficult to fall [1]. 3. Summary by Directory Market Data Summary **Gold** - Shanghai Gold: The closing price was 4.25 yuan/gram, with a trading volume of 36,270 and a position of 206,336. The price difference between the near - month and far - month contracts was 1.72, and the basis (spot - futures) was - 3.88 [1]. - International Gold: The closing price of the COMEX active futures contract was 3,680.70, with a trading volume of 147,566 and a position of 385,713. The London gold spot price was 3,546.30 dollars/ounce. The SPDR Gold ETF held 974.80 tons, and the iShare Gold ETF held 457.86 tons [1]. **Silver** - Shanghai Silver: The closing price was 9,772.00 yuan/ten - grams, with a trading volume of 304,080 and a position of - 78,720. The price difference between the near - month and far - month contracts was - 75.00, and the basis (spot - futures) was - 15.00 [1]. - International Silver: The closing price of the COMEX active futures contract was 41.32, with a trading volume of 66,072 and a position of 133,690. The London silver spot price was 42.26 dollars/ounce. The US iShare - Silver ETF held 15,230.57 tons, and the Canadian PSLV Silver ETF held 6,129.64 tons [1]. Important Information - The US government is facing a "shutdown" crisis again due to the Democrats' demand to include the subsidy extension of the Affordable Care Act in the government appropriation bill. If the subsidy expires, the medical insurance premiums of about 22.4 million Americans will rise significantly [1]. - The "Central Bank Super Week" is coming, and major central banks such as the Fed, the Bank of Canada, the Bank of England, and the Bank of Japan will announce their interest rate decisions [1]. Trading Strategy - The main strategy is to buy on price dips. For London gold, pay attention to the support level around 3,400 - 3,500 and the resistance level around 3,650 - 3,750. For Shanghai gold, focus on the support level around 800 - 810 and the resistance level around 840 - 850. For London silver, pay attention to the support level around 38 - 39 and the resistance level around 41 - 43. For Shanghai silver, focus on the support level around 9,000 - 9,500 and the resistance level around 10,000 - 10,500 [1].

Report Industry Investment Rating - Not provided in the content Core View - The Fed Chair Powell's indication of a September interest rate cut due to easing employment supply - demand, along with Trump's pressure and global central banks' continuous gold purchases, may make precious metal prices prone to rising and difficult to fall. It is recommended that investors mainly establish long positions when prices decline [2]. Summary by Relevant Catalog Gold and Silver Market Data - **Shanghai Gold**: On August 28, 2025, the closing price was 779.86 yuan/gram, up 2.24 yuan from the previous day and 8.23 yuan from last week. Trading volume was 30,942, and open interest was 2,396 [2]. - **Shanghai Silver**: The closing price was 9,182 yuan/ten - grams on August 28, 2025, with a trading volume of 475,098 and an open interest change of - 25,366 [2]. - **COMEX Gold**: The closing price of the active contract was 3,392.20, with a trading volume of 151,643 and an open interest of 336,177. Inventory was 200,824.48 fine ounces [2]. - **COMEX Silver**: The closing price of the active contract was 39.71, trading volume was 54,907, and open interest was 62,636. Inventory was 517,194,775.47 fine ounces [2]. Important Information - **Macroeconomic Data**: The US Q2 real GDP annualized quarterly - on - quarterly rate was revised up to 3.3%, and the PCE price index was 2.5%. Last week, the initial jobless claims decreased to 229,000, and the continued claims dropped to 1,954,000, both lower than expected [2]. - **Central Bank Policies**: - The Fed may cut interest rates by 25 basis points in September, with possible further cuts in the next three to six months [2]. - The European Central Bank may cut interest rates at most once by the end of 2025 [2]. - The Bank of England cut the key interest rate by 25 basis points in August and may slow down the balance - sheet reduction. It may cut interest rates at most once by the end of 2025 [2]. - The Bank of Japan may start to reduce quarterly treasury bond purchases from 400 billion yen to 200 billion yen in April 2026 and has an expectation of raising interest rates by the end of 2025 [2]. Trading Strategy - For London gold, focus on the support level around $3,200 - $3,300 and the resistance level around $3,450 - $3,500. For Shanghai gold, focus on the support level around 760 - 770 and the resistance level around 800 - 810. For London silver, focus on the support level around $34 - $36 and the resistance level around $37 - $40. For Shanghai silver, focus on the support level around 8,500 - 8,700 and the resistance level around 9,100 - 9,500 [2].

Report Industry Investment Rating - Not provided in the report Core View - The weakening US job market has heightened expectations of a Fed rate cut, and with global central banks continuing to buy gold, precious metal prices are likely to rise and difficult to fall. Investors are advised to buy on price dips. [1] Summary by Relevant Catalogs Precious Metal Market Data - **Shanghai Gold**: Closing price was 782.50 yuan/g, with a change of 1.18 yuan compared to the previous day; trading volume was 191,341.00, down 2,012.00 from the previous day; open interest was 215,212.00, down 3,440.00 from the previous day; inventory was 36,045.00 (in ten - gram units). [1] - **Shanghai Silver**: Closing price was 9,182.00 yuan/kg, with a change of 107.00 yuan compared to the previous day; trading volume was 372,060.00, down 728,580.00 from the previous day; open interest was 373,376.00, up 2,266.00 from the previous day; inventory was 1,208,033.00 (in ten - gram units). [1] - **COMEX Gold Futures**: Closing price was 3,431.80 dollars/ounce, with a change of - 3.20 dollars compared to the previous day; trading volume was 143,644.00, down 6,488.00 from the previous day; open interest was 340,930.00, up 4,008.00 from the previous day; inventory was 38,679,703.32 (in troy ounces). [1] - **COMEX Silver Futures**: Closing price was 37.94 dollars/ounce, with a change of 0.10 dollars compared to the previous day; trading volume was 38,956.00, down 2,669.00 from the previous day; open interest was 122,977.00, down 711.00 from the previous day; inventory was 506,311,741.34 (in troy ounces). [1] Market News and Macroeconomic Information - Trump ordered an additional 25% tariff on India, and the US plans to impose an additional 15% tariff on the existing tariff base in the US - Japan trade agreement [1] - Trump's advisors are pushing to temporarily fill the vacant positions on the Fed board, and Fed official Cook hinted at a possible rate cut in the near future [1] - The US Treasury may issue about $50 billion in bonds in Q3, which may cause a liquidity shock. US consumer - end inflation has risen, but due to the possible significant downward revision of new non - farm payrolls from May to July, the expectation of a Fed rate cut in September, October, and December has increased [1] - The ECB paused rate cuts in July, and the market expects the ECB to cut rates once by the end of 2025. The Bank of England may cut rates 2 - 3 times by the end of 2025, and the Bank of Japan still has the possibility of raising rates by the end of 2025 [1] Trading Strategy - Investors are advised to buy on price dips. For London gold, focus on the support level around $3,150 - $3,250 and the resistance level around $3,500 - $3,700; for Shanghai gold, focus on the support level around 730 - 760 yuan and the resistance level around 800 - 850 yuan; for London silver, focus on the support level around $34 - $36 and the resistance level around $37 - $40; for Shanghai silver, focus on the support level around 8,500 - 8,700 yuan and the resistance level around 9,100 - 9,500 yuan [1]

Report Industry Investment Rating No relevant information provided. Core View of the Report Tariff policies have not pushed up inflation at the production and consumption ends, leading to an increase in the market's expectation of a Fed rate cut. Coupled with continuous gold purchases by central banks around the world and persistent geopolitical risks, precious metal prices are likely to rise and difficult to fall. Investors are advised to go long on dips [1]. Summary by Related Catalogs 1. Market Data - **Shanghai Gold**: The closing price was 780.36 yuan/gram, with a change of 10.50 yuan compared to the previous day. The trading volume was 21,494.00, and the open interest was 223,738.00 [1]. - **Shanghai Silver**: The closing price was 8,793.00 yuan/kg, with a change of 23.00 yuan compared to the previous day. The trading volume was 805,092.00, and the open interest was 3,525,006.00 [1]. - **COMEX Gold Futures**: The closing price was 3,452.60 US dollars/ounce, with a change of 46.20 US dollars compared to the previous day. The trading volume was 224,107.00, and the open interest was 322,266.00 [1]. - **COMEX Silver Futures**: The closing price was 36.37 US dollars/ounce, with a change of 0.57 US dollars compared to the previous day. The trading volume was 72,692.00, and the open interest was 93,632.00 [1]. 2. Important Information - **Geopolitical Tensions**: Iran and Israel have engaged in continuous mutual attacks, with the conflict expanding to oil and gas facilities. Iran is considering whether to block the Strait of Hormuz [1]. - **Trade Agreements**: The UK Prime Minister said there are no "obstacles" to finalizing a US-UK trade agreement. The US and Japan agreed to accelerate ministerial consultations to reach a mutually beneficial agreement, and the US and Vietnam are close to reaching a framework trade agreement [1]. - **Economic Data**: In May, the US added 139,000 non-farm payrolls, higher than expected but lower than the previous value. The annual average hourly wage rate was 3.9%, higher than expected and the previous value. In June, the US consumer inflation rate was 2.4%, lower than expected but higher than the previous value [1]. 3. Central Bank Policies - **Federal Reserve**: The market expects the Fed to cut interest rates in September or December due to the lack of inflation rebound caused by tariff policies [1]. - **European Central Bank**: In June, the ECB cut interest rates by 25 basis points, and the market expects one more rate cut by the end of 2025 [1]. - **Bank of England**: In May, the BoE cut the key interest rate by 25 basis points, and the market expects two more rate cuts by the end of 2025 [1]. - **Bank of Japan**: In January, the BoJ raised interest rates by 25 basis points, and the market expects a rate hike around July [1]. 4. Trading Strategies Investors are advised to go long on dips. For London gold, focus on the support level around 3,000 - 3,200 and the resistance level around 3,500 - 3,700. For Shanghai gold, focus on the support level around 730 - 750 and the resistance level around 840 - 900. For London silver, focus on the support level around 31 - 34 and the resistance level around 38 - 40. For Shanghai silver, focus on the support level around 8,300 - 8,500 and the resistance level around 9,500 - 10,000 [1].

Group 1: Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core View - Due to concerns about the out - of - control of the US uncompensated public debt caused by the expansion of Trump's second - term tax cuts, continuous gold purchases by central banks of many countries globally, and the unresolved geopolitical risks, precious metal prices are likely to rise rather than fall. It is recommended that investors mainly lay out long positions on dips. Pay attention to the support and pressure levels of London gold, Shanghai gold, London silver, and Shanghai silver [1]. Group 3: Summary by Catalog 1. Market Data - **Shanghai Gold**: The closing price was 773.86 yuan/g, with a change of - 1.86 compared to the previous day. The trading volume was 61,062, and the open interest was 216,312. The inventory was 17,247 (in ten - gram units). The basis (spot - futures) was - 1.25 [1]. - **Shanghai Silver**: The closing price was 8,239 yuan/kg, with a change of - 5 compared to the previous day. The trading volume was 359,242, and the open interest was 3,454,112. The inventory was 957,380 (in ten - gram units). The basis (spot - futures) was - 41 [1]. - **COMEX Gold Futures**: The closing price was 3,357.70 dollars/ounce, with a change of 62.60 compared to the previous week. The trading volume was 238,139, and the open interest was 143,847. The inventory was 38,793,530.21 (in troy ounces) [1]. - **COMEX Silver Futures**: The closing price was 33.64 dollars/ounce, with a change of 0.46 compared to the previous day. The trading volume was 65,592, and the open interest was 111,871. The inventory was 501,750,232.28 (in troy ounces) [1]. 2. Price Ratios - The price ratio of Shanghai gold to Shanghai silver was 93.43, with a change of - 0.53 compared to the previous day. The ratio of New York gold futures to New York silver futures was 99.81, with a change of 0.50. The ratio of London gold spot to London silver spot was 100.35, with a change of 0.65 [1]. 3. Other Commodities and Financial Indicators - **Crude Oil**: INE crude oil was 452.80 yuan/barrel, ICE Brent crude oil was 65.03 dollars/barrel, and NYMEX crude oil was 61.76 dollars/barrel [1]. - **Base Metals**: Shanghai copper futures were 77,790 yuan/ton, LME copper spot was 9,554.50 dollars/ton, Shanghai rebar was 3,004 yuan/ton, and Dalian iron ore was 706.50 yuan/ton [1]. - **Interest Rates**: The US 10 - year Treasury nominal yield was 4.51%, the US 10 - year Treasury TIPS yield was 2.20%, and the US 10 - year Treasury break - even inflation rate was 2.33% [1]. - **Exchange Rates**: The US dollar index was 99.9388, the US dollar - RMB central parity rate was 7.1833, and the euro - RMB central parity rate was 8.1269 [1]. - **Stock Indices**: The Shanghai Composite Index was 3,348.3717, the S&P 500 was 5,802.82, the UK FTSE 100 was 8,739.26, the French CAC40 was 7,734.40, the German DAX was 23,629.58, the Nikkei 225 was 36,985.87, and the South Korean Composite Index was 2,621.36 [1]. 4. Important Information - **Trade Negotiations**: After Trump postponed a 50% tariff, the EU planned to "quickly advance" the EU - US trade negotiations. Japan aimed to get tariff concessions from the US by its 2.00 project and shipbuilding technology, striving to reach an agreement by mid - June [1]. - **Central Bank Policies**: A Fed voter next year said the easing pause might be longer. The ECB President Lagarde thought the euro could be an alternative to the US dollar. The US Congress passed a temporary spending bill until September 30, and the CBO predicted the Treasury funds might run out between August and October, which could slow down the Fed's balance - sheet reduction. The European Central Bank might cut interest rates in June and twice more by the end of 2025. The Bank of England cut the key interest rate by 25 basis points in June. The Bank of Japan might raise interest rates around July [1].