Group 1 - The core viewpoint of the article indicates that as of September 18, 2023, the prices of London spot gold and silver have started to rise, while COMEX gold and silver prices continue to decline following a 25 basis point interest rate cut by the Federal Reserve [1] Group 2 - The Federal Reserve announced a 25 basis point interest rate cut at 2 AM Beijing time on September 18, which led to a simultaneous decline in the prices of gold, silver, and copper futures in both domestic and international markets [1]

Group 1 - The S&P 500 index reached a new all-time high of 6508.23 points, with major U.S. tech stocks mostly rising [1][2] - The Dow Jones Industrial Average increased by 0.16%, the Nasdaq index rose by 0.53%, and the S&P 500 index gained 0.32% [2] - Nvidia's stock fell by 0.82% after the company reported second-quarter revenue and profit exceeding market expectations, but third-quarter sales forecasts raised market concerns [2] Group 2 - The offshore RMB appreciated significantly against the U.S. dollar, breaking the 7.12 mark for the first time since early November 2024, with an intraday increase of over 310 basis points [3] - Precious metals prices saw a general increase, with London gold rising by 0.56% and London silver increasing by 1.10% [4] - The NYMEX WTI crude oil price rose slightly by 0.27% [4] Group 3 - The European Commission proposed legislative measures to eliminate certain tariffs on U.S. goods, aiming to stabilize and enhance transatlantic trade and investment relations [5][6] - The proposal includes the cancellation of tariffs on some U.S. industrial products and preferential market access for certain seafood and non-sensitive agricultural products [6] - The U.S. committed to reducing tariffs on EU automobiles and parts from 27.5% to 15% and implementing zero or near-zero tariffs on several products starting September 1 [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The rebound of consumer inflation in the US reduces the expected number of Fed rate cuts. The EU intends to hold a tri - party meeting among the US, Russia, and Ukraine to reach a peace agreement. However, due to continuous gold purchases by global central banks, the downside space for precious metal prices is limited. It is recommended that investors wait for price drops to build long positions [1]. 3. Summary by Related Catalogs 3.1 Market Data - **Shanghai Gold**: The closing price on August 15, 2025, was 775.86 yuan/gram, down 2.77 yuan from the previous day. The trading volume was 23,234, and the open interest decreased by 730 [1]. - **Shanghai Silver**: The closing price on August 15, 2025, was 9,173 yuan/ten - grams, up 15 yuan from the previous day. The trading volume of the spot Shanghai silver T + D was 452,542, and the open interest was 3,447,314, down 63,142 [1]. - **COMEX Gold Futures**: The closing price on August 15, 2025, was 3,381.70 dollars/ounce, down 101 dollars from the previous week. The trading volume was 115,486, and the open interest was 328,360, down 3,192 [1]. - **COMEX Silver Futures**: The closing price on August 15, 2025, was 38.02 dollars/ounce, down 0.01 dollars from the previous day. The trading volume was 86,225, and the open interest was 70,294, down 34,959 [1]. 3.2 Important Information - **US Economy**: US retail sales in July increased by 0.5% month - on - month, and real retail sales grew for the tenth consecutive month. In August, the University of Michigan consumer confidence unexpectedly declined, and long - and short - term inflation expectations rose. The US Treasury will issue over 1 trillion dollars of mainly short - term Treasury bonds in the third quarter. The use of the Fed's overnight reverse repurchase tool is approaching zero. Import tariffs have pushed up commodity prices, leading to an increase in the PPI annual rate in July and the core CPI annual rate at the consumer end. The inflation expectations in August are higher than expected, reducing the expected number of Fed rate cuts to September/October [1]. - **European Central Bank**: The ECB paused rate cuts in July, keeping the deposit mechanism rate at 2%. The eurozone (Germany) CPI annual rate in July was 2% (1.8%), higher than expected but flat compared to the previous value. Due to the continued recovery of the manufacturing PMI in the eurozone, Germany, and France in July, the ECB may cut rates at most once before the end of 2025 [1]. - **Bank of England**: The Bank of England cut the key interest rate by 25 basis points to 4.0% in August. It continued to reduce its holdings of 100 billion pounds of UK government bonds from October 2024 to September 2025 and may slow down the pace of balance - sheet reduction later. The UK's CPI (core CPI) annual rate in June was 3.6% (3.7%), and the GDP monthly rate was 0.4%, both higher than expected and the previous value. The manufacturing (service) PMI in July was 48.2 (51.2), higher (lower) than expected and the previous value. The Bank of England may cut rates at most once before the end of 2025 [1]. - **Bank of Japan**: The Bank of Japan kept the benchmark interest rate unchanged at 0.5% in July and will start reducing the quarterly Treasury bond purchase scale from 400 billion to 200 billion yen in April 2026. Japan's (Tokyo) core CPI annual rate in June (July) was 3.3% (2.9%), in line with expectations but lower than the previous value. The GDP quarterly rate in the second quarter was 0.3%, higher than expected. With the US Treasury Secretary urging the Bank of Japan to raise interest rates, the Bank of Japan still has the possibility of raising rates before the end of 2025, with the earliest possible time being October [1]. 3.3 Trading Strategy Investors are advised to wait for price drops to build long positions. For London gold, pay attention to the support level around 3,200 - 3,300 dollars/ounce and the resistance level around 3,400 - 3,500 dollars/ounce. For Shanghai gold, focus on the support level around 760 - 770 yuan/gram and the resistance level around 800 - 810 yuan/gram. For London silver, pay attention to the support level around 34 - 36 dollars/ounce and the resistance level around 37 - 40 dollars/ounce. For Shanghai silver, focus on the support level around 8,500 - 8,700 yuan/ten - grams and the resistance level around 9,100 - 9,500 yuan/ten - grams [1].

Group 1 - The core viewpoint of the articles highlights the significant rise in gold prices due to geopolitical tensions, changes in the Federal Reserve's personnel, and inflationary pressures from tariffs, with gold reaching a peak of $3444 per ounce before settling at $3435 per ounce [1][3] - Short-term demand for gold is expected to remain strong, supported by expectations of interest rate cuts and safe-haven buying, with a potential breakthrough of the recent high of $3390 per ounce [3] - Long-term uncertainties in the global economy and geopolitical risks are anticipated to continue supporting gold prices, with key factors including U.S. inflation data, trade negotiations, and Federal Reserve appointments [3] Group 2 - Silver prices have also surged, reaching a peak of $39 per ounce, driven by both the rising gold prices and increased demand in sectors like photovoltaics and electric vehicles [3] - The investment landscape for precious metals suggests that while silver and platinum have long-term investment value, short-term trading risks are heightened due to their volatility [3] - Investors are advised to consider the unique characteristics of silver, which has greater price fluctuations compared to gold, and to be cautious of liquidity risks associated with platinum investments [4]

Market Performance - US stock indices showed mixed results on July 22, with the Dow Jones Industrial Average rising by 0.4%, the Nasdaq index falling by 0.39%, and the S&P 500 increasing by 0.06% [4][5] - Nvidia's stock dropped over 2%, resulting in a market value loss of $106.14 billion (approximately ¥761.564 billion) [1][6] Chinese Concept Stocks - The Nasdaq China Golden Dragon Index surged by 1.70%, reaching a new high since March 2023 [9][10] - Notable gains in Chinese concept stocks included Daqo New Energy rising over 16%, NIO increasing by more than 10%, and Pony.ai up over 8% [9][10] Commodity Market - Gold prices reached over $3430 per ounce, with the highest recorded at $3433.49 per ounce, marking a significant increase [14][15] - Silver prices also hit a new high since September 2011, reaching $39.306 per ounce [15] - In the domestic market, black commodity futures generally rose, with coking coal futures hitting the daily limit and coking futures increasing by over 5% [22][24] Oil Market - International crude oil prices continued to decline, with WTI and Brent crude futures down by 0.76% and 0.56%, respectively [19][21] - Analysts noted that while demand is not expected to decrease, increased supply may pressure prices further [21]