1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The market's expectation of a Fed rate cut in October has increased due to the in - line US August PCE data, and precious metal prices are in a strong - side consolidation. The US economic data is trending weaker, and there are concerns about the US fiscal situation and Fed independence, suggesting support for precious metal prices. Attention should be paid to the US September non - farm payroll data released on Friday [6][9][11] 3. Summary by Directory 3.1 Market Review - The price of US gold continued its strong - side consolidation. As of last Friday, it closed at $3,790 per ounce, up 1.9% for the week. The upper resistance level is $3,850, and the lower support level is $3,700 [6] - The price of US silver continued to rise. As of last Friday, it had a weekly gain of 6.9%, closing at $46.4 per ounce. The lower support level is $45, and the upper resistance level is $48.5 [9] 3.2 Weekly View - Due to factors such as the in - line US August PCE data, the downward revision of the total non - farm employment in March, the indication of two more rate cuts in the dot - plot of the FOMC meeting, market expectations of monetary policy easing have increased. The precious metal prices are expected to be supported at the bottom. Attention should be paid to the US September non - farm payroll data released on Friday [11] 3.3 Overseas Macroeconomic Indicators - No specific text summary information provided, only charts are shown 3.4 Important Economic Data of the Week - The annual rate of the US August PCE price index was 2.7%, in line with expectations and slightly higher than the previous value of 2.6% [26] - The final quarterly annualized rate of the US second - quarter real GDP was 3.8%, higher than the expected 3.3% and the previous value of 3.3% [26] - The preliminary value of the US September SPGI manufacturing PMI was 52, in line with expectations and slightly lower than the previous value of 53 [26] 3.5 Important Macroeconomic Events and Policies of the Week - The overall US August PCE data increased by 2.7% year - on - year, in line with market expectations and slightly higher than the previous value. The market is still betting that the Fed will cut rates in October, with an 86% probability [27] - The annualized growth rate of the US second - quarter GDP reached 3.8%, the fastest in nearly two years. The expected growth rate of the third - quarter GDP is generally around 2.5%. US consumer spending in August increased by 0.6%, exceeding expectations [27] 3.6 Inventory - For gold, the COMEX inventory increased by 15,019.10 kg to 1,242,473.18 kg this week, and the SHFE inventory increased by 8,397 kg to 65,826 kg [13] - For silver, the COMEX inventory increased by 195,990.93 kg to 16,495,571.19 kg this week, and the SHFE inventory decreased by 1,177 kg to 1,158,266 kg [13] 3.7 Fund Holdings - As of September 23, the net long position of CFTC speculative funds in gold was 259,261 contracts, an increase of 3,182 contracts from last week [13][35] - As of September 23, the net long position of CFTC speculative funds in silver was 49,507 contracts, an increase of 729 contracts from last week [13][35] 3.8 Key Points to Watch This Week - On Wednesday (October 1), at 22:00, the US September ISM manufacturing PMI will be released [37] - On Friday (October 3), at 20:30, the seasonally - adjusted change in US September non - farm payrolls and the US September unemployment rate will be released [37]