本报记者 贺王娟 9月1日，COMEX黄金期货再创历史新高，盘中一度超过3557.1美元/盎司。截至《证券日报》记者发稿，COMEX黄金期货 价格回落至3545.7美元/盎司；SHFE黄金期货价格站上800元/克。 国内品牌金饰价格也升至期高点。如周大福金饰价格为1027元/克，较上周8月25日1009元/克涨18元/克；老庙黄金价格为 1023元/克，较上周8月25日1007元/克上涨16元/克；周生生价格为1025元/克，较上周8月25日1010元/克上涨15元/克。 五矿期货贵金属研究员钟俊轩分析认为，基于当前美联储人事变动及关键人物表态，结合美国劳动力市场整体边际弱化， 预计美联储将有较大概率在未来三次议息会议中进行连续的25个基点降息操作，这对于贵金属价格将形成明显的利多因素。 短期来看，刘有华认为，黄金价格出现大幅回调的风险较低。降息预期未改、地缘冲突持续等利好因素仍在延续。从中长 期而言，全球政治经济格局的演变、美元信用体系面临挑战等宏观背景，预计仍将对黄金形成支撑，但美联储具体降息节奏、 海外经济复苏态势等变量可能带来阶段性波动。 苏商银行特约研究员武泽伟认为，金价短期或维持区间震荡，但中长期 ...

9月1日，COMEX黄金期货再创历史新高，盘中一度超过3557.1美元/盎司。截至记者发稿，COMEX黄 金期货价格回落至3542.4美元/盎司，涨0.75%；SHFE黄金期货价格站上800.56元/克，涨2.08%。 兴业期货认为，当前金银比已回落至近三年中枢附近，白银价格将跟随金价波动。 国内品牌金饰价格也达到近期高点。如周大福金饰价格为1027元/克，较上周8月25日1009元/克涨18元/ 克；老庙黄金价格为1023元/克，较上周8月25日1007元/克上涨16元/克；周生生价格为1025元/克，较上 周8月25日1010元/克上涨15元/克。 短期来看，刘有华认为，黄金价格出现大幅回调的风险较低。降息预期未改、地缘冲突持续等利好因素 仍在延续。从中长期而言，全球政治经济格局的演变、美元信用体系面临挑战等宏观背景，预计仍将对 黄金形成支撑，但美联储具体降息节奏、海外经济复苏态势等变量可能带来阶段性波动。 深圳市前海排排网基金销售有限责任公司研究总监刘有华对《证券日报》记者表示，金价近日再度突破 3500美元/盎司，创下历史新高，这一走势是多重因素共同推动的结果。一方面，市场对美联储降息的 预期持续升温 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - The mid - to long - term outlook for precious metals is bullish, and in the short - term, although the multi - short game is intense, the bulls are mainly in control. Precious metal prices are expected to stop falling and rebound. The support for London gold is 3340, with resistance at 3400 and 3450; the support for London silver is 37, with resistance at 38. It is recommended to buy on dips [4]. 3) Summary by Relevant Catalogs [行情回顾] - On Monday, the precious metal market stopped falling and rebounded. The SHFE gold 2510 main contract closed at 781.42 yuan/gram, up 1.36%; the SHFE silver 2510 contract closed at 9039 yuan/kilogram, up 1.3%. The main reason for the price increase was the rising expectation of a Fed rate cut in September [2]. [本周关注] - This week's data is light. Pay attention to the US ISM Services PMI and import - export data on Tuesday night. Regarding events, on Thursday at 03:10, 2027 FOMC voter and San Francisco Fed President Daly will speak; at 22:00, 2027 FOMC voter and Atlanta Fed President Bostic will participate in a fireside chat on monetary policy; on Friday at 22:20, 2025 FOMC voter and St. Louis Fed President Musalem will speak. On Thursday at 19:00, the Bank of England will announce its interest rate decision, meeting minutes, and monetary policy report [3]. [南华观点] - The mid - to long - term trend of precious metals may be bullish. In the short - term, the multi - short game is fierce, but the bulls control the rhythm. The precious metal prices are expected to stop falling and rise. For London gold, the support level is 3340, and the resistance levels are 3400 and 3450; for London silver, the support level is 37, and the resistance level is 38. The operation strategy is to buy on dips [4]. [贵金属期现价格表] - SHFE gold main continuous contract: 781.42 yuan/gram, up 10.7 yuan, or 1.39%. SGX gold TD: 775.55 yuan/gram, up 8.37 yuan, or 1.09%. CME gold main contract: 3428.6 dollars/ounce, up 12.6 dollars, or 0.37%. SHFE silver main continuous contract: 9039 yuan/kilogram, up 121 yuan, or 1.36%. SGX silver TD: 8999 yuan/kilogram, up 111 yuan, or 1.25%. CME silver main contract: 37.445 dollars/ounce, up 0.34 dollars, or 0.92%. SHFE - TD gold: 5.87 yuan/gram, up 2.33 yuan, or 65.82%. SHFE - TD silver: 40 yuan/kilogram, up 10 yuan, or - 37.5%. CME gold - silver ratio: 91.5636, down 0.4995, or - 0.54% [5]. [库存持仓表] - SHFE gold inventory: 35889 kilograms, up 144 kilograms, or 0.4%. CME gold inventory: 1206.6166 tons, up 2.426 tons, or 0.2%. SHFE gold position: 217696 lots, down 1072 lots, or - 0.49%. SPDR gold position: 954.8 tons, up 1.72 tons, or 0.18%. SHFE silver inventory: 1174.273 tons, down 9.684 tons, or - 0.82%. CME silver inventory: 15757.0987 tons, down 1.8489 tons, or - 0.01%. SGX silver inventory: 1368.435 tons, up 56.415 tons, or 4.3%. SHFE silver position: 371051 lots, up 5858 lots, or 1.6%. SLV silver position: 15021.873699 tons, down 34.7912 tons, or - 0.23% [14]. [股债商汇总览] - US Dollar Index: 98.757, up 0.0664, or 0.07%. US Dollar to Chinese Yuan: 7.1842, down 0.0093, or - 0.13%. Dow Jones Industrial Average: 44173.64 points, up 585.06 points, or 1.34%. WTI crude oil spot: 67.33 dollars/barrel, down 1.93 dollars, or - 2.79%. LmeS copper 03: 9708.5 dollars/ton, up 75.5 dollars, or 0.78%. 10 - year US Treasury yield: 4.22%, down 0.01%, or - 0.24%. 10 - year US real interest rate: 1.85%, down 0.05%, or - 2.63%. 10 - 2 year US Treasury yield spread: 0.54%, up 0.11%, or 25.58% [17].

Report Industry Investment Rating No relevant information provided. Core View of the Report - The medium- to long-term trend of precious metals may be bullish. In the short term, the volatility of London gold has increased. Given the upcoming significant events and data this week, market fluctuations may intensify. For London gold, the support level is at the 3300 mark, and resistance levels are at 3350, 3370, and 3400. For London silver, the support range is 37.8 - 38, and resistance levels are at 38.3, 38.7, 39, and 39.5. The operation strategy is to buy on dips [4]. Summary by Related Catalogs Market Review - On Tuesday, the precious metals market stopped falling and fluctuated. The US dollar index rose, the yield of the 10Y US Treasury bond dropped significantly, the US stock market pulled back, the European stock market rose, the Chinese stock market was relatively strong, Bitcoin fluctuated, and crude oil prices rose due to the US threat to impose tariffs on Russia if the cease - fire agreement deadline is advanced to August 8. The COMEX gold 2512 contract closed at $3383 per ounce, up 0.48%; the US silver 2509 contract closed at $38.385 per ounce, up 0.43%. The SHFE gold 2510 main contract was at 771.44 yuan per gram, down 0.24%; the SHFE silver 2510 contract was at 9195 yuan per kilogram, down 0.33% [2]. Interest Rate Cut Expectations and Fund Holdings - Interest rate cut expectations fluctuated slightly. According to CME's "FedWatch" data, the probability of the Fed keeping interest rates unchanged in July was 97.4%, and the probability of a 25 - basis - point cut was 2.6%. In September, the probability of unchanged rates was 34.6%, the probability of a cumulative 25 - basis - point cut was 63.7%, and the probability of a cumulative 50 - basis - point cut was 1.7%. In October, the probability of unchanged rates was 15.7%, the probability of a cumulative 25 - basis - point cut was 47.9%, the probability of a cumulative 50 - basis - point cut was 35.5%, and the probability of a cumulative 75 - basis - point cut was 0.9%. The SPDR Gold ETF holdings remained at 956.23 tons, and the iShares Silver ETF holdings increased by 14.13 tons to 15173.92 tons. SHFE silver inventory decreased by 3.4 tons to 1204.9 tons, and SGX silver inventory increased by 56.4 tons to 1368.4 tons in the week ending July 25 [3]. This Week's Focus - This week has a dense schedule of data, including end - of - month and beginning - of - month important US PCE, non - farm payroll reports, ISM manufacturing PMI, etc. In terms of events, the Bank of Canada will announce its interest rate decision and monetary policy report at 21:45 on Wednesday. The Fed FOMC will announce its interest rate decision at 02:00 on Thursday, and Fed Chairman Powell will hold a monetary policy press conference at 02:30. The Bank of Japan will announce its interest rate decision and economic outlook report on Thursday afternoon [4]. Price and Spread Data - SHFE gold main - continuous contract was at 771.44 yuan per gram, down 0.43%; SGX gold TD was at 767.19 yuan per gram, down 0.57%; CME gold main contract was at $3325.3 per ounce, up 0.34%. SHFE silver main - continuous contract was at 9195 yuan per kilogram, down 0.18%; SGX silver TD was at 9163 yuan per kilogram, down 0.25%; CME silver main contract was at $38.385 per ounce, up 0.14%. The SHFE - TD gold spread was 4.25 yuan per gram, up 32.81%; the SHFE - TD silver spread was 32 yuan per kilogram, up 30%. The CME gold - silver ratio was 86.6302, up 0.2% [5][6]. Inventory and Position Data - SHFE gold inventory was 31263 kilograms, up 3.32%; CME gold inventory was 1187.1127 tons, up 0.35%; SHFE gold position was 212407 lots, up 1.3%; SPDR gold position was 956.23 tons, unchanged. SHFE silver inventory was 1204.866 tons, down 0.28%; CME silver inventory was 15623.181 tons, up 0.12%; SGX silver inventory was 1368.435 tons, up 4.3%; SHFE silver position was 392743 lots, down 1.43%; SLV silver position was 15173.916734 tons, up 0.09% [11]. Stock, Bond, and Commodity Overview - The US dollar index was 98.9021, up 0.25%; the US dollar against the Chinese yuan was 7.1812, unchanged. The Dow Jones Industrial Average was 44632.99 points, down 0.46%; WTI crude oil spot was $69.21 per barrel, up 3.75%; LmeS copper 03 was $9803 per ton, up 0.41%. The 10Y US Treasury bond yield was 4.34%, down 1.81%; the 10Y US real interest rate was 1.91%, down 3.54%; the 10 - 2Y US Treasury bond yield spread was 0.48%, down 5.88% [15].