北京时间周二(8月26日)亚盘时段，美元指数交投于98.25附近，现货白银今日开盘于38.56美元/盎司，目 前交投于38.72美元/盎司附近，白银t+d交投于9338元/千克附近，沪银主力交投于9366元/千克附近。今 日基本面关注美国8月谘商会消费者信心指数，美国8月里奇蒙德联储制造业指数。 周一(8月25日)美元指数上涨0.73%，收报98.43，现货白银收报38.55美元/盎司，下跌0.69%，由于市场 对降息前景的乐观情绪有所平息，美元指数反弹，现货白银大幅度回落，现货黄金也在接近15美元的狭 窄区间内横盘震荡：现货黄金下跌0.17%，报3365.95美元/盎司，现货铂金收跌1.54%，报1340.75美元/ 盎司；现货钯金收跌2.77%，至1094.93元/盎司。 【最新数据一览】 SLV白银ETF持仓15288.82吨，较前一交易日持平； 白银市场昨日开盘在38.87的位置后先拉升给出日线高点38.991的位置后行情强势震荡回落，日线最低给 到了38.524的位置后行情整理，日线最终收线在了38.543的位置后，日线以一根上影线较长的中阴线收 线，而这样的形态收尾后，上周五37.8的多减仓后止损 ...

北京时间周一(8月25日)亚盘时段，美元指数交投于97.91附近，现货白银今日开盘于38.89美元/盎司，目 前交投于38.90美元/盎司附近，白银t+d交投于9345元/千克附近，沪银主力交投于9382元/千克附近。今 日基本面关注美国8月达拉斯联储商业活动指数。 【最新白银行情解析】 白银市场上周开盘在37.937的位置后行情先拉升给出38.273的位置后行情强势震荡回落，周线最低给到 了36.93的位置后行情强势拉升，周线最高触及到了39.058的位置后行情整理，周线最终收线在了38.895 的位置后，周线以一根下影线极长的大阳线收线，而这样的形态收尾后，本周延续多，点位上，上周五 37.8的多减仓后止损跟进在38持有，今日38.5多止损38.3，目标看39和39.3和39.5-39.7。 上周五(8月22日)美元指数下跌0.95%，收报97.71，现货白银收报38.82美元/盎司，上涨1.81%，由于鲍 威尔在杰克逊霍尔会议上的讲话提振了市场对9月降息的预期，现货白银直线走高，现货黄金也随之直 线拉升：现货黄金上涨1.00%，报3371.69美元/盎司，现货铂金收涨0.60%，报1361.75美元/盎 ...

Report Summary 1. Report Industry Investment Rating - No information provided in the given content regarding the industry investment rating. 2. Core View of the Report - With recent progress in trade negotiations, the US dollar index has strengthened, leading to a continuous decline in gold prices. Amid the overall rise and fall of commodities, silver has also corrected. Before the new tariff deadline, there has been a peak in negotiations. After the US reached a trade agreement with Japan and a 15% tariff agreement with the EU (lower than previous expectations), risk aversion has cooled. Trump has been pressuring the Fed to cut interest rates, but the expectation of a July rate cut remains low, and the market is focusing on whether there will be a rate cut in September. The rebound of US CPI has further cooled the short - term rate cut expectation, and the market is watching this week's non - farm payrolls performance. Although US economic data shows that the impact of tariff policies is smaller than feared, the subsequent impact may gradually increase. The implementation of the "Big and Beautiful" bill continues to boost the expectation of the US fiscal deficit, and the People's Bank of China has been continuously increasing its gold holdings. The long - term drivers for gold still provide support, but the high price makes upward movement hesitant. Overall, gold and silver are likely to continue to show a volatile performance [4]. 3. Summary by Related Catalogs Futures Market - **Prices and Changes**: The current prices of沪金2510 and沪金2512 are 770.68 and 772.84 respectively, with price drops of - 4.10 and - 4.16, and declines of - 0.53% and - 0.54%. The current prices of沪银2510 and沪银2512 are 9201.00 and 9218.00 respectively, with price drops of - 11.00 and - 16.00, and declines of - 0.12% and - 0.17%. [2] - **Positions and Volumes**: The positions of沪金2510 and沪金2512 are 209675 and 112653 respectively, and the trading volumes are 256019 and 31873 respectively. The positions of沪银2510 and沪银2512 are 398421 and 210928 respectively, and the trading volumes are 1203307 and 160014 respectively. [2] - **Spot Premiums**: The spot premiums of沪金2510 and沪金2512 are 0.90 and - 1.26 respectively, and those of沪银2510 and沪银2512 are - 15.00 and - 32.00 respectively. [2] Spot Market - **Prices and Changes**: The previous closing prices of Shanghai Gold T + D and London Gold were 771.58 and 764.91 respectively, with price drops of - 2.03 and - 3.94, and declines of - 0.26% and - 0.51%. The previous closing price of London Gold (in dollars per ounce) was 3314.18, with a price drop of - 22.04 and a decline of - 0.66%. The previous closing price of Shanghai Silver T + D was 9186.00, with a price drop of - 186.00 and a decline of - 1.98%. The previous closing price of London Silver (in dollars per ounce) was 38.15, with a price increase of 0.02 and an increase of 0.04%. [2] - **Differences and Ratios**: The current values of沪金2512 - 沪金2510 and沪银2512 - 沪银2510 are 2.16 and 17 respectively. The spot gold - to - silver ratio is 84.00. The ratios of Shanghai Gold to London Gold and Shanghai Silver to London Silver are 7.24 and 7.49 respectively. [2] Inventory - **Changes**: The inventories of Shanghai Futures Exchange gold and COMEX gold remain unchanged at 30,258 kilograms and 38,034,038 respectively. The inventories of Shanghai Futures Exchange silver and COMEX silver have increased by 21,015.00 kilograms and 1375881 respectively. [2] Related Variables - **Index and Yield Changes**: The current values of the US dollar index, Standard & Poor's Index, US Treasury yield, Brent crude oil, and the US dollar - to - RMB exchange rate are 98.6694, 6389.77, 4.42, 69.6, and 7.1835 respectively, with increases of 1.02%, 0.02%, 0.45%, 0.01%, and 0.21% respectively compared to the previous values. [2] Derivatives - **Position Changes**: The positions of spdr gold ETF and SLV silver ETF have increased by 1.00 tons. The net positions of CFTC speculators in silver have increased by 481, while those in gold have decreased by 1451. [2] Market News - **Trade Negotiations**: On July 28 local time, the economic and trade teams of China and the US held economic and trade talks in Stockholm, Sweden, aiming to translate the important consensus of the two heads of state into specific policies and actions, implement the consensus of the Geneva economic and trade talks and the London framework, and promote the healthy development of China - US economic and trade relations. [3] - **Trump's Statements**: Trump may impose a unified tariff of 15% - 20% on imported goods from countries that have not negotiated separate trade agreements with the US. He is also disappointed with Putin and is shortening the 50 - day deadline for Russia and Ukraine to reach an agreement. If no agreement is reached, the US will implement "secondary sanctions". [3] - **US Treasury Borrowing**: The US Treasury has significantly raised its estimate of federal borrowing for this quarter to $1 trillion, mainly due to the impact of the debt ceiling. It now expects the net borrowing from July to September to be $1.01 trillion, up from the April forecast of $554 billion. [3] - **European Central Bank**: European Central Bank hawkish official Kazimir said that the ECB is not in a hurry to lower borrowing costs again. Unless there is a major unexpected economic turn, the reason for action in September is not sufficient. [3]

Market Overview - The US dollar index is trading around 97.51, while spot silver opened at $38.04/oz and is currently around $38.28/oz. Silver T+D is trading at approximately 9181 CNY/kg, and the main Shanghai silver contract is around 9209 CNY/kg [1] - Last Friday, the US dollar index rose by 0.19% to close at 97.67, while spot silver fell by 2.26% to $38.14/oz. The decline in silver was attributed to progress in US-EU trade negotiations, which reduced safe-haven demand [1] Silver Market Data - The SLV silver ETF holdings increased by 22.61 tons to a total of 15,230.43 tons compared to the previous trading day [2] - On July 25, the compensation fee payment direction for Ag (T+D) was in favor of longs [2] Trade Agreements and Tariffs - President Trump announced a trade agreement with the EU, which includes a 15% tariff, $600 billion in US investments, and zero tariffs from EU countries on US goods. However, there is ambiguity regarding whether the 15% tariff covers pharmaceuticals and steel/aluminum [3] - The US Commerce Secretary stated that the deadline for tariff increases on August 1 will not be extended, and a decision on chip tariffs will be made within two weeks [4] Silver Market Analysis - The silver market opened last week at $38.108, experienced a slight pullback to $38.061, and then surged to a weekly high of $39.523 before retreating. The weekly low was $37.923, and it closed at $38.163, forming a long upper shadow shooting star pattern, indicating potential bearish sentiment for the upcoming week [5] Upcoming Economic Indicators - Key economic indicators to watch include the UK CBI retail sales balance at 18:00, the OPEC+ ministerial monitoring committee meeting at 20:00, and the US Dallas Fed business activity index at 22:30 [6]

Group 1: Market Overview - The US dollar index is trading around 98.26, while spot gold opened at $3430.30 per ounce and is currently trading at approximately $3439.01 per ounce [1] - The previous trading day saw the US dollar index rise by 0.28% to 98.14, and spot gold increased by 1.38% to $3431.99 per ounce [1] - Other precious metals experienced declines, with spot silver down 0.12% to $36.29 per ounce, platinum down 5.25% to $1228.33 per ounce, and palladium down 3.18% to $1028.20 per ounce [1] Group 2: Inventory Data - As of June 13, COMEX gold inventory remains unchanged at 1175.39 tons, while COMEX silver inventory increased by 8.07 tons to 15503.85 tons [2] - SPDR gold ETF holdings increased by 2.58 tons to 940.49 tons, whereas SLV silver ETF holdings decreased by 53.72 tons to 14675.36 tons [2] Group 3: Geopolitical Events - Israel and Iran engaged in mutual attacks over the weekend, resulting in multiple casualties [4] - Israeli authorities reported at least 10 fatalities, including children, while Iran claimed that at least 138 people have died in Israeli attacks since last Friday, with a significant number being children [5] - Reports indicate that at least 14 Iranian nuclear scientists were killed in the Israeli strikes [6]