On Friday (September 19), international precious metals futures generally closed higher. COMEX gold futures rose 1.12% to $3,719.4 per ounce, while COMEX silver futures increased 2.96% to $43.365 per ounce.

Guoxin Securities believes that the gold market has performed strongly recently, with spot gold prices hitting a record high, primarily supported by expectations of a Fed rate cut, geopolitical risks, and safe-haven demand.

Tensions in the Middle East and uncertainty surrounding the Trump administration's trade policies have further boosted gold's safe-haven appeal. Gold ETF inflows have increased significantly. According to the World Gold Council's "Q2 2025 Global Gold Demand Trends Report," global gold ETF net inflows reached 397 tons in the first half of 2025, the highest level since 2020. In terms of central bank gold purchases, the People's Bank of China has increased its gold reserves for 10 consecutive months, further reinforcing gold's value as a monetary hedge.

International oil prices weakened. The main U.S. oil contract fell 1.42% to $62.36 per barrel, down 0.53% for the week. The main Brent crude contract declined 1.34% to $66.02 per barrel, down 1.45% weekly.

European Commission President Ursula von der Leyen issued a statement on the 19th, announcing the submission of the 19th round of sanctions against Russia to member states, primarily targeting energy and finance. According to the statement, the EU will ban Russian liquefied natural gas from entering the European market and lower the price cap on Russian crude oil to $47.6 per barrel. Russian oil trading companies and Gazprom Neft will face comprehensive transaction bans. The EU will also expand transaction bans on banks in Russia and other countries and include cryptocurrency platforms in sanctions for the first time. Under EU procedures, the new round of sanctions must be unanimously approved by all 27 member states to take effect.

Citibank stated that Brent crude prices could fall to $60 per barrel by the end of 2026, with an average price of $62 per barrel expected from Q2 to Q4 2026. Supply surplus and slowing demand growth are the main drag factors.