Shanghai Gold Exchange gold T+D fell 1.37% in early trade on Sept. 28 (Monday) to 914.41 yuan/gram. Shanghai Gold Exchange silver T+D fell 1.70% to 15,369.0 yuan/kg.

Trump rejected Iran's seven-day proposal to reopen the Strait of Hormuz, raising the prospect of further delays to reopening the chokepoint. WTI and Brent crude rose more than 1% at the open. Traders will continue to monitor actual flows through the Strait of Hormuz. Trump said a "record" amount of oil was taken from the strait on Saturday night. Regional tensions remain elevated: the Saudi-led coalition in Yemen said it intercepted a Houthi drone bound for Riyadh and a missile aimed at Khamis Mushait on Saturday; alerts were issued in Abha and Jazan, locations of Saudi Aramco energy facilities.

Jan–Aug, industrial enterprises above designated size: cost per RMB100 of revenue 85.07 yuan, down 0.41 yuan YoY; fees per RMB100 revenue 8.35 yuan, down 0.14 yuan YoY. End‑Aug, operating revenue per RMB100 of assets 72.4 yuan, up 0.4 yuan YoY; operating revenue per employee 1.922 mln yuan, up 125,000 yuan YoY. Finished‑goods inventory days 21.3, up 0.6 days YoY; average accounts‑receivable collection period 72.2 days, up 0.9 days YoY. Industrial profits for these firms rose 4.2% YoY in August.