机构看金市：2月26日

Core Viewpoint - The ongoing negotiations between the US and Iran are critical for the precious metals market, with potential volatility expected based on the outcomes of these discussions [1][2]. Group 1: Market Analysis - Zhongcai Futures indicates that the focus for precious metals in the short term is on the US-Iran negotiations on the 26th, where a lack of breakthroughs could lead to increased military pressure from the US, heightening market risk aversion [1]. - If Iran concedes during negotiations, risk aversion may quickly dissipate, negatively impacting precious metals [1]. - Funi Futures notes that the ongoing tensions between the US and Iran, along with internal political struggles in the US, are driving up demand for safe-haven assets, supporting the rise in precious metal prices [2]. Group 2: Price Trends and Predictions - Guotai Junan Futures suggests that the market is currently pricing in the impact of Trump's tariffs, with a recent rebound in gold and silver ETF holdings reflecting increased demand for precious metals amid rising uncertainties [2]. - The expectation is for precious metal prices to experience high-level fluctuations, with potential for a 2-4 month period of consolidation to build new momentum for breaking previous highs [2]. - The overall long-term outlook for gold remains bullish due to global political and economic uncertainties, despite short-term profit-taking pressures and a stable dollar index [2].