黄金：对等关税政策落地，白银：企稳反弹

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Gold: The peer - to - peer tariff policy has been implemented [1] - Silver: It has stabilized and rebounded [2] Summary by Relevant Catalogs 1. Precious Metals Fundamental Data - Prices and Price Changes: - For gold, the closing price of Shanghai Gold 2504 yesterday was 719.22 with a daily increase of 0.14%, and the night - session closing price was 719.94 with a night - session increase of 0.58%. Comex Gold 2504 had a closing price of 2973.30 with a 0.18% increase. London Gold Spot was at 3015.40 with a 0.02% increase [2]. - For silver, the closing price of Shanghai Silver 2504 was 7681 with a 0.87% increase, and the night - session closing price was 7704.00 with a 0.39% increase. Silver T + D was at 7689 with a 1.00% increase, while Comex Silver 2504 decreased by 1.11% to 29.750 [2]. - Trading Volume and Position Changes: - The trading volume of Shanghai Gold 2504 was 4,290, an increase of 408 compared to the previous day, and the position was 6,414, a decrease of 2,499. Comex Gold 2504 had a trading volume of 191,636, a decrease of 112,003, and a position of 371,028, an increase of 2,435 [2]. - The trading volume of Shanghai Silver 2504 was 5,812, a decrease of 6,168, and the position was 9,228, a decrease of 1,708. Comex Silver 2504 had a trading volume of 71,906, a decrease of 62,542, and a position of 103,924, with no change [2]. - ETF and Inventory Changes: - The position of SPDR Gold ETF was 925.92, a decrease of 1. The position of SLV Silver ETF (the day before yesterday) was 13,937.60, an increase of 21 [2]. - The inventory of Shanghai Gold was 15,675 kilograms with no change, and Comex Gold (in troy ounces, the day before yesterday) was 45,064,217, a decrease of 7,479. The inventory of Shanghai Silver was 1,104,782 kilograms, a decrease of 45799, and Comex Silver (in troy ounces, the day before yesterday) was 492,042,423, an increase of 1,965,412 [2]. - Price Spreads: - The spread between Gold T + D and AU2412 was - 1.82, an increase of 3.13 compared to the previous day. The spread between Shanghai Gold 2502 and 2504 contracts was 0.88, an increase of 0.24 [2]. - The spread between Silver T + D and AG2502 was 3, a decrease of 16 compared to the previous day. The spread between Shanghai Silver 2502 and 2504 contracts was 8, an increase of 4 [2]. - Exchange Rates: - The US Dollar Index was 102.96, a decrease of 0.46%. The US Dollar against the Chinese Yuan (CNY spot) was 7.34, an increase of 0.33% [2]. 2. Macro and Industry News - Li Qiang had a phone call with the President of the European Commission, stating that China and the EU should strengthen communication and coordination, expand mutual opening - up, and safeguard free and open trade and investment [3][5] - The US threatened to further impose a 50% tariff on China, and the Chinese Ministry of Commerce stated that if the US persists, China will surely respond in kind [7] - The US Trade Representative said that the "peer - to - peer tariff" would take effect on April 9 [7] - Trump proposed that if Europe buys 350 billion US dollars of US energy, the US could consider reducing tariffs. The EU may respond to Trump's tariffs as early as next week [7] - Musk strongly criticized Navarro and opposed Trump's tariffs [7] 3. Trend Intensity - The trend intensity of gold is 1, and that of silver is - 1. The trend intensity ranges from - 2 to 2, where - 2 means the most bearish and 2 means the most bullish [6]