贵金属数据日报-20260203

Report Overview - The report is a daily data report on precious metals, providing price, spread, position, inventory, and other data, as well as analysis of market trends [3][4] 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - In the short term, the precious metals market may continue to release risks, but after the recent sharp adjustment, the leverage has been significantly reduced, and the possibility of further sharp decline in gold and silver prices is relatively limited, and the market is expected to gradually turn into a volatile trend [5] - In the long term, the collapse of precious metals prices does not mean the end of the bull market. With the probability of the Fed cutting interest rates this year, the continuous global geopolitical uncertainty, and the promotion of de - dollarization due to the huge US debt, the allocation demand of global central banks, institutions, and residents is expected to continue, and the price center of precious metals still has room to rise [5] 3. Summary by Directory 3.1 Price Tracking - Spot and Futures Prices: On February 2, 2026, the price of London gold was $4506.71 per ounce, London silver was $73.77 per ounce, COMEX gold was $4528.90 per ounce, and COMEX silver was $73.75 per ounce. Compared with January 30, 2026, the prices of gold and silver decreased, with gold down about 12.2% and silver down about 31.4% [4] - Spread and Ratio: The spread and ratio of gold and silver in different markets also changed. For example, the gold TD - SHFE active spread on February 2, 2026, was 2.42 yuan/gram, with a change of - 145.1% compared with January 30, 2026 [4] 3.2 Position Data - ETF and COMEX Positions: As of January 30, 2026, the gold ETF - SPDR held 1087.1 tons, and the silver ETF - SLV held 15523.35497 tons. COMEX gold non - commercial long positions were 252100 contracts, and non - commercial short positions were 46704 contracts. Compared with January 29, 2026, the long positions decreased by 14.77%, and the short positions decreased by 8.43% [4] 3.3 Inventory Data - SHFE and COMEX Inventories: On February 2, 2026, SHFE gold inventory was 103029 kilograms, with no change compared with January 30, 2026, and SHFE silver inventory was 462623 kilograms, an increase of 1.66%. COMEX gold inventory on January 30, 2026, was 35748596 troy ounces, a decrease of 0.36% compared with January 29, 2026, and COMEX silver inventory was 405886807 troy ounces, a decrease of 0.58% [4] 3.4 Interest Rate, Exchange Rate, and Stock Market Data - Interest Rates and Exchange Rates: On February 2, 2026, the US dollar/Chinese yuan central parity rate was 6.97, with a change of 0.02% compared with January 30, 2026. The US dollar index was 97.12, an increase of 0.99% compared with January 29, 2026. The 2 - year US Treasury yield was 3.52%, a decrease of 0.28%, and the 10 - year US Treasury yield was 4.26%, an increase of 0.47% [4] 3.5 Market Analysis - Market Trends: On February 2, the main contract of Shanghai gold futures closed at 1008.6 yuan/gram, up 16.73 yuan. The Shanghai silver futures contracts were all limit - down, and the main 2604 contract closed at 2483 yuan/kilogram, up 17%. In the evening of February 2, silver continued to fall, and multiple contracts hit the limit - down, with the 2604 contract once falling 20% to 20600 yuan/kilogram [4] - Influencing Factors: In addition to the continued selling in the precious metals market due to liquidity issues, the Iranian president's order to start nuclear negotiations eased the US - Iran situation, and the US manufacturing index in January reached 52.6, the fastest expansion since 2008 - 2011/2022, which short - term boosted the US Treasury yield and affected the precious metals market. Exchanges such as CNE, SGE, and SHFE raised margins and expanded price limits again, further suppressing speculative enthusiasm [5]