贵金属数据日报-20260204

1. Report Industry Investment Rating - No specific investment rating for the industry is mentioned in the report [3] 2. Core Viewpoints - After recent significant adjustments, leverage in the precious metals market has been notably reduced, liquidity issues have eased, and gold and silver prices have stabilized and rebounded [5] - For silver, the spot market remains tight, with premiums potentially rising further. The Shanghai Futures Exchange continues to reduce inventories, indicating a shortage of physical silver. The domestic - foreign premium has normalized, and silver prices are expected to further recover sentiment in the short - term [5] - In the future, precious metal prices are expected to continue to recover sentiment and maintain an upward trend. In the medium - to - long - term, the underlying logic of the precious metals bull market remains strong, and prices are likely to rise, presenting good medium - to - long - term allocation opportunities [5] 3. Summary by Relevant Catalogs 3.1 Price and Spread Data - Price Data: On February 3, 2026, London gold spot was at $4875.37/ounce (up 8.2% from February 2), London silver spot was at $84.63/ounce (up 14.7% from February 2), COMEX gold was at $4896.60/ounce (up 8.1% from February 2), and COMEX silver was at $84.51/ounce (up 14.6% from February 2). Shanghai gold futures (AU2602) closed at 1096.84 yuan/gram, and Shanghai silver futures (AG2602) closed at 20821.00 yuan/kilogram [4] - Spread Data: The gold spread (TD - London) on February 3 was - 6.84 yuan/gram (down 382.6% from February 2), and the silver spread (TD - London) was 309 yuan/kilogram (down 130.7% from February 2) [4] 3.2 Position and Inventory Data - Position Data: As of February 2, 2026, the non - commercial net long position of COMEX gold was 205396 contracts (down 16.09% from January 30), and the non - commercial net long position of COMEX silver was 23703 contracts (down 5.99% from January 30) [4] - Inventory Data: On February 2, 2026, SHFE gold inventory was 103032.00 kilograms (unchanged from February 2), and SHFE silver inventory was 449653.00 kilograms (down 2.80% from January 30). COMEX gold inventory was 35625354 ounces (down 0.34% from January 30), and COMEX silver inventory was 405697594 ounces (down 0.05% from January 30) [4] 3.3 Interest Rate, Exchange Rate and Other Market Data - On February 3, 2026, the 10 - year US Treasury yield was 6.96, the US dollar index was 97.61 (up 0.51% from February 2), the US dollar/Chinese yuan central parity rate was 6.96 (down 0.12% from February 2), the 2 - year US Treasury yield was 3.57 (up 1.42% from February 2), the VIX was 16.34 (down 6.31% from February 2), the S&P 500 was 6976.44 (up 0.54% from February 2), and NYMEX crude oil was $62.33/barrel (down 5.19% from February 2) [4] 3.4 Market Review - On February 3, 2026, the main contract of Shanghai gold futures rose 0.63% to 1093.78 yuan/gram, and the main contract of Shanghai silver futures 2604 fell 26.71% to 21446 yuan/kilogram [4]