贵金属高波动调整，节前维持谨慎

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Pre - holiday caution is maintained for precious metals during the stage of adjustment, with a focus on risk prevention. In the long - term, the long - term central support for precious metals remains strong, and attention should be paid to three aspects of upward drivers [6] 3. Summary by Related Content Market Performance - This week, precious metals have been in an adjustment trend. On February 6, the main contract of Shanghai silver closed at 18,799 yuan/kg, a decline of 14.92%, and the main contract of Shanghai gold closed at 1,090.12 yuan/g, a decline of 2.02%. Intraday, spot London gold reached a minimum of $4,654 per ounce, and spot London silver reached a minimum of $64 per ounce [4] Influencing Factors - External Asset Impact: The continuous decline of external assets such as US stocks has an impact on precious metals in terms of sentiment and liquidity. Since January 29, the decline of US stocks and the "Wash Trade" have affected precious metals, and this week's decline of US stocks and digital currencies has also had a negative feedback on precious metals. In the past six months, the price of precious metals has been more closely linked to the trend of US stocks [4] - Geopolitical Factor: The phone call between the Chinese and US presidents released positive signals, and the sensitivity of precious metals to geopolitical conflicts may decline marginally. The previous sharp rise of precious metals has fully reflected the geopolitical conflicts since January. If the conflicts do not escalate further, the sensitivity may decrease [5] Market Outlook - In the short - term, precious metals are in a stage of adjustment. With the approaching Spring Festival, domestic capital trading may become lighter, and the upward driving force of prices is low. It is expected that precious metals will maintain an adjustment trend this month, with gold continuing a mild consolidation and silver still at risk of sharp fluctuations [6] - In the long - term, the long - term central support for precious metals remains strong. The subsequent upward driving forces mainly focus on three aspects: the restart of interest rate cuts after Wash takes office as the Fed Chairman in May, the low silver inventory and the potential squeeze risk in the later period of the first quarter overseas, and the possible unexpected disturbances in geopolitics and trade [6]