黄金：震荡反弹，白银：高位回落

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Relevant Catalogs Metal Price and Trading Volume - Gold: The closing price of Shanghai Gold 2602 yesterday was 1,130.40 with a daily increase of 0.82%, and the night - session closing price was 1,130.70 with a night - session increase of 0.44%. Comex Gold 2602 had a closing price of 5107.80 with a 1.19% increase. London Gold Spot closed at 5084.75 with a 1.14% increase [2]. - Silver: The closing price of Shanghai Silver 2602 yesterday was 20944 with a 3.16% increase, and the night - session closing price was 20965.00 with a 2.27% increase. Comex Silver 2602 had a closing price of 84.085 with a 4.35% increase. London Silver Spot closed at 84.215 with a 4.29% increase [2]. - Trading Volume: The trading volume of Shanghai Gold 2602 yesterday was 217,933, a decrease of 164 from the previous day. The trading volume of Comex Gold 2602 was 125,366, an increase of 23,538 from the previous day. The trading volume of Shanghai Silver 2602 was 504,079, a decrease of 107,478 from the previous day. The trading volume of Comex Silver 2602 was 60,099, an increase of 8,229 from the previous day [2]. ETF and Inventory - ETF: The position of SPDR Gold ETF was 1,081.32, an increase of 2,934. The position of SLV Silver ETF (the day before yesterday) was 16,236.18, an increase of 20.01 [2]. - Inventory: The inventory of Shanghai Gold (kg) was 105,072, with no change from the previous day. The inventory of Comex Gold (troy ounces) (the day before yesterday) was 35,229,811, a decrease of 64,302. The inventory of Shanghai Silver (kg) was 342,102, an increase of 18,734. The inventory of Comex Silver (troy ounces) (the day before yesterday) was 386,273,025, a decrease of 4,192,982 [2]. Spread and Exchange Rate - Spread: The spread between Gold T + D and AU2602 was - 5.93, with no change from the previous day. The spread between Shanghai Gold 2602 contract and 2606 contract was N/A. The cost of cross - period arbitrage of buying Shanghai Gold December and selling June was 4.77, a decrease of 0.87 from the previous day. The spread between Silver T + D and AG2602 was 1,016, a decrease of 354 from the previous day. The spread between Shanghai Silver 2602 contract and 2606 contract was - 13,933, a decrease of 414 from the previous day. The cost of cross - period arbitrage of buying Shanghai Silver December and selling June was 73.41, a decrease of 11.3 from the previous day [2]. - Exchange Rate: The US dollar index was 96.93, an increase of 0.07%. The US dollar against the Chinese yuan (CNY spot) was 6.91, a decrease of 0.02%. The euro against the US dollar was 1.19, with no change. The US dollar against the Japanese yen was 154.31, an increase of 0.05. The British pound against the US dollar was 1.21, with no change [2]. Macro and Industry News - The US added 130,000 non - farm jobs in January, the largest increase since April last year, and the unemployment rate dropped to 4.3%. Wall Street expects the first interest rate cut to be postponed to July, and the "New Fed Wire" expects a longer pause in rate cuts [2][3]. - Oil prices rose more than 2% during the day. It was reported that Trump privately considered withdrawing from the US - Mexico - Canada Agreement [4]. - Trump said that reaching an agreement with Iran would be the "preferred option", and an advisor to Iran's supreme leader said that the US was moving towards rationality [5]. - Li Qiang proposed to comprehensively promote the scientific and technological innovation, industrial development, and enabling applications of artificial intelligence, and cultivate and expand new - quality productive forces [5]. - The State - owned Assets Supervision and Administration Commission of the State Council promoted central enterprises to actively expand effective investment in computing power [5]. - China's CPI year - on - year increase in January fell to 0.2%, and the year - on - year decline in PPI narrowed to 1.4% [5]. - The first flight test mission of the Long March 10 rocket and the Mengzhou spacecraft was successful, marking a milestone in lunar exploration with rockets [5].