贵金属数据日报-20260212

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - In the short - term, precious metal prices are expected to continue to fluctuate within a stable range, and investors are advised to pay attention to US CPI data. During the long Spring Festival holiday, investors are recommended to hold light positions to avoid risks from overseas market fluctuations. [6] - In the long - term, the underlying logic of the precious metal bull market remains solid. With the probability of the Fed cutting interest rates this year, continuous global geopolitical uncertainties, and the US's huge debt promoting the de - dollarization wave, the allocation demand of global central banks, institutions, and residents is expected to continue. The price center of precious metals still has room to rise, and long - term strategies suggest buying on dips. [6] 3. Summary by Relevant Catalogs 3.1 Price Tracking - 2.11 vs 2.10 Price Changes: On February 11, compared with February 10, London gold spot rose 0.8% to $5064.52 per ounce, London silver spot rose 2.7% to $83.45 per ounce, COMEX gold rose 0.9% to $5088.90 per ounce, COMEX silver rose 2.9% to $83.23 per ounce, AU2602 rose 0.8% to 1133.00 yuan per gram, AG2602 rose 4.0% to 20505.00 yuan per kilogram, AU (T + D) rose 0.8% to 1126.49 yuan per gram, and AG (T + D) rose 4.0% to 19949.00 yuan per kilogram. [5] - 2.11 vs 2.10 Spread/Ratio Changes: The gold TD - SHFE active spread rose 9.2% to - 6.51 yuan per gram, the silver TD - SHFE active spread rose 4.9% to - 556 yuan per kilogram, the gold internal - external spread (TD - London) rose 8.9% to - 4.16 yuan per gram, the silver internal - external spread (TD - London) fell 16.2% to - 977 yuan per kilogram, the SHFE gold - silver ratio fell 3.1% to 55.25, the COMEX gold - silver ratio fell 2.0% to 61.15, the AU2604 - 2602 spread fell 5.1% to 2.60 yuan per gram, and the AG2604 - 2602 spread fell 23.4% to - 439 yuan per kilogram. [5] 3.2 Position Data - 2.10 vs 2.9 Position Changes: On February 10, compared with February 9, the gold ETF - SPDR decreased 0.03% to 1079.32 tons, the silver ETF - SLV increased 0.16% to 16216.45052 tons, the non - commercial long positions of COMEX gold decreased 14.91% to 214508 contracts, the non - commercial short positions increased 4.71% to 48904 contracts, the non - commercial net long positions decreased 19.37% to 165604 contracts, the non - commercial long positions of COMEX silver decreased 10.56% to 38883 contracts, the non - commercial short positions decreased 34.22% to 13006 contracts, and the non - commercial net long positions increased 9.17% to 25877 contracts. [5] 3.3 Inventory Data - 2.11 vs 2.10 Inventory Changes: On February 11, compared with February 10, the SHFE gold inventory remained unchanged at 105072.00 kilograms, the SHFE silver inventory increased 5.79% to 342102.00 kilograms, the COMEX gold inventory decreased 0.18% to 35229811 troy ounces, and the COMEX silver inventory decreased 1.07% to 386273025 troy ounces. [5] 3.4 Interest Rates/Exchange Rates/Stock Market - 2.11 vs 2.10 Interest Rates/Exchange Rates/Stock Market Changes: On February 11, compared with February 10, the US dollar/Chinese yuan central parity rate fell 0.03% to 6.94, the US dollar index rose 0.01% to 96.87, the 2 - year US Treasury yield fell 0.86% to 3.45%, the 10 - year US Treasury yield fell 1.42% to 4.16%, the VIX rose 2.48% to 17.79, the S&P 500 fell 0.33% to 6941.81, and NYWEX crude oil fell 0.34% to 64.20. [5] 3.5 Market Review - On February 11, the main contract of Shanghai gold futures closed up 0.56% to 1130.4 yuan per gram, and the main contract of Shanghai silver futures closed up 1.88% to 20944 yuan per kilogram. [5] 3.6 Influencing Factor Analysis - The uncertainty of the Middle East geopolitical situation has increased, and safe - haven demand and continued gold purchases by global central banks have pushed up precious metal prices. However, the unexpectedly strong US January non - farm payrolls report has shifted the market's expectation of the Fed's first interest rate cut from June to July, strengthening the US dollar index and pressuring precious metal prices. [6] - For silver, the relatively high London spot silver lease rate, the decline in New York inventory, and the low - level inventory of the Shanghai Futures Exchange limit the downward space of silver prices. But due to the inflow of imported silver into the market and weak pre - holiday market demand, the domestic silver price is continuously at a discount to the overseas price, and the monthly spread of silver futures has also narrowed. [6]