五矿期货贵金属日报-20260213

Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Short - term monetary policy expectations suppress precious metals, but they remain in a high - level oscillation pattern supported by global central bank gold purchases, COMEX gold inventory reduction, and geopolitical risks. The market focus has shifted to the upcoming US January CPI data, and the inflation path will be the key to pricing Fed policies and precious metal trends in the next stage. Due to the decline of US technology stocks and profit - taking by some investors, precious metal prices dropped. The strategy is to remain on the sidelines for now, with the reference operating range for the main contract of Shanghai gold being 950 - 1100 yuan/gram and that for the main contract of Shanghai silver being 18500 - 21000 yuan/kilogram [3][4] 3. Summary by Relevant Catalogs 3.1 Market Quotes - Shanghai gold dropped 2.42% to 1100.96 yuan/gram, and Shanghai silver dropped 1.88% to 19188.00 yuan/kilogram. COMEX gold dropped 3.08% to 4941.40 dollars/ounce, and COMEX silver dropped 10.62% to 75.25 dollars/ounce. The US 10 - year Treasury yield was 4.09%, and the US dollar index was 96.91 [2] - The Thursday plunge of precious metals might be due to the decline of US technology stocks, forcing some investors to close positions to replenish liquidity, combined with CTA trading strategies and profit - taking by investors. The initial jobless claims in the US for the week ending February 7 were 227,000, higher than the expected 222,000. The continuing jobless claims for the week ending January 31 were 1.862 million, slightly higher than the expected 1.85 million. The annualized total number of existing home sales in the US in January was 3.91 million, a month - on - month decrease of 8.4%, which might ease the hawkish market expectations brought by previous non - farm employment data [2] 3.2 Strategy Views - Due to the decline of US technology stocks forcing investors to close positions for replenishment and profit - taking by some investors, precious metal prices dropped. But supported by global central bank gold purchases and geopolitical risks, they are still in a high - level oscillation. The key market game has shifted to Friday's CPI data. Temporarily stay on the sidelines, with the reference operating range for the main contract of Shanghai gold being 950 - 1100 yuan/gram and that for the main contract of Shanghai silver being 18500 - 21000 yuan/kilogram [4] 3.3 Key Data Summary - Gold: COMEX gold's closing price (active contract) was 5107.80 dollars/ounce, up 1.19%; trading volume was 125,400 lots, up 23.12%; open interest was 409,700 lots, down 16.13%; inventory was 1080 tons, down 1.40%. LBMA gold's closing price was 5077.85 dollars/ounce, up 0.92%. SHFE gold's closing price (active contract) was 1126.12 yuan/gram, down 0.38%; trading volume was 324,400 lots, up 14.97%; open interest was 302,700 lots, down 0.63%; inventory was 105.07 tons, unchanged; precipitated funds were 5.4533 billion yuan, down 1.01%. AuT + D's closing price was 1122.92 yuan/gram, down 0.14%; trading volume was 24.71 tons, down 14.71%; open interest was 255.19 tons, down 3.12% [7] - Silver: COMEX silver's closing price (active contract) was 84.09 dollars/ounce, up 4.35%; open interest was 143,200 lots, down 8.59%; inventory was 11868 tons, down 1.22%. LBMA silver's closing price was 86.10 dollars/ounce, up 4.64%. SHFE silver's closing price (active contract) was 20,626.00 yuan/kilogram, down 1.52%; trading volume was 1,109,100 lots, up 2.31%; open interest was 540,200 lots, down 2.84%; inventory was 349.63 tons, up 2.20%; precipitated funds were 3.0082 billion yuan, down 4.32%. AgT + D's closing price was 19,670.00 yuan/kilogram, down 1.15%; trading volume was 220.35 tons, down 5.23%; open interest was 3143.492 tons, down 1.42% [7] 3.4 ETF Holdings - Gold: iShare US's holding was 499.84 tons, up 0.08%; GBS UK's holding was 30.80 tons, down 0.22%; PHAU UK's holding was 54.48 tons, down 0.21%; GOLD UK's holding was 29.92 tons, up 0.04%; SGBS Switzerland's holding was 36.12 tons, unchanged [65] - Silver: SLV US's trading volume was 96.4592 million shares, up 29.09%; ETPMAG Australia's holding was 489.86 tons, down 1.18%; PSLV Canada's holding was 6747.30 tons, unchanged; CEF Canada's holding was 1610.16 tons, unchanged [65]