贵金属数据日报-20260224

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In the short - term, the market needs to digest Trump's new tariff policy and the escalating US - Iran tensions. Precious metal prices are expected to remain strong. In the long - run, 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 process, the allocation demand from global central banks, institutions, and residents is likely to continue, and the price of precious metals has upward potential. Long - term strategies suggest buying on dips [6] 3. Summary by Relevant Catalog 3.1 Price Tracking - As of February 23, 2026, London spot gold was at $5148.11/ounce, up 3.8% from February 13, 2026; London spot silver was at $86.45/ounce, up 12.1% [5]. - COMEX gold was at $5169.80/ounce, up 3.8% from February 13; COMEX silver was at $86.33/ounce, up 12.2% [5]. - The COMEX gold - silver ratio on February 23, 2026, was 59.89, down 7.5% from February 13 [5]. 3.2 Position Data - As of February 20, 2026, the gold ETF - SPDR was at 1078.75 tons, unchanged from February 19; the silver ETF - SLV was at 15517.60503 tons, down 0.19% [5]. - COMEX gold non - commercial long positions were 213432 contracts, up 0.29% from February 19; non - commercial short positions were 53517 contracts, up 1.37% [5]. - COMEX silver non - commercial long positions were 36626 contracts, down 0.09% from February 19; non - commercial short positions were 12623 contracts, down 7.89% [5]. 3.3 Inventory Data - As of February 20, 2026, COMEX gold inventory was 33920235 troy ounces, down 0.51% from February 19; COMEX silver inventory was 366257039 troy ounces, down 0.32% [5]. 3.4 Interest Rate/Foreign Exchange/Stock Market - As of February 20, 2026, the US dollar index was 97.74, down 0.10% from February 19; the 2 - year US Treasury yield was 3.48%, up 0.29%; the 10 - year US Treasury yield was 4.08%, unchanged [5]. - The VIX was 19.09, down 5.64% from February 19; the S&P 500 was 6909.51, up 0.69%; NYMEX crude oil was $66.31, down 0.54% [5]. 3.5 Market Review and Influencing Factors - As of 16:00 on February 23, London spot gold was at $5148.108/ounce, up about 3.77% during the Spring Festival holiday; London spot silver was at $86.452/ounce, up about 12.08% [5][6]. - During the Spring Festival, overseas precious metals first declined then rose. Initially, factors such as the US - Iran negotiations reducing risk - aversion demand, the Fed's January meeting minutes showing increased divergence, and the rebound of the US dollar index weakened precious metal prices. Later, poor US economic data increased the expectation of interest rate cuts, the US Supreme Court ruling the IEEPA BCY public tax illegal, Trump's new tariff policy, the US - Iran negotiation deadlock, and the increasing possibility of US military action against Iran boosted risk - aversion demand and strengthened precious metal prices [6]