贵金属：贵金属日报 2026-02-24-20260224

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - During the Spring Festival, the liquidity of the precious metals market declined. The international spot gold benefited from the uncertainty of US tariff policies, geopolitical tensions, and central bank gold - buying, which provided solid support and pushed up the price. Silver showed a relatively stronger performance than gold but remained in a volatile pattern [2][3]. - The FOMC meeting minutes and Waller's speech may suppress the upward space of gold prices, while tariff policy uncertainty, geopolitical tensions, and central bank gold - buying support and repair gold prices. The US inflation has encountered obstacles in its decline [2]. - The adjustment of US tariffs has limited impact on fiscal pressure. Short - term tax refunds can be covered by fiscal balances, and the implementation progress of 232 and 301 tariffs needs to be tracked [2]. - After the Spring Festival, the domestic precious metals may follow the upward trend of the overseas market. The reference operating range of the main contract of Shanghai gold is 1100 - 1250 yuan/gram, and that of Shanghai silver is 19900 - 23600 yuan/kilogram. Future attention should be paid to the US employment market data in February and the actual implementation of 232 and 301 tariffs [3]. 3. Summary According to Relevant Catalogs 3.1 Market Quotes - Domestic Market: As of February 13, Shanghai gold rose 1.83% to 1110.10 yuan/gram, and Shanghai silver rose 5.23% to 19782.00 yuan/kilogram [2]. - Overseas Market: As of February 23, COMEX gold rose 3.29% to 5247.90 US dollars/ounce, and COMEX silver rose 6.87% to 88.00 US dollars/ounce. The US 10 - year Treasury yield was 4.03%, and the US dollar index was 97.71 [2]. - During the Spring Festival: The international spot gold fluctuated in a wide range, and silver was relatively stronger but still in a volatile pattern. The US inflation encountered obstacles in its decline. The 12 - month PCE price index was 2.9% year - on - year and 0.4% month - on - month, and the core PCE rose to 3.0% year - on - year, both higher than expected and the Fed's 2% target [2]. 3.2 Strategy Views - The overseas gold market was supported by various factors during the Spring Festival, and the price rebounded. Silver was in a volatile pattern. Future attention should be paid to the US employment data in February and the implementation of 232 and 301 tariffs. The domestic precious metals may follow the overseas market to rise after the Spring Festival [3]. 3.3 Key Data - Gold Data: There are detailed data on the closing price, trading volume, open interest, inventory, and other aspects of COMEX gold, LBMA gold, SHFE gold, and AuT + D, including their daily changes and year - on - year historical quantiles [6]. - Silver Data: There are detailed data on the closing price, trading volume, open interest, inventory, and other aspects of COMEX silver, LBMA silver, SHFE silver, and AgT + D, including their daily changes and year - on - year historical quantiles [6]. 3.4 ETF Holdings - Gold ETFs: The holdings of SPDR, iShare, GBS, PHAU, GOLD, and SGBS are provided, along with their daily changes, daily price increases or decreases, and historical quantiles in the past year [64]. - Silver ETFs: The holdings of SLV, ETPMAG, PSLV, and CEF are provided, along with their daily changes, daily price increases or decreases, and historical quantiles in the past year [64].