贵金属周报：避险需求推升金价-20260224

Group 1: Report Investment Rating - There is no information about the report's industry investment rating in the given content. Group 2: Core Viewpoints - During the Spring Festival, the overseas precious metals market showed an upward trend, with New York gold rising from around $5,000 to over $5,200. The core driving factors are geopolitical tensions between the US and Iran, which increased market risk aversion, and concerns about the US new round of tariff policies, which strengthened gold's anti - inflation and hedging properties. In the short term, gold prices are expected to remain strong, and relevant news should be continuously monitored. In the long term, frequent global geopolitical events, de - dollarization, and the trend of anti - globalization will support gold prices [5][22]. Group 3: Summary by Directory 1. Market Review 1.1 Weekly Trend - The report shows a chart of the linkage between the US dollar index and COMEX gold futures closing price [9]. 1.2 Indicator Changes | Indicator | February 23 | February 13 | Weekly Change | | --- | --- | --- | --- | | COMEX Gold | $5,247.90 | $5,063.80 | 3.64% | | COMEX Silver | $88.00 | $77.27 | 13.89% | | SHFE Gold Main Contract | N/A | $1,110.10 | N/A | | SHFE Silver Main Contract | N/A | $19,782.00 | N/A | | US Dollar Index | 97.73 | 96.86 | 0.90% | | USD/CNH | 6.89 | 6.90 | - 0.20% | | 10 - year US Treasury Real Yield | 1.77 | 1.77 | 0.00 | | S&P 500 | 6,837.75 | 6,836.17 | 0.02% | | US Crude Oil Continuous | $66.29 | $62.81 | 5.54% | | COMEX Gold - Silver Ratio | 59.64 | 65.53 | - 9.00% | | SHFE Gold - Silver Ratio | N/A | 56.12 | N/A | | SPDR Gold ETF | 1,086.47 | 1,077.03 | 9.44 | | iShare Gold ETF | 499.32 | 500.19 | - 0.87 | [10] 2. Safe - Haven Demand Drives Up Gold Prices - During the Spring Festival, safe - haven demand dominated the gold price. The US dollar index was strong, while the US Treasury yield was weak. Affected by tariff disturbances and the US - Iran situation, the US stock market performed weakly, but there was no obvious panic from the volatility index [12][14]. 3. Tracking of Other Indicators - On February 23, the combined holdings of SPDR and iShares gold ETFs were 1,585.79 tons, an increase of 8.57 tons compared to before the Spring Festival. During the Spring Festival, silver rose by more than 10%, and the gold - silver ratio declined significantly [16][19]. 4. Conclusion - The conclusion is consistent with the core viewpoints, emphasizing that the short - term gold price will remain strong due to geopolitical and tariff factors, and long - term factors will support gold prices [22].