贵金属期货：中期高位震荡

Report Industry Investment Rating - The report suggests that the precious metals may remain in a mid - term high - level oscillation, but no specific investment rating is provided [1] Core View - The US Supreme Court ruled that certain tariffs imposed by the US government are illegal, and the US Customs and Border Protection will stop collecting relevant tariffs from February 24. The European Parliament's negotiation team suspended the approval work of the EU - US trade agreement and postponed the vote. These tariff disturbances and geopolitical factors have increased risk - aversion sentiment, supporting the price of gold. The upward movement of silver is more passive, and whether it can start a new upward trend depends on the new Fed Chair's stance on monetary policy. Precious metals may remain in a mid - term high - level oscillation, and attention should be paid to the Fed's policy expectations [1] Summary by Directory 1. Market Review and Outlook - US tariff disturbances and geopolitical factors have increased risk - aversion sentiment, causing the US stock market to decline and increasing the market's attention to gold. Gold prices have oscillated upwards, while silver's upward movement is more passive. The mid - term trend of precious metals may be high - level oscillation, and the Fed's policy expectations should be monitored [1] 2. Factors to Consider - The factors to consider include US tariff disturbances, Middle - East geopolitical games, and Fed policy expectations [2] 3. Futures Market Review - The report presents figures on the internal and external prices, trading volume, and open interest of gold and silver futures, with data sourced from Flush and Ningzheng Futures [3][6] 4. Interest Rates and Exchange Rates - Figures on the US dollar index, US interest rates, and their relationship with gold prices are provided, with data from Flush and Ningzheng Futures [12] 5. Macroeconomic Data - Figures on US CPI, PCE inflation data, initial jobless claims, unemployment rate, new non - farm employment, PMI, retail and personal disposable income, new private housing starts, and new housing sales are presented, with data from Flush and Ningzheng Futures [17][21][23] 6. Fund Holdings and Ratios - Figures on the total holdings of silver and gold ETFs, the holding ratios of gold and silver asset management institutions, and the gold - silver ratio and gold - copper ratio are provided, with data from Flush and Ningzheng Futures [29][32][35]