贵金属日报-20260226

Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - Although the recent central bank gold purchases have slowed down, the structural demand from the official sector remains strong. Coupled with uncertainties in US tariff policies and geopolitical tensions, precious metal prices are still supported. However, due to recent statements from Fed officials, prices may remain volatile at high levels. The strategy is to remain on the sidelines for now, with the reference operating range for the main Shanghai gold futures contract at 1,130 - 1,200 yuan/gram and the reference operating range for the main Shanghai silver futures contract at 22,000 - 23,300 yuan/kilogram [3] 3. Summary by Relevant Catalogs 3.1 Market Quotes - Shanghai gold rose 0.65% to 1,153.90 yuan/gram, and Shanghai silver rose 1.88% to 23,365.00 yuan/kilogram. COMEX gold rose 0.21% to 5,187.90 US dollars/ounce, and COMEX silver rose 1.97% to 89.23 US dollars/ounce. The US 10 - year Treasury yield was reported at 4.05%, and the US dollar index was reported at 97.65. On Wednesday, precious metal prices fluctuated upwards against the backdrop of a weaker US dollar and rising geopolitical uncertainties [2] 3.2 Strategy and Views - The strategy is to remain on the sidelines for now, with the reference operating range for the main Shanghai gold futures contract at 1,130 - 1,200 yuan/gram and the reference operating range for the main Shanghai silver futures contract at 22,000 - 23,300 yuan/kilogram [3] 3.3 Key Data Summary - Gold: - COMEX gold: The closing price of the active contract was 5,183.70 US dollars/ounce, up 0.45%; the trading volume was 10.77 million lots, down 23.89%; the open interest was 40.71 million lots, up 0.66%; the inventory was 1,046 tons, down 0.22%. - LBMA gold: The closing price was 5,120.25 US dollars/ounce, down 1.37%. - SHFE gold: The closing price of the active contract was 1,151.06 yuan/gram, up 0.05%; the trading volume was 27.01 million lots, up 52.62%; the open interest was 29.90 million lots, down 2.08%; the inventory was 105.07 tons, unchanged; the settled funds were 55.061 billion yuan, out - flowed 2.03%. - AuT + D: The trading volume was 29.25 tons, up 7.13%; the open interest was 240.49 tons, up 0.69% [6] - Silver: - COMEX silver: The closing price of the active contract was 89.21 US dollars/ounce, up 2.46%; the open interest was 13.15 million lots, down 1.61%; the inventory was 11,255 tons, down 0.59%. - LBMA silver: The closing price was 88.11 US dollars/ounce, up 1.34%. - SHFE silver: The closing price of the active contract was 23,029.00 yuan/kilogram, up 3.14%; the trading volume was 98.10 million lots, up 91.04%; the open interest was 52.31 million lots, up 4.09%; the inventory was 355.83 tons, up 1.70%; the settled funds were 32.523 billion yuan, up 7.36%. - AgT + D: The trading volume was 244.09 tons, up 21.67%; the open interest was 3,087.676 tons, up 0.29% [6] 3.4 ETF Holdings - Gold: - The closing price of SPDR US gold was 473.42 US dollars, down 0.25%. The holding of iShare US was 499.32 tons, unchanged; GBS UK was 30.72 tons, unchanged; PHAU UK was 54.48 tons, unchanged; GOLD UK was 29.77 tons, unchanged; SGBS Switzerland was 35.29 tons, down 0.06%. - Silver: - The closing price of SLV US silver was 80.04 US dollars, up 1.21%. The holding was 16,079.74 tons, down 0.17%; the settled funds were 4.6878 billion US dollars, up 2.77%; the trading volume was 61.1698 million shares, up 9.21%. The holding of ETPMAG Australia was 486.13 tons, unchanged; PSLV Canada was 6747.36 tons, unchanged; CEF Canada was 1610.16 tons, unchanged [64]