贵金属数据日报-20260226

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - In the short - term, the main influencing factor for the market is the risk - aversion sentiment from Trump's new tariff policy and the tense geopolitical situation between the US and Iran. The increasing divergence within the Fed has reduced the market's expectation of a Fed rate cut in June, which may limit the short - term upward speed of gold prices. For silver, the tight spot supply, low inventory at the Shanghai Futures Exchange, continuous decline in New York inventory, and concerns about a potential squeeze in March support the further rebound of silver prices. [6] - In the future, gold is expected to enter a range - bound trend after the post - holiday price increase until there are new changes in tariff or geopolitical situations. Silver may remain relatively strong, but short - term price fluctuations should be watched out for. In the long - term, the underlying logic of the precious metals bull market remains solid. With the probability of a Fed rate cut this year, continuous global geopolitical uncertainties, and the US's huge debt promoting the de - dollarization wave, the allocation demand of global central banks, institutions, and residents is expected to continue, and the price center of precious metals still has room to rise. Long - term strategies suggest buying on dips. [6] Group 3: Summary by Relevant Catalogs 1. Price Data - Precious Metal Prices: On February 25, 2026, London gold spot was at $5193.14 per ounce, London silver spot was at $90.58 per ounce, COMEX gold was at $5212.00 per ounce, and COMEX silver was at $90.46 per ounce. The prices of AU2604, AG2604, AU (T + D), and AG (T + D) were 1151.06 yuan/gram, 23029 yuan/kilogram, 1147.40 yuan/gram, and 22105 yuan/kilogram respectively. Compared with February 24, the price of gold increased by about 0.4%, and the price of silver increased by about 3.1%. [5] - Price Spreads and Ratios: The spreads and ratios of gold and silver in different markets showed various changes. For example, the gold ID - SHFE active price spread was - 3.66 yuan/gram on February 25, with a - 9.0% change compared to the previous day. The SHFE gold - silver ratio was 49.98, with a - 3.0% change. [5] 2. Position Data - ETF Positions: As of February 24, 2026, the gold ETF - SPDR was 1094.19 tons, with a 0.71% increase compared to the previous day, and the silver ETF - SLV was 16107.91959 tons, with a 1.75% increase. [5] - COMEX Non - commercial Positions: For COMEX gold, the non - commercial long positions were 213432 contracts, and the non - commercial short positions were 53517 contracts. For COMEX silver, the non - commercial long positions were 36626 contracts, and the non - commercial short positions were 12623 contracts. There were corresponding changes in these positions compared to the previous day. [5] 3. Inventory Data - SHFE Inventory: On February 25, 2026, the SHFE gold inventory was 105072.00 kilograms, with no change compared to the previous day, and the SHFE silver inventory was 355830.00 kilograms, with a 1.70% increase. [5] - COMEX Inventory: On February 24, 2026, the COMEX gold inventory was 33701164 troy ounces, with a - 0.22% change compared to the previous day, and the COMEX silver inventory was 364000164 troy ounces, with no change. [5] 4. Interest Rates, Exchange Rates, and Stock Market Data - Exchange Rates: On February 25, 2026, the US dollar/Chinese yuan central parity rate was 6.93, with a - 0.13% change compared to the previous day. [5] - Interest Rates and Stock Market Indexes: On February 24, 2026, the US dollar index was 97.89, with a 0.15% increase; the 2 - year US Treasury yield was 3.43%, with no change; the 10 - year US Treasury yield was 4.04%, with a 0.25% increase; the VIX was 19.55, with a - 6.95% decrease; the S&P 500 was 6890.07, with a 0.77% increase; and NYMEX crude oil was $66.08, with a - 0.32% decrease. [5] 5. Market Review - On February 25, the main contract of Shanghai gold futures closed down 0.04% to 1151.06 yuan/gram, and the main contract of Shanghai silver futures closed up 4.57% to 23029 yuan/kilogram. [5]