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Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The overall price of precious metals declined during the day, with silver's decline significantly greater than that of gold. The uncertainty of US tariff policies and the tense geopolitical situation in the Middle East continued to support precious metals, but the launch of the third round of US - Iran nuclear negotiations and the improvement of the US labor market led to a cautious market risk preference, causing precious metals to weaken during the session. In the short term, after the prices of gold and silver stabilize, they are expected to strengthen in a volatile manner, with slightly weakened short - term momentum and increased volatility. Key factors to watch include the results of the US - Iran Geneva nuclear negotiations, PPI data, next - week's non - farm payroll data, and Sino - US interactions [1]. - Gold is expected to be volatile and slightly stronger in the short term. The uncertainty of US tariff policies, the tense geopolitical situation in the Middle East, and the US - Iran nuclear negotiations have increased market risk sensitivity. The improvement of the US labor market has suppressed the expectation of Fed rate cuts. The delay of Fed rate - cut expectations and the possibility of a US visit to China have put some pressure on the gold price. In the long - term, the supporting logic for gold's rise remains unchanged [2]. - After the price of silver stabilizes, it is expected to show a volatile and slightly stronger trend in the short term. The macro - driving factors of silver are consistent with those of gold. In addition to the factors mentioned above, attention should also be paid to the possible fermentation of the silver spot shortage in March. The silver inventory situation shows that there is still a risk of a silver spot shortage in March. In the long - term, the bullish support for silver prices remains strong [2]. Summary by Related Catalogs Precious Metals Market Performance - During the day, the prices of precious metals declined overall, with silver's decline significantly greater than that of gold. The decline of silver at home and abroad exceeded 3%, and the decline of COMEX silver once exceeded 5%, hitting $86 per ounce. The decline of gold at home and abroad was less than 1% [1][2]. Influencing Factors - Geopolitical and Policy Factors: The uncertainty of US tariff policies and the tense geopolitical situation in the Middle East continued to support precious metals. The launch of the third round of US - Iran nuclear negotiations increased market risk sensitivity [1][2]. - Labor Market Factors: The initial and continued jobless claims data showed that the US labor market had improved marginally, which put pressure on the expectation of Fed rate cuts [1][2]. Key Data - The number of initial jobless claims in the US for the week ending February 21 was 212,000 (an increase of 4,000 from the previous value, lower than the expected 215,000). The number of continued jobless claims for the week ending February 14 was 1.833 million (lower than the expected and previous values) [2]. Market Outlook - Gold: In the short term, it is expected to be volatile and slightly stronger, with slightly weakened short - term momentum. It needs more market certainty for guidance. In the long - term, the supporting logic for its rise remains unchanged [2]. - Silver: After the price stabilizes, it is expected to show a volatile and slightly stronger trend in the short term, with increased short - term volatility risk. In the long - term, the bullish support remains strong [2]. Commodity Index - Comprehensive Index: Not detailed in the given content. - Special Index: The commodity index was 2434.44, up 0.12%; the commodity 20 index was 2790.14, up 0.23%; the industrial products index was 2314.11, down 0.02% [44]. - Precious Metals Index: On February 26, 2026, the precious metals index was 4498.44, with a daily increase of 0.85%, a 5 - day increase of 4.70%, a 1 - month decrease of 0.73%, and a year - to - date increase of 17.63% [46].