贵金属：贵金属日报2026-02-27-20260227

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The current precious metal prices are in a sideways consolidation. The uncertainty of Trump's tariff plan, the tense situation of the third round of US - Iran nuclear negotiations, and the solid fundamentals support the prices. However, the statements of Fed officials and the market's expectation of the US maintaining short - term interest rates unchanged pose resistance. The prices are likely to remain in a high - level oscillation in the future. The strategy is to stay on the sidelines for now. The reference operating range for the main contract of Shanghai Gold is 1130 - 1200 yuan/gram, and for the main contract of Shanghai Silver is 22000 - 23000 yuan/kilogram [2][4] 3. Summary by Relevant Catalogs 3.1 Market Quotes - Shanghai Gold fell 0.25% to 1146.04 yuan/gram, and Shanghai Silver fell 1.88% to 22219.00 yuan/kilogram. COMEX Gold fell 0.36% to 5207.60 US dollars/ounce, and COMEX Silver fell 2.54% to 89.30 US dollars/ounce. The 10 - year US Treasury yield was reported at 4.02%, and the US dollar index was reported at 97.77 [2] 3.2 Fundamental Analysis - The current precious metal fundamentals are still strong. COMEX continues the de - stocking trend. The de - stocking intensity of silver has increased, with the total inventory at 11217.13 tons (-37.49 tons), and the gold inventory has decreased for two consecutive days, currently at 1045.93 tons (-2.29 tons). In 2026, the global silver gap is expected to reach 67 million ounces, showing a supply shortage for six consecutive years. The rigid industrial demand in the fields of AI data centers, electric vehicles, and semiconductor manufacturing further strengthens the support for silver prices. In 2026, the global central bank's gold purchase volume is expected to reach 755 tons, which is lower than the previous peak but still much higher than the average level of 400 - 500 tons per year before 2022, providing support for the gold price [3] 3.3 Strategy Suggestion - Keep a wait - and - see attitude for now. The reference operating range for the main contract of Shanghai Gold is 1130 - 1200 yuan/gram, and for the main contract of Shanghai Silver is 22000 - 23000 yuan/kilogram [4] 3.4 Data Summary - A large amount of data on gold and silver, including closing prices, trading volumes, open interests, inventories, and precipitation funds of different trading platforms (COMEX, LBMA, SHFE, etc.), as well as the daily changes, daily price changes, and historical quantiles of these data are provided [7]