贵金属日评-20260227

Report Information - Report Title: Precious Metals Daily Review - Date: February 27, 2026 - Research Team: Macro Finance Team - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [2] 1. Investment Rating - No investment rating provided in the report. 2. Core Viewpoints - The medium - and long - term upward driving force of precious metals remains unchanged, and the precious metals sector has shown signs of recovery from the sharp decline at the end of January. Investors are advised to maintain a bullish trading approach but control positions to avoid short - term volatility risks. The medium - term risk of the Fed tightening monetary policy to end the precious metal bull market should be watched out for [4][5]. 3. Summary by Directory 3.1 Precious Metals Market Conditions and Outlook 3.1.1 Intraday Market - The hedging demand caused by the change of US tariff policy has decreased, weakening the upward momentum of the precious metals sector. The weakening of the US dollar index supports the stabilization of London gold in the range of $5150 - 5200 per ounce. The news of the US President's visit to China at the end of March has pushed up the RMB exchange rate, thereby suppressing the domestic precious metals prices [4]. 3.1.2 Medium - term Market - Trump's confirmation of the next Fed Chairman has eliminated the market's hedging demand for this uncertainty. The hawkish stance of the next Fed Chairman has also alleviated market concerns about the out - of - control of US financial discipline, so the correction of precious metals is reasonable. The hawkish stance has no fundamental impact on the long - term bull market of gold, and may mainly affect the duration rather than the upward space of the medium - term bull market of gold. It is bullish for the relative performance of silver, platinum, and palladium compared to gold. The report maintains the view that gold will rise in the medium and long term, and silver, platinum, and palladium will be stronger than gold in the medium term. Investors are advised to go long after the downward momentum of the precious metals sector weakens, but beware of the medium - term risk that the Fed tightens monetary policy to end the precious metals bull market [5]. 3.1.3 Domestic Precious Metals Market Data | Contract | Pre - closing Price | High Price | Low Price | Closing Price | Change (%) | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | | Shanghai Gold Index | 1,152.60 | 1,156.74 | 1,146.64 | 1,148.97 | - 0.31% | 300,983 | - 10154 | | Shanghai Silver Index | 22,859 | 23,203 | 22,102 | 22,356 | - 2.20% | 508,280 | - 22773 | | Guangzhou Platinum Index | 584.43 | 599.46 | 578.52 | 587.81 | 0.58% | 26,840 | 271 | | Guangzhou Palladium Index | 457.03 | 461.86 | 442.52 | 446.32 | - 2.34% | 8,961 | - 281 | [5] 3.2 Precious Metals Market - related Charts - The report provides multiple charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai Gold TD, gold and silver ETF holdings, the gold - silver ratio, and the correlation between London gold and other assets. The data sources are Wind and the Research and Development Department of CCB Futures [7][9][15]. 3.3 Major Macroeconomic Events/Data - The US Trade Representative Greer said that President Trump plans to visit China in the next few weeks, and the government currently has no intention to raise tariffs on Chinese goods. The US will raise tariffs on some countries from 10% to 15% or higher, but no specific trading partners were named [16]. - US St. Louis Fed President Musalem believes that the current US policy interest rate is appropriately balancing economic risks, and inflation is expected to fall back to around 2% later this year. Kansas City Fed President Schmid said that high inflation is still a key issue for the Fed to solve. Richmond Fed President Barkin said that the popularization of AI may not lead to large - scale unemployment [16]. - Saudi Arabia is increasing oil production and exports as an emergency plan in case the US strikes Iran and disrupts Middle East oil supply. If there is no interference, Saudi Arabia will reduce production later to meet its OPEC+ quota [16]. - Zimbabwe's Ministry of Mines has suspended all exports of raw ores and lithium concentrates immediately due to reported illegal operations and resource losses. The duration of the export ban will be notified later [17].