贵金属：贵金属日报2026-03-02-20260302

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The joint military strike by the US and Israel has led to a sharp escalation of the Middle East situation, and the tail risk in the Middle East has rapidly increased. The current geopolitical conflict in the Middle East has become the core driver of short - term precious metal prices, and the prices of gold and silver are expected to gap up at the opening [2][3]. - If the war continues to expand, the upward trend of precious metals may continue; if the US and Iran restart negotiations and the situation eases, the prices will likely return to high - level oscillations. At the same time, short - term fluctuations caused by taking profits at high levels need to be vigilant [2][3]. - In terms of strategy, maintain a bullish stance in the short term. The reference operating range for the main contract of Shanghai Gold is 1130 - 1200 yuan/gram, and for the main contract of Shanghai Silver, it is 23000 - 25000 yuan/kilogram [3]. 3. Summary According to Relevant Content 3.1 Market Quotes - Shanghai Gold rose 1.31% to 1159.98 yuan/gram, and Shanghai Silver rose 1.88% to 23927.00 yuan/kilogram. COMEX Gold rose 1.97% to 5296.40 US dollars/ounce, and COMEX Silver rose 7.77% to 94.39 US dollars/ounce. The US 10 - year Treasury yield was reported at 3.97%, and the US dollar index was reported at 97.64 [2]. 3.2 Key Data of Gold and Silver - Gold: COMEX Gold's closing price (active contract) was 5296.40 US dollars/ounce, up 1.82%; trading volume was 14.52 million lots, up 13.88%; open interest was 42.02 million lots, up 3.22%; inventory was 1036 tons, down 0.50%. LBMA Gold's closing price was 5222.30 US dollars/ounce, up 1.06%. SHFE Gold's closing price (active contract) was 1147.90 yuan/gram, up 0.12%; trading volume was 25.57 million lots, up 13.83%; open interest was 30.23 million lots, up 0.42%; inventory was 105.06 tons, down 0.01%; the settled funds were 55.515 billion yuan, up 0.54%. AuT + D's trading volume was 38.41 tons, up 36.63%; open interest was 235.98 tons, down 1.97% [6]. - Silver: COMEX Silver's closing price (active contract) was 94.39 US dollars/ounce, up 6.21%; open interest was 12.55 million lots, down 4.59%; inventory was 11208 tons, down 0.08%. LBMA Silver's closing price was 89.98 US dollars/ounce, up 4.10%. SHFE Silver's closing price (active contract) was 23019.00 yuan/kilogram, up 1.98%; trading volume was 101.32 million lots, up 7.07%; open interest was 52.47 million lots, up 3.24%; inventory was 306.60 tons, down 11.48%; the settled funds were 32.614 billion yuan, up 5.28%. AgT + D's trading volume was 498.86 tons, up 120.01%; open interest was 2988.126 tons, down 2.81% [6]. 3.3 ETF Holdings of Gold and Silver - Gold: The closing price of SPDR US was 483.75 US dollars, up 1.31%; the holding volume was 1101.33 tons, up 0.31%; the settled funds were 18.4864 billion US dollars, up 1.38%; the trading volume was 16.6465 million shares, up 61.63%. The holding volumes of iShare US, GBS UK, PHAU UK, SGBS Switzerland remained unchanged, and the holding volume of GOLD UK was 29.81 tons, up 0.12% [60]. - Silver: The closing price was 84.99 US dollars, up 5.64%. The holding volume of SLV US was 15992.40 tons, down 0.65%; the settled funds were 4.6246 billion US dollars, up 3.43%; the trading volume was 69.1792 million shares, up 32.91%. The holding volumes of ETPMAG Australia, PSLV Canada, CEF Canada remained unchanged [60].