贵金属期现日报-20260303

1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - For gold, in the context of the Middle - East situation, if the US successfully destroys the Iranian regime, it may boost the US dollar and put pressure on precious metals after a short - term positive impact. If the US fails to achieve its goal quickly and the Middle - East remains in long - term turmoil, the safe - haven demand will drive up the price of precious metals. Gold is likely to rise above the 20 - day moving average, and long positions can be held while selling out - of - the - money call options to protect the long positions [1]. - For silver, the long - term logic of rising prices driven by supply inventory shortages and strong investment demand still holds. However, short - term exchange rule adjustments reduce physical delivery demand and cautious capital attitudes limit the upward momentum. The price is volatile, and the multi - period moving averages converge with falling volatility. The price may rise due to geopolitical risks but faces resistance at $100. It is recommended to sell out - of - the - money call options to earn time value [1]. - For platinum and palladium, supported by macro - financial attributes and a tight supply outlook, with stable industrial demand and slightly increasing investment demand, the prices are generally supported. However, it is difficult to grasp the timing of capital - driven price movements. It is recommended to sell out - of - the - money put options to earn time value [1]. 3. Summary by Relevant Catalogs Domestic Futures Closing Prices - AU2604 contract closed at 1197.22 yuan/gram on March 2nd, up 4.30% from February 27th [1]. - AG2604 contract closed at 24431 yuan/kilogram on March 2nd, up 6.13% from February 27th [1]. - PT2606 contract closed at 626.50 yuan/gram on March 2nd, up 0.44% from February 27th [1]. - PD2606 contract closed at 463.65 yuan/gram on March 2nd, down 0.26% from February 27th [1]. Foreign Futures Closing Prices - COMEX gold main contract closed at 5335.90 on March 2nd, up 0.75% from February 27th [1]. - COMEX silver main contract closed at 89.61 on March 2nd, down 5.06% from February 27th [1]. - NYMEX platinum main contract closed at 2318.60 dollars/ounce on March 2nd, down 2.42% from February 27th [1]. - NYMEX palladium main contract closed at 1801.50 on March 2nd, down 1.45% from February 27th [1]. Spot Prices - London gold was at 5321.43 on March 2nd, up 0.82% from the previous value [1]. - London silver was at 89.26 on March 2nd, down 4.80% from the previous value [1]. - Spot palladium was at 2329.00 dollars/ounce on March 2nd, down 1.56% from the previous value [1]. - Another spot palladium was at 1774.50 on March 2nd, down 0.56% from the previous value [1]. - Shanghai Gold Exchange's gold T + D was at 1199.51 yuan/gram on March 2nd, up 4.99% from the previous value [1]. - Shanghai Gold Exchange's silver T + D was at 23952 yuan/ten - gram on March 2nd, up 7.08% from the previous value [1]. - Shanghai Gold Exchange's platinum 9995 was at 701 yuan/gram on March 2nd, down 0.60% from the previous value [1]. Basis - Gold TD - Shanghai gold main contract basis was 2.29, up 7.71 from the previous value, at the 46.10% quantile in the past year [1]. - Silver TD - Shanghai silver main contract basis was - 479, up 171 from the previous value, at the 60.60% quantile in the past year [1]. - London gold - COMEX gold basis was - 18.14, up 2.12 from the previous value, at the 44.20% quantile in the past year [1]. - London silver - COMEX silver basis was - 0.63, up 0.06 from the previous value, at the 6.60% quantile in the past year [1]. Price Ratios - COMEX gold/silver ratio was 59.55 on March 2nd, up 6.11% from the previous value [1]. - Shanghai Futures Exchange gold/silver ratio was 49.00 on March 2nd, down 1.73% from the previous value [1]. - NYMEX platinum/palladium ratio was 1.29 on March 2nd, down 0.99% from the previous value [1]. - Guangzhou Futures Exchange platinum/palladium ratio was 1.35 on March 2nd, up 0.70% from the previous value [1]. Interest Rates and Exchange Rates - 10 - year US Treasury yield was 4.05 on March 2nd, up 2.0% from the previous value [1]. - 2 - year US Treasury yield was 3.47 on March 2nd, up 2.7% from the previous value [1]. - 10 - year TIPS Treasury yield was 1.76 on March 2nd, up 2.3% from the previous value [1]. - US dollar index was 98.55 on March 2nd, up 0.93% from the previous value [1]. - On - shore RMB exchange rate was 6.9012 on March 2nd, up 0.58% from the previous value [1]. Inventory and Positions - Shanghai Futures Exchange gold inventory was 105060 on March 2nd, unchanged from the previous value [1]. - Shanghai Futures Exchange silver inventory was 309436 kilograms on March 2nd, up 0.93% from the previous value [1]. - COMEX gold inventory was 33171136 on March 2nd, down 0.45% from the previous value [1]. - COMEX silver inventory was 357565373 on March 2nd, down 0.77% from the previous value [1]. - COMEX gold registered warehouse receipts were 17035093 on March 2nd, down 0.39% from the previous value [1]. - COMEX silver registered warehouse receipts were 88775861 on March 2nd, up 0.40% from the previous value [1]. - SPDR gold ETF position was 15902 on March 2nd, down 0.56% from the previous value [1].