贵金属期现日报-20260306

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - For gold, due to the Middle - East situation and the impact of US non - farm payroll data on the Fed's interest - rate cut expectations, gold is in a short - term volatile trend. It is recommended to wait and see for now, and consider taking profits on long positions at high levels or selling out - of - the - money call options to protect long positions [1]. - For silver, the logic of medium - to - long - term price increase driven by supply inventory shortage and strong investment demand still holds. However, short - term exchange rule adjustments and cautious capital attitudes limit the upward momentum. 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 pattern, with stable industrial demand and slightly increasing investment demand, prices are generally supported. But due to the drag of gold and silver, the short - term trend remains weakly volatile, and it is recommended to sell out - of - the money call options [1]. 3. Summary by Relevant Catalogs 3.1 Domestic Futures Closing Prices - AU2604 contract closed at 1152.00 yuan/gram on March 5, down 1.06 yuan or 0.09% from March 4 [1]. - AG2604 contract closed at 21639 yuan/ten grams on March 5, down 215 yuan or 0.98% from March 4 [1]. - PT2606 contract closed at 563.95 yuan/gram on March 5, up 0.45 yuan or 0.08% from March 4 [1]. - PD2606 contract closed at 428.00 yuan/gram on March 5, down 5.80 yuan or 1.34% from March 4 [1]. 3.2 Foreign Futures Closing Prices - COMEX gold主力 contract closed at 5093.30 on March 5, down 58.30 or 1.13% from March 4 [1]. - COMEX silver主力 contract closed at 82.52 on March 5, down 1.25 or 1.49% from March 4 [1]. - NYMEX platinum主力 contract closed at 2128.20 dollars/ounce on March 5, down 37.60 or 1.74% from March 4 [1]. - NYMEX palladium主力 contract closed at 1650.00 on March 5, down 48.50 or 2.86% from March 4 [1]. 3.3 Spot Prices - London gold was at 5084.69 on March 5, down 35.85 or 0.70% from the previous value [1]. - London silver was at 82.26 on March 5, down 1.28 or 1.54% from the previous value [1]. - Spot palladium was at 2120.10 dollars/ounce on March 5, down 46.90 or 2.16% from the previous value [1]. - Spot platinum was at 1629.50 on March 5, down 38.00 or 2.28% from the previous value [1]. - Shanghai Gold Exchange's gold + D was at 1148.56 on March 5, down 4.39 or 0.38% from the previous value [1]. - Shanghai Gold Exchange's silver T + D was at 21068 yuan/ten grams on March 5, down 493 or 2.29% from the previous value [1]. - Shanghai Gold Exchange's platinum 9995 was at 554 yuan/gram on March 5, up 3 or 0.47% from the previous value [1]. 3.4 Basis - The basis of gold TD - Shanghai gold主力 was - 3.44, down 3.33 from the previous day, with a 1 - year historical quantile of 46.10% [1]. - The basis of silver TD - Shanghai silver主力 was - 571, down 278 from the previous day, with a 1 - year historical quantile of 60.60% [1]. - The basis of London gold - COMEX gold was - 8.61, up 22.45 from the previous day, with a 1 - year historical quantile of 76.30% [1]. - The basis of London silver - COMEX silver was - 0.26, down 0.04 from the previous day, with a 1 - year historical quantile of 30.20% [1]. 3.5 Price Ratios - The ratio of COMEX gold/silver was 61.72, up 0.22 or 0.36% from the previous value [1]. - The ratio of Shanghai Futures Exchange's gold/silver was 53.24, up 0.48 or 0.90% from the previous value [1]. - The ratio of NYMEX platinum/palladium was 1.29, up 0.01 or 1.15% from the previous value [1]. - The ratio of Guangzhou Futures Exchange's platinum/palladium was 1.32, up 0.02 or 1.44% from the previous value [1]. 3.6 Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.13, up 0.04 or 1.0% from the previous value [1]. - The 2 - year US Treasury yield was 3.57, up 0.03 or 0.8% from the previous value [1]. - The 10 - year TIPS Treasury yield was 1.82, up 0.02 or 1.1% from the previous value [1]. - The US dollar index was 99.04, up 0.25 or 0.25% from the previous value [1]. - The offshore RMB exchange rate was 6.9184, up 0.0238 or 0.35% from the previous value [1]. 3.7 Inventories and Positions - The Shanghai Futures Exchange's gold inventory was 105033, unchanged from the previous value [1]. - The Shanghai Futures Exchange's silver inventory was 272721 kilograms, down 22102 or 7.50% from the previous value [1]. - The COMEX gold inventory was 33100294, up 59808 or 0.18% from the previous value [1]. - The COMEX silver inventory was 351341925, down 877946 or 0.25% from the previous value [1]. - The COMEX gold registered warehouse receipts were 17003460, up 2000 or 0.01% from the previous value [1]. - The COMEX silver registered warehouse receipts were 81235306, down 5908189 or 6.78% from the previous value [1]. - The SPRD gold ETF position was 1076, down 5.15 or 0.48% from the previous value [1]. - The SLV silver ETF position was 15810, down 138.05 or 0.87% from the previous value [1].