贵金属日报2026-03-09-20260309

1. Report Industry Investment Rating - The report has a cautious bearish view on precious metals [3] 2. Core View of the Report - After the short - term boost of geopolitical factors on gold and silver prices, the continuous rise in crude oil prices due to the US - Iran war and the tense situation in the Middle East may be transmitted to inflation indicators such as PPI. Although the US non - farm payroll data in February was disappointing, due to the rising raw material prices, the market expects the Fed to postpone interest rate cuts until September, which will suppress the upward space of precious metal prices in the short term. The recommended operating range for the main contract of Shanghai Gold is 1100 - 1200 yuan/gram, and for the main contract of Shanghai Silver is 20500 - 22000 yuan/kilogram [2][3] 3. Summary by Relevant Catalogs 3.1 Market Quotes - Shanghai Gold rose 0.89% to 1151.16 yuan/gram, and Shanghai Silver rose 1.88% to 21692.00 yuan/kilogram. COMEX Gold rose 2.02% to 5181.30 US dollars/ounce, and COMEX Silver rose 3.06% to 84.70 US dollars/ounce. The US 10 - year Treasury yield was 4.15%, and the US dollar index was 99.45 [2] - The US seasonally - adjusted non - farm payrolls in February decreased by 92,000, a negative figure again after October 2025, while the market expected an increase of 59,000. The US unemployment rate in February was 4.4%, the highest since December 2025, slightly higher than the market expectation of 4.3% [2] 3.2 Key Data of Gold and Silver - COMEX Gold: The closing price of the active contract was 5181.30 US dollars/ounce, up 1.73%; the trading volume was 148,500 lots, up 1.87%; the open interest was 409,800 lots, down 2.47%; the inventory was 1029 tons, down 0.06% [6] - LBMA Gold: The closing price was 5127.55 US dollars/ounce, up 0.46%; the closing price of the active contract was 1140.80 yuan/gram, down 0.97%; the trading volume was 385,900 lots, up 17.88% [6] - SHFE Gold: The open interest was 284,700 lots, down 1.95%; the inventory was 105.03 tons, unchanged; the settled funds were 5.1973 billion yuan, down 2.90% [6] - AuT + D: The trading volume was 45.71 tons, down 9.96%; the open interest was 236.92 tons, down 2.05% [6] - COMEX Silver: The closing price of the active contract was 84.70 US dollars/ounce, up 2.64%; the open interest was 113,300 lots, down 9.67%; the inventory was 10,860 tons, down 0.63% [6] - LBMA Silver: The closing price was 82.34 US dollars/ounce, down 2.23%; the closing price of the active contract was 21,740.00 yuan/kilogram, up 0.47%; the trading volume was 942,500 lots, down 20.84% [6] - SHFE Silver: The open interest was 497,500 lots, down 1.32%; the inventory was 255.95 tons, down 6.15%; the settled funds were 2.9203 billion yuan, down 0.86% [6] - AgT + D: The trading volume was 311.10 tons, down 27.97%; the open interest was 2941.7 tons, down 0.83% [6] 3.3 ETF Holdings - Gold ETFs: The closing price of SPDR US was 473.52 US dollars, up 1.59%; the holding was 1073.32 tons, down 0.24%; the settled funds were 17.6878 billion US dollars, up 0.22%. The holding of iShare US was 494.22 tons, down 0.85%. The holdings of GBS UK, PHAU UK, GOLD UK, and SGBS Switzerland remained unchanged [62] - Silver ETFs: The closing price of SLV US was 75.94 US dollars, up 2.25%; the holding was 15,761.62 tons, down 0.30%; the settled funds were 4.1722 billion US dollars, down 2.52%; the trading volume was 4038.93 million shares, down 18.32%. The holding of ETPMAG Australia was 487.41 tons, up 0.26%. The holdings of PSLV Canada and CEF Canada remained unchanged [62]