黄金：地缘政治冲突爆发，白银：关注流动性收缩

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The report focuses on the precious metals market, specifically gold and silver, and presents their price movements, trading volumes, positions, inventories, and spreads. It also includes macro and industry news that may impact the market, such as geopolitical events, oil price changes, and economic data [2][4] 3. Summary by Relevant Catalogs 3.1 Precious Metals Fundamental Data - Price: - Gold:沪金2602昨日收盘价1,153.06，日涨幅 -2.45%；黄金T+D昨日收盘价1,152.95，日涨幅 -2.42%；Comex黄金2602昨日收盘价5151.60，日涨幅1.02%；伦敦金现货昨日收盘价5120.54，日涨幅0.63% [2] - Silver:沪银2602昨日收盘价21854，日涨幅0.86%；白银T+D昨日收盘价21561，日涨幅0.56%；Comex白银2602昨日收盘价83.765，日涨幅1.78%；伦敦银现货昨日收盘价83.540，日涨幅1.86% [2] - Trading Volume and Position: - Gold:沪金2602昨日成交418,498，较前日变动25,719；Comex黄金2602昨日成交135,880，较前日变动 -123,812；沪金2602昨日持仓126,419，较前日变动 -13,351；Comex黄金2602昨日持仓270,147，较前日变动 -4,316 [2] - Silver:沪银2602昨日成交526,514，较前日变动 -187,374；Comex白银2602昨日成交44,443，较前日变动 -52,679；沪银2602昨日持仓150,089，较前日变动 -11,077；Comex白银2602昨日持仓77,647，较前日变动0 [2] - ETF Position: - SPDR黄金ETF持仓昨日为1,081.04，较前日变动 -18；SLV白银ETF持仓（前天）为15,947.57，较前日变动 -34 [2] - Inventory: - Gold:沪金库存昨日为105,033千克，较前日变动 -27；Comex黄金（金衡盎司）（前日）库存为33,071,598，较前日变动 -99,538 [2] - Silver:沪银库存昨日为294,823千克，较前日变动 -12661；Comex白银（金衡盎司）（前日）库存为355,173,837，较前日变动 -2,391,537 [2] - Spread: - Gold:黄金T+D对AU2602价差昨日为 -0.11，较前日变动0.00；买沪金12月抛6月跨期套利成本昨日为4.77，较前日变动 -0.87；黄金T+D对伦敦金的价差昨日为783.47，较前日变动730.27 [2] - Silver:白银T+D对AG2602价差昨日为218，较前日变动 -261；买沪银12月抛6月跨期套利成本昨日为73.41，较前日变动 -11.3；白银T+D对伦敦银的价差昨日为584，较前日变动 -293 [2] - Exchange Rate: - 美元指数昨日为98.80，较前日变动 -0.48%；美元兑人民币（CNY即期）昨日为6.91，较前日变动0.21%；欧元兑美元昨日为1.16，较前日变动 -0.01；美元兑日元昨日为157.70，较前日变动0.05；英镑兑美元昨日为1.21，较前日变动0.00 [2] 3.2 Macro and Industry News - More major oil - producing countries in the Middle East cut production, causing international oil prices to rise by over 20% in early Asian trading on Monday, while Dow Jones futures fell by over 2%, and spot gold fell by over 1% to below $5100 [2] - Mojtaba, the son of Khamenei, became the new Supreme Leader of Iran [4] - The "production halt wave" of Middle - East crude oil: the UAE and Kuwait announced production cuts [4] - The US February non - farm payrolls unexpectedly decreased sharply, with a weak labor market coinciding with soaring oil prices, triggering concerns about stagflation [4] - The US announced conditional relaxation of sanctions on Venezuelan gold trading. The Venezuelan acting president said that Venezuela will speed up the process of the US obtaining Venezuelan minerals, including gold and rare earths, at a "Trump - like speed" [4] - The US private - credit crisis is gradually repeating the "sub - prime mortgage crisis" [4] - Wang Yi said that this year is a "big year" for Sino - US relations, called for a "cease - fire and end of war" in the Middle East, and stated that it is up to Latin American countries to decide who to be friends with [4] - China's gold reserves increased by 30,000 ounces month - on - month at the end of February, with continuous increases for 16 months [4] 3.3 Trend Intensity - Gold trend intensity: - 1; Silver trend intensity: - 1 [4]