瑞达期货贵金属期货日报-20260309

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The precious metals market opened lower and moved higher today. In the short term, precious metals are expected to continue to fluctuate within a range, but the medium - to - long - term bullish logic remains intact. It is recommended to make long - term investments at low prices [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai Gold main contract was 1140.000 yuan/gram, down 0.8; the closing price of the Shanghai Silver main contract was 21,547 yuan/kilogram, up 14.00. The main contract positions of Shanghai Gold decreased by 2,975.00 to 110,867.00 hands, and those of Shanghai Silver decreased by 218.00 to 3,326.00 hands. The trading volume of the Shanghai Gold main contract increased by 39,970.00 to 312,400.00, and that of the Shanghai Silver main contract increased by 262,854.00 to 619,645.00. The warehouse receipt quantity of Shanghai Gold decreased by 99 to 104,934 kilograms, and that of Shanghai Silver decreased by 2,582 to 253,370 kilograms [2] 3.2 Spot Market - The spot price of gold on the Shanghai Gold Exchange was 1140.38, up 1.05; the spot price of Huatong No.1 silver was 20,455.00, down 736.00. The basis of the Shanghai Gold main contract was 0.38, up 1.85; the basis of the Shanghai Silver main contract was - 1,092.00, down 750.00 [2] 3.3 Supply and Demand Situation - The SPDR Gold ETF holdings decreased by 2.57 tons to 1073.32 tons, and the SLV Silver ETF holdings decreased by 47.90 tons to 15,761.62 tons. The non - commercial net positions of gold in CFTC increased by 968.00 to 160,145.00 contracts, and those of silver increased by 1,078.00 to 23,338.00 contracts. The total quarterly supply of gold was 1302.80 tons, down 0.19, and the total annual supply of silver was 32,056.00 tons, up 482.00. The total quarterly demand for gold was 1345.32 tons, up 79.57, and the total annual demand for silver was 35,716.00 tons, down 491.00 [2] 3.4 Macroeconomic Data - The US dollar index was 98.95, down 0.08; the 10 - year US Treasury real yield was 1.80, down 0.02. The VIX volatility index was 29.49, up 5.74; the CBOE gold volatility index was 34.26, down 1.05. The ratio of the S&P 500 to the gold price was 1.31, down 0.02; the gold - silver ratio was 62.27, up 1.67 [2] 3.5 Industry News - After the death of Iran's Supreme Leader Khamenei in a joint air strike by the US and Israel, Khamenei's son Mojtaba will be appointed as his successor. Iranian President Pezeshkian called on the people to unite and defend the country and stated that Iran will not attack neighboring countries unless attacked first. China's gold reserves at the end of February increased by 30,000 ounces to 74.22 million ounces. The US non - farm payrolls in February decreased by 92,000, far below the expected increase of 55,000 [2] 3.6 Key Events to Watch - On March 9 at 23:00, the US inflation expectation of the New York Fed in February; on March 10 at 18:00, the US NFIB small business confidence index in February; on March 10 at 22:00, the US existing home sales data in February; on March 11 at 20:30, the US CPI monthly and annual rates in February; on March 13 at 20:30, the US core PCE price index in January; on March 13 at 22:00, the US durable goods orders in January [2]