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Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - Precious metal prices declined, with silver's decline greater than gold's. Short - term profit - taking by investors, rising oil prices increasing inflation concerns, and a strengthening US dollar index jointly pressured precious metals. The US February CPI and core CPI data had limited impact. The Middle - East conflict complicated the Fed's policy path. Precious metals are expected to remain range - bound in the short term [2]. - Gold is expected to oscillate in the short term. Long - term outlook for gold is optimistic due to the weakening US dollar credit. If the market shifts to a stagflation trading logic, it will catalyze gold price increases [3]. - Silver is expected to maintain a range - bound operation. The long - term support for silver is significant [4][7]. 3. Summary by Related Content Precious Metal Market Overview - On the day, precious metals oscillated weakly, failing to continue the previous day's upward trend. Silver's decline was significantly greater than gold's. The US February CPI and core CPI data were in line with expectations, having limited impact on precious metals. The Middle - East conflict entered its 12th day without obvious signs of easing, increasing concerns about rising oil prices and complicating the Fed's policy path. The IEA announced that its 32 member countries agreed to release 4 billion barrels of strategic oil reserves [2]. Gold Analysis - Logic: Gold prices oscillated weakly on the day. COMEX gold fell nearly 1% and broke below $5200 per ounce, SHFE gold fell nearly 0.4%. It was pressured by rising energy prices, a short - term strengthening US dollar, and some investors taking profits. The latest February CPI and core CPI data were in line with market expectations. The Middle - East geopolitical conflict continued, and the market weighed the threat to oil tanker navigation and the IEA's oil reserve release [3]. - Outlook: Gold may show a range - bound oscillation in the short term. Attention should be paid to the resumption of navigation in the Strait of Hormuz, the progress of the IEA's oil release, the US PCE data on March 13, and the Fed's interest - rate meeting resolution on March 17 - 18. In the long term, the outlook for gold is optimistic as the weakening of the US dollar credit remains the main line [3]. Silver Analysis - Logic: The decline of domestic and overseas silver prices exceeded 3% on the day, and COMEX silver once fell below $86 per ounce. The driving factors were basically the same as those of gold. On one hand, the short - term macro - driving factors were the same as gold, facing the suppression of "rising energy prices - increasing inflation concerns - postponed interest - rate cut expectations". On the other hand, the spot - driving factors of silver weakened, with the continuous decline of the COMEX silver 2603 contract position and low delivery declaration volume in March, and the risk of a short squeeze was further alleviated [4][7]. - Outlook: Silver is expected to maintain a range - bound operation in the short term, and the long - term support is significant [7]. Commodity Index - Comprehensive Index: Not detailed in the given content. - Special Index: The commodity index was 2565.65, down 0.28%; the commodity 20 index was 2921.03, down 0.32%; the industrial products index was 2484.54, down 1.01% [46]. - Plate Index: The precious metal index on March 11, 2026 was 4496.99, with a daily increase of 1.27%, a 5 - day increase of 1.89%, a 1 - month increase of 8.03%, and a year - to - date increase of 17.59% [48].