贵金属数据日报-20260312

1. Report Industry Investment Rating - Not provided. 2. Core Viewpoints of the Report - In the short - term, the precious metals market is expected to fluctuate, but as time passes, it is expected to return to its own operating logic with the price center rising in a fluctuating manner [6]. - In the long - run, the underlying logic of the precious metals bull market remains solid. With the probability of the Fed cutting interest rates this year, continuous global geopolitical uncertainties, and the US large - scale debt promoting the de - dollarization wave, the allocation demand from global central banks, institutions, and residents is expected to continue, and the price center of precious metals still has room to rise. Long - term strategies still suggest buying on dips [6]. 3. Summary by Relevant Catalogs 3.1 Price Tracking - Precious Metal Spot and Futures Prices: On March 11, 2026, the price of London Gold was 1151.98 yuan/gram, up 0.2% from March 10; the price of London Silver was 22409.00 yuan/kg, down 2.2%. COMEX gold was 5206.20 dollars/ounce, up 0.4%; COMEX silver was 87.63 dollars/ounce, down 1.8% [5]. - Price Spreads: The spread of gold TD - SHFE active price was - 2.06 yuan/gram on March 11, 2026, a change of - 53.8% from March 10; the spread of silver TD - SHFE active price was - 369 yuan/kg, a change of - 30.6% [5]. 3.2 Position and Inventory Data - Position Data: As of March 10, 2026, the gold ETF - SPDR position was 1073.57 tons, up 0.27% from March 9; the silver ETF - SLV position was 15654.56634 tons, down 0.36%. The non - commercial net long position of COMEX gold was 160145 contracts, up 0.61%; that of COMEX silver was 23338 contracts, up 4.84% [5]. - Inventory Data: On March 11, 2026, the SHFE gold inventory was 104910.00 kg, down 0.02% from March 10; the SHFE silver inventory was 251859.00 kg, down 2.82%. The COMEX gold inventory was 32720709 troy ounces, down 0.59%; the COMEX silver inventory was 345310443 troy ounces, down 0.28% [5]. 3.3 Market Indicator Data - Interest Rates and Exchange Rates: The 10 - year US Treasury yield was 4.15 on March 11, 2026, up 0.73% from March 10; the US dollar/CNY central parity rate was 6.89, down 0.09% [5]. - Stock and Commodity Markets: The VIX was 24.93 on March 11, 2026, down 2.24% from March 10; the S&P 500 was 6781.48, down 0.21%; the NYMEX crude oil was 86.39, up 1.54% [5]. 3.4 Market Analysis - Market Review: On August 11, the main contract of Shanghai gold futures closed up 0.73% to 1151.98 yuan/gram; the main contract of Shanghai silver futures closed up 0.41% to 2256 yuan/kg [5]. - Impact Analysis: On one hand, multiple parties jointly released signals of conflict cooling and introduced possible measures to stabilize oil prices. After the sharp fluctuations in international crude oil prices, they are oscillating at high levels, and precious metal prices are gradually stabilizing. On the other hand, although the US data in February generally met expectations, the market is generally worried about the data in August, especially the issue of the Strait of Hormuz remains unresolved, so the price of precious metals may still fluctuate in the short - term [6].