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 No relevant information provided. 2. Core Viewpoints The report presents the latest prices, trading volumes, positions, inventories, and price spreads of precious metals such as gold and silver, along with macro and industry news, including economic data from the US and China, and geopolitical events [2][4][5][6]. 3. Summary by Directory 3.1 Precious Metals Fundamental Data - Prices: - Gold:沪金2602 closed at 1,153.06 with a -2.45% daily increase, and its night - session price was 1144.20 with a -0.22% increase; Comex黄金2602 closed at 5151.60 with a 1.02% increase; London gold spot was at 5120.54 with a 0.63% increase [2]. - Silver:沪银2602 closed at 21854 with a 0.86% increase, and its night - session price was 21546.00 with a 1.53% increase; Comex白银2602 closed at 83.765 with a 1.78% increase; London silver spot was at 83.540 with a 1.86% increase [2]. - Trading Volumes and Positions: - Gold:沪金2602 had a trading volume of 418,498, an increase of 25,719 from the previous day, and a position of 126,419, a decrease of 13,351; Comex黄金2602 had a trading volume of 135,880, a decrease of 123,812, and a position of 270,147, a decrease of 4,316 [2]. - Silver:沪银2602 had a trading volume of 526,514, a decrease of 187,374, and a position of 150,089, a decrease of 11,077; Comex白银2602 had a trading volume of 44,443, a decrease of 52,679, and a position of 77,647, unchanged [2]. - ETF Positions: - SPDR黄金ETF position was 1,081.04, a decrease of 18; SLV白银ETF position (the day before yesterday) was 15,947.57, a decrease of 34 [2]. - Inventories: - Gold:沪金 inventory was 105,033 kg, a decrease of 27; Comex黄金 inventory (the day before yesterday) was 33,071,598 troy ounces, a decrease of 99,538 [2]. - Silver:沪银 inventory was 294,823 kg, a decrease of 12661; Comex白银 inventory (the day before yesterday) was 355,173,837 troy ounces, a decrease of 2,391,537 [2]. - Price Spreads: - Gold: The spread between 黄金T+D and AU2602 was -0.11, unchanged from the previous day; the cost of the long - December and short - June cross - period arbitrage for 沪金 was 4.77, a decrease of 0.87; the spread between 黄金T+D and London gold was 783.47, an increase of 730.27 [2]. - Silver: The spread between 白银T+D and AG2602 was 218, a decrease of 261; the spread between 沪银2602 and 2606 contracts was -13,933, a decrease of 414; the cost of the long - December and short - June cross - period arbitrage for 沪银 was 73.41, a decrease of 11.3; the spread between 白银T+D and London silver was 584, a decrease of 293 [2]. - Exchange Rates: - The US dollar index was 98.80, a -0.48% decrease; the US dollar against the Chinese yuan (CNY spot) was 6.91, a 0.21% increase; the euro against the US dollar was 1.16, a decrease of 0.01; the US dollar against the Japanese yen was 157.70, an increase of 0.05; the British pound against the US dollar was 1.21, unchanged [2]. 3.2 Macro and Industry News - US Economic Data: - The US Q4 GDP growth rate was significantly revised down to 0.7% due to the government shutdown; the US March Michigan consumer confidence hit a three - month low as consumers were worried about oil prices [2]. - The US January core PCE price increased by 3.1% year - on - year, reaching a two - year high, and the month - on - month growth rate remained at 0.4% [4]. - Chinese Economic Data: - China's February new social financing was 2.38 trillion yuan, new RMB loans were 9000 billion yuan, and M2 increased by 9% year - on - year [5]. - Geopolitical Events: - Over the weekend, the US military claimed to have "successfully attacked" more than 90 military targets on Iran's Kharg Island, while Iranian media reported that the island's oil facilities were not damaged. The US was reported to be planning to announce the formation of a "convoy alliance" in the Strait of Hormuz. The Pentagon expected the Iran war to last four to six weeks [6]. - A US judge rejected the Trump administration's subpoena against Powell, and the Department of Justice vowed to appeal. Key lawmakers said the appeal would only delay the confirmation of Wash's nomination. Court documents showed that Powell "threatened" to stay on as a Fed governor until January 2028 if the investigation continued [6]. - Chinese Policy: - China's State Council executive meeting studied the establishment of a negative list management mechanism for local fiscal subsidies [6]. 3.3 Trend Intensity The trend intensity of gold was 0, and that of silver was 0 [6].