白银：关注流动性收缩：黄金：地缘政治冲突爆发

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report focuses on the precious metals market, including gold and silver, and provides detailed price, trading volume, position, inventory, and spread data. It also reports on macro and industry news, which may have an impact on the market [2] 3. Summary by Relevant Catalogs 3.1 Precious Metals Fundamental Data - Price: - Gold: The closing price of Shanghai Gold 2602 was 1,153.06, with a daily decline of 2.45%; the night - session closing price was 1,144.20, with a decline of 0.22%. Comex Gold 2602 rose 1.02% to 5,151.60. London Gold Spot rose 0.63% to 5,120.54. - Silver: The closing price of Shanghai Silver 2602 was 21,854, with a daily increase of 0.86%; the night - session closing price was 21,546.00, with an increase of 1.53%. Comex Silver 2602 rose 1.78% to 83.765. London Silver Spot rose 1.86% to 83.540 [2] - Trading Volume and Position: - Gold: The trading volume of Shanghai Gold 2602 was 418,498, an increase of 25,719 from the previous day; the position was 126,419, a decrease of 13,351. The trading volume of Comex Gold 2602 was 135,880, a decrease of 123,812; the position was 270,147, a decrease of 4,316. - Silver: The trading volume of Shanghai Silver 2602 was 526,514, a decrease of 187,374; the position was 150,089, a decrease of 11,077. The trading volume of Comex Silver 2602 was 44,443, a decrease of 52,679; the position was 77,647, unchanged [2] - ETF Position: - SPDR Gold ETF position was 1,081.04, a decrease of 18. SLV Silver ETF position (the day before yesterday) was 15,947.57, a decrease of 34 [2] - Inventory: - Gold: Shanghai Gold inventory was 105,033 kilograms, a decrease of 27. Comex Gold inventory (the day before yesterday) was 33,071,598 troy ounces, a decrease of 99,538. - Silver: Shanghai Silver inventory was 294,823 kilograms, a decrease of 12,661. Comex Silver inventory (the day before yesterday) was 355,173,837 troy ounces, a decrease of 2,391,537 [2] - Spread: - Gold: The spread between Gold T + D and AU2602 was - 0.11, unchanged from the previous day. The spread between Shanghai Gold 2602 and 2606 contracts was N/A. The cost of the long - December and short - June cross - period arbitrage of Shanghai Gold was 4.77, a decrease of 0.87. The spread between Gold T + D and London Gold was 783.47, an increase of 730.27. - Silver: The spread between Silver T + D and AG2602 was 218, a decrease of 261. The spread between Shanghai Silver 2602 and 2606 contracts was - 13,933, a decrease of 414. The cost of the long - December and short - June cross - period arbitrage of Shanghai Silver was 73.41, a decrease of 11.3. The spread between Silver T + D and London Silver was 584, a decrease of 293 [2] - Exchange Rate: - The US dollar index was 98.80, a decrease of 0.48%. The US dollar against the Chinese yuan (CNY spot) was 6.91, an increase of 0.21%. 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 - The blockage in the Strait of Hormuz was alleviated, resulting in a rise in US stocks and bonds. The S&P 500 and Nasdaq rose by more than 1%, US oil dropped by 5%, and Ethereum soared by 10% [2] - Trump hinted at an attack on the oil facilities on Kharg Island; US allies were lukewarm about the joint escort plan for the Strait of Hormuz [4] - Part of the important oil hub in the UAE resumed operation. Earlier, Fujairah was attacked again, causing a complete suspension of oil loading and unloading [5] - US Treasury Secretary Bentsen said that oil prices would be far below $80 in a few months [6] - The Trump administration asked the judge to reconsider the decision to revoke the subpoena for Powell [6] - The US SEC is preparing to propose new regulations to cancel the requirement for listed companies to disclose quarterly performance and change it to twice a year [6] - China and the US held economic and trade consultations in Paris, France. The two sides are considering establishing a working mechanism to promote bilateral trade and investment cooperation [6] 3.3 Trend Intensity - The trend intensity of gold was 0, and the trend intensity of silver was 0 [6]