贵金属日报-20260319

1. Report Industry Investment Rating - Gold and silver are rated ☆☆☆, indicating a clearer long/short trend and a relatively appropriate current investment opportunity [1] 2. Core View of the Report - Overnight, precious metals declined. US PPI data exceeded expectations across the board. Iran's energy facilities were attacked, and it vowed to strike the oil facilities of three Middle - Eastern countries, causing crude oil prices to surge and intensifying concerns about inflation prospects. The Fed kept interest rates unchanged, and the dot - plot maintained the forecast of one rate cut this year. Powell believes that interest rates are in a favorable position. Precious metals are suppressed by the weakening expectation of Fed rate cuts and may mainly experience short - term weak oscillations [1] 3. Summary by Relevant Catalogs Fed's March Interest Rate Decision - The Fed maintained the interest rate at 3.5% - 3.75%. Milan thought it should cut rates by 25 basis points. The impact of the Middle - East situation on the US economy is uncertain. The dot - plot maintains the expectation of one rate cut each this year and next, but the distribution has become more hawkish. Powell believes that interest rates are at the upper end of the neutral range, may be slightly restrictive and in a favorable position. It's not stagflation currently, and this energy supply disruption is a one - time event. Powell responded firmly on the issue of staying in office: he won't leave until the investigation ends, and may not leave even after it ends. He will continue to serve as the interim chairman if a successor is not confirmed [2] Energy Situation - Iran's southern oil facilities were attacked, and it vowed to strike the oil facilities of three Middle - Eastern countries in retaliation. Qatar said that an Iranian missile hit the gas hub - Ras Laffan Industrial City, causing serious damage. Iran attacked the exclusive area of the Riyadh refinery for the US, causing a fire. Trump authorized the lifting of the ship ban for 60 days to reduce domestic energy transportation costs. Vance urgently met with oil executives and plans to announce countermeasures within 48 hours. US media reported that Trump hopes Israel will suspend further attacks on Iran's energy facilities. Russia may consider providing military escort for merchant ships [2] Iran Situation - Iran's Revolutionary Guard said it will launch the "strongest" attack on the US and Israel. The Israeli military began to attack targets in northern Iran for the first time. The Israeli defense minister authorized the Israeli army to kill any senior Iranian official. Iran's president confirmed the death of Iranian intelligence minister Khatib. US media reported that the US wants to destroy Iran's military power and then end the war as soon as possible, while Israel is determined to hunt down Iranian leaders [2]