白银：跌落震荡平台：黄金：地缘政治冲突爆发

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The report presents the latest price, trading volume, position, inventory, and spread data of precious metals such as gold and silver, as well as relevant exchange - rate information and major macro and industry news [1][3] 3. Summary by Directory [Fundamental Tracking] - Price Data: - Gold: The closing prices of various gold products such as Shanghai Gold 2602, Gold T + D, Comex Gold 2602, and London Gold Spot all showed declines, with daily declines ranging from 3.39% to 4.63% [1] - Silver: The closing prices of various silver products such as Shanghai Silver 2602, Silver T + D, Comex Silver 2602, and London Silver Spot also declined, with daily declines ranging from 3.43% to 9.72% [1] - Trading Volume and Position: - For gold, the trading volume of Shanghai Gold 2602 increased by 114,037 compared to the previous day, and the position decreased by 7,295; the trading volume of Comex Gold 2602 increased by 90,840, and the position decreased by 10,948 [1] - For silver, the trading volume of Shanghai Silver 2602 increased by 26,878, and the position decreased by 4,864; the trading volume of Comex Silver 2602 increased by 32,246, and the position remained unchanged [1] - Inventory: - Gold: The inventory of Shanghai Gold remained unchanged at 106,845 kilograms, and the inventory of Comex Gold (in troy ounces) decreased by 95,732 [1] - Silver: The inventory of Shanghai Silver increased by 17,945 kilograms, and the inventory of Comex Silver (in troy ounces) decreased by 2,817,058 [1] - Spread: - Gold: The spread between Gold T + D and AU2602 remained unchanged at 0.39; the cost of the long - December and short - June inter - period arbitrage of Shanghai Gold decreased by 0.87 [1] - Silver: The spread between Silver T + D and AG2602 decreased by 10; the cost of the long - December and short - June inter - period arbitrage of Shanghai Silver decreased by 11.3 [1] - Exchange Rate: - The US dollar index decreased by 0.94% to 99.23, and the US dollar against the Chinese yuan (CNY spot) increased by 0.38% to 6.90 [1] [Macro and Industry News] - Trump threatened to destroy Iranian power plants and limit Iran to open the Strait of Hormuz within 48 hours, and the US is planning to seize Iran's "nuclear reserves"; Israel's Dimona was "directly hit" by an Iranian missile [1] - The Trump team has started to plan "peace talks" with Iran, and Iranian officials have proposed six conditions for a cease - fire, including establishing a new legal system for the Strait of Hormuz [3] - After India, Iran is considering "temporarily" allowing Japanese ships to pass through the Strait of Hormuz [3] - Li Qiang attended the opening ceremony of the China Development Forum 2026 Annual Meeting and delivered a keynote speech [3] - Han Wenxiu said that expanding consumption is of top priority and also very difficult in the coming period [3] - The Governor of the People's Bank of China, Pan Gongsheng, stated that China will continue to implement a moderately loose monetary policy and use various tools to maintain sufficient liquidity [3] [Trend Intensity] - The trend intensity of gold is 0, and the trend intensity of silver is 0 [3]