黄金：地缘政治局势缓解，白银，跌落震荡平台

Group 1: Report Investment Rating - No information provided regarding the industry investment rating Group 2: Core Viewpoints - The geopolitical situation has eased, and the price of gold has declined for nine consecutive days; silver has fallen from the shock platform [1][3] - The trend intensity of both gold and silver is 0 [4] Group 3: Summary by Directory 1. Fundamental Tracking Price - The closing prices of various gold varieties showed a downward trend, with the daily decline of Shanghai Gold 2602 at -9.55%, Gold T+D at -11.49%, Comex Gold 2602 at -1.82%, and London Gold Spot at -1.88%. The night - time closing prices of Shanghai Gold 2602 and Gold T+D also showed a decline and an increase respectively, with the night - time decline of Shanghai Gold 2602 at -1.30% and the night - time increase of Gold T+D at 0.04% [1] - The prices of various silver varieties showed a mixed trend. The daily decline of Shanghai Silver 2602 was -12.30%, and Silver T+D was -13.96%, while Comex Silver 2602 increased by 2.23%, and London Silver Spot increased by 1.79%. The night - time closing prices of Shanghai Silver 2602 and Silver T+D both increased, with the night - time increase of Shanghai Silver 2602 at 3.47% and Silver T+D at 4.83% [1] Trading Volume and Position - The trading volume of Shanghai Gold 2602 increased by 43,191 compared with the previous day, and the position decreased by 6,229. The trading volume of Comex Gold 2602 increased by 171,659, and the position decreased by 11,063 [1] - The trading volume of Shanghai Silver 2602 decreased by 2,980, and the position decreased by 3,257. The trading volume of Comex Silver 2602 increased by 37,853, and the position remained unchanged [1] ETF and Inventory - The position of SPDR Gold ETF decreased by 4, and the position of SLV Silver ETF (the day before yesterday) increased by 265 [1] - The inventory of Shanghai Gold decreased by 99 kilograms, the inventory of Comex Gold (the day before yesterday) remained unchanged, the inventory of Shanghai Silver increased by 2054 kilograms, and the inventory of Comex Silver (the day before yesterday) decreased by 1,989,464 ounces [1] Spread - The spread between Gold T+D and AU2602 remained unchanged at -19.01. The spread between Shanghai Gold 2602 and 2606 contracts was N/A. The cost of the long - December and short - June inter - period arbitrage of Shanghai Gold decreased by 0.87 to 4.77. The spread between Gold T+D and London Gold increased by 505.18 to 551.81 [1] - The spread between Silver T+D and AG2602 decreased by 99 to -66. The spread between Shanghai Silver 2602 and 2606 contracts decreased by 414 to -13,933. The cost of the long - December and short - June inter - period arbitrage of Shanghai Silver decreased by 11.3 to 73.41. The spread between Silver T+D and London Silver decreased by 2,872 to -2,071 [1] Exchange Rate - The US dollar index was 99.12, the US dollar against the Chinese yuan (CNY spot) was 6.91, the euro against the US dollar was 1.16 (unchanged), the US dollar against the Japanese yen was 159.22 (an increase of 0.05), and the British pound against the US dollar was 1.21 (unchanged) [1] 2. Macro and Industry News - The three major US stock indexes all rose by more than 1%, achieving the largest single - day increase in six weeks. Airlines, tourism, and cruise stocks rose sharply; crude oil fell by more than 10% [1] - US Treasury bonds and cryptocurrencies rose during the session; spot gold declined for nine consecutive days [3] - Trump said that the dialogue with Iran in the past two days was "fruitful", and the dialogue had formed the main points of the agreement. The attack on Iranian power plants and energy infrastructure was postponed for five days, and consultations were being held with Iran to reach a broader agreement [4] - US media reported that many countries were coordinating a meeting between the US and Iran in Islamabad this week; Iran denied that the speaker was negotiating with the US, calling the false news a condition for assassination, and said that the US had tried to negotiate through an intermediary but Iran did not respond [4] - The Iranian military said that it had effectively controlled the Strait of Hormuz and did not need to lay mines in the Persian Gulf; if the islands were attacked, mines would be laid immediately [4] - The US Energy Secretary said that the strategic petroleum reserve might be released again, but the possibility was very low. Japan was considering intervening in crude oil futures due to the continuous increase in costs caused by the Middle East crisis. The Japan Petroleum Association called for a second release of the petroleum reserve, with the scale comparable to the first 80 million [4]