美国释放和谈信号，贵?属偏强运

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The precious metals are expected to fluctuate strongly in the short term, and follow - up attention should be paid to the progress of the US - Iran peace talks and energy price fluctuations, while being vigilant about the uncertainty brought by the recurrence of geopolitical conflicts [1] - Gold is expected to fluctuate strongly in the short term. Unless the US - Iran negotiations make substantial breakthroughs and drive oil prices to decline continuously, the upward space of gold prices may be limited. In the long - term, the core logic of gold's rise remains unchanged [1][2] - Silver is expected to fluctuate strongly in the short term. In the long - term, if the economic cycle shifts to a stagflation scenario, silver's elasticity may be limited and its trend will generally follow gold; if the economy returns to the recovery path, the elasticity of silver's industrial product attributes is expected to be gradually released, promoting its price to strengthen further [2] 3. Summary by Relevant Catalogs Precious Metals Market Overview - The market sentiment has been repaired, and precious metals have fluctuated upward, mainly boosted by the US releasing a peace - talk signal. The easing signal of the Middle East geopolitical situation has led to a decline in oil prices, partially alleviating market concerns about inflation and high interest rates, and supporting the strengthening of gold and silver prices [1] Gold Analysis - Short - term: Gold prices at home and abroad fluctuated upward. COMEX gold rose by more than 3% and SHFE gold rose by nearly 2%. The optimistic sentiment of a possible cease - fire in the Middle East boosted the price. However, Iran made a "negative response" to the US proposal [1] - Long - term: The core logic of gold's rise remains unchanged [2] Silver Analysis - Short - term: The domestic silver price rebounded following the foreign market. COMEX silver rose by more than 4% and SHFE silver rose by nearly 3%. The signal of the US's intention to cease fire for a month boosted the market sentiment. The decline in oil prices alleviated inflation concerns, and the marginal improvement of the US economic development path was beneficial to the industrial product elasticity of silver. However, the short - term spot drive of silver itself was still weak [2] - Long - term: The performance of silver depends on the economic cycle. If it shifts to stagflation, silver follows gold; if the economy recovers, silver's industrial product attributes will drive its price up [2] Commodity Index - The comprehensive index was 2505.87, a decrease of 0.37%; the commodity 20 index was 2799.49, an increase of 0.16%; the industrial products index was 2541.47, a decrease of 1.12% [44] - The precious metals index on March 25, 2026, was 3770.68, with a daily increase of 2.91%, a 5 - day decrease of 6.85%, a 1 - month decrease of 15.47%, and a year - to - date decrease of 1.40% [46]