黄金：地缘政治局势缓解；白银：跌落震荡平台

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The geopolitical situation has eased for gold, and silver has fallen from the shock platform [1] - The inflation pressure is quietly rising, with US import prices seeing the largest increase since 2022. Wall Street has downgraded its outlook on the US economy, and Goldman Sachs predicts an increased risk of recession [4] - Under the blockage of the Strait of Hormuz, Saudi Arabia is "seeking survival by changing routes", and the exports from the Red Sea port of Yanbu are approaching the target of 5 million barrels [4] - Trump is forming a technology committee, with 13 industry leaders such as Zuckerberg, Huang Renxun, and Ellison potentially being nominated [4] - European Central Bank President Lagarde stated that if necessary, the central bank will raise interest rates at any meeting and will not "paralyze due to hesitation" on the Iranian issue [4] - Pinduoduo's Q4 revenue increased by 12% year - on - year, but its net profit declined by 11%. The management announced a full - scale investment in the supply chain, and profit margin fluctuations will be the norm [4] 3. Summary by Directory 3.1 Fundamental Tracking - Prices: - Gold: The closing prices of various gold products (e.g.,沪金2602, 黄金T+D, Comex黄金2602, London gold spot) showed declines, with daily and night - session fluctuations. For example,沪金2602 had a daily decline of 9.55% and a night - session decline of 1.30% [1] - Silver:沪银2602 and 白银T+D had daily declines but night - session increases. Comex白银2602 and London silver spot had daily increases [1] - Trading Volume and Positions: - Gold: The trading volume of沪金2602 and Comex黄金2602 increased compared to the previous day, while the positions decreased [1] - Silver: The trading volume of沪银2602 decreased, and the position also decreased. The trading volume of Comex白银2602 increased, and the position remained unchanged [1] - ETF Positions: The position of SPDR gold ETF decreased by 4, and the position of SLV silver ETF (the day before yesterday) increased by 265 [1] - Inventory: - Gold: The inventory of沪金 decreased by 99 kilograms, and the inventory of Comex gold (in troy ounces, the day before yesterday) remained unchanged [1] - Silver: The inventory of沪银 increased by 2054 kilograms, and the inventory of Comex silver (in troy ounces, the day before yesterday) decreased by 1,989,464 [1] - Spreads: - Gold: The spread between 黄金T+D and AU2602 remained unchanged. The spread between 沪金2602 and 2606 contracts was not available. The cost of the long - December and short - June inter - period arbitrage for gold decreased by 0.87. The spread between 黄金T+D and London gold increased by 505.18 [1] - Silver: The spread between 白银T+D and AG2602 decreased by 99. The spread between 沪银2602 and 2606 contracts decreased by 414. The cost of the long - December and short - June inter - period arbitrage for silver decreased by 11.3. The spread between 白银T+D and London silver decreased by 2,872 [1] - Exchange Rates: 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, the US dollar against the Japanese yen was 159.22 (up 0.05 from the previous day), and the British pound against the US dollar was 1.21 [1] 3.2 Macro and Industry News - Iran rejected the US cease - fire plan, and there are differences in views between Iran and the US on whether they are in negotiation [1][3] - The inflation pressure in the US is rising, and Wall Street has a more pessimistic outlook on the US economy [4] - Saudi Arabia is adjusting its export routes due to the blockage of the Strait of Hormuz [4] - Trump is forming a technology committee [4] - The European Central Bank may raise interest rates at any meeting [4] - Pinduoduo's Q4 revenue increased, but its profit decreased, and it plans to invest in the supply chain [4] 3.3 Trend Intensity - The trend intensity of gold is 0, and the trend intensity of silver is 0 [4]