贵金属数据日报-20260326

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - With more news about US - Iran contact and negotiation, market panic has eased, core variable oil prices have not continued to rise significantly, and dollar liquidity tightening has also been alleviated, supporting the rebound of precious metal prices. However, as there is no substantial sign of easing in the Middle East geopolitical situation and the US is still deploying troops to the Middle East, the precious metal market may still fluctuate around geopolitical news in the short - term [4]. - In the short - term, as panic selling eases, precious metal prices are expected to stop falling and enter a wide - range shock. It is recommended to participate with a light position in the short - term. In the long - term, the deep adjustment of precious metal prices does not mean the end of the "bull market", and long - term support factors such as geopolitical uncertainty, the US huge debt, de - dollarization, and central bank gold purchases remain strong. As factors such as geopolitical conflicts and monetary policies become clearer, the precious metal market is expected to get out of the adjustment and return to its long - term value center. Investors are advised to grasp the long - term layout opportunity during this deep adjustment [4]. Group 3: Summary by Relevant Catalogs 1. Price Tracking - On March 25, 2026, London gold spot was $4547.63/ounce, London silver spot was $73.15/ounce, COMEX gold was $4546.50/ounce, COMEX silver was $73.29/ounce, AU2604 was 1011.04 yuan/gram, AG2604 was 18174 yuan/kilogram, AU (T + D) was 1010.69 yuan/gram, and AG (T + D) was 18100 yuan/kilogram. Compared with March 24, 2026, the price increases were 3.1%, 5.5%, 3.0%, 5.4%, 3.5%, 5.7%, 3.4%, and 6.3% respectively [3]. - Regarding price differences/ratios, on March 25, 2026, the gold TD - SHFE active price difference was - 0.35 yuan/gram, the silver TD - SHFE active price difference was - 74 yuan/kilogram, the gold internal - external market (TD - London) price difference was 3.14 yuan/gram, the silver internal - external market (TD - London) price difference was - 189 yuan/kilogram, the SHFE gold - silver main ratio was 55.63, the COMEX gold - silver main ratio was 62.04, AU2604 - 2602 was 2.92 yuan/gram, and AG2604 - 2602 was - 63 yuan/kilogram. Compared with March 24, 2026, the changes were - 229.6%, - 54.0%, - 1203.8%, - 37.0%, - 2.1%, - 2.3%, 15.9%, and - 42.7% respectively [3]. 2. Position Data - As of March 24, 2026, the gold ETF - SPDR was 1052.99 tons, the silver ETF - SLV was 15513.67372 tons, the non - commercial long position of COMEX gold was 215961 contracts, the non - commercial short position was 56092 contracts, the non - commercial net long position was 159869 contracts, the non - commercial long position of COMEX silver was 31125 contracts, the non - commercial short position was 9244 contracts, and the non - commercial net long position was 21881 contracts. Compared with March 23, 2026, the changes were 0.03%, 0.00%, 0.24%, 7.22%, - 2.00%, - 6.55%, 5.91%, and - 10.97% respectively [3]. 3. Inventory Data - On March 25, 2026, the SHFE gold inventory was 106743.00 kilograms, and the SHFE silver inventory was 376094.00 kilograms. Compared with March 24, 2026, the changes were 0.00% and 2.78% respectively. On March 24, 2026, the COMEX gold inventory was 32016435 troy ounces, and the COMEX silver inventory was 331451807 troy ounces. Compared with March 23, 2026, the changes were - 0.05% and - 0.19% respectively [3]. 4. Interest Rate/Exchange Rate/Stock Market - On March 25, 2026, the US dollar/Chinese yuan central parity rate was 6.89. On March 24, 2026, the US dollar index was 99.23, the 2 - year US Treasury yield was 3.90%, the 10 - year US Treasury yield was 4.39%, the VIX was 26.95, the S&P 500 was 6556.37, and NYWEX crude oil was 88.39. Compared with March 23, 2026, the changes were - 0.05%, 0.07%, 1.83%, 1.15%, 3.06%, - 0.37%, and - 0.54% respectively [3]. 5. Market Review - On March 25, the main contract of Shanghai gold futures closed up 3.55% to 1013.96 yuan/gram, and the main contract of Shanghai silver futures closed up 7.05% to 1811 yuan/kilogram [3]