2026年3月26日申万期货品种策略日报-黄金白银-20260326

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Precious metals are oscillating and consolidating. Trump's signal of conflict mitigation, the decline in crude oil prices, and the repair of risk appetite have driven the rebound of precious metals. The core drivers of this precious metal adjustment are the downward revision of interest rate cut expectations and the double suppression of liquidity shocks. In the long - term, the price center of precious metals will continue to rise due to geopolitical risks, concerns about US fiscal sustainability, and the continuous process of de - dollarization. Gold's long - term upward trend remains unchanged, and silver, platinum, and palladium follow the overall sector trend with relatively larger fluctuations [3] Summary by Relevant Catalogs Futures Market - For gold futures (沪金 2606 and 沪金 2604), yesterday's closing prices were 1013.96 and 1011.040 respectively, with price increases of 34.16 and 33.760, and price increase rates of 3.49% and 3.45%. The trading volumes were 317182 and 139575, and the open interests were 169532 and 40987. - For silver futures (沪银 2606 and 沪银 2604), yesterday's closing prices were 18111 and 18174 respectively, with price increases of 1026 and 979, and price increase rates of 6.01% and 5.69%. The trading volumes were 967928 and 110528, and the open interests were 214737 and 47438 [2] Spot Market - For gold spot (上海黄金 T + D), yesterday's closing price was 1014.44, with a price increase of 36.45 and a price increase rate of 3.73%. For London gold, yesterday's closing price was 4505.31, with a price increase of 33.29 and a price increase rate of 0.74%. - For silver spot (上海白银 T + D), yesterday's closing price was 18121, with a price increase of 955 and a price increase rate of 5.56%. For London silver, yesterday's closing price was 71.18, with a price decrease of 0.10 and a price decrease rate of - 0.14% [2] Inventory - The current inventory of gold in the Shanghai Futures Exchange is 106,743 kilograms, with no change from the previous value. The current inventory of silver in the Shanghai Futures Exchange is 376,094 kilograms, an increase of 10171 kilograms from the previous value. The COMEX silver inventory is 331,451,807 troy ounces, a decrease of 638687 troy ounces from the previous value [2] Related Derivatives - The current position of the SPDR Gold ETF is 1,052.4 tons, a decrease of 0.6 tons from the previous value. The current position of the SLV Silver ETF is 15,513.7 tons, with no change from the previous value. The net position of CFTC speculators in gold is 159,869, a decrease of 3263 from the previous value. The net position of CFTC speculators in silver is 21,881, a decrease of 2697 from the previous value [2] Macro Information - There are multiple geopolitical events related to the Iran - US conflict, including statements from Iranian and US officials regarding cease - fire proposals, negotiation possibilities, and military actions. For example, Iran has put forward five conditions for a cease - fire, and the US has made various statements about the end of the war and negotiation plans [3]