贵属策略报：中东地缘担忧再起，贵?属震荡下跌

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Due to the resurgence of concerns about the geopolitical situation in the Middle East, precious metals fluctuated and declined. It is expected that precious metals will operate in a wide - range shock in the short term. One should closely monitor the progress of the peace talks between the US and Iran and the fluctuations in energy prices, and be vigilant against the risk of repeated geopolitical conflicts [2]. 3. Summary by Related Catalogs Gold - Logic: Domestic and international gold prices fluctuated and declined during the day. COMEX gold fell by more than 2%, and SHFE gold fell below the 1000 yuan/gram mark. This was mainly dragged down by the repeated geopolitical situation, which pushed up inflation expectations and weakened market risk appetite. The US initial and continued jobless claims data still showed some resilience [3]. - Outlook: In the short term, gold is expected to operate in a wide - range shock. One needs to be vigilant against the further deterioration of market risk appetite caused by the escalation of conflicts. In the long - term, the support for gold to rise is still strong [3]. Silver - Logic: Domestic and international silver prices both declined during the day. COMEX silver fell by more than 6%, and SHFE silver fell by nearly 1%. This was mainly due to the double suppression of the repeated geopolitical situation, which pushed up inflation concerns and the strengthening of the US dollar. In the short term, the spot drive of silver itself is still weak. If the geopolitical conflict does not ease, the market trading main line may gradually shift from "inflation" to "stagflation", and the suppression of silver's industrial product attributes will gradually appear [4]. - Outlook: In the short term, silver will operate in a shock. One should be vigilant against the risk of repeated conflicts. In the long - term, if the economic cycle rotates to the stagflation scenario, gold will continue to benefit, while the elasticity of silver may be limited, and its trend will generally follow gold. If the progress of the peace talks between the US and Iran exceeds expectations, the US economy is expected to return to the recovery path, and the elasticity of silver's industrial product attributes is expected to be gradually released [4]. Commodity Index - Comprehensive Index: The commodity index was 2515.25, up 0.37%; the commodity 20 index was 2811.87, up 0.44%; the industrial products index was 2545.38, up 0.15% [45]. Precious Metals Index - On March 26, 2026, the precious metals index was 3801.39, with a daily increase of 0.81%, a 5 - day decline of 1.02%, a 1 - month decline of 15.50%, and a year - to - date decline of 0.60% [47].