贵金属：贵金属日报2026-03-27-20260327

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The current geopolitical conflict situation has become the core focus of the market, and the gold price trend is significantly affected by relevant news. Although Trump said that the negotiation with Iran is in progress and going smoothly, leaving a cooling - off window for the tense situation in the Middle East, the potential geopolitical risks have not subsided. The recent decline in oil prices helps relieve global inflation pressure, reducing the market's concern about further interest - rate hikes by the Fed to some extent. If the geopolitical conflict eases, the pressure on the global economy from high energy prices and supply - chain disruptions will gradually ease, and the probability of central banks around the world raising interest rates is expected to decline, which may lead to gold regaining upward momentum. However, the inflation expectation caused by high oil prices has not been fully alleviated, and precious metals will remain in a high - level shock in the short term. It is recommended to stay on the sidelines, with the reference operating range of the main contract of Shanghai Gold being 920 - 1050 yuan/gram and that of the main contract of Shanghai Silver being 14500 - 20500 yuan/kilogram [3] 3. Summary According to Relevant Catalogs 3.1 Market Quotes - On March 27, 2026, Shanghai Gold fell 2.83% to 980.08 yuan/gram, and Shanghai Silver fell 1.88% to 16841.00 yuan/kilogram; COMEX Gold rose 0.45% to 4396.20 US dollars/ounce, and COMEX Silver rose 1.01% to 68.62 US dollars/ounce. The yield of the 10 - year US Treasury bond was 4.42%, and the US dollar index was 99.87 [1] 3.2 Macro - economic Information - Federal Reserve Governor Cook said that the current labor market is characterized by low recruitment and low lay - offs, which has a particularly significant impact on young workers. Affected by the geopolitical conflict in the Middle East, the current inflation risk has increased, and the balance of economic risks has tilted more towards the inflation side. The previous US inflation level was close to the 2% policy target, but tariff factors caused inflation to deviate from the target, and the current geopolitical situation has further pushed inflation away from the target level [1] - Trump announced through social media that at the request of Iran, the strike on Iran's energy facilities would be postponed for 10 days, with the window period ending at 20:00 on April 6, 2026, Eastern Time. This move temporarily alleviated the market's concern about the escalation of conflicts in the energy sector, providing a phased easing space for the global energy market. However, the US still reserves the right to restart the strike. Coupled with Iran's previous clear statement of counter - attack, the geopolitical risk has not completely subsided [2] 3.3 Gold and Silver Data - COMEX Gold: The closing price of the active contract was 4503.30 US dollars/ounce, up 0.63%; the trading volume was 238,000 lots, up 15.09%; the open interest was 411,400 lots, down 0.62%; the inventory was 994 tons, down 0.22% [5] - LBMA Gold: The closing price was 4564.55 US dollars/ounce, up 3.42%; the closing price of the active contract was 995.98 yuan/gram, down 1.77%; the trading volume was 438,400 lots, down 17.17% [5] - SHFE Gold: The open interest was 282,200 lots, down 3.97%; the inventory was 106.74 tons, unchanged; the settled funds were 44.969 billion yuan, out - flowing 5.67% [5] - AuT + D: The trading volume was 85.69 tons, up 6.55%; the open interest was 238.91 tons, down 1.86% [5] - COMEX Silver: The closing price of the active contract was 71.45 US dollars/ounce, unchanged; the open interest was 114,800 lots, down 0.61%; the inventory was 10,228 tons, down 0.79% [5] - LBMA Silver: The closing price was 73.17 US dollars/ounce, up 4.57%; the closing price of the active contract was 17,472.00 yuan/kilogram, down 3.53%; the trading volume was 1,206,200 lots, down 19.40% [5] - SHFE Silver: The open interest was 449,100 lots, up 0.92%; the inventory was 370.30 tons, down 1.54%; the settled funds were 21.186 billion yuan, down 2.64% [5] - AgT + D: The trading volume was 429.70 tons, down 5.95%; the open interest was 2,872.224 tons, down 0.63% [5] 3.4 ETF Holdings - Gold ETFs: The holding of SPDR in the US was 1052.42 tons; iShare in the US held 474.31 tons (unchanged); GBS in the UK held 30.30 tons (unchanged); PHAU in the UK held 53.21 tons (unchanged); GOLD in the UK held 29.71 tons (unchanged); SGBS in Switzerland held 34.92 tons, down 0.34% [68] - Silver ETFs: The closing price of SLV in the US was 60.77 US dollars, down 6.81%; the holding was 15,409.46 tons, down 0.67%; the settled funds were 3.3323 billion US dollars, down 8.66%; the trading volume was 55.5349 million shares, up 45.51%. ETPMAG in Australia held 482.96 tons, down 0.03%; PSLV in Canada held 6747.37 tons (unchanged); CEF in Canada held 1583.02 tons (unchanged) [68]