贵金属期现日报-20260327

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - In the short term, although the US is actively promoting peace talks with Iran, the conditions for reaching a cease - fire agreement may be harsh. There is a possibility of intense conflicts between the two sides, causing the gold price to fall again. Gold ETF funds may stop flowing out, and there will be a liquidity shock. In the medium - to - long - term, allocation should be cautious. Intraday, one can try to buy call options around $4400 to seize the opportunity of a phased recovery [2] - The silver correction may gradually bottom out around $60 - 65, with resistance at $85. It is recommended to continue holding the short position of out - of - the - money call options on Shanghai silver [2] - Platinum and palladium follow the wide - range fluctuations of gold and silver. Platinum fluctuates in the range of $1850 - 2000, and palladium fluctuates in the range of $1450 - 1600 [2] 3. Summary by Relevant Catalogs 3.1 Domestic Futures Closing Prices - AU2606 contract closed at 995.98 yuan/gram on March 26, down 1.77% from the previous day [2] - AG2606 contract closed at 17472 yuan/kilogram on March 26, down 3.53% from the previous day [2] - PT2606 contract closed at 487.40 yuan/gram on March 26, down 3.65% from the previous day [2] - PD2606 contract closed at 353.35 yuan/gram on March 26, down 4.12% from the previous day [2] 3.2 Foreign Futures Closing Prices - COMEX gold main contract closed at 4376.90 on March 26, down 2.81% from the previous day [2] - COMEX silver main contract closed at 68.13 dollars/ounce on March 26, down 4.65% from the previous day [2] - NYMEX platinum main contract closed at 1813.30 on March 26, down 5.06% from the previous day [2] - NYMEX palladium main contract closed at 1365.00 on March 26, down 3.77% from the previous day [2] 3.3 Spot Prices - London gold was at 4379.82 on March 26, down 2.79% from the previous day [2] - London silver was at 68.06 dollars/ounce on March 26, down 4.38% from the previous day [2] - Spot platinum was at 1869.00 dollars/ounce on March 26, down 4.15% from the previous day [2] - Spot palladium was at 1372.00 on March 26, down 4.32% from the previous day [2] - Shanghai Gold Exchange gold T + D was at 989.77 yuan/gram on March 26, down 2.43% from the previous day [2] - Shanghai Gold Exchange silver T + D was at 17292 yuan/ten grams on March 26, down 4.57% from the previous day [2] - Shanghai Gold Exchange platinum 9995 was at 485 yuan/gram on March 26, down 4.88% from the previous day [2] 3.4 Basis - The basis of gold TD - Shanghai gold main contract was - 6.21, down 6.69 from the previous day, with a 1 - year historical quantile of 46.10% [2] - The basis of silver TD - Shanghai silver main contract was - 180, down 190 from the previous day, with a 1 - year historical quantile of 60.60% [2] - The basis of London gold - COMEX gold was - 9.13, up 4.16 from the previous day, with a 1 - year historical quantile of 75.60% [2] - The basis of London silver - COMEX silver was - 0.37, down 0.15 from the previous day, with a 1 - year historical quantile of 21.70% [2] 3.5 Price Ratios - The ratio of COMEX gold/silver was 64.25, up 1.93% from the previous day [2] - The ratio of SHFE main gold/silver was 57.00, up 1.82% from the previous day [2] - The ratio of NYMEX platinum/palladium was 1.33, down 1.34% from the previous day [2] - The ratio of GZFE platinum/palladium was 1.38, up 0.50% from the previous day [2] 3.6 Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.42%, up 2.1% from the previous day [2] - The 2 - year US Treasury yield was 3.96%, up 3.1% from the previous day [2] - The 10 - year TIPS Treasury yield was 2.08%, up 3.0% from the previous day [2] - The US dollar index was 99.92, up 0.29% from the previous day [2] - The offshore RMB exchange rate was 6.9206, up 0.23% from the previous day [2] 3.7 Inventories and Positions - The SHFE gold inventory was 106743, unchanged from the previous day [2] - The SHFE silver inventory was 370299 kilograms, down 1.54% from the previous day [2] - The COMEX gold inventory was 31906473, down 0.12% from the previous day [2] - The COMEX silver inventory was 328547950, down 0.09% from the previous day [2] - The COMEX gold registered warehouse receipts were 16742186, down 0.12% from the previous day [2] - The COMEX silver registered warehouse receipts were 77169673, up 0.65% from the previous day [2] - The SPDR gold ETF position was 1053, up 0.03% from the previous day [2] - The SLV silver ETF position was 15409, down 0.67% from the previous day [2]