贵金属：贵金属日报2026-03-30-20260330

Report Industry Investment Rating - No investment rating information is provided in the report Core Viewpoints - The current geopolitical conflict situation has become the core focus of the market, and the gold price trend is significantly affected by relevant news. With the Middle - East conflict entering the second month and continuing to escalate, Pakistan plans to host US - Iran talks in the coming days to resolve the conflict, but the positions of the US, Israel, and Iran are all tough. Meanwhile, the Houthi armed forces have entered the fray and threatened the shipping safety of the Mandeb Strait, increasing the global energy supply risk. In a high - oil - price environment, the stickiness of inflation expectations is further highlighted. Coupled with the shift of market interest - rate cut expectations, the short - term trend of precious metals is still under phased pressure. It is recommended to stay on the sidelines. The reference operating range for the main contract of Shanghai gold is 950 - 1050 yuan/gram, and for the main contract of Shanghai silver is 15000 - 20500 yuan/kilogram [3] Summary by Relevant Catalogs Market Quotes - Shanghai gold rose 1.73% to 1009.44 yuan/gram, Shanghai silver rose 1.88% to 17763.00 yuan/kilogram; COMEX gold rose 0.15% to 4531.20 US dollars/ounce, COMEX silver fell 1.43% to 68.80 US dollars/ounce; the US 10 - year Treasury yield was 4.44%, and the US dollar index was 100.26 [2] News Events - The US Senate Banking Committee plans to hold a hearing for Kevin Warsh, the nominee for Federal Reserve Chairman by President Trump, as early as the week of April 13. However, Warsh has not submitted his full - version manuscript yet [2] - The Iranian Foreign Ministry spokesman Bagheri stated that the relevant proposal submitted by the US through mediators is extreme and unreasonable. The proposal involves Iran's basic rights, lacks good - will and a serious diplomatic attitude. Iran emphasizes relying on its own capabilities to ensure security and will use all means to prevent another attack. At the same time, the Yemeni Houthi armed forces launched missiles at Israel, opening a new front in the Middle - East war. The Yanbu Port and the Mandeb Strait, where Saudi Arabia's daily oil output exceeds 3.4 million barrels and can bypass the Strait of Hormuz, are within the range of Houthi missiles, posing a serious threat to the last buffer plan in the energy market [2] Strategy Suggestions - Due to the current geopolitical situation, it is recommended to stay on the sidelines. The reference operating range for the main contract of Shanghai gold is 950 - 1050 yuan/gram, and for the main contract of Shanghai silver is 15000 - 20500 yuan/kilogram [3] Gold and Silver Data - COMEX Gold: The closing price of the active contract was 4489.70 US dollars/ounce (up 2.58% from the previous day), the trading volume was 7.27 million lots (down 69.57% from the previous day), the open interest was 40.39 million lots (down 1.81% from the previous day), and the inventory was 986 tons (down 0.60% from the previous day) [5] - LBMA Gold: The closing price was 4504.15 US dollars/ounce (up 1.07% from the previous day), the closing price of the active contract was 998.66 yuan/gram (up 0.27% from the previous day), the trading volume was 43.98 million lots (up 0.32% from the previous day) [5] - SHFE Gold: The open interest was 27.37 million lots (down 3.00% from the previous day), the inventory was 106.64 tons (down 0.09% from the previous day), and the settled funds were 43.737 billion yuan (outflow of 2.74% from the previous day) [5] - AuT + D: The trading volume was 81.69 tons (down 4.67% from the previous day), and the open interest was 239.47 tons (up 0.23% from the previous day) [5] - COMEX Silver: The closing price of the active contract was 69.77 US dollars/ounce (up 2.41% from the previous day), the open interest was 11.32 million lots (down 1.39% from the previous day), and the inventory was 10211 tons (down 0.08% from the previous day) [5] - LBMA Silver: The closing price was 67.80 US dollars/ounce (up 0.75% from the previous day), the closing price of the active contract was 17489.00 yuan/kilogram (up 0.10% from the previous day), the trading volume was 130.73 million lots (up 8.38% from the previous day) [5] - SHFE Silver: The open interest was 45.27 million lots (up 0.80% from the previous day), the inventory was 371.80 tons (up 0.41% from the previous day), and the settled funds were 21.376 billion yuan (up 0.89% from the previous day) [5] - AgT + D: The trading volume was 293.09 tons (down 31.79% from the previous day), and the open interest was 2849.646 tons (down 0.79% from the previous day) [5] ETF Holdings - Gold ETFs: The iShare US gold ETF's holding increased by 0.07% to 474.67 tons; the GBS UK, PHAU UK, and SGBS Switzerland gold ETFs' holdings remained unchanged or increased slightly, while the GOLD UK gold ETF's holding decreased by 0.50% to 29.52 tons [67] - Silver ETFs: The SLV US silver ETF's closing price rose 4.39% to 63.44 US dollars, the holding remained unchanged at 15409.46 tons, the settled funds increased by 0.75% to 33.572 billion US dollars, and the trading volume decreased by 6.74% to 5230.07 million shares. The ETPMAG Australia silver ETF's holding decreased by 0.71% to 479.53 tons, while the PSLV Canada and CEF Canada silver ETFs' holdings remained unchanged [67]