黄金：地缘政治局势缓解，白银：跌落震荡平台

1. Report's Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - The geopolitical situation has eased for gold, and silver has fallen off the oscillation platform. The price, trading volume, position, inventory, and spread of precious metals have all shown certain changes, along with some significant macro and industry news [1]. 3. Summary by Relevant Catalogs 3.1 Precious Metals Fundamental Data - Price: Most gold prices showed a decline, with沪金2602 down 9.55% to 940.00 and Comex黄金2602 down 1.82% to 4410.40. Most silver prices had a mixed trend, with沪银2602 down 12.30% to 15498 but Comex白银2602 up 2.23% to 69.320 [1]. - Trading Volume: The trading volume of沪金2602 increased by 43,191 to 386,422, and that of Comex黄金2602 increased by 171,659 to 392,432. The trading volume of沪银2602 decreased by 2,980 to 136,668, while that of Comex白银2602 increased by 37,853 to 86,911 [1]. - Position: The position of沪金2602 decreased by 6,229 to 62,764, and that of Comex黄金2602 decreased by 11,063 to 149,406. The position of沪银2602 decreased by 3,257 to 55,828, and that of Comex白银2602 remained unchanged at 72,735 [1]. - ETF Position: The SPDR黄金ETF position decreased by 4 to 1,052.70, and the SLV白银ETF position (the day before yesterday) increased by 265 to 15,513.67 [1]. - Inventory: The沪金 inventory decreased by 99 to 106,746 kilograms, and the Comex黄金 inventory (the day before yesterday) remained unchanged at 32,054,275 troy ounces. The沪银 inventory increased by 2054 to 364,549 kilograms, and the Comex白银 inventory (the day before yesterday) decreased by 1,989,464 to 332,695,255 troy ounces [1]. - Spread: The spread between gold T+D and AU2602 remained unchanged at -19.01. The spread between沪金2602 and 2606 contracts was not available. The cost of the long - December and short - June inter - period arbitrage for gold decreased by 0.87 to 4.77. The spread between silver T+D and AG2602 decreased by 99 to -66. The spread between沪银2602 and 2606 contracts decreased by 414 to -13,933. The cost of the long - December and short - June inter - period arbitrage for silver decreased by 11.3 to 73.41 [1]. 3.2 Exchange Rate - The dollar index was 99.12, and the dollar - to - RMB (CNY spot) was 6.91. The euro - to - dollar was 1.16 with no change, the dollar - to - yen was 159.22 with an increase of 0.05, and the pound - to - dollar was 1.21 with no change [1]. 3.3 Macro and Industry News - The Pentagon is planning a "weeks - long ground operation", and the USS Tripoli amphibious assault ship and 3,500 soldiers have arrived in the Middle East [1][3]. - Saudi Arabia's key east - west oil pipeline bypassing the Strait of Hormuz is operating at full capacity of 7 million barrels per day, and the oil exports from Yanbu Port have soared to a record high [4]. - Thailand has reached an agreement with Iran on the passage of its oil tankers through the Strait of Hormuz, and Malaysia says Iran allows its stranded oil tankers to pass [4]. - US consumer inflation expectations have reached the largest increase in nearly a year [4]. - Two major aluminum giants in the Middle East have been attacked. Emirates Global Aluminium has not disclosed whether it will stop production, and 6% of global production capacity is at stake. Citi says aluminum prices may soar to $4,000 per ton [4]. 3.4 Trend Strength - The trend strength of gold is 0, and that of silver is also 0 [4].