贵金属期现日报-20260330

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - In the short term, although the US has signaled peace talks with Iran, the conditions for a cease - fire agreement may be harsh. There may be more intense conflicts leading to a liquidity shock and a decline in gold prices. However, the impact of geopolitical conflicts on the market is expected to be gradually digested. The halt of outflows from gold ETF funds is beneficial for price stability. The market will enter a technical repair phase. One can try to buy call options below $4400 per ounce to seize the opportunity of a phased rebound [2] - As gold stops falling, silver may gradually bottom out around $60 - $65, with an upper resistance at $85. It is recommended to continue holding the short position of out - of - the - money call options on Shanghai silver futures [2] - Platinum and palladium are following the trends of gold and silver, entering a volatile phase. Platinum fluctuates in the range of $1850 - $2000, while palladium fluctuates in the range of $1450 - $1600. Since the fundamentals of palladium are relatively weaker, one can try to go long on the platinum - palladium ratio at low prices [2] Group 3: Summary According to the Directory 1. Domestic Futures Closing Prices - AU2606 contract closed at 998.66 yuan per gram on March 27, up 2.68 yuan (0.27%) from March 26 [2] - AG2606 contract closed at 17,489 yuan per kilogram on March 27, up 17 yuan (0.10%) from March 26 [2] - PT2606 contract closed at 493.05 yuan on March 27, up 5.65 yuan (1.16%) from March 26 [2] - PD2606 contract closed at 358.20 yuan per gram on March 27, up 4.85 yuan (1.37%) from March 26 [2] 2. Foreign Futures Closing Prices - COMEX gold main contract closed at 4489.70 on March 27, up 112.80 (2.58%) from March 26 [2] - COMEX silver main contract closed at 69.77 on March 27, up 1.65 (2.41%) from March 26 [2] - NYMEX platinum main contract closed at $1866.40 per ounce on March 27, up $53.10 (2.93%) from March 26 [2] - NYMEX palladium main contract closed at 1384.50 on March 27, up 19.50 (1.43%) from March 26 [2] 3. Spot Prices - London gold was at 4493.36 on March 27, up 113.54 (2.59%) from the previous value [2] - London silver was at 69.73 on March 27, up 1.67 (2.45%) from the previous value [2] - Spot platinum was at $1849.00 per ounce on March 27, down $20.00 (- 1.07%) from the previous value [2] - Spot palladium was at 1387.00 on March 27, up 15.00 (1.09%) from the previous value [2] - Shanghai Gold Exchange's gold T + D was at 992.45 yuan per gram on March 27, up 2.68 yuan (0.27%) from the previous value [2] - Shanghai Gold Exchange's silver T + D was at 17467 yuan per kilogram on March 27, up 175 yuan (1.01%) from the previous value [2] - Shanghai Gold Exchange's platinum 9995 was at 477 yuan per gram on March 27, down 8 yuan (- 1.55%) from the previous value [2] 4. Spreads - The spread between gold TD and Shanghai gold main contract was - 6.21, unchanged from the previous value, with a 1 - year historical quantile of 46.10% [2] - The spread between silver TD and Shanghai silver main contract was - 22, up 158 from the previous value, with a 1 - year historical quantile of 60.60% [2] - The spread between London gold and COMEX gold was 3.66, up 0.74 from the previous value, with a 1 - year historical quantile of 99.20% [2] - The spread between London silver and COMEX silver was - 0.05, up 0.02 from the previous value, with a 1 - year historical quantile of 59.70% [2] 5. Ratios - The ratio of COMEX gold to silver was 64.35, up 0.10 (0.16%) from the previous value [2] - The ratio of Shanghai Futures Exchange's gold to silver was 57.10, up 0.10 (0.17%) from the previous value [2] - The ratio of NYMEX platinum to palladium was 1.35, up 0.02 (1.48%) from the previous value [2] - The ratio of Guangzhou Futures Exchange's platinum to palladium was 1.38, unchanged from the previous value, with a change rate of - 0.21% [2] 6. Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.44% on March 27, up 0.02 percentage points (0.5%) from the previous value [2] - The 2 - year US Treasury yield was 3.88% on March 27, down 0.08 percentage points (- 2.0%) from the previous value [2] - The 10 - year TIPS Treasury yield was 2.13% on March 27, up 0.05 percentage points (2.4%) from the previous value [2] - The US dollar index was 100.17 on March 27, up 0.26 (0.26%) from the previous value [2] - The offshore RMB exchange rate was 6.9198 on March 27, down 0.0007 (- 0.01%) from the previous value [2] 7. Inventories and Positions - The Shanghai Futures Exchange's gold inventory was 106,644 kilograms on March 27, down 99 kilograms (- 0.09%) from the previous value [2] - The Shanghai Futures Exchange's silver inventory was 371,799 on March 27, up 1500 (0.41%) from the previous value [2] - COMEX gold inventory was 31,713,528 on March 27, down 192,945 (- 0.60%) from the previous value [2] - COMEX silver inventory was 328,297,364 on March 27, down 250,587 (- 0.08%) from the previous value [2] - COMEX gold registered warehouse receipts were 16,618,235 on March 27, down 123,951 (- 0.74%) from the previous value [2] - COMEX silver registered warehouse receipts were 76,024,857 on March 27, down 1,144,816 (- 1.48%) from the previous value [2] - The SPDR gold ETF position was 1053 on March 27, up 0.28 (0.03%) from the previous value [2] - The SLV silver ETF position was 15,409 on March 27, unchanged from the previous value [2]