贵金属期货：金银分化，短期偏多

Report Industry Investment Rating - The report gives a short - term bullish rating on precious metal futures [1] Core Viewpoints - Due to the ongoing intense and stalemated conflict between the US, Israel, and Iran, along with large - scale protests in the US against the Trump administration, global stock markets have fallen significantly, and risk - aversion sentiment has re - heated. This has increased the short - term bullish momentum for gold, while the bullish momentum for silver has weakened, and it mainly follows gold passively. In the medium term, the precious metal market may still be in a wide - range oscillation pattern until the policy of the new Federal Reserve chairman becomes clearer [1] Directory Summaries 1. Market Review and Outlook - The US - Israel - Iran conflict remains intense and stalemated. Iran has increased its attacks on the US and Israel, and Tehran has been more frequently and severely bombed. There are large - scale protests against the Trump administration in the US, with over 900,000 people expected to participate in 3,100 protests across 50 states. Global stock markets have fallen, and risk - aversion sentiment has re - heated, increasing the short - term bullish momentum for gold [1] 2. Factors to Consider - The factors to consider include Middle - East geopolitical games, US economic data, and Federal Reserve policy expectations [2] 3. Futures Market Review - The report presents charts of gold and silver futures' internal and external prices, as well as the trading volume and open interest of Shanghai gold and silver futures, with data from Flush and Ningzheng Futures [3] 4. Interest Rates and Exchange Rates - The report shows charts of the US dollar index and gold price, and US interest rates and gold price, with data from Flush and Ningzheng Futures [7][9] 5. Macroeconomic Data - The report includes charts of US CPI inflation data, PCE inflation data, initial jobless claims, unemployment rate and new non - farm employment, PMI, retail and personal disposable income, new private housing starts, and new housing sales, with data from Flush and Ningzheng Futures [14][19][20] 6. Fund Holdings and Ratios - The report provides charts of silver and gold ETF total holdings, the holding ratios of gold and silver asset management institutions, and the gold - silver ratio and gold - copper ratio, with data from Flush and Ningzheng Futures [23][26][29]