五矿期货贵金属日报-20260401

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - The current geopolitical conflict remains the core focus of the market. Powell's speech on Monday was dovish, indicating that the current policy is somewhat restrictive and more attention is paid to the downward employment market. The US February JOLTs job openings released on Tuesday dropped to 6.882 million, slightly lower than market expectations, with both labor supply and demand weakening. The statements from both the US and Iran have slightly eased, leading to a temporary slowdown in the short - term pressure on precious metals. However, long - term inflation expectations may rise in the future. It is recommended to stay on the sidelines. The reference operating range for the main contract of Shanghai Gold is 950 - 1100 yuan/gram, and for the main contract of Shanghai Silver is 15,000 - 20,500 yuan/kilogram [4]. 3. Summary by Relevant Catalogs 3.1 Market Quotes - Shanghai Gold rose 1.97% to 1040.82 yuan/gram, and Shanghai Silver rose 1.88% to 18,954.00 yuan/kilogram. COMEX Gold rose 0.52% to 4703.10 US dollars/ounce, and COMEX Silver rose 0.88% to 75.58 US dollars/ounce. The US 10 - year Treasury yield was reported at 4.30%, and the US dollar index was reported at 99.86 [2]. 3.2 Market News - Fed's Schmid emphasized that inflation is the primary current risk, and inflation expectations should not be underestimated. Rising energy prices, especially oil prices, will push up core inflation, and the conflict situation related to Iran may further exacerbate this trend. The Fed needs to take measures to consolidate medium - and long - term inflation expectations and keep a close eye on the inflation target [2]. - According to Iranian state media, the Islamic Revolutionary Guard Corps of Iran stated that starting from April 1st, it will target US companies in the region as retaliation for the attacks on Iran and warned 18 US technology companies such as HP, Apple, Google, Tesla, and Microsoft. Iranian President Pezeshkian said that Iran has no intention of initiating a war and is willing to end the conflict on the premise of ensuring that it will not be attacked again. He also urged Europe to abandon its current practices and called on all parties to conduct compliant and professional cooperation in accordance with international law. Trump said that the US expects to end the war with Iran in two to three weeks, has basically achieved its military goals at present, and plans to hand over the issues related to the Strait of Hormuz to other countries. He emphasized that the US does not need to sign a treaty with Iran to end the war; when Iran loses the conditions for nuclear weapons development, the US will withdraw its troops regardless of whether an agreement is reached [3]. 3.3 Strategy Suggestion - Keep a wait - and - see attitude. The reference operating range for the main contract of Shanghai Gold is 950 - 1100 yuan/gram, and for the main contract of Shanghai Silver is 15,000 - 20,500 yuan/kilogram [4]. 3.4 Gold and Silver Data Summary - Gold: COMEX Gold's closing price (active contract) was 4540.40 US dollars/ounce, up 1.13%; trading volume was 155,200 lots, up 113.62%; open interest was 403,900 lots, down 1.81%; inventory was 981 tons, down 0.56%. LBMA Gold's closing price was 4529.15 US dollars/ounce, up 0.56%. SHFE Gold's closing price (active contract) was 1020.10 yuan/gram, up 0.51%; trading volume was 432,500 lots, down 14.43%; open interest was 284,300 lots, up 0.18%; inventory was 106.64 tons, unchanged; precipitation funds were 4.6403 billion yuan, up 0.70%. AuT + D's closing price was 1015.68 yuan, up 0.67%; trading volume was 59.99 tons, down 34.18%; open interest was 235.96 tons, down 2.40% [6]. - Silver: COMEX Silver's closing price (active contract) was 70.18 US dollars/ounce, up 0.59%; open interest was 113,200 lots, down 1.39%; inventory was 10,189 tons, down 0.22%. LBMA Silver's closing price was 70.75 US dollars/ounce, up 4.36%. SHFE Silver's closing price (active contract) was 18,126.00 yuan/kilogram, up 2.37%; trading volume was 1,341,400 lots, down 15.77%; open interest was 461,200 lots, up 1.35%; inventory was 368.67 tons, down 1.54%; precipitation funds were 2.2572 billion yuan, up 3.74%. AgT + D's closing price was 18,031.00 yuan, up 2.68%; trading volume was 345.80 tons, up 17.53%; open interest was 2818.488 tons, down 0.76% [6]. 3.5 ETF Holdings - Gold: The holdings of iShare US remained unchanged at 475.02 tons; GBS UK remained unchanged at 30.16 tons; PHAU UK remained unchanged at 53.40 tons; GOLD UK remained unchanged at 29.52 tons; SGBS Switzerland increased by 0.38% to 35.04 tons [67]. - Silver: The closing price was 68.14 US dollars, up 7.27%. SLV US's holdings remained unchanged at 15,288.36 tons; precipitation funds were 3.5677 billion US dollars, up 2.64%; trading volume was 40.2281 million shares, up 31.84%. ETPMAG Australia's holdings remained unchanged at 479.53 tons; PSLV Canada's holdings remained unchanged at 6747.37 tons; CEF Canada's holdings remained unchanged at 1583.02 tons [67].