Report Industry Investment Rating - Not provided in the content Core View - Not provided in the content Summary by Relevant Categories Futures Market - The closing prices of Shanghai Gold 2606 and 2604 were 1145.04 and 1141.70 respectively, up 4.39% and 4.38% from the previous day. The closing prices of Shanghai Silver 2606 and 2604 were 22937 and 23511 respectively, up 10.16% and 9.63% from the previous day [2]. - The trading volume of Shanghai Gold 2606 was 94943, and the position was 83522. The trading volume of Shanghai Gold 2604 was 462718, and the position was 178544. The trading volume of Shanghai Silver 2606 was 448333, and the position was 144377. The trading volume of Shanghai Silver 2604 was 943213, and the position was 237208 [2]. Spot Market - The closing price of Shanghai Gold T+D was 1140.03, up 3.99% from the previous day. The closing price of London Gold was 4964.20 dollars per troy ounce, up 0.46% from the previous day. The closing price of Shanghai Silver T+D was 23560, up 9.07% from the previous day. The closing price of London Silver was 88.69 dollars per troy ounce, up 3.83% from the previous day [2]. Inventory - The inventory of gold in the Shanghai Futures Exchange remained unchanged at 103,032 kilograms. The inventory of silver decreased by 26412 kilograms to 423,241 kilograms. The inventory of gold in COMEX decreased by 64302 troy ounces to 35,691,231 troy ounces. The inventory of silver in COMEX decreased by 3066617 troy ounces to 400,790,911 troy ounces [2]. Related Data - The US dollar index was 97.63, up 0.26 from the previous day. The S&P 500 index was 6882.72, down 35.09 from the previous day. The yield of 10-year US Treasury bonds was 4.29%, up 0.01% from the previous day. The Brent crude oil price was 68.71 dollars per barrel, up 0.89 dollars from the previous day. The US dollar to RMB exchange rate was 6.9376, up 0.0014 from the previous day [2]. Derivatives - The position of SPDR Gold ETF decreased by 1 ton to 1,082 tons. The position of SLV Silver ETF decreased by 68 tons to 16,370 tons. The net position of CFTC speculators in gold decreased by 39374 to 205,396. The net position of CFTC speculators in silver decreased by 1511 to 23,703 [2]. Macroeconomic News - Trump said he would not appoint a Fed chair nominee who advocates raising interest rates, and he believes interest rates will be cut soon [3]. - The nuclear negotiation between Iran and the US is scheduled to be held in Muscat on Friday morning local time (2 pm Beijing time on the 6th), and the oil price has given back half of its previous gains due to the fluctuating news [3]. - The Trump administration agreed to cooperate with Japan, Mexico and the EU to develop key minerals for industries such as defense, aiming to reach relevant agreements within 30 or 60 days [4].

Group 1: Market Performance - The three major indices showed mixed results, with the S&P 500 index declining for the second consecutive trading day [1] - The Dow Jones increased by 260.31 points (0.53%) to close at 49,501.30 points, while the Nasdaq fell by 350.61 points (1.51%) to 22,904.58 points [1] - AMD's stock plummeted by 17.31% after the company provided a first-quarter earnings outlook that did not meet some analysts' expectations [1] Group 2: European Market Performance - The German DAX30 index fell by 154.31 points (0.62%) to 24,621.04 points, while the UK FTSE 100 index rose by 95.67 points (0.93%) to 10,410.26 points [2] - The French CAC40 index increased by 82.66 points (1.01%) to 8,262.16 points, and the Italian FTSE MIB index rose by 189.98 points (0.41%) to 46,610.50 points [2] Group 3: Commodity Prices - Crude oil prices saw an increase, with light crude oil futures for March delivery rising by $1.93 to $65.14 per barrel (3.05% increase) [2] - Gold prices increased by 0.38% to $4,965.31, while silver prices rose by 0.57% to $88.736 [3] Group 4: Macro News - The Federal Reserve announced it will maintain capital requirements for large banks until 2027, allowing time to assess potential flaws in its stress testing models [4] - U.S. Treasury Secretary emphasized support for a strong dollar policy, despite concerns over inflation control and trust in the Federal Reserve [5] Group 5: U.S. Services Sector - The ISM services index for January remained at 53.8, indicating strong growth, although new orders saw a decline [6] - The index for business activity rose over 2 points to 57.4, the highest since October 2024, while the new orders index fell to 53.1 [6] Group 6: Strategic Collaborations - The U.S. announced collaboration with Japan, Mexico, and the EU to develop critical mineral resources for defense and other industries [7][8] - A memorandum of understanding is expected to be reached within 30 days to support mining, refining, and processing projects [7] Group 7: Company-Specific News - Alphabet's Q4 revenue exceeded expectations at $113.828 billion, with capital expenditures projected between $175 billion and $185 billion for 2026 [9] - SpaceX has begun inviting non-U.S. banks for its IPO, aiming for a public listing this year [10]