1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The current market trading sentiment is cautious, and the volatile market remains unchanged. Fundamental factors continue to support the gold price. For silver, the tightening inventory supports the near - month price. It is recommended to stay on the sidelines for now. The reference operating range for the main contract of Shanghai gold is 1050 - 1250 yuan/gram, and for the main contract of Shanghai silver is 19000 - 21000 yuan/kilogram [3] 3. Summary According to Relevant Catalogs 3.1 Market Quotes - Shanghai gold fell 0.38% to 1119.74 yuan/gram, and Shanghai silver fell 1.54% to 20242.00 yuan/kilogram. COMEX gold rose 0.56% to 5050.90 US dollars/ounce, and COMEX silver fell 1.88% to 80.69 US dollars/ounce. The yield of the 10 - year US Treasury bond was reported at 4.16%, and the US dollar index was reported at 96.86 [1] - COMEX silver continued its recent strong de - stocking trend, with the total inventory continuously declining and approaching the 390 million - ounce mark (currently 390.466 million ounces), and the inventory decreased by about 4.0454 million ounces in a single day. Mainstream delivery warehouses continued to de - stock, leading to a tightening inventory and supporting the price of the near - month silver contract [2] 3.2 Data Comparison - The report provides a comparison of key gold and silver data on February 10, 2026, and February 9, 2026, including closing prices, trading volumes, open interests, inventories, and precipitation funds of COMEX gold, LBMA gold, SHFE gold, AuT + D, COMEX silver, LBMA silver, SHFE silver, and AgT + D, as well as their daily changes, daily price change rates, and historical quantiles in the past year [5][6] 3.3 Charts - There are multiple charts in the report, including the relationship between COMEX gold price and US dollar index, actual interest rate, trading volume, and total open interest; the relationship between Shanghai gold price, trading volume, and total open interest; the near - far month structure of COMEX gold and Shanghai gold; the relationship between COMEX silver price, trading volume, and total open interest; the near - far month structure of COMEX silver and Shanghai silver; the net long positions of COMEX gold and silver management funds and their prices; the total positions of gold and silver ETFs; and the internal - external price difference statistics and seasonality charts of gold and silver [11][26][40]