Report Industry Investment Rating - Not provided Core View of the Report - The change in the interest rate trend expectations of major central banks has significantly increased the holding cost of non - interest - generating precious metals, suppressing the price trends of gold and silver. After a sharp short - term decline, the short - selling force has been somewhat released, and the prices may fluctuate widely at the current level. Continuous attention should be paid to the evolution of the Iranian situation. [2] Summary by Relevant Catalogs Market Quotes - COMEX gold futures fell 4.99% to $4651.90 per ounce, and COMEX silver futures fell 6.16% to $72.81 per ounce. Shanghai gold's main contract fell 4.99% to 1026.74 yuan per gram, and Shanghai silver's main contract fell 6.07% to 17660 yuan per kilogram. [1] Important Information - On March 19, the holdings of the world's largest gold ETF, SPDR Gold Trust, decreased by 4.858 tons from the previous day, with the current holding at 1062.135 tons. The holdings of the world's largest silver ETF, iShares Silver Trust, decreased by 77.46 tons from the previous day, with the current holding at 15186.94 tons. [1] - According to CME's "FedWatch", the probability of the Fed raising interest rates by 25 basis points in April is 7.2%, and the probability of keeping the interest rate unchanged is 92.8%. By June, the probability of a cumulative 25 - basis - point interest rate hike is 9.2%, the probability of a cumulative 50 - basis - point interest rate hike is 0.2%, and the probability of keeping the interest rate unchanged is 90.6%. [1] - On Thursday, the European Central Bank announced to keep the deposit facility rate at 2.00%, the main refinancing rate at 2.15%, and the marginal lending rate at 2.40%, in line with market expectations. The Bank of England unanimously decided to keep the interest rate unchanged and opened the channel for "possible interest rate hikes". The Bank of Japan kept the interest rate at 0.75% for the second consecutive meeting and mentioned in the statement that it is concerned about the impact of rising oil prices. [1] - The number of initial jobless claims in the US last week was 205,000, lower than the estimated 215,000 and the previous value of 213,000. The number of continued jobless claims in the week of March 7 increased by 10,000 to 1.857 million. [1] - US Treasury Secretary Besent said on March 19 that the US did not attack Iran's energy infrastructure, has allowed Iranian oil to continue to be transported through the Gulf region, and may lift sanctions on Iranian oil at sea in the next few days. In addition, the US may release strategic oil reserves again to suppress oil prices. [1] - France, the UK, Germany, Italy, the Netherlands, and Japan announced in a joint statement that they are prepared to take appropriate measures together to ensure the safety of navigation in the Strait of Hormuz. [1] - Iran said its offensive and defensive capabilities are unprecedented and warned that it will retaliate if its energy facilities are attacked again. According to Iranian lawmakers, the Iranian parliament is promoting a bill that requires relevant countries to pay tolls and taxes to Iran if the Strait of Hormuz is used as a safe passage for ship traffic, energy, and food transportation. [1] Market Logic - The US Producer Price Index in February rose 3.4% year - on - year, higher than the market forecast of 3.0%. Traders further reduced their bets on Fed rate cuts in 2026. The number of initial jobless claims in the US last week was lower than expected, reducing the expectation of Fed rate cuts in 2026 and leading to bets on interest rate hikes. The Fed decided to keep the federal funds rate unchanged in March, in line with market expectations. The European, British, and Japanese central banks all announced unchanged interest rates, and the European Central Bank raised its inflation forecast. [2] - The US dollar index fell 1.10% to 99.19 on Thursday, and the yield of the benchmark 10 - year US Treasury bond first rose and then fell, closing at 4.25%. After Iran counterattacked the oil and gas facilities of relevant Middle - Eastern countries, the US Treasury Secretary said that sanctions on Iranian oil on sea tankers might be lifted, and Israel would "suspend" air strikes on Iranian energy facilities. International crude oil prices rose sharply on Thursday and then declined. [2] Trading Strategy - The market's short - term volatility has increased, and investors should pay attention to controlling positions and preventing risks. [2]

Core Viewpoint - The rejection of multiple tariff measures by the U.S. Supreme Court has led to increased uncertainty in policy, prompting investors to flock to safe-haven metals, resulting in a rise in gold prices [1] Group 1: Market Reactions - Analysts indicate that the return of the Chinese market, combined with increased uncertainty in U.S. policy, is maintaining the attractiveness of gold and silver [1] - Spot gold has risen over 1%, while spot silver and platinum have increased by over 4%, and spot palladium has risen by more than 2% [1] Group 2: Federal Reserve and Interest Rates - Two Federal Reserve officials have suggested that there is no intention to change the central bank's interest rate policy in the short term [1] - The market currently anticipates three rate cuts of 25 basis points each this year [1] Group 3: Geopolitical Factors - The Omani Foreign Minister has announced that the U.S. and Iran will hold the third round of nuclear talks in Geneva on Thursday [1] - Ongoing geopolitical factors, such as U.S. fiscal and trade policies, are expected to continue supporting upward momentum in gold prices [1]

Core Viewpoint - The article discusses the current market trends and potential investment opportunities within the industry, highlighting key financial metrics and performance indicators. Group 1: Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching $1.5 billion in Q3 [1] - Operating income rose to $300 million, reflecting a 10% margin improvement compared to the previous year [1] - Net profit for the quarter was $200 million, up from $180 million in the same period last year, indicating a growth rate of 11% [1] Group 2: Market Trends - The industry is experiencing a shift towards digital transformation, with a projected market growth rate of 20% over the next five years [1] - Consumer demand for innovative products has increased, leading to a 25% rise in new product launches [1] - Competitive landscape is intensifying, with major players investing heavily in research and development to capture market share [1] Group 3: Strategic Initiatives - The company plans to expand its operations into emerging markets, targeting a 30% increase in market penetration by 2025 [1] - Strategic partnerships with technology firms are being pursued to enhance product offerings and improve customer engagement [1] - Sustainability initiatives are being prioritized, with a commitment to reduce carbon emissions by 40% by 2030 [1]

Group 1 - The Federal Reserve is preparing to restart a rate-cutting cycle, diverging from other major central banks that are nearing the end of their easing cycles [1][2] - Market expectations indicate that the Federal Reserve may cut rates by 25 basis points next week, with a cumulative reduction of nearly 70 basis points by the end of the year, and some institutions do not rule out a 50 basis points cut [1] - The European Central Bank has maintained its rate at 2% and lowered its inflation forecast for 2027 to 1.9%, with a 50% probability of a rate cut around mid-2026 [1] Group 2 - The Bank of Japan is the only major central bank tightening its monetary policy, with potential for a rate hike by the end of the year despite domestic political uncertainties [1] - The Bank of Canada is expected to restart rate cuts next week due to weak economic conditions and rising unemployment, with two more cuts anticipated by January next year [1] - The Reserve Bank of New Zealand has already cut rates by 25 basis points last month and is expected to cut again in October and by the end of the year [1]

Core Viewpoint - The Central Bank of Colombia has decided to maintain the interest rate at 9.25% [1] Group 1 - The decision to keep the interest rate unchanged reflects the bank's strategy to manage inflation and economic stability [1]

Core Viewpoint - The Bank of Thailand maintains its key interest rate at 1.75%, aligning with market expectations [1] Group 1 - The decision to keep the interest rate unchanged reflects the central bank's assessment of the current economic conditions [1] - This rate has been held steady since the last adjustment, indicating a cautious approach to monetary policy [1] - The central bank aims to support economic recovery while monitoring inflationary pressures [1]

Core Viewpoint - The Australian dollar is rising against the US dollar, but bullish momentum is lacking. The US dollar has room to decline in the coming days and weeks due to a reduction in speculative short positions, which has weakened its performance [1] Short-term Volatility Characteristics - Most currency pairs exhibit small fluctuations, with the USD/JPY and USD/CHF showing relatively larger volatility at -0.04% [2] One-day and One-week Volatility - Most currency pairs remain stable, but the NZD/USD, USD/CAD, USD/CHF, and USD/JPY have shown significant declines [3] Long-term Volatility Characteristics - All currency pairs have experienced declines over the past month, with the US dollar index showing the largest fluctuation at -1.14%, followed by USD/CAD at -0.38% and USD/CHF at -0.40%. The volatility of US dollar-related currency pairs is significantly higher than that of other currency pairs over one day and one week [4][5] Overall Trend - As the time frame extends, the volatility of major currency pairs generally increases. US dollar-related currency pairs exhibit significantly higher volatility compared to other currency pairs, while non-US dollar pairs (AUD, EUR, GBP, NZD) show lower volatility in the short term [7] Interest Rate Expectations - Citigroup has pushed back its expectation for a US rate cut from July to September, forecasting three rate cuts totaling 75 basis points this year, following a stronger-than-expected May employment report [8] Impact of Trade Uncertainty - Trade uncertainties are affecting corporate confidence, leading investors to adjust their perception of the US dollar as a safe haven, which has somewhat diminished its attractiveness. This has provided support for non-USD currencies like the British pound [9] Japanese Yen Performance - The Japanese yen strengthened against the US dollar due to revised GDP data and expectations of continued interest rate hikes by the Bank of Japan. The first quarter's economic performance was adjusted from a contraction of 0.2% to zero growth, with private consumption revised from flat to a growth of 0.1% [11] Swiss Franc Outlook - Switzerland may become the first major economy to return to negative interest rates to combat currency appreciation and falling prices, highlighting the challenges faced by central banks as traditional policy tools are rapidly exhausted amid ongoing global trade tensions. May consumer prices in Switzerland declined, prompting traders to prepare for a potential rate cut by the Swiss National Bank [11]

Group 1 - The core argument of the article highlights that Canada's central bank's decision to maintain the benchmark interest rate at 2.75% is being questioned due to a disappointing trade report for April [1] - The trade report indicates a significant decline in exports by 10.8%, reaching the lowest level in nearly two years, and a record trade deficit of 7.14 billion CAD [1] - The Canadian dollar's strongest monthly appreciation since May 2021 is cited as a contributing factor to the sharp decline in export data [1] Group 2 - In USD terms, Canadian exports fell by 8.4% in April [1] - Exports to the U.S. decreased by 15.7%, suggesting that U.S. importers may have accelerated orders from Canadian suppliers in the first quarter to avoid tariffs [1]

Group 1 - The Bank of Canada maintains its policy interest rate at 2.75%, aligning with market expectations [1] - The current interest rate remains unchanged from the previous value of 2.75% [1] - This decision reflects the central bank's ongoing assessment of economic conditions [1]

Core Viewpoint - The National Bank of Poland has maintained its main interest rate at 5.25%, which aligns with market expectations [1] Group 1 - The decision to keep the interest rate unchanged reflects the central bank's strategy to stabilize the economy amid ongoing inflation concerns [1] - The current interest rate level is part of a broader monetary policy framework aimed at managing economic growth and inflation [1]