Core Viewpoint - Recent fluctuations in precious metal prices have prompted multiple banks in China to issue risk warnings to investors, highlighting the increased market uncertainty and advising on prudent investment strategies [3]. Group 1: Market Conditions - The price volatility in the precious metals market has exceeded normal correction levels, entering a phase of high intensity and uncertainty [6]. - Major banks such as Bank of China, China Construction Bank, Minsheng Bank, and Industrial and Commercial Bank of China have all released announcements regarding the current market risks associated with precious metals [3]. Group 2: Investment Strategies - Bank of China recommends that investors mitigate the impact of short-term price fluctuations through long-term investment strategies [5]. - Industrial and Commercial Bank advises investors to adopt a strategy of "total control, phased entry, and diversified allocation" to build a more robust asset portfolio [5]. - Financial expert Tian Lihui suggests that ordinary investors should consider non-leveraged methods such as accumulating gold or investing in gold ETFs for long-term allocation [6].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - On March 18, the main contract of Shanghai gold futures closed down 0.79% to 1,116.2 yuan/gram, and the main contract of Shanghai silver futures closed down 1.19% to 20,308 yuan/kilogram [3]. - The attack by Israel on Iran's largest gas field and subsequent escalation of Middle - East geopolitical tensions, along with the large - than - expected increase in US PPI in February and market concerns about a further sharp rise in March, have weakened the Fed's rate - cut expectation this year, putting heavy pressure on precious metal prices [3]. - In the short term, the Middle - East geopolitical situation may not ease and has a risk of further escalation. The intensifying energy crisis may continue to impact the precious metal market, but the room for a further significant decline in precious metal prices is relatively limited. In the long run, with the probability of the Fed cutting rates this year, continuous global geopolitical uncertainties, and the US's huge debt promoting the de - dollarization wave, the allocation demand of global central banks, institutions, and residents is expected to continue, and the price center of precious metals still has room to rise. Long - term strategies can choose to gradually allocate long positions on dips recently [3]. Group 3: Summary by Relevant Catalogs 1. Price Tracking - **内外盘金银15点价格**: On March 18, 2026, London gold spot was $5,011.01/ounce, London silver spot was $79.84/ounce, COMEX gold was $5,015.40/ounce, COMEX silver was $80.00/ounce. Compared with March 17, the prices of gold remained almost unchanged, and silver dropped by 1.1%. For domestic contracts, AU2604 was 1,113.52 yuan/gram, AG2604 was 19,997 yuan/kilogram, AU (T + D) was 1,112 yuan/gram, and AG (T + D) was 19,948 yuan/kilogram, with decreases of 0.2% - 1.8% [3]. - **价差/比价跟踪**: On March 18, 2026, the gold ID - SHFE active price difference was - 1.52 yuan/gram, the silver ID - SHFE active price difference was - 49 yuan/kilogram. The gold internal - external price difference (TD - London) was 1.82 yuan/gram, and the silver internal - external price difference (TD - London) was - 35 yuan/kilogram. The SHFE gold - silver main contract ratio was 55.68, and the COMEX gold - silver main contract ratio was 62.70. Compared with March 17, the price difference and ratio had different degrees of changes, with the largest change in the silver ID - SHFE active price difference, a decrease of 63.2% [3]. 2. Position Data - As of March 17, 2026, the gold ETF - SPDR was 1,069.56 tons, a decrease of 0.11% compared with March 16. The silver ETF - SLV was 15,389.752 tons, an increase of 0.22%. For COMEX gold non - commercial positions, the long position was 215,445 contracts, an increase of 0.79%, the short position was 52,313 contracts, a decrease of 2.41%, and the net long position was 163,132 contracts, an increase of 1.87%. For COMEX silver non - commercial positions, the long position was 33,306 contracts, a decrease of 2.69%, the short position was 8,728 contracts, a decrease of 19.84%, and the net long position was 24,578 contracts, an increase of 5.31% [3]. 3. Inventory Data - On March 18, 2026, the SHFE gold inventory was 106,845 kilograms, an increase of 1.45% compared with March 17. The SHFE silver inventory was 346,920 kilograms, a decrease of 1.93%. On March 17, 2026, the COMEX gold inventory was 32,236,075 troy ounces, a decrease of 0.49% compared with March 16, and the COMEX silver inventory was 337,892,693 troy ounces, a decrease of 0.50% [3]. 4. Interest Rate/Exchange Rate/Stock Market - On March 18, 2026, the US dollar/Chinese yuan central parity rate was 6.89, a decrease of 0.08% compared with March 17. The US dollar index was 99.56, a decrease of 0.25% compared with March 16. The 2 - year US Treasury yield remained unchanged at 3.68%, the 10 - year US Treasury yield was 4.20%, a decrease of 0.71%. The VIX index was 22.37, a decrease of 4.85%. The S&P 500 index was 6,716.09, an increase of 0.25%. The NYMEX crude oil price was $96.02, an increase of 1.91% [3].

Core Viewpoint - The article discusses the recent performance of silver in the market, highlighting a decline in its price and providing specific figures related to trading activity and price changes [1]. Group 1: Market Performance - The current price of silver is reported at $78.206 per ounce, reflecting a decrease of 1.46% [1]. - The opening price for silver was $5006.060, with a high of $5016.410 and a low of $4898.550, indicating a trading range of 2.35% [1]. - The previous closing price was $5006.630, showing a significant drop in the current trading session [1].

Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - The platinum market is expected to face a shortage for the fourth consecutive year in 2026, with a narrowing gap compared to 2025, but the long - term tight situation remains unchanged. Analysts believe the long - term fundamentals of platinum (diversified demand) are stronger than those of palladium (highly dependent on fuel - vehicle catalysts), and the premium of platinum over palladium is expected to further expand. Platinum's demand has solid medium - term support, while palladium's fundamentals are more fragile. The market volatility may remain high, and platinum and palladium are likely to follow the fluctuations of gold and silver. It is recommended to adopt a trading strategy based on the concept of market oscillations [2]. Summary According to Relevant Catalogs 1. Market Data - **Futures Market**: The closing price of the platinum main contract was 552.70 yuan/gram, up 22.65 yuan; the closing price of the palladium main contract was 407.75 yuan/gram, up 9.15 yuan. The platinum main - contract position was 10,387 lots, down 277 lots; the palladium main - contract position was 3,179 lots, up 90 lots [2]. - **Spot Market**: The Shanghai Gold Exchange platinum spot price (Pt9995) was 548.93 yuan/gram, up 20.28 yuan; the Yangtze River palladium spot average price was 388.00 yuan/gram, up 19.00 yuan. The platinum main - contract basis was - 3.77 yuan/gram, down 2.37 yuan; the palladium main - contract basis was - 19.75 yuan/gram, up 9.85 yuan [2]. - **Supply and Demand**: The platinum CFTC non - commercial long position was 9,966 contracts, down 243 contracts; the palladium CFTC non - commercial long position was 3,003 contracts, down 342 contracts. The total annual supply of platinum in 2025 was expected to be 220.40 tons, down 0.80 tons; the total annual supply of palladium in 2025 was expected to be 293.00 tons, down 5.00 tons. The total annual demand for platinum in 2025 was expected to be 261.60 tons, up 25.60 tons; the total annual demand for palladium in 2025 was expected to be 287.00 tons, down 27.00 tons [2]. - **Macro Data**: The US dollar index was 99.81, down 0.69; the 10 - year US Treasury real yield was 1.87%, down 0.05%. The VIX volatility index was 23.51, down 3.68 [2]. 2. Industry News - US President Trump said that after attacking military targets on Iran's major oil - export hub, Kharg Island, attacking the island's oil infrastructure was still an option. He hoped that European countries, Japan, and South Korea would assist in ensuring the safety of navigation in the Strait of Hormuz, but German Chancellor Merz refused to participate in the escort. - Trump called on the Federal Reserve to hold a "special meeting" to cut interest rates and criticized Fed Chairman Powell, saying that rates should be cut "immediately." The US Department of Justice requested a federal judge to reconsider the decision to revoke the subpoena for Fed Chairman Powell. - According to the latest "Platinum Quarterly" released by WPIC in early March, the global platinum market is expected to face a shortage for the fourth consecutive year in 2026, with a gap of about 7 tons (about 240,000 ounces), narrowing from the extreme gap of 34 tons in 2025. - Bank of America significantly raised its average target price for platinum in 2026 from $1,825 to $2,450 and the palladium target price from $1,525 to $1,725. Analysts believe that the long - term fundamentals of platinum are stronger than those of palladium [2]. 3. Key Events to Watch - March 17, 22:00: US Conference Board Leading Index for February - March 18, 18:00: Eurozone CPI monthly and annual rates for February - March 18, 20:30: US PPI monthly and annual rates for February - March 18, 22:00: US factory orders monthly rate for February - March 19, 02:00: Federal Reserve March interest - rate meeting - March 19, 20:30: US initial jobless claims [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The February CPI in the US basically met market expectations, but the strengthening US dollar still exerted strong pressure on the precious metals market [2]. - In terms of fundamentals, the long - term supply shortage logic for platinum remains solid. In 2026, global platinum supply is expected to increase slightly, and total demand will rise to 237 tons, with a market shortage of about 7 tons for the fourth consecutive year, and the depletion of above - ground inventory supports platinum prices [2]. - Palladium has a weak medium - term fundamental outlook. It is highly dependent on gasoline vehicle catalysts and faces dual pressures from the increasing penetration of electric vehicles and the accelerating substitution of platinum [2]. - In the short term, if crude oil prices continue to rise, platinum and palladium may continue to be under pressure. In the medium term, there is still an expectation of interest rate cuts, and the subsequent trend of US inflation data needs to be observed. It is recommended to conduct light - position range - bound trading for now [2]. Summary by Relevant Catalogs Futures Market - The closing price of the platinum main contract was 564.65 yuan/gram, down 5.35 yuan; the closing price of the palladium main contract was 416.60 yuan/gram, down 8.85 yuan [2]. - The main contract position of platinum was 10,387 hands, down 277 hands; the main contract position of palladium was 3,179 hands, up 90 hands [2]. Spot Market - The spot price of platinum (Pt9995) on the Shanghai Gold Exchange was 553.23 yuan/gram, down 3.85 yuan; the average spot price of palladium in the Yangtze River was 388.00 yuan/gram, down 11.00 yuan [2]. - The basis of the platinum main contract was - 11.42 yuan/gram, up 1.50 yuan; the basis of the palladium main contract was - 28.60 yuan/gram, down 2.15 yuan [2]. Supply and Demand - The non - commercial long positions of platinum in CFTC (weekly) were 9,966 contracts, down 243 contracts; the non - commercial long positions of palladium in CFTC (weekly) were 3,003 contracts, down 342 contracts [2]. - The total supply of platinum in 2025 was expected to be 220.40 tons, down 0.80 tons; the total supply of palladium in 2025 was expected to be 293.00 tons, down 5.00 tons [2]. - The total demand for platinum in 2025 was expected to be 261.60 tons, up 25.60 tons; the total demand for palladium in 2025 was expected to be 287.00 tons, down 27.00 tons [2]. Macroeconomic Data - The US dollar index was 99.20, up 0.27; the 10 - year US Treasury real yield was 1.85%, up 0.03% [2]. - The VIX volatility index was 24.23, down 0.70 [2]. Industry News - US President Trump said that there were "almost no targets left to strike" in Iran, and the US military action against Iran was "coming to an end", but US and Israeli officials said they had not received internal instructions to stop the military action [2]. - The International Energy Agency (IEA) agreed to release 4 billion barrels of strategic oil reserves to deal with the risk of energy supply disruption caused by the Iran war, which was the largest coordinated release in the agency's history [2]. - The latest US inflation data showed that in February, the seasonally adjusted CPI rose 0.3% month - on - month and 2.4% year - on - year, and the core CPI rose 0.2% month - on - month and 2.5% year - on - year, all in line with market expectations. However, the February data did not reflect the impact of the soaring oil prices caused by the Iran situation, and more data were needed to determine when the Fed would cut interest rates again [2]. - The US Treasury data showed that the US government budget deficit in February 2026 was $308 billion. The budget deficit from the beginning of the current fiscal year to February had exceeded $1 trillion, but was far lower than the same period last year. The total budget deficit so far this fiscal year was $1.004 trillion, a decrease of about 12% compared with the same period in 2025 due to faster growth in government revenue than expenditure [2]. Key Points to Watch - On March 13 at 20:30, the US January core PCE price index; on March 13 at 22:00, the US January durable goods orders [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The precious metals market is expected to continue to fluctuate in the short term. In the context of the long - term dollar credit narrative and the continuation of central bank gold - buying trends, the medium - to - long - term bullish logic remains intact. It is recommended to make long - term layouts on dips [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices**: The closing price of the Shanghai Gold main contract was 1,148.10 yuan/gram, down 3.9 yuan; the closing price of the Shanghai Silver main contract was 22,062 yuan/kilogram, down 194 yuan [2]. - **Positions**: The main contract position of Shanghai Gold was 105,803 lots, down 1,925 lots; the main contract position of Shanghai Silver was 3,354 lots, up 202 lots [2]. - **Volumes**: The main contract trading volume of Shanghai Gold was 163,830 lots, down 15,737 lots; the main contract trading volume of Shanghai Silver was 414,009 lots, up 19,026 lots [2]. - **Warehouse Receipts**: The warehouse receipt quantity of Shanghai Gold was 105,420 kilograms, up 510 kilograms; the warehouse receipt quantity of Shanghai Silver was 309,974 kilograms, up 58,115 kilograms [2]. 3.2 Spot Market - The spot price of gold on the Shanghai Gold Exchange was 1,146.45 yuan, down 3.97 yuan; the spot price of Huatong No.1 silver was 21,594 yuan, down 706 yuan. The basis of the Shanghai Gold main contract was - 1.65 yuan/gram, down 0.09 yuan; the basis of the Shanghai Silver main contract was - 468 yuan/gram, down 512 yuan [2]. 3.3 Supply and Demand Situation - **ETF Holdings**: The SPDR Gold ETF holdings were 1,077.28 tons, up 3.71 tons; the SLV Silver ETF holdings were 15,539.06 tons, down 115.51 tons [2]. - **CFTC Non - commercial Net Positions**: The non - commercial net position of gold in CFTC was 160,145 contracts, up 968 contracts; the non - commercial net position of silver in CFTC was 23,338 contracts, up 1,078 contracts [2]. - **Supply**: The total supply of gold in the quarter was 1,302.80 tons, down 0.19 tons; the total supply of silver in the year was 32,056 tons, up 482 tons [2]. - **Demand**: The total demand for gold in the quarter was 1,345.32 tons, up 79.57 tons; the total demand for silver in the year was 35,716 tons, down 491 tons [2]. - **Other Indicators**: The US dollar index was 99.20, up 0.27; the 10 - year US Treasury real yield was 1.85, up 0.03 [2]. 3.4 Macroeconomic Data - The VIX volatility index was 24.23, down 0.70; the CBOE gold volatility index was 30.68, down 1.43. The ratio of S&P 500 to gold price was 1.31, up 0.01; the gold - silver ratio was 60.10, up 1.25 [2]. 3.5 Industry News - Trump stated that the US military action against Iran was "about to end", but US and Israeli officials said they had not received internal instructions to stop the military action [2]. - The International Energy Agency (IEA) agreed to release 4 billion barrels of strategic oil reserves to deal with the energy supply disruption risk caused by the Iran war [2]. - The US February CPI report showed that the overall inflation performance was basically in line with market expectations, but the February inflation data did not fully reflect the upward pressure on international oil prices [2]. - The US government budget deficit in February 2026 was $308 billion. The budget deficit from the beginning of the fiscal year to February exceeded $1 trillion, but was about 12% lower than the same period in 2025 [2]. 3.6 Option Analysis - For the outer - market gold options, the $5,000 level is the most important lower support, and there is also some defensive strength around $5,100. The main resistance area is between $5,200 and $5,225, with concentrated long - call positions. The Put/Call ratio is generally below 1, indicating a bullish market sentiment [2]. - For the outer - market silver options, the $85 level is the most important long - short balance center, and there is also some defensive strength around $84. There is some resistance around $89, and the expansion of long - call positions at higher strike prices is not obvious, indicating that new bullish drivers are needed for further upward movement. The Put/Call ratio has recently fallen below 1, and the market sentiment is cautiously bullish [2]. 3.7 Key Points to Watch - On March 13 at 20:30, the US January core PCE price index will be released. - On March 13 at 22:00, the US January durable goods orders will be released [2].

1. Report Industry Investment Rating - Not provided. 2. Core Viewpoints of the Report - In the short - term, the precious metals market is expected to fluctuate, but as time passes, it is expected to return to its own operating logic with the price center rising in a fluctuating manner [6]. - In the long - run, the underlying logic of the precious metals bull market remains solid. With the probability of the Fed cutting interest rates this year, continuous global geopolitical uncertainties, and the US large - scale debt promoting the de - dollarization wave, the allocation demand from global central banks, institutions, and residents is expected to continue, and the price center of precious metals still has room to rise. Long - term strategies still suggest buying on dips [6]. 3. Summary by Relevant Catalogs 3.1 Price Tracking - **Precious Metal Spot and Futures Prices**: On March 11, 2026, the price of London Gold was 1151.98 yuan/gram, up 0.2% from March 10; the price of London Silver was 22409.00 yuan/kg, down 2.2%. COMEX gold was 5206.20 dollars/ounce, up 0.4%; COMEX silver was 87.63 dollars/ounce, down 1.8% [5]. - **Price Spreads**: The spread of gold TD - SHFE active price was - 2.06 yuan/gram on March 11, 2026, a change of - 53.8% from March 10; the spread of silver TD - SHFE active price was - 369 yuan/kg, a change of - 30.6% [5]. 3.2 Position and Inventory Data - **Position Data**: As of March 10, 2026, the gold ETF - SPDR position was 1073.57 tons, up 0.27% from March 9; the silver ETF - SLV position was 15654.56634 tons, down 0.36%. The non - commercial net long position of COMEX gold was 160145 contracts, up 0.61%; that of COMEX silver was 23338 contracts, up 4.84% [5]. - **Inventory Data**: On March 11, 2026, the SHFE gold inventory was 104910.00 kg, down 0.02% from March 10; the SHFE silver inventory was 251859.00 kg, down 2.82%. The COMEX gold inventory was 32720709 troy ounces, down 0.59%; the COMEX silver inventory was 345310443 troy ounces, down 0.28% [5]. 3.3 Market Indicator Data - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield was 4.15 on March 11, 2026, up 0.73% from March 10; the US dollar/CNY central parity rate was 6.89, down 0.09% [5]. - **Stock and Commodity Markets**: The VIX was 24.93 on March 11, 2026, down 2.24% from March 10; the S&P 500 was 6781.48, down 0.21%; the NYMEX crude oil was 86.39, up 1.54% [5]. 3.4 Market Analysis - **Market Review**: On August 11, the main contract of Shanghai gold futures closed up 0.73% to 1151.98 yuan/gram; the main contract of Shanghai silver futures closed up 0.41% to 2256 yuan/kg [5]. - **Impact Analysis**: On one hand, multiple parties jointly released signals of conflict cooling and introduced possible measures to stabilize oil prices. After the sharp fluctuations in international crude oil prices, they are oscillating at high levels, and precious metal prices are gradually stabilizing. On the other hand, although the US data in February generally met expectations, the market is generally worried about the data in August, especially the issue of the Strait of Hormuz remains unresolved, so the price of precious metals may still fluctuate in the short - term [6].

Group 1 - International oil prices surged sharply, with WTI crude futures and Brent crude futures both exceeding $110 per barrel, marking a daily increase of 20.11% and 18.43% respectively [2] - Last week, international crude oil futures saw significant gains, with WTI crude futures for April rising by 12.21% and Brent crude futures for May increasing by 8.52%, achieving the largest weekly gains recorded since 1983 and 1991 [2] - The conflict in Iran has led to military strikes on oil facilities, causing disruptions in oil exports from Gulf countries, with significant stockpiling and production cuts expected [5] Group 2 - Analysts express concerns that if military actions do not cease, the oil market could collapse within days, potentially pushing prices to $150 per barrel or higher if the Strait of Hormuz is closed for weeks [6] - The situation in Iran, particularly the targeting of oil storage facilities, is expected to have a ripple effect on the global oil market and could lead to further price increases [5][6]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - This week, the precious metals market faced pressure and pulled back. The Shanghai Gold main contract 2604 fell 0.62% to 1140.80 yuan/gram, and the Shanghai Silver main contract 2606 fell 5.56% to 21740 yuan/kilogram. The recent strong performance of the US dollar has suppressed the attractiveness of non - interest - bearing assets. The market's expectation of a more hawkish stance from the Federal Reserve has also put pressure on the precious metals market. The escalating situation between the US and Iran has kept market risk - aversion high. The US labor market shows stronger - than - expected resilience, and rising global energy prices have reignited inflation concerns. The expected hawkish policy has led to a decline in the probability of two interest rate cuts this year to 50%. In the short term, tightened market liquidity may increase the selling pressure on the precious metals market, but such impacts are usually short - lived. If the US - Iran tension continues to escalate, it may stimulate the upward momentum of gold. In the long - term, the structural logic of deepening global geopolitical rifts and weakening US dollar credibility remains unchanged, and gold's appeal as a preferred hedging asset still exists. It is recommended to buy on dips and control risks [6]. 3. Summary by Relevant Catalogs 3.1 Weekly Points Summary - The precious metals market was under pressure this week. The Shanghai Gold main 2604 contract fell 0.62% and the Shanghai Silver main 2606 contract fell 5.56%. The strong US dollar, hawkish Fed expectations, the tense US - Iran situation, and strong US labor market data all affected the market. It is expected that short - term liquidity tightening may increase selling pressure, but the long - term attractiveness of gold as a hedge remains. It is advisable to buy on dips [6]. 3.2 Futures and Spot Markets - Affected by the strong US dollar, weakening interest rate cut expectations, and profit - taking, the precious metals market declined. The Shanghai Gold main 2604 contract was at 1140.60 yuan/gram with a 0.62% weekly decline, and the Shanghai Silver main 2606 contract was at 21740 yuan/kilogram with a 5.56% weekly decline. Gold and silver ETFs had a small net outflow. COMEX gold and silver net positions decreased, with silver's net position dropping by 7.26%. The basis of Shanghai Gold weakened week - on - week, while that of Shanghai Silver strengthened. The internal - external price difference of gold widened, and that of silver narrowed. COMEX gold and silver inventories decreased, and the Shanghai Futures Exchange silver inventory had a large outflow. The gold - silver ratio rebounded [7][12][13]. 3.3 Industry Supply and Demand Situation 3.3.1 Silver Industry Situation - As of December 2025, China's silver and silver ore imports increased significantly, with silver imports up 27.03% and silver ore and concentrate imports up 32.29%. Due to the growing demand for silver in semiconductors, the production of integrated circuits continued to rise, with a 12.9% year - on - year growth in December 2025 [36][38][40]. 3.3.2 Gold Supply and Demand Situation - In 2025, global gold demand reached a record high of 5002 tons, with a total value of $555 billion. Investment demand increased to 2175 tons, and the net position of gold ETFs increased by 801 tons, providing strong support for gold prices [44][46]. 3.3.3 Silver Supply and Demand Situation - In 2025, the improvement in silver supply and demand was due to the recovery of mine production and a slight increase in recycled silver. Investment and industrial demand declined slightly, and the market shortage narrowed significantly. It is predicted that global silver supply will increase by 3% to about 1050 million ounces, demand will decrease by 4% to about 1120 million ounces, and the supply - demand gap will narrow to about - 70 million ounces, a 53% reduction [47][49]. 3.4 Macroeconomic and Options 3.4.1 Macroeconomic Data - This week, the US dollar index and US Treasury yields strengthened simultaneously. The 10Y - 2Y US Treasury yield spread continued to narrow, the CBOE gold volatility increased, and the ratio of the S&P 500 to the London gold price rose. Emerging economies' central banks continued to buy gold, providing long - term structural support for gold prices [50][54][58].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - On March 3, 2026, the platinum and palladium prices on the Guangzhou Futures Exchange dropped, with the platinum main - contract falling 8.44% to 570.30 yuan/gram and the palladium main - contract falling 6.16% to 433.90 yuan/gram [1] - For platinum, due to the strengthening of the US dollar index, the price has declined. The short - term safe - haven sentiment's boost to precious metals is weakening, and the market is trading on the postponed interest - rate cut expectation. In the long - term, the weakening of the US dollar index is beneficial for the release of platinum price elasticity. The expected trend is oscillating upward [2] - For palladium, the market sentiment has weakened, and the price has followed the decline of platinum. The supply side has uncertainties, and the demand side faces structural pressure. The long - term supply - demand is loosening, but short - term supply disturbances still exist. The expected trend is also oscillating upward [3] Group 3: Summary by Related Catalogs Platinum - **Main Logic**: The situation in the Middle East (US - Iran) is disturbing the precious metals market. The tense situation in the Strait of Hormuz has increased global energy transportation costs and oil prices. If the strait is blocked for a long time, it may lead to global inflation, postponed Fed rate cuts, and increased economic recession risks. The short - term safe - haven sentiment's boost to precious metals is weakening, and the market is trading on the postponed interest - rate cut expectation, causing the US dollar index to strengthen and platinum prices to decline. In the long - term, the damage to the Fed's independence and the loosening of the global political and economic order will lead to the long - term weakening of the US dollar index, which is beneficial for platinum prices. However, the duration and intensity of the US - Iran geopolitical conflict also have an impact on the US dollar and platinum prices [2] - **Outlook**: The fundamentals are resilient, and the US dollar credit is weakening. In the long - term, the price is expected to oscillate upward [2] Palladium - **Main Logic**: The supply side of palladium has continuous uncertainties. The US has made a preliminary anti - dumping ruling on Russian unforged palladium, and Europe is considering a new round of sanctions on Russian palladium. The supply disturbances continue, and the spot shortage supports the price. The demand side still faces structural pressure. In general, the long - term supply - demand of palladium is loosening, and short - term supply disturbances still exist, but it mainly follows the overall fluctuations of the precious metals sector [3] - **Outlook**: The spot is in short supply, and the US dollar credit is weakening. In the long - term, the price is expected to oscillate upward [3] Commodity Index - **Composite Index**: No specific data provided - **Specialty Index**: The commodity index is 2482.90, up 1.00%; the commodity 20 index is 2847.65, up 0.83%; the industrial products index is 2364.70, up 1.43% [49] Plate Index - **Non - ferrous Metals Index**: On March 3, 2026, the index was 2717.21, with a daily decline of 0.58%, a 5 - day increase of 0.26%, a 1 - month decline of 3.99%, and a year - to - date increase of 1.16% [51]