Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - In the short term, although the US is actively promoting peace talks with Iran, the conditions for a cease - fire agreement may be harsh. There is a possibility of intense conflicts between the two sides, and the gold price may fall again. Gold ETF funds have stopped flowing out, but long - term allocation requires caution. For short - term intraday trading, one can try to buy call options around $4400 - $4450 to seize the opportunity of a phased recovery [2] - If the US - Iran war eases, the silver price is expected to stop falling and rise. However, if the situation escalates again, it may fall back to around $60 - $65. The upper resistance is at $85. It is recommended to continue holding the short position of out - of - the - money call options on Shanghai silver [2] - Platinum fluctuates in the range of $1850 - $2000, and palladium fluctuates in the range of $1450 - $1600 [2] Group 3: Summary by Related Catalogs Domestic Futures Closing Prices - AU2606 contract closed at 1013.96 yuan/gram on March 25, up 36.68 yuan or 3.15% from March 24 [2] - AG2606 contract closed at 18111 yuan/kilogram on March 25, up 1026 yuan or 6.01% from March 24 [2] - PT2606 contract closed at 505.85 yuan on March 25, up 18.45 yuan or 3.79% from March 24 [2] - PD2606 contract closed at 368.55 yuan/gram on March 25, up 9.05 yuan or 2.52% from March 24 [2] Foreign Futures Closing Prices - COMEX gold main contract closed at 4503.30 on March 25, up 28.40 or 0.63% from March 24 [2] - COMEX silver main contract closed at 71.45 on March 25, unchanged from March 24 [2] - NYMEX platinum main contract closed at 1910.00 dollars/ounce on March 25, down 10.50 or - 0.55% from March 24 [2] - NYMEX palladium main contract closed at 1418.50 on March 25, down 26.00 or - 1.80% from March 24 [2] Spot Prices - London gold was at 4505.31 on March 25, up 33.29 or 0.74% from the previous value [2] - London silver was at 71.18 dollars/ounce on March 25, down 0.10 or - 0.14% from the previous value [2] - Spot platinum was at 1950.00 on March 25, up 58.00 or 3.07% from the previous value [2] - Spot palladium was at 1434.00 on March 25, up 41.00 or 2.94% from the previous value [2] - Shanghai Gold Exchange's gold T + D was at 1014.44 yuan/gram on March 25, up 36.45 or 3.73% from March 24 [2] - Shanghai Gold Exchange's silver T + D was at 18121 yuan/kilogram on March 25, up 5.56% from March 24 [2] - Shanghai Gold Exchange's platinum 9995 was at 509 yuan/gram on March 25, up 34 or 7.21% from the previous value [2] Basis - The basis of gold TD - Shanghai gold main contract was 0.48, down 0.23 from the previous value, with a 1 - year historical quantile of 46.10% [2] - The basis of silver TD - Shanghai silver main contract was 10, down 71 from the previous value, with a 1 - year historical quantile of 60.60% [2] - The basis of London gold - COMEX gold was - 9.13, up 4.16 from the previous value, with a 1 - year historical quantile of 75.60% [2] - The basis of London silver - COMEX silver was - 0.37, down 0.15 from the previous value, with a 1 - year historical quantile of 21.70% [2] Price Ratios - The ratio of COMEX gold/silver was 63.03 on March 25, up 0.40 or 0.63% from the previous value [2] - The ratio of Shanghai Futures Exchange's gold/silver was 55.99 on March 25, down 1.22 or - 2.12% from the previous value [2] - The ratio of NYMEX platinum/palladium was 1.35 on March 25, up 0.02 or 1.28% from the previous value [2] - The ratio of Guangzhou Futures Exchange's platinum/palladium was 1.37 on March 25, up 0.02 or 1.24% from the previous value [2] Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.33 on March 25, down 0.06 or - 1.4% from the previous value [2] - The 2 - year US Treasury yield was 3.84 on March 25, down 0.06 or - 1.5% from the previous value [2] - The 10 - year TIPS Treasury yield was 2.02 on March 25, down 0.04 or - 1.9% from the previous value [2] - The US dollar index was 99.63 on March 25, up 0.40 or 0.41% from the previous value [2] - The offshore RMB exchange rate was 6.9046 on March 25, up 0.0120 or 0.17% from the previous value [2] Inventory and Positions - The Shanghai Futures Exchange's gold inventory was 106743 on March 25, unchanged from the previous value [2] - The Shanghai Futures Exchange's silver inventory was 376094 kilograms on March 25, up 10171 or 2.78% from the previous value [2] - COMEX gold inventory was 31945633 on March 25, down 70802 or - 0.22% from the previous value [2] - COMEX silver inventory was 328841370 on March 25, down 2610436 or - 0.79% from the previous value [2] - COMEX gold registered warehouse receipts were 16762284 on March 25, up 217355 or 1.31% from the previous value [2] - COMEX silver registered warehouse receipts were 76672090 on March 25, up 123511 or 0.16% from the previous value [2] - SPDR gold ETF position was 1052 on March 25, down 0.57 or - 0.05% from the previous value [2] - SLV silver ETF position was 15514 on March 25, unchanged from the previous value [2]

Group 1: Report Investment Rating - No relevant information provided Group 2: Core Viewpoints - No relevant information provided Group 3: Summary by Categories 1. Futures Closing Prices - **Domestic Futures**: On March 24, 2026, the AU2606 contract closed at 977.28 yuan/gram, up 37.28 yuan or 3.97% from March 23; the AG2606 contract closed at 17085 yuan/kilogram, up 1674 yuan or 10.86%; the PT2606 contract closed at 487.40, up 29.65 or 6.48%; the PD2606 contract closed at 359.50 yuan/gram, up 31.65 yuan or 9.65% [1] - **Foreign Futures**: The COMEX gold主力合约 closed at 4474.90 on March 24, up 64.50 or 1.46% from March 23; the COMEX白银主力合约 closed at 71.45, up 2.13 or 3.07%; the NYMEX铂金主力合约 closed at 1920.50 dollars/ounce, up 46.10 or 2.46%; the NYMEX钮金主力合约 closed at 1444.50, up 5.50 or 0.38% [1] 2. Spot Prices - **International Spots**: London gold was at 4472.02 on March 24, up 64.67 or 1.47% from the previous value; London silver was at 71.28, up 2.17 or 3.13%; spot platinum was at 1892.00 dollars/ounce, down 1.00 or -0.05%; spot palladium was at 1393.00, down 55.00 or -3.80% [1] - **Domestic Spots**: The Shanghai Gold Exchange's gold T+D was at 977.99 yuan/gram on March 24, up 57.00 yuan or 6.19% from the previous value; the silver T+D was at 17166 yuan/kilogram, up 1897 yuan or 12.42%; the platinum 9995 was at 475 yuan/gram, up 15 yuan or 3.33% [1] 3. Basis - The gold TD - Shanghai gold主力 was at 0.71, up 19.72 from the previous day, with a 1 - year historical quantile of 46.10%; the silver TD - Shanghai silver主力 was at 81, up 223, with a 1 - year historical quantile of 60.60% [1] - London gold - COMEX gold was at - 9.13, up 4.16, with a 1 - year historical quantile of 75.60%; London silver - COMEX silver was at - 0.37, down 0.15, with a 1 - year historical quantile of 21.70% [1] 4. Ratios - COMEX gold/silver was at 62.63, down 0.99 or -1.56% from the previous value; the Shanghai Futures Exchange's gold/silver was at 57.20, down 3.79 or -6.22% [1] - NYMEX platinum/palladium was at 1.33, up 0.03 or 2.07%; the Guangzhou Futures Exchange's platinum/palladium was at 1.36, down 0.04 or -2.90% [1] 5. Interest Rates and Exchange Rates - The 10 - year US Treasury yield was at 4.39%, up 0.05 percentage points or 1.2% from the previous value; the 2 - year US Treasury yield was at 3.90%, up 0.07 percentage points or 1.8% [1] - The 10 - year TIPS Treasury yield was at 2.06%, up 0.05 percentage points or 2.5%; the US Dollar Index was at 99.23, up 0.07 or 0.07% [1] - The offshore RMB exchange rate was at 6.8926, up 0.0066 or 0.10% [1] 6. Inventories and Positions - The Shanghai Futures Exchange's gold inventory was 106743 kilograms, down 3 kilograms or 0.00% from the previous value; the silver inventory was 365923, up 1374 or 0.38% [1] - COMEX gold inventory was 32016435, down 16108 or -0.05%; COMEX silver inventory was 331451807 ounces, down 638687 or -0.19% [1] - COMEX gold registered warehouse receipts were 16544929, up 29708 or 0.18%; COMEX silver registered warehouse receipts were 76548579, down 2650968 or -3.35% [1] - The SPDR gold ETF position was 1053, up 0.29 or 0.03% [1]

1. Report Industry Investment Rating - No information provided in the reports. 2. Core Views 2.1 Stock Index Futures - The report presents the latest values, changes from the previous day, and historical quantiles of various stock index futures spreads, including F, H, IC, and IM, as well as cross - variety ratios such as CSI 500/CSI 300, CSI 500/SSE 50, etc. [1] 2.2 Treasury Bond Futures - It shows the latest values, changes from the previous trading day, and historical percentiles of basis, cross - period spreads, and cross - variety spreads for different treasury bond futures varieties like TS, TF, T, and TL. [2] 2.3 Precious Metals - The precious metals market is in a downward trend. The market's stop - falling depends on the easing of geopolitical conflicts, which is difficult to achieve. It is recommended to take a short - side operation for gold. For silver, if the US - Iran war eases, the price may stop falling and stabilize; otherwise, it may fall below $60. Platinum may seek support in the $1750 - $1800 range, and palladium may fall to around $1300. [3] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures - **Futures - Spot Spreads**: F futures - spot spread is - 80.62, H is - 18.06, IC is - 200.64, and IM is - 223.43. Their historical 1 - year quantiles are 1.60%, 9.80%, 0.10%, and 5.00% respectively. [1] - **Cross - Period Spreads**: There are various cross - period spreads for different contracts (e.g., next - month - current - month, far - month - current - month, etc.) with different values and historical quantiles. For example, for F cross - period spreads, next - month - current - month is - 56.80 with a 0.40% historical 1 - year quantile. [1] - **Cross - Variety Ratios**: Ratios such as CSI 500/CSI 300 is 1.6991, CSI 500/SSE 50 is 2.6908, etc., along with their changes and historical quantiles are provided. [1] 3.2 Treasury Bond Futures - **Basis**: TS basis is 0.0189, TF is 0.0599, T is 0.0951, and TL is 0.5330, with corresponding historical percentiles. [2] - **Cross - Period Spreads**: Different cross - period spreads for each variety (e.g., current - quarter - next - quarter, current - quarter - far - quarter) are presented with their values, changes, and historical percentiles. For example, for TS cross - period spreads, current - quarter - next - quarter is - 0.0060 with a 24.90% historical percentile. [2] - **Cross - Variety Spreads**: Spreads like TS - TF is - 3.4610, TS - T is - 5.7310, etc., along with their changes and historical percentiles are given. [2] 3.3 Precious Metals - **Domestic Futures Closing Prices**: AU2604 contract closed at 1039.22 yuan/g (down 2.15% from the previous day), AG2606 at 17625 yuan/kg (down 2.00%), PT2606 at 509.75 yuan/g (up 0.55%), and PD2606 at 368.85 yuan/g (down 0.70%). [3] - **Foreign Futures Closing Prices**: COMEX gold closed at $4492.00/oz (down 3.44%), COMEX silver at $67.81/oz (down 6.87%), NYMEX platinum at $1920.10/oz (down 2.48%), and NYMEX palladium at $1414.50/oz (down 3.51%). [3] - **Spot Prices**: London gold is $4491.67/oz (down 3.42%), London silver is $67.90/oz (down 6.71%), etc. [3] - **Basis**: Gold TD - Shanghai gold main contract is 1.38 (up 0.99), silver TD - Shanghai silver main contract is 155 (up 149), etc., with historical 1 - year quantiles. [3] - **Ratios**: COMEX gold/silver is 66.24 (up 3.68%), SHFE gold/silver is 58.96 (down 0.15%), etc. [3] - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield is 4.39% (up 3.3%), 2 - year US Treasury yield is 3.88% (up 2.4%), 10 - year TIPS Treasury yield is 2.01% (up 6.9%), US dollar index is 99.51 (up 0.33%), and on - shore RMB exchange rate is 6.9062 (up 0.34%). [3] - **Inventory and Positions**: Shanghai gold inventory is 106845 (unchanged), Shanghai silver inventory is 362495 kg (down 0.65%), etc. [3]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The precious metals market continued its weak and volatile trend today. The main contract of Shanghai Gold 2606 fell 2.04% to 1118.34 yuan/gram, and the main contract of Shanghai Silver 2606 fell 6.34% to 20301 yuan/kilogram. The current market is still repeatedly gaming around two main lines. The continuous escalation of the Middle East situation and the risk in the Strait of Hormuz have not subsided, and international oil prices have remained above $100, intensifying market concerns about the recurrence of US inflation, which has further postponed the Fed's interest rate cut expectations and restricted the further unilateral upward movement of gold and silver. The US economy shows characteristics of stagflation with "slowing growth but persistent inflation". The market generally expects the Fed to keep interest rates unchanged in March and postpone the first interest rate cut this year to around September. The current real interest rates and policy expectations still suppress precious metals. The current correction of gold prices may be due to short - term profit - taking by long positions and capital rebalancing and position adjustment in the high - price range. If the US - Iran situation remains tense, the safe - haven premium will support the gold price center. In February, global physical gold ETFs had net inflows for the ninth consecutive month, indicating that institutional allocation funds are still resilient. Precious metals still have certain value for bargain - hunting allocation. It is recommended to focus on short - term range - bound trading and long - term bargain - hunting layout [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main Shanghai Gold contract decreased by 14.7 yuan/gram, and the closing price of the main Shanghai Silver contract was 20301 yuan/kilogram with a decrease of 622 yuan/kilogram. The main contract positions of Shanghai Gold decreased by 8146 hands, while those of Shanghai Silver increased by 48 hands to 94,528 hands. The trading volume of the main Shanghai Gold contract increased by 35929 hands, and that of the main Shanghai Silver contract was 723,961 hands with an increase of 204003 hands. The warehouse receipt quantity of Shanghai Gold remained unchanged, and that of Shanghai Silver increased by 4142 kilograms to 330,708 kilograms [2] 3.2 Spot Market - The spot price of gold on the Shanghai Gold Exchange decreased by 16.48 yuan, and the spot price of Huatong No.1 silver was 20,015 yuan with a decrease of 1589 yuan. The basis of the main Shanghai Gold contract decreased by 1.82 yuan/gram, and the basis of the main Shanghai Silver contract decreased by 967 yuan/gram to - 286 yuan/gram [2] 3.3 Supply and Demand Situation - The SPDR gold ETF holdings decreased by 4.29 tons, and the SLV silver ETF holdings were 15,460.18 tons with a decrease of 78.88 tons. The non - commercial net long positions of gold in CFTC increased by 2987 contracts, and those of silver increased by 1240 contracts to 163132 contracts. The total quarterly supply of gold decreased by 0.19 tons, and the total annual supply of silver increased by 482 tons to 32,056 tons. The total quarterly demand for gold increased by 79.57 tons, and the total annual demand for silver decreased by 491 tons to 35,716 tons [2] 3.4 Macroeconomic Data - The US dollar index increased by 0.76 to 100.50, and the 10 - year US Treasury real yield increased by 0.03 to 1.92. The VIX volatility index decreased by 0.10, and the CBOE gold volatility index increased by 1.22 to 32.31. The ratio of the S&P 500 to the gold price increased by 0.01, and the gold - silver ratio increased by 1.33 to 60.27 [2] 3.5 Industry News - US President Trump said that Iran has expressed willingness to negotiate a cease - fire, but the current conditions are "not good enough", so the US will not reach an agreement to end the war with Iran for the time being. Iranian Foreign Minister Araqchi said that Iran has never requested a cease - fire and will continue to defend until Trump realizes it is an "illegal and unwinnable war". The US core PCE in January increased by 3.1% year - on - year, the highest level since March 2024, and the month - on - month increase remained at 0.4%, in line with market expectations. The Fed is expected to keep interest rates unchanged at the next monetary policy meeting, and if inflation pressure continues to rise, it may further postpone the time window for resuming interest rate cuts. The revised data released by the US Department of Commerce showed that the annualized quarterly growth rate of the US real GDP in the fourth quarter of last year was 0.7%, significantly lower than the initial value of 1.4%. In addition, the initial value of the month - on - month change in durable goods orders in the US in January was flat, far lower than the market expectation of a 1.1% increase. The preliminary value of the University of Michigan Consumer Confidence Index in the US in March dropped from 56.6 in February to 55.5, the lowest in three months. Consumers expect prices to rise by 3.4% in the next year, lower than the expected 3.7%. The number of job openings in the US JOLTS in January increased by 396,000 to 6.946 million, higher than the expected 6.75 million, indicating an improvement in the labor market [2] 3.6 Key Points of Attention - March 16, 20:30, US March New York Fed Manufacturing Index; March 16, 21:15, US February Industrial Production Monthly Rate; March 17, 22:00, US February Conference Board Leading Index; March 18, 18:00, Eurozone February CPI Monthly and Annual Rates; March 18, 20:30, US February PPI Monthly and Annual Rates; March 18, 22:00, US February Factory Orders Monthly Rate [2]

Group 1 - The core point of the news is the fluctuation in precious metal prices, with spot gold reaching $4900 and experiencing a daily increase of 0.48% before dropping to $4878.89, a decrease of 2.33% [1][2] - Spot silver reported at $73.616 per ounce, with a daily increase of 0.18%, but later fell to $73.50 per ounce, reflecting a decline of 4.16% [1][2] Group 2 - The highest price for spot gold during the trading session was $4900.826, while the lowest was $4853.530, indicating a trading range of 0.97% [2] - The opening price for spot gold was $4878.700, and the previous closing price was $4876.640, showing a slight upward movement before the decline [2]

Group 1 - The total silver futures in Shanghai Futures Exchange reached 353,559 kilograms, with an increase of 3,926 kilograms compared to the previous day [1][2] - The main silver futures showed a weak oscillating trend, opening at 20,400 yuan per kilogram, peaking at 20,819 yuan per kilogram, and dropping to a closing price of 19,782 yuan per kilogram, reflecting a decrease of 5.52% [1] Group 2 - In the Shanghai warehouses, the total silver futures inventory includes 53,806 kilograms at Zhongchu Wusong, 25,466 kilograms at Waiyun Huadong Hongqiao, and 237,259 kilograms at Zhonggongmei Supply Chain, with a total increase of 3,706 kilograms [2] - In Guangdong, the Shenzhen Weibao warehouse holds 37,028 kilograms, with an increase of 220 kilograms [2] Group 3 - Recent U.S. non-farm employment data exceeded expectations, suppressing interest rate cut expectations, while the market awaits the upcoming CPI data [2] - Geopolitical uncertainties persist, leading to a gradual decrease in short-term volatility for precious metals, with the market remaining in a wait-and-see mode [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - In the short term, the unexpected resilience shown by the non - farm data and the hawkish signals from some Fed officials make it difficult for gold prices to have further upward momentum. The upcoming inflation data may guide the subsequent trend [2]. - In the medium to long term, as market sentiment calms down, the pricing logic of precious metals is expected to return to being dominated by macro and fundamental factors. If inflation and employment data continue to cool, the medium - term easing expectation will still support the strategy of buying precious metals on dips [2]. - The support and resistance levels for London gold are 4700 - 4800 dollars/ounce and 5200 - 5300 dollars/ounce respectively; for London silver, they are 65 - 70 dollars/ounce and 90 - 95 dollars/ounce respectively [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices**: The closing price of the Shanghai gold main contract was 1126.120 yuan/gram, a decrease of 4.3 yuan; the closing price of the Shanghai silver main contract was 20626 yuan/kilogram, a decrease of 318 yuan [2]. - **Positions**: The position of the Shanghai gold main contract was 154,552.00 hands, a decrease of 5958 hands; the position of the Shanghai silver main contract was 9,092.00 hands, an increase of 42 hands [2]. - **Volumes**: The trading volume of the Shanghai gold main contract was 246,621.00 hands, an increase of 28688 hands; the trading volume of the Shanghai silver main contract was 509,006.00 hands, an increase of 4927 hands [2]. - **Warehouse Receipts**: The warehouse receipt quantity of Shanghai gold was 105072 kilograms, unchanged; the warehouse receipt quantity of Shanghai silver was 349,633 kilograms, an increase of 7531 kilograms [2]. 3.2 Spot Market - **Prices**: The spot price of gold on the Shanghai Gold Exchange was 1122.52 yuan, a decrease of 0.50 yuan; the spot price of Huatong No.1 silver was 19,811.00 yuan, an increase of 255.00 yuan [2]. - **Basis**: The basis of the Shanghai gold main contract was - 3.60 yuan/gram, an increase of 3.78 yuan; the basis of the Shanghai silver main contract was - 815.00 yuan/gram, an increase of 573.00 yuan [2]. 3.3 Supply and Demand Situation - **ETF Holdings**: The SPDR gold ETF holdings were 1081.32 tons, an increase of 2.00 tons; the SLV silver ETF holdings were 16,236.18 tons, an increase of 19.73 tons [2]. - **CFTC Non - commercial Net Positions**: The gold CFTC non - commercial net position was 165604.00 contracts, a decrease of 39792.00 contracts; the silver CFTC non - commercial net position was 25,877.00 contracts, an increase of 2174.00 contracts [2]. - **Supply**: The total quarterly supply of gold was 1302.80 tons, a decrease of 0.19 tons; the total annual supply of silver was 32,056.00 tons, an increase of 482.00 tons [2]. - **Demand**: The total quarterly demand for gold was 1345.32 tons, an increase of 79.57 tons; the total annual demand for silver was 35,716.00 tons, a decrease of 491.00 tons [2]. 3.4 Macro Data - **Dollar Index**: The dollar index was 96.93, an increase of 0.07 [2]. - **10 - year US Treasury Real Yield**: The 10 - year US Treasury real yield was 1.86, an increase of 0.02 [2]. - **Volatility Index**: The VIX volatility index was 17.65, a decrease of 0.14; the CBOE gold volatility index was 29.38, an increase of 0.52 [2]. - **Price Ratios**: The ratio of the S&P 500 to the gold price was 58.98, a decrease of 0.01; the gold - silver ratio decreased by 2.17 [2]. 3.5 Industry News - **US Employment Data**: In January, the seasonally - adjusted non - farm payrolls in the US increased by 130,000, far exceeding the market expectation of 70,000. The unemployment rate was 4.3%, the lowest since August 2025. The hourly wage increased by 0.4% month - on - month, exceeding expectations [2]. - **Fed Officials' Statements**: Kansas City Fed President Schmid said that inflation is still above the target level and the "slightly restrictive" interest rate stance should be maintained [2]. - **Market Expectations for Fed Rate Cuts**: Traders postponed the bet on Fed rate cuts from June to July. According to CME's "FedWatch", the probability of a 25 - basis - point rate cut by the Fed in March is 5.9%, and the probability of keeping the interest rate unchanged is 94.1%. The probability of a cumulative 25 - basis - point rate cut by April is 20.5%, the probability of keeping the interest rate unchanged is 78.5%, and the probability of a cumulative 50 - basis - point rate cut is 1%. The probability of a cumulative 25 - basis - point rate cut by June is 48.1% [2]. - **US - Iran Relations**: US President Trump said that reaching an agreement with Iran would be the "preferred" option for the US [2]. - **European Aid to Ukraine**: The European Parliament voted to pass a financial aid package for Ukraine, which plans to provide 90 billion euros in EU aid loans to Ukraine from 2026 to 2027, with 60 billion euros for Ukraine's defense needs [2]. 3.6 Key Events to Follow - On February 12 - 03 at 21:30, the number of initial jobless claims in the US for the week ending February 7 - On February 12 - 03 at 23:00, the total number of existing home sales in the US in January - On February 12 - 03 at 21:30, the US CPI data for January [2]

Group 1 - The price of silver in New York has increased by 7%, currently trading at $86.06 per ounce [1] - The price of gold in New York has risen by over 2%, now at $5,138.65 per ounce [1]

Report Industry Investment Rating - The report does not provide an industry investment rating [1] Core Viewpoints - The mid - term of precious metal futures will experience wide - range fluctuations. The US - Iran nuclear negotiations in Oman ended with an agreement to continue dialogue. The Fed chair has been determined, and the market's trading on the new Fed chair has temporarily ended. The preliminary value of the University of Michigan Consumer Confidence Index in the US in February reached 57.3, the highest in six months, and the 1 - year inflation expectation dropped to 3.5%, the lowest in a year. The Fed's Beige Book shows that 8 out of 12 Federal Reserve Districts had slight to moderate economic growth, 3 reported no change, and 1 reported a moderate decline, an improvement from the past three reporting cycles. The US economy remains resilient, which provides more support for its geopolitical intervention. The recent weakening of risk - aversion factors has dampened the enthusiasm for going long on precious metals, and precious metals may enter a high - level oscillation in the mid - term [1] Key Factors to Watch - Middle - East geopolitical risk evolution, Fed leadership change, and US economic data [2] Report Content Summaries by Sections 1. Futures Market Review - The report presents figures on the internal and external prices of gold and silver futures, as well as the trading volume and open interest of Shanghai gold and silver futures, with data sourced from Flush and Ningzheng Futures [3][7] 2. Interest Rates and Exchange Rates - The report shows figures on the US dollar index and gold price, as well as US interest rates and gold price, with data from Flush and Ningzheng Futures [14] 3. Macroeconomic Data - The report includes figures on US CPI inflation data, PCE inflation data, weekly initial jobless claims, unemployment rate and new non - farm payrolls, PMI, retail and personal disposable income, new private housing starts, and new housing sales, with data from Flush and Ningzheng Futures [18][22][25][26] 4. Fund Holdings and Ratios - The report provides figures on the total holdings of silver and gold ETFs, the holding ratios of gold and silver asset management institutions, the gold - silver ratio, and the gold - copper ratio, with data from Flush and Ningzheng Futures [29][32][35]

Group 1 - The Chicago Mercantile Exchange (CME) announced an increase in margin requirements for various precious metal futures due to recent price volatility [1] - For gold futures, the margin for non-high-risk accounts will rise from 6% to 8%, while for high-risk accounts, it will increase from 6.6% to 8.8% [1] - Silver futures will see non-high-risk account margins increase from 11% to 15%, and high-risk account margins from 12.1% to 16.5% [1] - The margin adjustments for platinum and palladium futures have also been raised [1] - These changes will take effect after the market closes on February 2 [1] - The CME stated that this decision is based on a regular assessment of market volatility to ensure that margins adequately cover trading risks [1] Group 2 - The price of high-end roasted seeds has surged to 200 yuan per jin, surpassing the price of pork [2] - Gold has experienced its largest decline in 40 years, while silver has seen a significant drop, with investors lamenting the loss of five days' worth of gains in a single moment [2]