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 - Spot gold rose by 0.24% to $4999.37 per ounce, reaching a historical high of $5111.07 at 14:51 Beijing time, with trading primarily above $5060 during the period from 09:30 to 05:04 [2][6] - COMEX gold futures increased by 0.64% to $5010.70 per ounce, also hitting an intraday historical high of $5107.90 at 14:51; the April contract rose by 0.57% to $5045.60, reaching $5145.20 at 14:51, marking a continuous five-day record high [2][6] Group 2 - Spot silver slightly decreased to $102.0435, refreshing the daily low, after initially rising since the start of the Asia-Pacific session, reaching a historical high of $117.7132 at 02:03 Beijing time before significantly retracing gains [4][8] - COMEX silver futures rose by 1.45% to $102.790 per ounce, hitting an intraday historical high of $117.700 at 02:03, followed by a retracement [4][8] - COMEX copper futures fell by 0.68% to $5.9080 per pound [4][8] - Platinum group metals experienced significant declines: spot platinum dropped by 6.45% to $2599.80 per ounce, while spot palladium fell by 2.32% to $1970.91 per ounce [4][8]

Core Viewpoint - The silver market experienced significant fluctuations, with spot silver reaching a historical high, while other precious metals like platinum and palladium also saw gains, indicating a volatile trading environment influenced by broader market movements [1] Group 1: Silver Market - Spot silver rose by 0.12% to $94.5045 per ounce before dropping to a daily low of $92.6170, then rebounding to $95.8857, marking a new historical high [1] - COMEX silver futures increased by 6.71%, reaching $94.480 per ounce, and also hit a new intraday historical high of $95.780 [1] Group 2: Other Precious Metals - Spot platinum increased by 3.75%, reaching $2466.19 per ounce, approaching its historical high of $2491.20 set on December 29 [1] - Spot palladium rose by 1.73%, reaching $1873.70 per ounce [1] Group 3: Copper Market - COMEX copper futures declined by 1.34%, trading at $5.8265 per pound, indicating a downward trend in the copper market [1]