Report Industry Investment Rating - The investment rating for the precious metals futures industry is "medium-term oscillation" [2] Core View of the Report - The Middle East conflict continues to escalate, with a bleak outlook for diplomatic resolution. The US President Trump stated that no agreement will be reached with Iran unless it surrenders unconditionally. Israel said its action against Iran has entered the next stage, and Iran's Islamic Revolutionary Guard Corps spokesman said they are prepared for a long - term war and are developing new weapons. The appointment of the new Iranian Supreme Leader led to a sharp rise in oil prices, increasing the probability of a long - term war. This strengthened the market's inflation expectations, weakening the Fed's willingness to cut interest rates, causing a significant correction in precious metals. However, the safe - haven factor still supports precious metals, and they may oscillate in the medium term, waiting for the new Fed Chairman's policy to become clearer [2] Summary by Relevant Catalog 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 [4][7] 2. Interest Rates and Exchange Rates - Figures show the relationship between the US dollar index and gold price, and between US interest rates and gold price, with data from Flush and Ningzheng Futures [13][15] 3. Macroeconomic Data - The report includes figures on US CPI and PCE inflation data, initial jobless claims, unemployment rate, new non - farm employment, PMI, retail and personal disposable income, new private housing starts, and new housing sales, all with data from Flush and Ningzheng Futures [18][22][24] 4. Fund Holdings and Ratios - Figures display the total holdings of silver and gold ETFs, the holding ratios of gold and silver asset management institutions, and the gold - silver ratio and gold - copper ratio, with data from Flush and Ningzheng Futures [30][33][36]