Report Overview - The report provides daily analysis of precious metals, including gold, silver, and platinum [1][2] Investment Ratings - Gold: ★★★, indicating a clear upward trend and relatively appropriate investment opportunities [1] - Silver: ★★★, indicating a clear upward trend and relatively appropriate investment opportunities [1] - Platinum: White star, suggesting a relatively balanced short - term trend and poor operability, with a recommendation to continue to wait and see [2] Core Views - Overnight, precious metals continued a slight rebound. The market sentiment fluctuates around information related to the US - Iran war, and the short - term trend of precious metals is unclear, waiting for further clarity on the war situation [1] - The "Taco" macro trading in platinum continues, with large fluctuations in its financial premium, unstable market sentiment, and cautious capital entry. It is inclined to be priced according to the logic of industrial metals, with the support level at 350 yuan/gram [2] Key Information - Multiple institutions have raised the probability of a US economic recession [2] - UBS believes that the current situation is just a correction in the long - term upward trajectory of gold [2] - The G7 finance ministers, central bank governors, and energy ministers will discuss the release of strategic oil reserves at next week's meeting. Iran's conflict with the US and Israel has blocked the Strait of Hormuz, affecting about one - fifth of the global energy supply. The IEA member countries agreed to release part of the strategic reserves on March 11, and more reserves can be released if necessary [2]

Group 1 - The auction of judicial gold bars on platforms like Alibaba has attracted significant attention, with some auctions receiving over a thousand views and completed auctions garnering tens of thousands of views [1] - Judicial gold bars are sold without authenticity verification or after-sales service, and their transaction prices often exceed the daily bank gold prices [1] - Recent auction results show that the prices for judicial gold bars have been significantly higher than the market price, with a 20g gold bar selling for approximately 813.75 CNY per gram, while bank gold prices ranged from 750 to 850 CNY per gram [1] Group 2 - Gold prices have shown notable volatility, with spot gold rising above 3340 USD per ounce, marking a new high since May 9, while earlier in May, prices dipped to a low of 3123 USD per ounce, reflecting a 10% decline [2] - Analysts suggest that gold may enter a period of adjustment to digest previous price increases and excessive pricing due to panic, although the long-term outlook for gold remains positive [2] Group 3 - UBS forecasts that gold prices could reach 3500 USD per ounce by the end of the year, with potential to rise to 3800 USD per ounce in a bullish scenario [3] - The primary drivers of gold prices are identified as the US dollar and real interest rates in the US, with expectations of continued rate cuts by the Federal Reserve supporting a bullish outlook for gold [3]