金价已回升至5200美元/盎司，但仍显著低于1月份接近5600美元/盎司的历史高点。尽管在这一盘整阶 段，一些投资者开始质疑黄金的长期动能，但有市场分析师表示，从历史标准来看，本轮黄金牛市仍然 相当"年轻"。 在其最新发布的贵金属报告中，知名机构MKS PAMP研究与金属策略主管Nicky Shiels回顾了过去50年 来的五轮黄金牛市。 与此同时，Shiels表示，为了支撑投资需求，各国央行仍然是"核心锚点"，因为它们每月的净购买有效 地支撑了更高的金价底线。 她指出："新兴市场央行追赶的规模仍然巨大：持有黄金最多的20个新兴市场国家拥有约7500吨黄金， 而要与发达市场央行的平均水平（G10平均水平）趋同，则需要22000吨（相当于6年的年度黄金供应 量）。" 与此同时，Shiels还指出，零售市场已变得更加多元化，开市客(Costco)黄金销售的强劲势头以及数字交 易所对黄金支持代币日益增长的兴趣凸显了实物黄金需求的旺盛。她表示，部分所有权意味着更广泛的 资金池现在可以参与其中。 最后，Shiels表示，机构投资者对黄金的投资仍然不足。 展望未来，Shiels表示，美元若进一步走软，可能点燃金价的新一轮 ...

Core Viewpoint - The A-share market experienced fluctuations, with the non-ferrous sector showing mixed performance, particularly influenced by recent geopolitical tensions and policy changes affecting lithium exports from Zimbabwe [1][5][6]. Group 1: Market Performance - As of February 26, the A-share market saw the Shanghai Composite Index retreat, with the non-ferrous ETF Huatai-PineBridge (159652) down by 0.74% [1]. - The non-ferrous ETF's key components showed varied performance, with small metals and lithium stocks leading gains, while major players like Zijin Mining and Luoyang Molybdenum experienced pullbacks [1][2]. Group 2: Lithium Market Impact - Zimbabwe's Ministry of Mines announced an immediate ban on all lithium ore and concentrate exports, significantly impacting global lithium supply dynamics [5][6]. - This ban is expected to drive lithium prices up, as Zimbabwe accounted for approximately 12% of global lithium production in 2026, with China being a primary importer [6][7]. Group 3: Precious Metals Outlook - Precious metals, including gold and silver, saw price increases due to heightened geopolitical tensions and inflation expectations, with Morgan Stanley projecting gold prices to reach $6,300 per ounce by the end of 2026 [3]. - The recent rise in lithium stocks in the U.S. market reflects the immediate market reaction to Zimbabwe's export ban, with lithium carbonate futures surging over 4% [3][5]. Group 4: Strategic Metal Policies - The trend of resource nationalism is likely to continue, with countries implementing stricter export controls on strategic metals like lithium, cobalt, and nickel, which may lead to further supply disruptions [7]. - Analysts suggest that the recent policy changes in Zimbabwe are part of a broader strategy to enhance local processing capabilities and retain more value from mineral resources [5][6]. Group 5: Investment Opportunities - The non-ferrous sector is viewed as having significant investment potential, driven by macroeconomic factors, supply constraints, and emerging demand from new industries such as AI and renewable energy [8][10]. - The Huatai-PineBridge non-ferrous ETF is highlighted for its comprehensive exposure to various metal sectors, including gold, copper, aluminum, and lithium, making it a favorable investment vehicle [10][12].

美国最高法院上周五推翻了特朗普的紧急关税政策后，总统迅速援引《122条款》实施新关税，该条款 允许征收最高15%的关税，但需在150天后经国会批准才能延长。 交易员们正密切评估这一新机制的影响，而美国贸易代表格里尔周三进一步透露，部分国家面临的关税 税率将从10%升至15%甚至更高。尽管具体贸易伙伴尚未明示，但这种政策摇摆已为市场注入新的不确 定性。 今日周四(2月26日)亚盘时段，白银td目前交投于22132一线上方，今日开盘于22165元/千克，截至发 稿，白银td暂报22019元/千克，上涨0.79%，最高触及22418元/千克，最低下探21900元/千克，目前来 看，白银td盘内短线偏向震荡走势。 【要闻速递】 美国政府周二正式启动对全球进口商品加征10%的临时关税，白宫官员更透露，特朗普团队正积极推动 税率上调至15%。这一举措瞬间点燃市场对通胀的警铃。 特朗普在国情咨文中还称，几乎所有国家和企业都希望维持与美国现有的关税和投资协议，这也让市场 对关税政策的长期化产生担忧。 【最新白银td行情解析】 日图来看，白银td昨日结束连日跌势涨超3%，今日价格延续震荡格局，目前走势窄幅震荡，一小时 MACD ...

事件点评： 来源：中国能源网 联储证券近日发布贵金属行业点评：2月20日，美国最高法院以6比3的结果裁决特朗普政府依据《国际 紧急经济权力法》所征收大规模关税违法；24日，美国国土安全部证实，停止收取相关进口商品关税； 为取代被裁定违法的关税，特朗普20日签署文件，对来自所有国家和地区的商品加征10%的关税；21日 再次宣布将这一关税税率提高至15%，上述决定均依据《1974年贸易法》第122条款发布，该条款允许 联邦政府最多征收150天关税，延长须经国会同意。 以下为研究报告摘要： 投资要点： 行业事件： 2月20日，美国最高法院以6比3的结果裁决特朗普政府依据《国际紧急经济权力法》所征收大规模关税 违法；24日，美国国土安全部证实，停止收取相关进口商品关税；为取代被裁定违法的关税，特朗普20 日签署文件，对来自所有国家和地区的商品加征10%的关税；21日再次宣布将这一关税税率提高至 15%，上述决定均依据《1974年贸易法》第122条款发布，该条款允许联邦政府最多征收150天关税，延 长须经国会同意。 短期来看，金价有望延续震荡偏强走势。尽管美国最高法院对关税问题做出裁决，但特朗普政府迅速推 出替代性关税 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Gold is expected to move upward in an oscillatory manner [2][4] - Attention should be paid to the post - holiday gap - up in silver [2][4] - The sentiment in the copper market has warmed up, and prices are expected to rise [2][9] - An increase in lead inventory restricts price recovery [2][12] - Tin is expected to be slightly stronger in an oscillatory pattern [2][14] - The platinum market may be boosted by news, with positive sentiment [2][21] - Palladium is expected to follow the upward trend [2][21] - Speculative sentiment still exists in Shanghai nickel futures, and continuous attention should be paid to nickel ore contradictions [2][25] - For stainless steel, cost support has shifted upward, but inventory accumulation in the off - season restricts price elasticity [2][25] 3. Summaries by Related Catalogs 3.1 Gold - **Price Data**: Yesterday, the closing price of Shanghai Gold 2602 was 1151.06, up 0.05%, and the night - session closing price was 1153.90, up 0.65%. The closing price of Comex Gold 2602 was 5183.70, up 0.45%. The spot price of London Gold was 5164.31, up 0.63% [4] - **Trading Volume and Position Data**: The trading volume of Shanghai Gold 2602 was 198,537, an increase of 71,634 from the previous day, and the position was 155,075, a decrease of 2,336 [4] - **Inventory Data**: The inventory of Shanghai Gold was 105,072 kilograms, with no change from the previous day. The inventory of Comex Gold (in troy ounces, the day before) was 33,701,164, a decrease of 73,343 [4] - **Spread Data**: The spread between Gold T + D and AU2602 was - 5.99, with no change from the previous day. The cost of the inter - period arbitrage of buying December Shanghai Gold and selling June Shanghai Gold decreased by 0.87 to 4.77 [4] 3.2 Silver - **Price Data**: Yesterday, the closing price of Shanghai Silver 2602 was 23029, up 3.46%, and the night - session closing price was 23365.00, up 4.00%. The closing price of Comex Silver 2602 was 89.860, up 2.43%. The spot price of London Silver was 89.221, up 2.45% [4] - **Trading Volume and Position Data**: The trading volume of Shanghai Silver 2602 was 413,159, an increase of 202,427 from the previous day, and the position was 182,667, an increase of 7,570 [4] - **Inventory Data**: The inventory of Shanghai Silver was 355,830 kilograms, an increase of 5951 from the previous day. The inventory of Comex Silver (in troy ounces, the day before) was 364,000,164, a decrease of 2,969 [4] - **Spread Data**: The spread between Silver T + D and AG2602 was 841, a decrease of 175 from the previous day. The cost of the inter - period arbitrage of buying December Shanghai Silver and selling June Shanghai Silver decreased by 11.3 to 73.41 [4] 3.3 Copper - **Price Data**: Yesterday, the closing price of the main Shanghai Copper contract was 102,890, up 1.36%, and the night - session closing price was 103040, up 0.15%. The closing price of LME Copper 3M was 13,350, up 1.17% [9] - **Trading Volume and Position Data**: The trading volume of the Shanghai Copper index was 291,554, an increase of 93,583 from the previous day, and the position was 556,155, a decrease of 7,927. The trading volume of LME Copper 3M was 18,795, a decrease of 6,860, and the position was 321,000, an increase of 4,315 [9] - **Inventory Data**: The inventory of Shanghai Copper was 287,806, an increase of 10,717 from the previous day. The inventory of LME Copper was 249,650, an increase of 6,475, and the注销仓单 ratio was 5.02%, an increase of 0.52% [9] - **Spread Data**: The LME Copper cash - to - 3M spread was - 85.04, a decrease of 1.44 from the previous day. The spread between the spot and the near - month futures contract was - 180, a decrease of 430 [9] - **News**: In December 2025, the global refined copper production was 2.2506 million tons, with consumption of 2.1526 million tons, resulting in a supply surplus of 98,000 tons. Uganda plans to connect a new railway to Tanzania's railway, which will open a new export channel for minerals such as copper. Hudbay Minerals has received approval to expand its Copper Mountain mine [9][11] 3.4 Lead - **Price Data**: The closing price of the main Shanghai Lead contract was 16735, up 0.39%. The closing price of LME Lead 3M was 1959.5, up 0.38% [12] - **Trading Volume and Position Data**: The trading volume of the main Shanghai Lead contract was 67705, an increase of 12420 from the previous day. The trading volume of LME Lead was 6359, an increase of 3009. The position of the main Shanghai Lead contract was 71996, an increase of 2284, and the position of LME Lead was 173292, an increase of 3619 [12] - **Inventory Data**: The inventory of Shanghai Lead futures was 59323 tons, an increase of 946 from the previous day. The inventory of LME Lead was 286300 tons, a decrease of 25 [12] - **News**: Investors bet that NVIDIA's strong performance will reignite the enthusiasm for AI trading, and Shanghai issued the "Shanghai Seven" housing policies [12] 3.5 Tin - **Price Data**: Yesterday, the closing price of the main Shanghai Tin contract was 416,160, up 7.62%, and the night - session closing price was 423,990, up 5.77%. The closing price of LME Tin 3M was 53,915, up 7.19% [15] - **Trading Volume and Position Data**: The trading volume of the main Shanghai Tin contract was 173,225, an increase of 99,126 from the previous day, and the position was 18,346, a decrease of 2,692. The trading volume of LME Tin 3M was 884, an increase of 160, and the position was 21,849, an increase of 113 [15] - **Inventory Data**: The inventory of Shanghai Tin was 11,738, a decrease of 43 from the previous day. The inventory of LME Tin was 7,680, an increase of 25, and the注销仓单 ratio was 6.57%, a decrease of 0.38% [15] - **Spread Data**: The spread between SMM 1 tin ingot and the main futures contract was 19,380, an increase of 26,980 from the previous day [15] - **News**: Xi Jinping met with German Chancellor Merz, Zimbabwe banned the export of all raw ores and lithium concentrates, and the G20 finance and central bank deputies' meeting was held [15][16][18] 3.6 Platinum and Palladium - **Price Data**: The closing price of Platinum Futures 2606 was 586.00, up 7.54%. The closing price of Palladium Futures 2606 was 457.95, up 6.49% [21] - **Trading Volume and Position Data**: The trading volume of Shanghai Platinum was 11,498 kilograms, an increase of 5,375 from the previous day, and the position was 26,569, an increase of 802. The trading volume of NYMEX Palladium was 18,811 kilograms, a decrease of 2,383, and the position was 42,276, an increase of 29,007 [21] - **Inventory Data**: The inventory of Shanghai Platinum was 1 kilogram (no change), and the inventory of NYMEX Platinum (in troy ounces, the day before) was 578,195, with no change [21] - **Spread Data**: The spread between PT9995 and PT2606 was - 1.98, an increase of 3.79 from the previous day. The cost of the inter - period arbitrage of buying Shanghai Platinum 2606 and selling 2610 increased by 0.42 to 7.21 [21] - **News**: CME Group suspended metal and natural gas futures and options trading due to a "technical problem", and NVIDIA's Q4 earnings were impressive [23][24] 3.7 Nickel and Stainless Steel - **Price Data**: The closing price of the main Shanghai Nickel contract was 141,250, and the closing price of the main Stainless Steel contract was 14,245 [25] - **Trading Volume and Position Data**: The trading volume of the main Shanghai Nickel contract was 221,614, and the trading volume of the main Stainless Steel contract was 173,978 [25] - **Industrial Chain Data**: The price of 8 - 12% high - nickel pig iron (ex - factory price) was 1,070. The price of 304/2B coil - rough edge (Wuxi) was 14,300 [25] - **News**: The Indonesian government has suspended the issuance of new smelting licenses, the Indonesian nickel ore benchmark price formula will be revised, and there were various incidents in Indonesian nickel mines and related industries [25][26][27]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The domestic commodity futures market closed mostly higher on February 25, 2026, with base metals leading the gains [1]. - The A - share market is expected to continue a mild upward trend after the Spring Festival, but the slope will be slower than in January, pricing in the warm Spring Festival consumption and technology event hotspots. The black metal and domestic bond markets may continue to fluctuate after the festival [16]. - The US economy shows a pattern of overall slowdown in expansion and structural differentiation in multiple fields. The US GDP growth rate slowed significantly in the fourth quarter, with personal consumption being the main drag, and inflation stickiness still exists [16]. Summary by Relevant Catalogs Financial Market Fluctuations - **Stock Index Futures**: The CSI 300 futures, SSE 50 futures, CSI 500 futures, and CSI 1000 futures all showed varying degrees of increase on February 25, 2026, with the CSI 500 futures having a relatively large daily increase of 1.61% [2]. - **Treasury Bond Futures**: The 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures mostly declined on February 25, 2026, with the 30 - year treasury bond futures having a relatively large daily decline of 0.48% [2]. - **Foreign Exchange**: The US dollar index increased by 0.15% on February 25, 2026, and the US dollar mid - price decreased by 225 pips [2]. - **Interest Rates**: The 7 - day inter - bank pledged repo rate increased by 23.34 bp on February 25, 2026, and the 10 - year Chinese government bond yield increased by 1.24 bp [2]. Popular Industry Fluctuations - On February 25, 2026, most industries showed an upward trend, with non - ferrous metals, steel, and basic chemicals having relatively large daily increases of 3.53%, 4.26%, and 2.37% respectively. The consumer services and media industries declined, with decreases of 0.52% and 0.92% respectively [5]. Overseas Commodity Fluctuations - **Energy**: On February 24, 2026, NYMEX WTI crude oil decreased by 0.35%, ICE Brent crude oil decreased by 0.14%, NYMEX natural gas decreased by 2.94%, and ICE UK natural gas decreased by 4.75% [8]. - **Precious Metals**: COMEX gold decreased by 1.25% on February 24, 2026, while CONEX silver increased by 0.57% [8]. - **Non - ferrous Metals**: LME copper, LME aluminum, LME zinc, LME tin, etc. showed different trends on February 24, 2026. For example, LME copper increased by 2.54% [8]. - **Agricultural Products**: CBOT soybeans, CBOT soybean oil, and other agricultural products also had different price changes on February 24, 2026. For example, CBOT soybean oil increased by 1.05% [8]. Macro Summary - **Domestic Macro**: During the Spring Festival, travel and consumption were strong, with the cross - regional passenger flow in the first 20 days of the Spring Festival travel season reaching 5.08 billion person - times, a record high. However, real estate sales were at a seasonal low, and the social financing in January started steadily. Due to the Spring Festival misalignment, the social financing data needs to be observed in combination with January - February data [16]. - **Overseas Macro**: The US economy shows a pattern of overall slowdown in expansion and structural differentiation in multiple fields. The GDP growth rate slowed significantly in the fourth quarter, personal consumption was the main drag, and inflation stickiness still exists [16]. - **Large - scale Assets**: Geopolitical uncertainties and Trump's tariff policies may support the prices of gold and silver in the short term. The crude oil market is dominated by geopolitical uncertainties, and the A - share market is expected to continue a mild upward trend after the Spring Festival. The black metal and domestic bond markets may continue to fluctuate, and the RMB may continue to strengthen in the second quarter [16]. Viewpoint Highlights - **Financial**: Stock index futures are expected to be volatile and slightly stronger; stock index options are expected to be volatile; treasury bond futures are expected to be volatile [17]. - **Precious Metals**: Gold and silver are expected to be volatile and slightly stronger [17]. - **Shipping**: The container shipping to Europe is expected to be volatile [17]. - **Black Building Materials**: Steel, iron ore, coke, etc. are all expected to be volatile [17]. - **Non - ferrous Metals and New Materials**: Many non - ferrous metals and new materials such as copper, aluminum, and nickel are expected to be volatile, with some showing a slightly stronger trend [17]. - **Energy Chemicals**: Crude oil, LPG, asphalt, etc. are expected to be volatile [19]. - **Agriculture**: Many agricultural products such as cotton, natural rubber, and soybean oil are expected to be volatile, with some showing a slightly stronger trend, while sugar is expected to be volatile and slightly weaker [19].

Group 1: Gold Price Predictions - Morgan Stanley predicts that gold prices will reach $6,300 per ounce by the end of 2026, raising its long-term forecast to $4,500 per ounce [1] - UBS expects gold prices to touch $6,200 per ounce in the coming months, driven by persistent geopolitical risks and continued support from the Federal Reserve's easing policies [1] Group 2: Copper Price Outlook - Citigroup holds a bullish outlook on copper prices, forecasting a rise to $14,000 per ton in the next three months, citing strong demand from China and limited downside risks [1] - The bank maintains a long-term average copper price forecast of $13,000 per ton for 2026, indicating a balanced global copper market [1] Group 3: AI Impact on GDP - Goldman Sachs reports that AI contributed nearly zero to the U.S. GDP last year, as investments were offset by imports of chips and hardware [2] - A survey of executives revealed that while 70% of companies are actively using AI, about 80% believe it has not impacted employment or productivity [2] Group 4: S&P 500 Index Forecast - A Reuters survey indicates that the S&P 500 index is expected to rise nearly 10% to around 7,500 points by the end of 2026, supported by strong earnings and stable economic growth [3] - Despite a resilient market, risks remain from inflation trends, Federal Reserve policies, and geopolitical tensions [3] Group 5: Bond Market Dynamics - Societe Generale highlights that geopolitical uncertainties are supporting the safe-haven demand for bonds, leading to a dovish shift in market expectations for central bank interest rate paths [4] Group 6: UK Interest Rate Expectations - ING analysts suggest that the British pound may decline if the Bank of England's Governor hints at a potential rate cut in March [5][6] Group 7: Canadian Interest Rate Outlook - Scotiabank anticipates that the Bank of Canada will keep interest rates unchanged until the outcome of the USMCA negotiations becomes clearer [7] Group 8: Domestic AI Developments - CITIC Securities reports a surge in the usage of domestic AI models, indicating a significant expansion in AI inference demand and investment opportunities in domestic computing power [8] Group 9: Electronic Fabric Demand Cycle - CITIC Securities notes that the current electronic fabric demand cycle, driven by AI, may be more intense than previous storage cycles, with a projected 100% increase in demand for specialty fabrics by 2026 [9] Group 10: AI Industry Chain Outlook - CITIC JianTou expresses optimism about the AI industry chain, highlighting strong demand for computing power and the transition of large models towards monetization [10] Group 11: AIDC Growth and Equipment Demand - CITIC JianTou indicates that the AIDC construction phase will lead to significant demand for power capacity and related equipment, with a projected CAGR of 55% from 2025 to 2028 [11] Group 12: AIDC Sector Performance - Founder Securities anticipates continued high growth in the AIDC sector, driven by increased capital expenditures from leading internet companies and a growing demand for power equipment in the U.S. [12] Group 13: New Energy Vehicle Market Recovery - Galaxy Securities predicts a recovery in the automotive market post-Spring Festival, with several flagship new energy vehicle models set to launch, potentially boosting market demand [13]

Core Conclusions - The report emphasizes the importance of focusing on high-end equipment and new materials that align with national industrial upgrading trends, while monitoring market liquidity and the impact of main board hot spots on the capital flow of the Beijing Stock Exchange [1][5]. Domestic Market Indices - The Shanghai Composite Index closed at 4,147.23, up by 0.72% - The Shenzhen Component Index closed at 14,475.87, up by 1.29% - The CSI 300 Index closed at 4,735.89, up by 0.60% - The Shanghai 180 Index closed at 10,405.99, up by 0.53% - The SME Index closed at 8,787.92, up by 1.12% - The ChiNext Index closed at 3,354.82, up by 1.41% [2]. Industry Review - On February 24, the trading volume of the Beijing Stock Exchange A-shares reached 16.379 billion yuan, a decrease of 0.057 billion yuan from the previous trading day - The Beijing Stock Exchange 50 Index closed at 1,535.432, up by 0.37%, with a PE_TTM of 64.51 times - The specialized and innovative index closed at 2,566.43, up by 0.36% - Among 294 companies listed on the Beijing Stock Exchange, 242 saw their stock prices rise, 4 remained flat, and 48 experienced declines [3]. News Summary - The report highlights a potential price increase in MLCCs, with major manufacturers like Murata and Samsung Electronics considering double-digit price hikes due to rising demand from AI infrastructure investments - The Ministry of Commerce has placed 20 Japanese entities under export control to safeguard national security [4]. Investment Recommendations - The market is currently driven by "resource price increases" and "technology growth," with cyclical sectors like oil, petrochemicals, and precious metals leading the gains - Companies in the phosphorus chemical and industrial metal supply chains on the Beijing Stock Exchange may benefit from price elasticity - The technology sector shows divergence, with AI computing hardware performing well ahead of the NVIDIA GTC conference, while AI applications face challenges post-Spring Festival - The report suggests focusing on high-end equipment and new materials that align with national industrial upgrading, while keeping an eye on market liquidity and the rotation of main board hot spots affecting capital flow to the Beijing Stock Exchange [5].

Core Viewpoint - The article highlights the optimistic outlook of foreign investment banks towards China's economy in 2026, suggesting a favorable environment for A-shares and Hong Kong stocks due to policy support, improving corporate profits, and capital inflows [1] Group 1: Market Trends - The A-share market is expected to exhibit a "N" shaped trend in 2026, with a continuation of the upward trend from late last year into the Spring Festival [2] - External liquidity easing may be nearing its end, and while the AI industry shows medium-term promise, short-term discrepancies between reality and expectations may impact the market [2] - Despite potential market fluctuations in the second quarter, the upward trend of the A-share market is likely to remain intact due to the ongoing recovery of domestic demand [2] Group 2: Key Focus Areas - Investors should pay attention to the development of the AI industry, particularly innovations in AI applications, as this is crucial for the A-share market in 2026 [3] - Marginal improvements in China's macroeconomy, including real estate and consumption, are also significant, with indicators showing positive trends [3] - The relationship between global re-inflation and liquidity is important, as the global inflation cycle is ahead of China's, and the Federal Reserve's interest rate decisions will be key indicators to watch [3] Group 3: Capital Inflows - The overall upward trend in the market since the "924" rally has created a profit-making effect, attracting more capital recognition towards A-shares due to China's competitive advantages and economic resilience [3] - There is a clear trend of incremental capital inflows into A-shares, with both domestic and foreign investors viewing opportunities as outweighing risks [3] Group 4: Currency and Asset Revaluation - The trend of RMB appreciation is expected to be sustained, positively impacting the capital market [4] - The expectation of RMB appreciation may lead to a return of funds previously allocated to global assets, contributing to a potential "Asset Revaluation 2.0" in China [5] Group 5: Investment Opportunities - Investment opportunities are concentrated in three areas: the AI industry, particularly infrastructure and hardware; cyclical sectors with ongoing commodity price increases; and the pharmaceutical sector, which may benefit from AI advancements [6] - The technology sector is highlighted as requiring careful selection for investment, with significant opportunities anticipated in technology, cyclical sectors, real estate, and certain consumer segments [6]

Core Viewpoint - Gold prices experienced significant fluctuations in late February 2026, primarily influenced by multiple factors including investor behavior and Federal Reserve policies [1] Market Data - As of February 25, COMEX gold futures closed at $5,192.4 per ounce, reflecting a 0.31% increase from the previous day, although it dipped to $5,135.9 during intraday trading, indicating notable volatility [1] - Despite ongoing tensions in the Middle East, gold's response to geopolitical events has diminished, with some investors opting for the dollar as a safe haven, reducing gold's short-term appeal [1] Industry Policy and Environment - The Shanghai Gold Exchange adjusted margin ratios and price limits for certain contracts on February 24 to address market volatility, which may influence short-term trading behavior [1] - Goldman Sachs noted an increase in demand for call options on gold from the private sector, which has raised volatility and temporarily suppressed central bank gold purchases, although this slowdown is expected to be short-lived [1]