1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For gold and silver, the continuous conflict in the Middle East has kept crude oil prices high, leading to an increase in the market's inflation expectations for the US. Meanwhile, the inhibitory effect of high oil prices on the economy is gradually emerging. The Federal Reserve maintained its policy in March, and the market expects less than one interest rate cut this year. The US dollar index is running strongly, and gold and silver may continue to be under pressure for adjustment. As the market's expectation of the Fed's interest rate cut changes, gold and silver may continue to decline, and attention should be paid to the regression of the gold - silver ratio [4]. - For platinum and palladium, there is limited short - term fundamental data. In the medium term, platinum is in a tight - balance pattern, while palladium is in a relatively surplus pattern. In addition, the guidance of the gold price should be noted in the medium term. This week, they may follow the weak trend of the gold price, and the platinum - palladium ratio may continue to strengthen [4]. 3. Summary According to the Directory 3.1 Market Review - **Price Changes**: From March 20 to March 27, 2026, the prices of gold, silver, platinum, and palladium in various markets generally declined. For example, the price of London gold dropped from $4562.55 per ounce to $4504.15 per ounce, and the price of London silver dropped from $72.37 per ounce to $67.795 per ounce [8]. - **Inventory Changes**: COMEX gold inventory decreased by 340,747 ounces, COMEX silver inventory decreased by 4,397,891 ounces, NYMEX platinum inventory decreased by 25,033 ounces, and NYMEX palladium inventory remained unchanged [8]. - **Market News**: The US adjusted its sanctions policy on Venezuela's key mineral sector, allowing certain investment and operation activities. From January to February 2026, China's silver ingot exports increased by 9.2% year - on - year, and imports increased by 707.7% year - on - year. China's silver concentrate imports decreased slightly by 1.2% year - on - year. Turkey's gold reserves decreased significantly in two consecutive weeks. The gold - platinum ratio has reached about 2.4, attracting investors to turn to platinum. Russia will restrict gold exports from May 1, and some central banks may increase their gold purchases in 2026 [10][11]. 3.2 Market Analysis - **Spot Basis**: Analyze the spot basis of gold, silver, platinum, and palladium, with data from Wind [13][16]. - **Ratio**: Analyze the relevant ratios, but specific content is not detailed in the text [19]. - **Market Positions**: Analyze the market positions of gold and silver, as well as overseas market positions, with data from Wind [21][24]. - **Futures Warehouse Receipts**: Analyze the futures warehouse receipts of gold, silver, platinum, and palladium, with data from Wind [25][28]. - **ETF Positions**: Analyze the ETF positions of gold and silver, with data from Wind [30].

Group 1: Price Performance - London Gold's latest price is 4456.45, with a change of -108.10 [1] - London Silver's latest price is 67.29, with a change of -5.88 [1] - London Platinum's latest price is 1950.00, with a change of 58.00 [1] - London Palladium's latest price is 1434.00, with a change of 41.00 [1] - WTI Crude's latest price is 94.48, with a change of 4.16 [1] - LME Copper's latest price is 12201.00, with a change of -28.00 [1] Group 2: Trading Data - COMEX Silver's latest inventory is 10218.98, with a change of -9.13 [2] - SHFE Silver's latest inventory is 370.30, with a change of -5.79 [2] - Gold ETF's latest holding is 1052.70, with a change of 0.28 [2] - Silver ETF's latest holding is 15409.46, with a change of -104.21 [2] - SGE Silver's latest inventory is 371.99, with a change of 0.00 [2] - SGE Gold's latest deferred fee payment direction is 1, with a change of 0.00 [2] - SGE Silver's latest deferred fee payment direction is 2, with a change of 0.00 [2] Group 3: Other Data - US Dollar Index's latest value is 99.92, with a change of 0.28 [11] - EUR/USD's latest value is 1.15, with a change of -0.00 [11] - GBP/USD's latest value is 1.33, with a change of -0.00 [11] - USD/JPY's latest value is 159.75, with a change of 0.28 [11] - US 10 - year TIPS's latest value is 2.02, with a change of 0.00 [11]

Group 1: Price Performance - London Gold's latest price is 4564.55 with a change of 151.00 [1] - London Silver's latest price is 73.17 with a change of 3.20 [1] - London Platinum's latest price is 1892.00 with a change of -1.00 [1] - London Palladium's latest price is 1393.00 with a change of -55.00 [1] - WTI Crude's latest price is 90.32 with a change of -2.03 [1] - LME Copper's latest price is 12229.00 with a change of 204.50 [1] - The latest value of the US Dollar Index is 99.63 [1] - The latest exchange rate of Euro to US Dollar is 1.16 [1] - The latest exchange rate of British Pound to US Dollar is 1.34 [1] - The latest exchange rate of US Dollar to Japanese Yen is 159.47 [1] - The latest value of the US 10 - year TIPS is 2.06 [1] Group 2: Trading Data - COMEX Silver's latest inventory is 10228.11 with a change of -81.19 [2] - SHFE Silver's latest inventory is 376.09 with a change of 10.17 [2] - Gold ETF's latest holding is 1052.42 with a change of -0.57 [2] - Silver ETF's latest holding is 15513.67 with no change [2] - SGE Silver's latest inventory is 371.99 with no change [2] - SGE Silver's latest deferred fee payment direction is 1 with no change [2] - SGE Gold's latest deferred fee payment direction is 2 with no change [2] Group 3: Other Changes - There are changes of 0.40, -0.00, -0.00, 0.75, 0.00 (not clearly specified for which items) [13]

Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 4466.25, 67.23, 1978.00, 1434.00, 88.13, and 11742.50 respectively, with changes of -96.30, -5.14, 43.00, -4.00, -10.10, and -409.50 [1] Group 2: Trading Data - The latest inventories of COMEX Silver, SHFE Silver, and SGE Silver are 10329.17, 364.55, and 371.99 respectively, with changes of -18.81, 2.05, and 0.00 [2] - The latest holdings of Gold ETF and Silver ETF are 1052.70 and 15513.67 respectively, with changes of -4.29 and 264.76 [2] - The latest deferred fee payment directions of SGE Silver and SGE Gold are both 2, with no changes [2] Group 3: Other Market Data - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 99.16, 1.16, 1.34, 158.43, and 2.01 respectively, with changes of -0.35, 0.00, 0.01, -0.81, and 0.00 [14]

Group 1 - The Shanghai Gold Exchange issued a notice on March 23, 2026, regarding the need for market risk control due to significant fluctuations in precious metal prices [1] - The notice emphasizes the importance of member units closely monitoring market changes and preparing detailed risk emergency plans to maintain market stability [1] - Investors are advised to implement risk prevention measures, manage their positions wisely, and engage in rational investment practices [1]

Core Viewpoint - The recent decline in spot gold prices has been significant, with prices dropping below key thresholds, indicating increased market volatility and potential investment risks [1][3]. Group 1 - On March 23, spot gold prices fell below $4500, $4400, $4300, $4200, and $4100 per ounce, with a nearly 8% drop to just above $4100 per ounce [1]. - The Shanghai Gold Exchange issued a notice highlighting the numerous factors contributing to market instability and the significant increase in precious metal price volatility [3]. - Investors are advised to closely monitor market changes, implement detailed risk emergency plans, and maintain market stability [3].

Core Viewpoint - Precious metals experienced a significant decline on March 23, with spot gold dropping over 7% and spot silver falling over 9% [1] Group 1: Price Movements - Spot gold fell to $4168.355 per ounce, down $323.315, representing a decrease of 7.20% [2] - Spot silver decreased to $61.555 per ounce, down $6.342, reflecting a decline of 9.34% [2] - Spot platinum dropped over 7% to $1780 per ounce, down $145.80, which is a 7.57% decrease [3] - Spot palladium fell over 3% to $1356.09 per ounce, down $52.45, indicating a 3.72% decline [3] Group 2: Futures Market - COMEX gold prices decreased to $4253.4, down $321.5, which is a 7.03% drop [2] - COMEX silver prices fell to $62.215, down $7.449, representing a decline of 10.69% [2] - NYMEX platinum prices dropped to $1749.5, down $221.0, indicating an 11.22% decrease [3] - NYMEX palladium prices fell to $1343.50, down $101.70, reflecting a 7.04% decline [3]

Group 1 - The core viewpoint of the article emphasizes the need for market risk control due to significant fluctuations in precious metal prices [1] - The Shanghai Gold Exchange has issued a notice to closely monitor market changes and prepare detailed risk emergency plans to maintain market stability [1] - Investors are advised to implement risk prevention measures, manage their positions wisely, and engage in rational investment practices [1]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - On March 19, platinum and palladium prices declined overall. The IPT2606 contract fell 7.49% to 507.0 yuan/gram, and the PD2606 contract fell 7.78% to 371.5 yuan/gram. Macro - level factors such as the Fed maintaining the interest rate, hawkish remarks, and higher - than - expected PPI and core PPI in the US in February cooled the Fed's interest - rate cut expectations, suppressing platinum and palladium prices. Geopolitical factors, like Israel's attack on Iran and Iran's announcement of attacking energy facilities in the Middle East, increased concerns about global re - inflation and further suppressed platinum and palladium. In the short - term, the increase in NYMEX palladium inventory on March 18 by 22.15% to 7.63 tons may put pressure on palladium prices. In the long - term, the structural differentiation pattern of tight platinum and loose palladium may continue. In the medium - term, platinum is expected to mostly maintain a range - bound trend. After the Middle - East geopolitical situation becomes clear, one can consider going long on platinum at low prices or continue to hold the (long platinum, short palladium) strategy [5]. Group 3: Summary by Relevant Catalog Price Changes - **Domestic Prices**: Platinum futures主力 contract price fell 7.49% to 506.95 yuan/gram, platinum (99.95%) spot price fell 3.00% to 518 yuan/gram, and the platinum basis (spot - futures) fell 178.93%. Palladium futures主力 contract price fell 7.78% to 371.45 yuan/gram, palladium (99.95%) spot price fell 5.01% to 379.5 yuan/gram, and the palladium basis (spot - futures) fell 343.94% [5]. - **International Prices**: London spot platinum price fell 6.58% to 1981.0 dollars/ounce, London spot palladium price fell 8.44% to 1469.0 dollars/ounce. NYMEX platinum price fell 7.46% to 1955.1 dollars/ounce, and NYMEX palladium price fell 8.67% to 1463.5 dollars/ounce [5]. - **Exchange Rate and Spread**: The dollar/yuan central parity rate rose 0.10% to 6.8975. The spread between domestic platinum and London platinum fell 38.52% to 10.53 yuan/gram, and the spread between domestic palladium and London palladium rose 196.87% to 3.34 yuan/gram [5]. - **Price Ratios**: The ratio of Guangzhou Futures Exchange platinum to palladium was 1.3648, with a change of 0.0043. The ratio of London spot platinum to palladium was 1.3486, with a change of 0.0269 [5]. Inventory and Position - **Inventory**: NYMEX platinum inventory remained unchanged at 200716 ounces, and NYMEX palladium inventory remained unchanged at 582441 ounces [5]. - **Position**: NYMEX total platinum position fell 1.99% to 68758, and the non - commercial net long position of palladium fell 196.89%. The non - commercial long position of platinum increased 6.20% to 14690, and NYMEX total palladium position fell 2.57% to 15679 [5].

Price Performance - Latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are presented, but specific values are in a placeholder format [3] - Latest prices of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are given, with the British Pound to US Dollar at 1.33 and US 10 - year TIPS at 1.83. The change in the British Pound to US Dollar is - 0.01 [3] Trading Data - COMEX silver inventory is 10422.02 with a change of - 87.62; Shanghai Futures Exchange silver inventory is 346.92 with a change of - 6.84; Shanghai Gold Exchange silver inventory is 445.04 with no change [4] - Gold ETF and silver ETF holdings are presented in placeholder formats, and the deferred fee payment directions of Shanghai Gold Exchange silver and gold are also in placeholder formats [4] Precious Metal Ratio - The report mentions precious metal ratio, but no specific content is provided [5]