Group 1: Report General Information - Report Name: Precious Metals Data Daily [4] - Date: March 31, 2026 [5] - Research Center: Precious Metals and New Energy Research Center [5] - Analyst: Bai Suna [5] - Qualification Number: F3023916 [5] Group 2: Price Tracking Inner and Outer Disk Gold and Silver Prices - On March 30, 2026, London Gold Spot was $4528.84/oz, London Silver Spot was $70.30/oz, COMEX Gold was $4557.00/oz, COMEX Silver was $70.36/oz, AU2604 was 1011.02 yuan/g, AG2604 was 17756 yuan/kg, AU (T+D) was 1010.12 yuan/g, and AG (T+D) was 17682 yuan/kg [5] - Compared with March 27, 2026, the price increases were 1.6%, 0.7%, 2.3%, 0.7%, 1.6%, 1.1%, 1.5%, and 1.2% respectively [5] Price Difference/Ratio Tracking - On March 30, 2026, the gold TD - SHFE active price difference was -0.9 yuan/g, the silver TD - SHFE active price difference was -74 yuan/kg, the gold inner - outer disk (TD - London) price difference was 2.19 yuan/g, the silver inner - outer disk (TD - London) price difference was 2 yuan/kg, the SHFE gold - silver main ratio was 56.94, the COMEX gold - silver main ratio was 64.77, AU2604 - 2602 was 3.86 yuan/g, and AG2604 - 2602 was -49 yuan/kg [5] - Compared with March 27, 2026, the price difference increases were 650.0%, -10.8%, -41.7%, -104.8%, 0.5%, 1.6%, 10.9%, and -29.0% respectively [5] Group 3: Position and Inventory Data Position Data - As of March 27, 2026, the gold ETF - SPDR was 1052.7 tons, the silver ETF - SLV was 15409.46251 tons, the non - commercial long position of COMEX gold was 220861 contracts, the non - commercial short position was 52534 contracts, the net long position was 168327 contracts, the non - commercial long position of COMEX silver was 33938 contracts, the non - commercial short position was 9265 contracts, and the net long position was 24673 contracts [5] - Compared with March 26, 2026, the position increases were 0.00%, 0.00%, 2.27%, -6.34%, 5.29%, 9.04%, 0.23%, and 12.76% respectively [5] Inventory Data - On March 30, 2026, the SHFE gold inventory was 106644 kg, and the SHFE silver inventory was 374427 kg. On March 27, 2026, the COMEX gold inventory was 31713528 troy ounces, and the COMEX silver inventory was 328297364 troy ounces [5] - Compared with the previous period, the inventory increases were 0.00%, 0.71%, -0.60%, and -0.08% respectively [5] Group 4: Interest Rate/Exchange Rate/Stock Market Data - On March 30, 2026, the US dollar/Chinese yuan central parity rate was 6.92. On March 27, 2026, the US dollar index was 100.17, the 2 - year US Treasury yield was 3.88%, the 10 - year US Treasury yield was 4.44%, the S&P 500 VIX was 31.05, and the NYWEX crude oil was 101.18 [5] - Compared with the previous period, the increases were 0.12%, 0.26%, -2.02%, 0.45%, 13.16%, -1.67%, and 7.88% respectively [5] Group 5: Market Analysis Market Review - On March 30, the main contract of Shanghai gold futures closed up 2.28% to 1014.28 yuan/g, and the main contract of Shanghai silver futures closed up 2.8% to 17707 yuan/kg [5] Impact Analysis - The final value of the University of Michigan Consumer Sentiment Index in the US in March dropped to 53.3, highlighting consumers' concerns about geopolitical conflicts. The market trading logic is gradually shifting from inflation to stagflation, and the US Treasury yields have fallen from high levels, which supports the precious metals prices. However, the geopolitical situation between the US and Iran remains highly uncertain, and the continuous geopolitical conflict - related news fluctuates the market. Overall, Iran's attitude remains tough, the US is still increasing troops in the Middle East, and the risk of ground - war intervention is rising. The strong US dollar index and high crude oil prices may suppress the precious metals prices [5] Future Market Analysis - In the short term, with the repeated market news and geopolitical uncertainties, the precious metals prices are expected to fluctuate within a range but are likely to gradually bottom out. In the long term, the supporting factors (geopolitical uncertainties, the US huge debt, de - dollarization, central bank gold purchases, etc.) remain strong. As factors such as geopolitical conflicts and monetary policies become clearer, the precious metals market is expected to emerge from the adjustment and return to its long - term value center. Investors are advised to grasp the long - term layout opportunity during this deep adjustment [5]

Group 1 - Jim Wyckoff has over 25 years of experience in stock, financial, and commodity markets, including roles as a financial journalist and reporter on commodity futures trading floors in Chicago and New York [1] - He has covered every futures market traded in the U.S. at various times during his career [1] - Jim is the owner of "Jim Wyckoff on the Markets," which provides analytical, educational, and trading advisory services [2] Group 2 - He has worked as a technical analyst for Dow Jones Newswires and as a senior market analyst with TraderPlanet.com [2] - Jim is a consultant for the respected "Pro Farmer" agricultural advisory service and was the head equities analyst at CapitalistEdge.com [2] - He holds a degree in journalism and economics from Iowa State University [2]

Core Insights - Crypto traders are increasingly utilizing the DeFi derivatives platform Hyperliquid to speculate on oil prices, indicating a shift towards crypto markets absorbing trading linked to global macroeconomic events [1] Trading Volume and Market Dynamics - Oil-linked perpetual futures on Hyperliquid processed approximately $991 million in trading volume over the past 24 hours, significantly higher than the $75,000 recorded on Coinbase during the same period, highlighting a shift in liquidity towards crypto-native derivatives platforms [2] - Order-book data in the oil market reveals large resting orders and tight spreads, indicating participation from both professional liquidity providers and retail traders [3] Price Movements and Market Reactions - Crude prices surged to about $119.50 a barrel amid fears of disruptions in shipments through the Strait of Hormuz, before retreating to approximately $91–$100 following comments from President Donald Trump regarding potential de-escalation of the conflict [3] - By Wednesday evening, Brent crude was trading around $90–$92 a barrel as markets reacted to ongoing developments and the possibility of emergency oil stockpile releases [4] Platform Features and User Engagement - Hyperliquid allows traders to take leveraged positions through perpetual futures contracts collateralized by stablecoins, primarily USDC, enabling speculation without the need for traditional brokerage accounts or access to regulated commodity futures venues [5] - The platform operates on a dual system: HyperCore, which runs fully on-chain with high transaction capacity, and HyperEVM, which provides an Ethereum-compatible environment for developers [6]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - Short - term, factors such as geopolitical games, inflation concerns, stagflation risks, and central bank gold purchases will continue to impact the precious metals market. After the market has partially digested the negative impact of "rising inflation suppressing interest - rate cut expectations", if the market shifts to trading "stagflation", precious metal prices are expected to maintain a relatively strong and volatile trend [5][6]. - In the long - term, the underlying logic of the precious metals bull market remains solid. With the probability of the Fed cutting interest rates this year, continuous global geopolitical uncertainties, and the US's huge debt promoting the de - dollarization wave, the allocation demand of global central banks, institutions, and residents is expected to continue, and the price center of precious metals still has room to rise. Long - term strategies suggest buying on dips [6]. 3. Summary by Related Catalogs 3.1 Market Review - On March 6, the main contract of Shanghai gold futures closed down 0.89% to 1,140.8 yuan/gram, and the main contract of Shanghai silver futures closed up 0.38% to 21,740 yuan/kilogram [4]. 3.2 Impact Analysis - Positive factors: The potential further escalation of the US - Iran geopolitical conflict, the unexpected weakness of the US February non - farm payrolls increasing the risk of "stagflation" in the US economy, the initial emergence of the US private - credit crisis risk, and the People's Bank of China's continuous gold purchases for 16 consecutive months in February, which can ease the concerns of the previous continuous outflows of gold ETFs and support the gold price. For silver, the continuous decline in inventory limits the downside space of silver prices [5]. - Negative factors: The continuous escalation of the US - Iran conflict drives up energy prices, increasing inflation risks, suppressing the Fed's interest - rate cut expectations and thus suppressing precious metal prices. Geopolitical and inflation risks may suppress silver demand and be negative for its industrial attributes [5]. 3.3 Price and Spread Data - **Price**: On March 6, London gold spot was at $5,117.08/ounce, London silver spot was at $84.38/ounce, COMEX gold was at $5,125.40/ounce, COMEX silver was at $84.65/ounce, AU2604 was at 1,140.8 yuan/gram, AG2604 was at 21,740 yuan/kilogram, AU (T + D) was at 1,138.7 yuan/gram, and AG (T + D) was at 21,380 yuan/kilogram. Compared with March 5, the price of gold generally decreased by about 1.0%, and the price of silver generally increased by about 1.3% [4]. - **Spread**: On March 6, the gold TD - SHFE active spread was - 2.1 yuan/gram, the silver TD - SHFE active spread was - 360 yuan/kilogram, the gold internal - external spread (TD - London) was 3.12 yuan/gram, the silver internal - external spread (TD - London) was 195 yuan/kilogram, the SHFE gold - silver ratio was 52.47, the COMEX gold - silver ratio was 60.55, AU2604 - 2602 was 3.34 yuan/gram, and AG2604 - 2602 was - 207 yuan/kilogram. Compared with March 5, the change rates of spreads varied, with some increasing and some decreasing [4]. 3.4 Position Data - On March 6, the gold ETF - SPDR was 1,073.32 tons, the silver ETF - SLV was 15,761.62327 tons, the non - commercial long positions of COMEX gold were 213,752 contracts, the non - commercial short positions were 53,607 contracts, the non - commercial net long positions were 160,145 contracts, the non - commercial long positions of COMEX silver were 34,226 contracts, the non - commercial short positions were 10,888 contracts, and the non - commercial net long positions were 23,338 contracts. Compared with March 5, most positions increased [4]. 3.5 Inventory Data - On March 6, the SHFE gold inventory was 105,033 kilograms (unchanged from March 5), the SHFE silver inventory was 255,952 kilograms (down 6.15% from March 5), the COMEX gold inventory was 33,081,878 troy ounces (down 0.06% from March 5), and the COMEX silver inventory was 349,145,895 troy ounces (down 0.63% from March 5) [4]. 3.6 Interest Rate, Exchange Rate, and Stock Market Data - On March 6, the US dollar/Chinese yuan central parity rate was 6.90 (up 0.03% from March 5), the US dollar index was 98.96 (down 0.09% from March 5), the 2 - year US Treasury yield was 3.56% (down 0.28% from March 5), the 10 - year US Treasury yield was 4.15% (up 0.48% from March 5), the VIX was 29.49 (up 24.17% from March 5), the S&P 500 was 6,740.02 (down 1.33% from March 5), and NYWEX crude oil was $91.27 (up 15.72% from March 5) [4].

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - Short - term energy prices remaining high may subject the precious metals market to inflation - risk trading, but due to the ongoing US - Iran conflict, precious metal prices are supported and will maintain high volatility [5] - In the long run, the logic of the precious metals bull market remains solid. With the probability of the Fed cutting interest rates this year, continuous global geopolitical uncertainties, and the US's huge debt promoting the de - dollarization wave, the allocation demand of global central banks, institutions, and residents is expected to continue, and the price center of precious metals has room to rise. Long - term strategies suggest buying on dips [5] Group 3: Summary by Relevant Catalogs 1. Price Tracking - On March 4, 2026, London gold spot was $5164.14 per ounce, London silver spot was $84.93 per ounce, COMEX gold was $5174.80 per ounce, and COMEX silver was $85.05 per ounce. Compared with March 3, gold prices dropped by 2.7% and silver prices decreased by 0.2% [3] - The price of the AU2604 gold futures contract was 1153.06 yuan per gram, and the AG2604 silver futures contract was 21854 yuan per kilogram on March 4, 2026, with a change of - 2.4% and 1.0% respectively compared to March 3 [3] - The spreads and ratios of gold and silver in different markets also showed certain changes. For example, the gold TD - SHFE active spread changed by - 21.8% from March 3 to March 4 [3] 2. Position Data - As of March 3, 2026, the gold ETF - SPDR was 1099.04 tons, and the silver ETF - SLV was 15981.38274 tons. Compared with March 2, the changes were - 0.21% and 0.50% respectively [3] - COMEX gold non - commercial long positions were 211649 contracts, non - commercial short positions were 52472 contracts, and non - commercial net long positions were 159177 contracts on March 3, 2026, with corresponding changes compared to March 2 [3] 3. Inventory Data - On March 4, 2026, the SHFE gold inventory was 105033.00 kilograms, a - 0.03% change from March 3. The SHFE silver inventory was 294823.00 kilograms, a - 4.12% change from March 3 [3] - On March 3, 2026, the COMEX gold inventory was 33071598 troy ounces, a - 0.30% change from March 2, and the COMEX silver inventory was 355173837 troy ounces, a - 0.67% change from March 2 [3] 4. Interest Rates/Exchange Rates/Stock Market - On March 4, 2026, the US dollar/Chinese yuan central parity rate was 6.91, with a 0.05% change from March 3 [3] - On March 3, 2026, the US dollar index was 99.06, the 2 - year US Treasury yield was 3.51%, the 10 - year US Treasury yield was 4.06%, the VIX was 23.57, the S&P 500 was 6816.63, and NYMEX crude oil was $74.80. Compared with March 2, the changes were 0.52%, 1.15%, 0.25%, 9.93%, - 0.94%, and 5.31% respectively [3] 5. Market Review - On March 4, the main contract of Shanghai gold futures closed down 3.1% to 1153.06 yuan per gram, and the main contract of Shanghai silver futures closed down 4.43% to 21854 yuan per kilogram [3] 6. Impact Analysis - The US Treasury Secretary said the crude oil market supply is sufficient, and the US will provide insurance for ships in the Gulf region, causing crude oil prices to fall and easing inflation concerns. The weakening of the US dollar index led to a rebound in precious metal prices after hitting the bottom [4] - Geopolitical conflicts are ongoing. The US Defense Secretary said the US - Iran conflict may last for 8 weeks or longer, and the US Treasury Secretary mentioned that a 158% tariff rate may take effect this week, which continues to support precious metal prices [4] - The increase of 63,000 in the US ADP employment in February, the largest increase since July last year, eases the risk of economic recession. The inconsistent hawkish stances of Fed officials also suppress precious metal prices to some extent [4] - For silver, although the inventory and position risks in September have been greatly alleviated, the SHFE inventory has fallen below 300 tons, and the New York inventory is still declining. The physical tight - supply structure has not been fully alleviated, so the fundamentals still support silver prices [4]

Group 1 - The U.S. Commodity Futures Trading Commission (CFTC) has initiated a rulemaking plan for prediction markets, sending it to the President's Office of Management and Budget, marking the start of the regulatory process for these markets [1] - Prediction markets, such as Kalshi and Polymarket, are facing significant backlash, particularly after controversial bets related to the health of Iran's Supreme Leader, prompting threats from U.S. lawmakers to potentially outlaw such wagers [1] - The CFTC, under its new Republican Chairman, is seeking to establish its jurisdiction over prediction markets amid pushback from state gaming regulators [1] Group 2 - The CFTC's prediction markets regulation is currently in the "prerule" stage, as indicated on the Budget office's regulatory affairs website, although no further details have been provided [1] - The move to regulate prediction markets reflects their fast-growing nature and the need for oversight in light of recent controversies [1]

Group 1 - Jim Wyckoff has over 25 years of experience in stock, financial, and commodity markets, including roles as a financial journalist and reporter on commodity futures trading floors in Chicago and New York [1] - He has covered every futures market traded in the U.S. at various times throughout his career [1] - Jim is the owner of "Jim Wyckoff on the Markets," which provides analytical, educational, and trading advisory services [2] Group 2 - He has worked as a technical analyst for Dow Jones Newswires and served as the senior market analyst with TraderPlanet.com [2] - Jim has also been a consultant for the "Pro Farmer" agricultural advisory service and was the head equities analyst at CapitalistEdge.com [2] - He holds a degree in journalism and economics from Iowa State University [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In the short - term, the market needs to digest Trump's new tariff policy and the escalating US - Iran tensions. Precious metal prices are expected to remain strong. In the long - run, the underlying logic of the precious metal bull market remains solid. With the probability of the Fed cutting interest rates this year, continuous global geopolitical uncertainties, and the US's huge debt promoting the de - dollarization process, the allocation demand from global central banks, institutions, and residents is likely to continue, and the price of precious metals has upward potential. Long - term strategies suggest buying on dips [6] 3. Summary by Relevant Catalog 3.1 Price Tracking - As of February 23, 2026, London spot gold was at $5148.11/ounce, up 3.8% from February 13, 2026; London spot silver was at $86.45/ounce, up 12.1% [5]. - COMEX gold was at $5169.80/ounce, up 3.8% from February 13; COMEX silver was at $86.33/ounce, up 12.2% [5]. - The COMEX gold - silver ratio on February 23, 2026, was 59.89, down 7.5% from February 13 [5]. 3.2 Position Data - As of February 20, 2026, the gold ETF - SPDR was at 1078.75 tons, unchanged from February 19; the silver ETF - SLV was at 15517.60503 tons, down 0.19% [5]. - COMEX gold non - commercial long positions were 213432 contracts, up 0.29% from February 19; non - commercial short positions were 53517 contracts, up 1.37% [5]. - COMEX silver non - commercial long positions were 36626 contracts, down 0.09% from February 19; non - commercial short positions were 12623 contracts, down 7.89% [5]. 3.3 Inventory Data - As of February 20, 2026, COMEX gold inventory was 33920235 troy ounces, down 0.51% from February 19; COMEX silver inventory was 366257039 troy ounces, down 0.32% [5]. 3.4 Interest Rate/Foreign Exchange/Stock Market - As of February 20, 2026, the US dollar index was 97.74, down 0.10% from February 19; the 2 - year US Treasury yield was 3.48%, up 0.29%; the 10 - year US Treasury yield was 4.08%, unchanged [5]. - The VIX was 19.09, down 5.64% from February 19; the S&P 500 was 6909.51, up 0.69%; NYMEX crude oil was $66.31, down 0.54% [5]. 3.5 Market Review and Influencing Factors - As of 16:00 on February 23, London spot gold was at $5148.108/ounce, up about 3.77% during the Spring Festival holiday; London spot silver was at $86.452/ounce, up about 12.08% [5][6]. - During the Spring Festival, overseas precious metals first declined then rose. Initially, factors such as the US - Iran negotiations reducing risk - aversion demand, the Fed's January meeting minutes showing increased divergence, and the rebound of the US dollar index weakened precious metal prices. Later, poor US economic data increased the expectation of interest rate cuts, the US Supreme Court ruling the IEEPA BCY public tax illegal, Trump's new tariff policy, the US - Iran negotiation deadlock, and the increasing possibility of US military action against Iran boosted risk - aversion demand and strengthened precious metal prices [6]

Group 1 - Jim Wyckoff has over 25 years of experience in stock, financial, and commodity markets, including roles as a financial journalist and reporter on commodity futures trading floors in Chicago and New York [1] - He has covered every futures market traded in the U.S. at various times during his career [1] - Jim is the owner of "Jim Wyckoff on the Markets," which provides analytical, educational, and trading advisory services [2] Group 2 - He has worked as a technical analyst for Dow Jones Newswires and as a senior market analyst with TraderPlanet.com [2] - Jim is also a consultant for the "Pro Farmer" agricultural advisory service and was the head equities analyst at CapitalistEdge.com [2] - He holds a degree in journalism and economics from Iowa State University [2] Group 3 - Daily updates and technical analysis are provided by Jim on Kitco.com, including both AM and PM roundups [3]

Core Viewpoint - The recent technical glitch at CME has raised significant concerns among investors regarding market integrity and the impact of low liquidity on price volatility in the natural gas market [1][4]. Group 1: Technical Issues and Market Reactions - CME acknowledged a "technical error" that caused a circuit breaker to last longer than the usual five seconds, leading to chaos in the natural gas market [1][6]. - The Commodity Futures Trading Commission (CFTC) noted that market movements were consistent with supply and demand fluctuations, and they are evaluating related trading activities [1]. - Traders expressed frustration over the incident, with some reporting losses and concerns about the market's operational integrity [2][4]. Group 2: Market Volatility and Trading Dynamics - Natural gas futures experienced a record surge of 119% from January 20-26, followed by a significant crash, highlighting extreme volatility in the market [1][11]. - The market faced additional turmoil on January 27, when an extraordinary 2-minute trading halt skewed settlement prices, compounding traders' concerns over demand forecasts affected by cold weather [3][11]. - The incident led to substantial losses for options traders who had placed bets on gas prices exceeding $7 per British thermal unit, with potential payouts of $40 million rendered worthless due to the settlement price being posted at $6.95 [5][6]. Group 3: Liquidity Issues and Regulatory Concerns - The frequency of circuit breakers indicates pervasive low liquidity in the market, particularly as contracts approach expiration, which can lead to outsized price movements [7][10]. - Regulatory position limits are seen as constraining participation in the market, allowing larger speculators to exert disproportionate influence during periods of low liquidity [8][10]. - Traders have called for a revision or removal of these limits to improve liquidity and reduce volatility, as the current framework may inadvertently facilitate market manipulation [9][10]. Group 4: Future Outlook and Risks - The market remains vulnerable to similar volatility events, especially with forecasts indicating potential cold snaps that could disrupt gas production and trigger price surges [11][12]. - The widening price spread between ICE and CME indicates a shift in trading preferences, which could impact money managers and producers relying on Nymex futures for hedging [10].