Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are $4562.55, $72.37, $1935.00, $1438.00, $98.23, and $12152.00 respectively, with changes of -$37.80, $2.67, -$131.00, -$115.00, $2.09, and $50.50 [2]. - 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 99.18, 1.16, 1.34, 157.69, and 2.01 respectively, with changes of 0.00, 0.00, 0.00, 0.00, and 0.13 [2]. Trading Data - The latest inventories of COMEX Silver, SHFE Silver, and SGE Silver are 10409.86, 362.50, and 445.04 respectively, with changes of 0.00, -2.37, and 0.00 [3]. - The latest holdings of Gold ETF and Silver ETF are 1056.99 and 15248.91 respectively, with changes of -5.14 and 61.97 [3]. - The latest deferred fee payment directions of SGE Silver and SGE Gold are both 2, with no change [3].

Group 1: Price Performance - London Gold's latest price is 4600.35 with a change of -269.60 [3] - London Silver's latest price is 69.70 with a change of -8.90 [3] - London Platinum's latest price is 2066.00 with a change of -91.00 [3] - London Palladium's latest price is 1553.00 with a change of -76.00 [3] - WTI Crude's latest price is 96.32 with a change of 0.00 [3] - LME Copper's latest price is 12101.50 with a change of -607.00 [3] - US Dollar Index's latest price is 99.18 with a change of -1.11 [3] - Euro to US Dollar's latest price is 1.16 with a change of 0.01 [3] - British Pound to US Dollar's latest price is 1.34 with a change of 0.02 [3] - US Dollar to Japanese Yen's latest price is 159.88 with a change of 0.00 [3] - US 10 - year TIPS's latest price is 1.86 with a change of 0.00 [3] Group 2: Trading Data - COMEX Silver inventory is 10422.02 with a change of 0.00 [4] - SHFE Silver inventory is 364.87 with a change of 17.95 [4] - Gold ETF持仓 is 1062.13 with a change of -4.86 [4] - Silver ETF持仓 is 15186.94 with a change of -77.46 [4] - SGE Silver inventory is 445.04 with a change of 0.00 [4] - SGE Gold's deferred fee payment direction is 2 with a change of 0.00 [4] - SGE Silver's deferred fee payment direction is 2 with a change of 0.00 [4] Group 3: Others - The report is about precious metals and is from the research center's precious metals team on March 20, 2026 [1][2] - There is a section about precious metal ratios [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint - In the short term, precious metal prices may still be under pressure due to geopolitical games in the Middle East and a significant retreat in the market's expectations of easing by major global central banks. Whether this trading situation can ease depends on the intensity and duration of the current Middle East geopolitical conflict [3]. - In the long - term, the allocation value of gold remains. Against the backdrop of continuous global geopolitical uncertainties and the US's huge debt promoting the de - dollarization wave, global central banks and institutions may continue to buy gold, which is expected to support precious metal prices. After recent shocks, it is less likely for precious metal prices to continue to decline significantly, and investors can consider long - term long - position allocation opportunities [3]. 3. Summary by Relevant Catalogs Price Tracking - **15 - point price on March 19, 2026**: London gold spot was $4765.37/ounce, London silver spot was $72.25/ounce, COMEX gold was $4767.50/ounce, COMEX silver was $74.70/ounce, AU2604 was 1062 yuan/gram, AG2604 was 18023 yuan/kilogram, AU (T + D) was 1078.69 yuan/gram, and AG (T + D) was 18450 yuan/kilogram [4]. - **Price changes from March 18 to March 19**: London gold spot dropped 4.9%, London silver spot dropped 9.5%, COMEX gold dropped 4.9%, COMEX silver dropped 6.6%, AU2604 dropped 4.6%, AG2604 dropped 9.9%, AU (T + D) dropped 3.0%, and AG (T + D) dropped 7.5% [4]. - **Spread/ratio tracking**: On March 19, the gold TD - SHFE active spread was 16.69 yuan/gram, the silver TD - SHFE active spread was 427 yuan/kilogram, the gold internal - external spread (TD - London) was 21.92 yuan/gram, the silver internal - external spread (TD - London) was 306 yuan/kilogram, the SHFE gold - silver ratio was 58.92, the COMEX gold - silver ratio was 63.82, AU2604 - 2602 was 3.26 yuan/gram, and AG2604 - 2602 was - 30 yuan/kilogram [4]. Position Data - **As of March 18, 2026**: Gold ETF - SPDR was 1066.99 tons, silver ETF - SLV was 15264.40028 tons, COMEX gold non - commercial long positions were 215445 contracts, non - commercial short positions were 52313 contracts, COMEX silver non - commercial long positions were 163132 contracts, non - commercial short positions were 8728 contracts, and non - commercial net long positions were 24578 contracts [4]. - **Changes from March 17 to March 18**: Gold ETF - SPDR decreased by 0.24%, silver ETF - SLV decreased by 0.81%, COMEX gold non - commercial long positions increased by 0.79%, non - commercial short positions decreased by 2.41%, COMEX silver non - commercial long positions increased by 1.87%, non - commercial short positions decreased by 19.84%, and non - commercial net long positions increased by 5.31% [4]. Inventory Data - **On March 19, 2026**: SHFE gold inventory was 106845 kilograms, SHFE silver inventory was 364865 kilograms. On March 18, COMEX gold inventory was 32140344 troy ounces, and COMEX silver inventory was 335075635 troy ounces [4]. - **Inventory changes**: SHFE gold inventory remained unchanged, SHFE silver inventory increased by 5.17%, COMEX gold inventory decreased by 0.30%, and COMEX silver inventory decreased by 0.83% [4]. Interest Rate/Exchange Rate/Stock Market - **On March 19, 2026**: The US dollar/Chinese yuan central parity rate was 6.90. On March 18, the US dollar index was 100.30, the 2 - year US Treasury yield was 3.76%, the 10 - year US Treasury yield was 4.26%, VIX was 25.09, the S&P 500 was 6624.70, and NYMEX crude oil was $99.05 [4]. - **Rate changes**: The US dollar/Chinese yuan central parity rate increased by 0.10%, the US dollar index increased by 0.74%, the 2 - year US Treasury yield increased by 2.17%, the 10 - year US Treasury yield increased by 1.43%, VIX increased by 12.16%, the S&P 500 decreased by 1.36%, and NYMEX crude oil increased by 3.16% [4]. Market Analysis - **Market review**: On March 19, the main contract of Shanghai gold futures closed down 4.64% to 1062 yuan/gram, and the main contract of Shanghai silver futures closed down 10.35% to 17984 yuan/kilogram [3]. - **Influence analysis**: The mutual attacks on oil and gas infrastructure between Israel and Iran boosted oil prices, and the hawkish remarks of the Fed's Powell after the August interest - rate decision led to a sharp decline in precious metal prices. The market once expected the Bank of England to raise interest rates three times this year due to the Middle East geopolitical situation. The hawkish stance of the Fed triggered a wave of interest - rate hike trading in the precious metal market, causing a liquidity shock and a sharp decline in precious metal prices. Subsequently, the market's liquidity risk eased, and the decline in precious metal prices narrowed [3].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - On March 18, the main contract of Shanghai gold futures closed down 0.79% to 1,116.2 yuan/gram, and the main contract of Shanghai silver futures closed down 1.19% to 20,308 yuan/kilogram [3]. - The attack by Israel on Iran's largest gas field and subsequent escalation of Middle - East geopolitical tensions, along with the large - than - expected increase in US PPI in February and market concerns about a further sharp rise in March, have weakened the Fed's rate - cut expectation this year, putting heavy pressure on precious metal prices [3]. - In the short term, the Middle - East geopolitical situation may not ease and has a risk of further escalation. The intensifying energy crisis may continue to impact the precious metal market, but the room for a further significant decline in precious metal prices is relatively limited. In the long run, with the probability of the Fed cutting 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 can choose to gradually allocate long positions on dips recently [3]. Group 3: Summary by Relevant Catalogs 1. Price Tracking - **内外盘金银15点价格**: On March 18, 2026, London gold spot was $5,011.01/ounce, London silver spot was $79.84/ounce, COMEX gold was $5,015.40/ounce, COMEX silver was $80.00/ounce. Compared with March 17, the prices of gold remained almost unchanged, and silver dropped by 1.1%. For domestic contracts, AU2604 was 1,113.52 yuan/gram, AG2604 was 19,997 yuan/kilogram, AU (T + D) was 1,112 yuan/gram, and AG (T + D) was 19,948 yuan/kilogram, with decreases of 0.2% - 1.8% [3]. - **价差/比价跟踪**: On March 18, 2026, the gold ID - SHFE active price difference was - 1.52 yuan/gram, the silver ID - SHFE active price difference was - 49 yuan/kilogram. The gold internal - external price difference (TD - London) was 1.82 yuan/gram, and the silver internal - external price difference (TD - London) was - 35 yuan/kilogram. The SHFE gold - silver main contract ratio was 55.68, and the COMEX gold - silver main contract ratio was 62.70. Compared with March 17, the price difference and ratio had different degrees of changes, with the largest change in the silver ID - SHFE active price difference, a decrease of 63.2% [3]. 2. Position Data - As of March 17, 2026, the gold ETF - SPDR was 1,069.56 tons, a decrease of 0.11% compared with March 16. The silver ETF - SLV was 15,389.752 tons, an increase of 0.22%. For COMEX gold non - commercial positions, the long position was 215,445 contracts, an increase of 0.79%, the short position was 52,313 contracts, a decrease of 2.41%, and the net long position was 163,132 contracts, an increase of 1.87%. For COMEX silver non - commercial positions, the long position was 33,306 contracts, a decrease of 2.69%, the short position was 8,728 contracts, a decrease of 19.84%, and the net long position was 24,578 contracts, an increase of 5.31% [3]. 3. Inventory Data - On March 18, 2026, the SHFE gold inventory was 106,845 kilograms, an increase of 1.45% compared with March 17. The SHFE silver inventory was 346,920 kilograms, a decrease of 1.93%. On March 17, 2026, the COMEX gold inventory was 32,236,075 troy ounces, a decrease of 0.49% compared with March 16, and the COMEX silver inventory was 337,892,693 troy ounces, a decrease of 0.50% [3]. 4. Interest Rate/Exchange Rate/Stock Market - On March 18, 2026, the US dollar/Chinese yuan central parity rate was 6.89, a decrease of 0.08% compared with March 17. The US dollar index was 99.56, a decrease of 0.25% compared with March 16. The 2 - year US Treasury yield remained unchanged at 3.68%, the 10 - year US Treasury yield was 4.20%, a decrease of 0.71%. The VIX index was 22.37, a decrease of 4.85%. The S&P 500 index was 6,716.09, an increase of 0.25%. The NYMEX crude oil price was $96.02, an increase of 1.91% [3].

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]

Group 1 - The core viewpoint of the articles indicates a significant decline in precious metal prices, with gold and silver experiencing notable drops in both spot and futures markets [2][3] - Spot gold prices fell by 2.82%, while spot silver prices decreased by over 3%, reflecting a broader trend in the precious metals market [2] - COMEX gold and silver also saw declines, with gold dropping over 3% and silver nearly 5%, indicating a bearish sentiment in the market [2] Group 2 - The Shanghai Futures Exchange (SHFE) reported a decrease in gold prices, with the opening price at 1081.26, down by 2.91% from the previous close [1] - The highest price recorded for gold was 1089.00, while the lowest was 1078.86, showing volatility within the trading session [1] - For silver, the opening price was 19102, down by 4.78%, with a trading range between a high of 19450 and a low of 18850, indicating significant fluctuations [2]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - In the short - term, geopolitical games and oil price changes may continue to affect precious metal prices, with the trend likely to remain range - bound. The focus should be on Middle - East geopolitical developments, oil price trends, and the Fed's interest - rate meeting this week. The "oil price increase + rising inflation expectations + weakening rate - cut expectations" trading narrative may be gradually digested by the market. Given high global geopolitical uncertainty, the room for a significant decline in precious metal prices is relatively limited. In the long - term, with the probability of Fed rate cuts this year, continuous global geopolitical uncertainty, 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 center of precious metal prices still has room to rise. Long - term strategies can consider gradually allocating long positions on dips recently [4] Group 3: Summary by Relevant Catalogs 1. Price Tracking - **Spot and Futures Prices**: On March 17, 2026, London gold spot was at $5011.82/ounce, London silver spot at $80.73/ounce, COMEX gold at $5015.80/ounce, COMEX silver at $80.89/ounce, AU2604 at 1116.20 yuan/gram, AG2604 at 20371.00 yuan/kg, AU (T + D) at 1114.70 yuan/gram, and AG (T + D) at 20238.00 yuan/kg. Compared with March 16, the price of London silver spot rose 0.7%, COMEX silver rose 0.8%, AU2604 fell 0.2%, and AU (T + D) fell 0.2% [3] - **Price Spreads and Ratios**: On March 17, 2026, the gold TD - SHFE active spread was - 1.5 yuan/gram, the silver TD - SHFE active spread was - 133 yuan/kg, the gold internal - external spread (TD - London) was 3.51 yuan/gram, the silver internal - external spread (TD - London) was 10 yuan/kg, the SHFE gold - silver ratio was 54.79, and the COMEX gold - silver ratio was 62.01. Compared with March 16, the gold TD - SHFE active spread rose 11.9%, the silver TD - SHFE active spread fell 16.9%, the gold internal - external spread fell 11.5%, and the silver internal - external spread fell 90.0% [3] 2. Position Data - As of March 16, 2026, the gold ETF - SPDR was 1070.71 tons, the silver ETF - SLV was 15355.94899 tons. The non - commercial long positions of COMEX gold were 215445 contracts, non - commercial short positions were 52313 contracts, and the non - commercial net long positions were 163132 contracts. The non - commercial long positions of COMEX silver were 33306 contracts, non - commercial short positions were 8728 contracts, and the non - commercial net long positions were 24578 contracts. Compared with March 13, the gold ETF - SPDR fell 0.08%, the silver ETF - SLV fell 0.67%, the non - commercial long positions of COMEX gold rose 0.79%, and the non - commercial short positions of COMEX gold fell 2.41% [3] 3. Inventory Data - On March 17, 2026, SHFE gold inventory was 105315.00 kg, and SHFE silver inventory was 353763.00 kg. On March 16, COMEX gold inventory was 32396398 troy ounces, and COMEX silver inventory was 339582263 troy ounces. Compared with March 16, SHFE gold inventory fell 0.10%, and SHFE silver inventory rose 6.97%. Compared with March 13, COMEX gold inventory fell 0.48%, and COMEX silver inventory fell 0.63% [3] 4. Interest Rates, Exchange Rates, and Stock Market Data - On March 17, 2026, the US dollar/yuan central parity rate was 6.90. On March 16, the US dollar index was 99.80, the 2 - year US Treasury yield was 3.68%, the 10 - year US Treasury yield was 4.23%, the VIX was 23.51, the S&P 500 was 6699.38, and NYMEX crude oil was 94.22. Compared with March 16, the US dollar/yuan central parity rate fell 0.14%. Compared with March 13, the US dollar index fell 0.70%, the 2 - year US Treasury yield fell 1.34%, the 10 - year US Treasury yield fell 1.17%, the VIX fell 13.53%, the S&P 500 rose 1.01%, and NYMEX crude oil fell 5.13% [3] 5. Market Review - On March 17, the main contract of Shanghai gold futures closed down 0.79% to 1116.2 yuan/gram, and the main contract of Shanghai silver futures closed down 1.19% to 20308 yuan/kg [3] 6. Impact Analysis - The US - Iran geopolitical conflict shows no sign of easing. High oil prices increase inflation risks and weaken the Fed's rate - cut expectations, which is negative for precious metal prices. However, as ships pass through the Strait of Hormuz and US officials soothe the market, the rise in oil prices has slowed, weakening inflation concerns, the US dollar index has fallen, and the decline in precious metal prices has slowed, turning into a volatile trend [4]

Group 1: Price Performance - London Gold price is 2077.00, London Silver is 1612.00, London Platinum is 93.50, WTI Crude Oil is 78.95, and LME Copper is 12795.00 [1][13] - The latest price of COMEX Silver is 10562.19 with a change of -66.59, Shanghai Futures Exchange Silver is 330.71 with a change of 4.14, Gold ETF holdings is 1070.71 with a change of -0.85, Silver ETF holdings is 15355.95 with a change of -104.23, Shanghai Gold Exchange Silver is 445.04 with no change [2] Group 2: Ratios and Spreads - Gold - Crude Oil ratio and Gold - Copper ratio are presented in a chart [3] - Gold/Platinum ratio and Platinum/Palladium ratio are shown in a chart [5] - COMEX - London spread is presented in a chart [11] Group 3: Import Profits - Silver import profit and gold import profit are presented in charts [6][11] Group 4: US Treasury Rates and Spreads - US Treasury spreads and London spot gold price (in USD) are related to the 10 - year US Treasury inflation - indexed bond (TIPS) yield in a chart [12] Group 5: Inventory and Holdings - COMEX silver inventory, LBMA silver inventory, Shanghai Futures Exchange silver inventory, Shanghai Gold Exchange silver inventory, Gold ETF holdings, and Silver ETF holdings are presented in charts [12] Group 6: Trading and Settlement - Shanghai Gold Exchange silver and gold positions and settlements are presented in charts [12] Group 7: Deferred Fees - Shanghai Gold Exchange gold and silver deferred fee payment directions are presented in a chart [12] Group 8: Non - commercial Long Positions - COMEX gold and silver non - commercial long position ratios are presented in a chart [12]

Group 1 - Geopolitical tensions are rising, leading to an increase in oil prices, with Brent crude oil rising by 11.3% to $103.1 per barrel [2][46] - The S&P 500 index fell by 1.6%, while developed market indices generally declined, with the Nikkei 225 and Dow Jones Industrial Average down by 3.2% and 2.0% respectively [3][9] - Emerging market indices also saw declines, with India's SENSEX30 and Ho Chi Minh Index down by 5.5% and 4.1% respectively [3] Group 2 - The 10-year U.S. Treasury yield rose by 13 basis points to 4.28%, while yields in other developed countries also increased, with Germany's yield up by 10 basis points to 3.01% [21][27] - The U.S. dollar index increased by 1.6% to 100.50, with other currencies depreciating against the dollar, including the euro and British pound, which fell by 1.7% and 1.4% respectively [32][41] - Commodity prices mostly rose, with WTI crude oil increasing by 8.6% to $98.7 per barrel, while precious metals like gold and silver saw declines of 2.3% and 4.6% respectively [46][53] Group 3 - The U.S. CPI for February matched expectations at 2.4% year-on-year, with a slight month-on-month increase of 0.3% [93] - Real disposable income in the U.S. rose significantly by 0.7% in January, primarily due to tax refunds [95] - The JOLT job openings for January were reported at 6.946 million, exceeding expectations of 6.75 million, indicating a strong labor market [100]

Group 1: Price Performance - London Gold latest price is 5130.10, change is -52.30 [1] - London Silver latest price is 87.03, change is 0.80 [1] - London Platinum latest price is 2205.00, change is -18.00 [1] - London Palladium latest price is 1655.00, change is -21.00 [1] - WTI Crude latest price is 95.73, change is 8.48 [1] - LME Copper latest price is 12998.00, change is -45.50 [1] - US Dollar Index latest is 99.74, change is 0.48 [1] - Euro to US Dollar latest is 1.15, change is -0.01 [1] - British Pound to US Dollar latest is 1.33, change is -0.01 [1] - US Dollar to Japanese Yen latest is 159.36, change is 0.40 [1] - US 10 - year TIPS latest is 1.85, change is 0.00 [1] Group 2: Trading Data - COMEX Silver inventory latest is 10709.70, change is -6.75 [2] - SHFE Silver inventory latest is 309.97, change is 58.11 [2] - Gold ETF holdings latest is 1075.85, change is -1.43 [2] - Silver ETF holdings latest is 15539.06, change is 0.00 [2] - SGE Silver inventory latest is 458.19, change is 0.00 [2] - SGE Gold deferred fee payment direction latest is 2, change is 1.00 [2] - SGE Silver deferred fee payment direction latest is 2, change is 0.00 [2] Group 3: Precious Metal Ratio - There is a mention of precious metal ratio but no specific content [3]