Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The precious metals market is expected to continue to fluctuate in the short term. In the context of the long - term dollar credit narrative and the continuation of central bank gold - buying trends, the medium - to - long - term bullish logic remains intact. It is recommended to make long - term layouts on dips [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices**: The closing price of the Shanghai Gold main contract was 1,148.10 yuan/gram, down 3.9 yuan; the closing price of the Shanghai Silver main contract was 22,062 yuan/kilogram, down 194 yuan [2]. - **Positions**: The main contract position of Shanghai Gold was 105,803 lots, down 1,925 lots; the main contract position of Shanghai Silver was 3,354 lots, up 202 lots [2]. - **Volumes**: The main contract trading volume of Shanghai Gold was 163,830 lots, down 15,737 lots; the main contract trading volume of Shanghai Silver was 414,009 lots, up 19,026 lots [2]. - **Warehouse Receipts**: The warehouse receipt quantity of Shanghai Gold was 105,420 kilograms, up 510 kilograms; the warehouse receipt quantity of Shanghai Silver was 309,974 kilograms, up 58,115 kilograms [2]. 3.2 Spot Market - The spot price of gold on the Shanghai Gold Exchange was 1,146.45 yuan, down 3.97 yuan; the spot price of Huatong No.1 silver was 21,594 yuan, down 706 yuan. The basis of the Shanghai Gold main contract was - 1.65 yuan/gram, down 0.09 yuan; the basis of the Shanghai Silver main contract was - 468 yuan/gram, down 512 yuan [2]. 3.3 Supply and Demand Situation - **ETF Holdings**: The SPDR Gold ETF holdings were 1,077.28 tons, up 3.71 tons; the SLV Silver ETF holdings were 15,539.06 tons, down 115.51 tons [2]. - **CFTC Non - commercial Net Positions**: The non - commercial net position of gold in CFTC was 160,145 contracts, up 968 contracts; the non - commercial net position of silver in CFTC was 23,338 contracts, up 1,078 contracts [2]. - **Supply**: The total supply of gold in the quarter was 1,302.80 tons, down 0.19 tons; the total supply of silver in the year was 32,056 tons, up 482 tons [2]. - **Demand**: The total demand for gold in the quarter was 1,345.32 tons, up 79.57 tons; the total demand for silver in the year was 35,716 tons, down 491 tons [2]. - **Other Indicators**: The US dollar index was 99.20, up 0.27; the 10 - year US Treasury real yield was 1.85, up 0.03 [2]. 3.4 Macroeconomic Data - The VIX volatility index was 24.23, down 0.70; the CBOE gold volatility index was 30.68, down 1.43. The ratio of S&P 500 to gold price was 1.31, up 0.01; the gold - silver ratio was 60.10, up 1.25 [2]. 3.5 Industry News - Trump stated that the US military action against Iran was "about to end", but US and Israeli officials said they had not received internal instructions to stop the military action [2]. - The International Energy Agency (IEA) agreed to release 4 billion barrels of strategic oil reserves to deal with the energy supply disruption risk caused by the Iran war [2]. - The US February CPI report showed that the overall inflation performance was basically in line with market expectations, but the February inflation data did not fully reflect the upward pressure on international oil prices [2]. - The US government budget deficit in February 2026 was $308 billion. The budget deficit from the beginning of the fiscal year to February exceeded $1 trillion, but was about 12% lower than the same period in 2025 [2]. 3.6 Option Analysis - For the outer - market gold options, the $5,000 level is the most important lower support, and there is also some defensive strength around $5,100. The main resistance area is between $5,200 and $5,225, with concentrated long - call positions. The Put/Call ratio is generally below 1, indicating a bullish market sentiment [2]. - For the outer - market silver options, the $85 level is the most important long - short balance center, and there is also some defensive strength around $84. There is some resistance around $89, and the expansion of long - call positions at higher strike prices is not obvious, indicating that new bullish drivers are needed for further upward movement. The Put/Call ratio has recently fallen below 1, and the market sentiment is cautiously bullish [2]. 3.7 Key Points to Watch - On March 13 at 20:30, the US January core PCE price index will be released. - On March 13 at 22:00, the US January durable goods orders will be released [2].