Group 1: Gold Market - The spot price of London gold increased by 1.13%, reaching $4721.93 per ounce [2][3]. Group 2: Silver Market - The spot price of London silver rose by 0.06%, closing at $75.1870 [4]. Group 3: Oil Market - ICE Brent crude oil futures rose by 0.67%, priced at $104.67 per barrel [5]. - NYMEX WTI crude oil futures increased by 1.05%, reaching $102.44 per barrel [6].

Group 1: Gold Market - As of March 30, the spot price of gold in London decreased by 0.80%, settling at $4,457.5640 per ounce, down from the previous close of $4,493.3580 [2][3]. Group 2: Silver Market - The spot price of silver in London fell by 0.73%, with a current price of $69.2130, compared to the previous close of $69.7250 [4]. Group 3: Oil Market - Brent crude oil futures rose by 3.72%, reaching $109.240 per barrel, up from the previous close of $105.320 [5]. - WTI crude oil futures increased by 3.43%, now priced at $103.060 per barrel, compared to the previous close of $99.640 [6].

Group 1 - International gold prices rose collectively, with spot gold increasing by 2.54% to $4493.3580 per ounce [2] - COMEX silver futures rose by 2.70%, closing at $69.770 per ounce [6] - London silver spot prices increased by 2.40%, reaching $69.7250 per ounce [2] Group 2 - Brent crude oil futures saw a significant increase, with prices rising by up to 5% to close at $106.29 per barrel [8] - WTI crude oil prices surged over 7.5% during the day, closing at $101.18 per barrel, marking a return above the $100 threshold [9]

Group 1 - The spot price of London gold increased by 0.50%, reaching $4403.87 per ounce [1][2] - The previous closing price for London gold was $4381.91 [2] - The spot price of London silver rose by 0.30%, now at $68.2940 per ounce [3][4] Group 2 - The previous closing price for London silver was $68.0890 [4] - WTI crude oil futures fell by 1.14%, currently priced at $93.400 per barrel [4]

Group 1 - As of March 23, the spot price of gold in London decreased by 1.82%, reaching $4,409.89 per ounce, while COMEX gold futures fell by 4.65% to $4,362.30 per ounce [1] - The spot price of silver in London dropped by 1.02%, settling at $67.2062 per ounce, and COMEX silver futures decreased by 4.51% to $66.520 per ounce [1] - Multiple gold brands have announced price adjustments [5]

Group 1 - The international precious metals market has experienced a significant correction, with London gold spot prices dropping by 3.86% to $4813.533 per ounce and COMEX gold futures down by 3.68% to $4823.9 per ounce [1][2] - London silver spot prices fell by 5.04% to $75.363 per ounce, while COMEX silver futures decreased by 5.63% to $75.420 per ounce [1][2] - The SHFE gold price decreased by 2.23% to 1088.90, and SHFE silver dropped by 4.44% to 19170 [2] Group 2 - International crude oil futures prices surged, with NYMEX WTI crude oil futures rising by 3.68% to $99.05 per barrel and ICE Brent crude oil futures increasing by 6.30% to $105.65 per barrel [1][2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report focuses on the precious metals market, including gold and silver, and provides detailed price, trading volume, position, inventory, and spread data. It also reports on macro and industry news, which may have an impact on the market [2] 3. Summary by Relevant Catalogs 3.1 Precious Metals Fundamental Data - **Price**: - Gold: The closing price of Shanghai Gold 2602 was 1,153.06, with a daily decline of 2.45%; the night - session closing price was 1,144.20, with a decline of 0.22%. Comex Gold 2602 rose 1.02% to 5,151.60. London Gold Spot rose 0.63% to 5,120.54. - Silver: The closing price of Shanghai Silver 2602 was 21,854, with a daily increase of 0.86%; the night - session closing price was 21,546.00, with an increase of 1.53%. Comex Silver 2602 rose 1.78% to 83.765. London Silver Spot rose 1.86% to 83.540 [2] - **Trading Volume and Position**: - Gold: The trading volume of Shanghai Gold 2602 was 418,498, an increase of 25,719 from the previous day; the position was 126,419, a decrease of 13,351. The trading volume of Comex Gold 2602 was 135,880, a decrease of 123,812; the position was 270,147, a decrease of 4,316. - Silver: The trading volume of Shanghai Silver 2602 was 526,514, a decrease of 187,374; the position was 150,089, a decrease of 11,077. The trading volume of Comex Silver 2602 was 44,443, a decrease of 52,679; the position was 77,647, unchanged [2] - **ETF Position**: - SPDR Gold ETF position was 1,081.04, a decrease of 18. SLV Silver ETF position (the day before yesterday) was 15,947.57, a decrease of 34 [2] - **Inventory**: - Gold: Shanghai Gold inventory was 105,033 kilograms, a decrease of 27. Comex Gold inventory (the day before yesterday) was 33,071,598 troy ounces, a decrease of 99,538. - Silver: Shanghai Silver inventory was 294,823 kilograms, a decrease of 12,661. Comex Silver inventory (the day before yesterday) was 355,173,837 troy ounces, a decrease of 2,391,537 [2] - **Spread**: - Gold: The spread between Gold T + D and AU2602 was - 0.11, unchanged from the previous day. The spread between Shanghai Gold 2602 and 2606 contracts was N/A. The cost of the long - December and short - June cross - period arbitrage of Shanghai Gold was 4.77, a decrease of 0.87. The spread between Gold T + D and London Gold was 783.47, an increase of 730.27. - Silver: The spread between Silver T + D and AG2602 was 218, a decrease of 261. The spread between Shanghai Silver 2602 and 2606 contracts was - 13,933, a decrease of 414. The cost of the long - December and short - June cross - period arbitrage of Shanghai Silver was 73.41, a decrease of 11.3. The spread between Silver T + D and London Silver was 584, a decrease of 293 [2] - **Exchange Rate**: - The US dollar index was 98.80, a decrease of 0.48%. The US dollar against the Chinese yuan (CNY spot) was 6.91, an increase of 0.21%. The euro against the US dollar was 1.16, a decrease of 0.01. The US dollar against the Japanese yen was 157.70, an increase of 0.05. The British pound against the US dollar was 1.21, unchanged [2] 3.2 Macro and Industry News - The blockage in the Strait of Hormuz was alleviated, resulting in a rise in US stocks and bonds. The S&P 500 and Nasdaq rose by more than 1%, US oil dropped by 5%, and Ethereum soared by 10% [2] - Trump hinted at an attack on the oil facilities on Kharg Island; US allies were lukewarm about the joint escort plan for the Strait of Hormuz [4] - Part of the important oil hub in the UAE resumed operation. Earlier, Fujairah was attacked again, causing a complete suspension of oil loading and unloading [5] - US Treasury Secretary Bentsen said that oil prices would be far below $80 in a few months [6] - The Trump administration asked the judge to reconsider the decision to revoke the subpoena for Powell [6] - The US SEC is preparing to propose new regulations to cancel the requirement for listed companies to disclose quarterly performance and change it to twice a year [6] - China and the US held economic and trade consultations in Paris, France. The two sides are considering establishing a working mechanism to promote bilateral trade and investment cooperation [6] 3.3 Trend Intensity - The trend intensity of gold was 0, and the trend intensity of silver was 0 [6]

Core Viewpoint - The precious metals market is experiencing a significant correction after a period of extreme volatility, transitioning into a phase of consolidation driven by macroeconomic data validation, despite ongoing geopolitical risks and central bank gold purchases supporting long-term price stability [1][2][3]. Group 1: Precious Metals Price Trends - In January 2026, spot gold prices peaked at nearly $5,600 per ounce, while silver prices exceeded $120 per ounce. However, by January 30, gold prices plummeted over 9% in a single day, and silver prices fell more than 26% [1]. - As of February 13, 2026, gold prices have rebounded nearly 2% since the beginning of February, settling above $4,965 per ounce, while silver prices have continued to decline, dropping over 8% to around $78 per ounce [1]. Group 2: Market Dynamics and Influences - Recent strong U.S. employment data has delayed market expectations for interest rate cuts, pushing the anticipated timing from June to July, which has contributed to the current consolidation phase in precious metals [2]. - The market is undergoing a structural adjustment, with a shift in trading logic as the correlation between the dollar index and gold prices increases, while the correlation between gold and other commodities like oil and copper decreases [2]. Group 3: Long-term Outlook - Analysts predict that the precious metals market will exhibit a resonant upward trend with high volatility in 2026, driven by factors such as the ongoing Fed rate cut cycle, weakening dollar credibility, and structural buying from global central banks and ETFs [3]. - Gold prices are expected to reach $6,000 per ounce by the fourth quarter of 2026, while silver is anticipated to maintain high volatility due to its sensitivity to interest rates and the dollar [3][4]. Group 4: Silver Market Analysis - The silver market is projected to remain in a structurally tight supply situation, with investment demand being a key variable. The domestic market is experiencing tight inventory conditions, which may suppress speculative behavior [4]. - The price trajectory of silver is heavily reliant on macroeconomic confirmations, and a decline in real interest rates could lead to a resurgence in silver price elasticity [4].

Market Overview - The U.S. stock market exhibited significant divergence on February 10, with the Dow Jones Industrial Average reaching a historical high of 50,512.79 points during intraday trading, while the Nasdaq and S&P 500 indices turned negative, closing down by 0.59% and 0.33% respectively [1] - Major technology stocks such as Microsoft, Apple, Nvidia, Amazon, and META experienced declines, contributing to the overall market downturn, while Tesla saw an increase of nearly 2% [1] - In contrast, Chinese concept stocks showed strong performance, with the Nasdaq China Golden Dragon Index rising nearly 1% for four consecutive trading days [1] Commodity Market - In the international precious metals market, gold and silver prices continued to show weak fluctuations, with COMEX gold futures and London spot gold prices reporting slight declines of 0.6% and 0.71% respectively [2] - Silver prices experienced more volatility, with COMEX silver futures dropping over 2% and London silver spot prices falling more than 3% [2] - In the oil market, NYMEX and ICE Brent crude futures also saw minor declines, with prices at $64.19 per barrel and $69.01 per barrel respectively, indicating a shift from event-driven pricing to fundamental trading [2] Geopolitical Risks - Geopolitical uncertainties have added volatility to the market, particularly following statements from U.S. President Trump regarding potential military actions against Iran if negotiations fail [3] - The presence of the USS Abraham Lincoln carrier strike group in the region raises the possibility of military engagement within a short timeframe if ordered by the White House [3]

Group 1: US-Iran Negotiations - The US-Iran nuclear talks scheduled for February 6 have been restored after urgent lobbying from multiple Middle Eastern leaders [2] - The talks will take place in Muscat, Oman, despite earlier reports of cancellation due to new conditions imposed by the US [2] - Concerns over potential military actions by the US have heightened among at least nine countries in the region [2] Group 2: Federal Reserve Leadership - The Senate Banking Committee's Democratic members have requested to delay the nomination process for Kevin Warsh as the next Federal Reserve Chairman until the investigation into current Chairman Jerome Powell concludes [4] - Warsh's nomination is subject to approval by the Senate Banking Committee, which currently has a slight Republican majority [5] - The investigation into Powell is reportedly linked to his testimony regarding the Federal Reserve's renovation project, with Powell claiming the investigation is politically motivated [6] Group 3: Commodity Prices - China's commodity price index reached a three-and-a-half-year high in January 2026, with a month-on-month increase of 6.3% [7] - Among 50 monitored commodities, 33 saw price increases, with lithium carbonate, refined tin, and refined nickel leading the gains [7] Group 4: Precious Metals Market - Gold and silver prices have shown volatility, with gold prices rebounding above $5,000 per ounce and silver prices surpassing $91 per ounce [8] - Analysts have raised their gold price forecasts for 2026 to a historical high average of $4,746.50 per ounce, significantly up from previous estimates [11] - Market analysts suggest that gold prices could reach $6,000 per ounce by the end of the year, driven by geopolitical uncertainties and central bank purchases [12]