Report Summary 1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core View - The market is affected by geopolitical factors, and short - term uncertainty is high. Investors should control positions and prevent risks [2]. 3. Summary by Directory Market Quotes - International precious metal futures generally closed higher. COMEX gold futures rose 3.12% to $4699.60 per ounce, and COMEX silver futures rose 6.77% to $75.34 per ounce. Shanghai gold's main contract rose 1.97% to 1040.82 yuan per gram, and Shanghai silver's main contract rose 5.18% to 18954 yuan per kilogram [1]. Important Information - On March 31, the holdings of the world's largest gold ETF - SPDR Gold Trust increased by 1.143 tons to 1047.276 tons, while the holdings of the world's largest silver ETF - iShares Silver Trust decreased by 14.08 tons to 15274.28 tons [1]. - According to CME's "FedWatch", the probability of the Fed raising interest rates by 25 basis points in April is 1.6%, and the probability of keeping interest rates unchanged is 98.4%. By June, the probability of a cumulative 25 - basis - point rate cut is 3.9%, the probability of keeping interest rates unchanged is 94.6%, and the probability of a cumulative 25 - basis - point rate hike is 1.5% [1]. - Eurozone consumer prices rose 2.5% year - on - year in March, up from 1.9% in February, the highest level since January 2025 [1]. - In February, US job vacancies fell to 6.882 million, slightly lower than the market expectation of 6.89 million, and significantly lower than the revised 7.24 million in January. Recruitment and separation numbers both hit multi - year lows, indicating a cooling labor market [1]. - Trump is willing to end the war when the Strait of Hormuz is not fully open. The US "Bush" aircraft carrier is being deployed to the Middle East. Iran's president said the only way to restore regional order is to stop aggressive attacks, and Iran's foreign minister said Iran will not agree to a cease - fire but demands an end to the war in the entire region [1]. Market Logic - US job vacancies declined in February, and the recruitment speed slowed down significantly. The US and Iran both showed a willingness to end the Middle East conflict, leading to a sharp rise in US stocks. International crude oil prices fell, US bond yields declined, the 2 - year US bond yield fell about 3 basis points to 3.79%, and the US dollar ended a five - day rising trend, falling 0.62% and closing below 100 at 99.88. COMEX gold and silver both rose significantly, with silver rising more. The US president's statement about ending the Iran war in two to three weeks may be a signal of de - escalation, but its credibility depends on subsequent actions. If negotiations break down, market sentiment may reverse quickly, and volatility will remain high [1][2]. Trading Strategy - Due to geopolitical influence, market short - term uncertainty is large. Investors should pay attention to controlling positions and preventing risks [2].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints -受地缘政治影响，市场短期不确定性较大，投资者需控制仓位、防控风险 [2] Group 3: Summary by Related Catalogs Market Quotes - COMEX黄金期货涨0.36%，报4540.40美元/盎司；COMEX白银期货涨0.55%，报70.18美元/盎司；沪金主力合约上涨0.6%，报1011.48元/克；沪银主力合约上涨0.86%，报17679元/千克 [1] Important Information - 3月30日，全球最大黄金ETF--SPDR Gold Trust持仓较上个交易日减少3.429吨，当前持仓量为1046.133吨；全球最大白银ETF--iShares Silver Trust持仓较上日减少121.1吨，当前持仓量为15288.36吨 [1] - 据CME“美联储观察”，美联储4月加息25个基点的概率为2.6%，维持利率不变的概率为97.4%；到6月累计降息25个基点的概率为5%，维持利率不变的概率为92.5%，累计加息25个基点的概率为2.5% [1] - 美联储主席鲍威尔讲话称能源冲击通常是短暂的，央行应“耐心等待其自行消退”，政策目前处于有利地位，可等待观察形势发展，私人信贷目前不具备演变为更广泛系统性事件的条件 [1] - 伊朗议会批准对海峡征收通行费，需以伊朗本币支付；以色列海法的炼油厂在导弹袭击中起火，特朗普称回应“很快到来”，正与伊朗进行严肃谈判，若谈判破裂将摧毁伊能源、电力设施和哈尔克岛；伊朗方面称美国要求不合逻辑，不参加巴基斯坦主导的有关战争的会议 [1] Market Logic - 美伊紧张局势持续，特朗普就停火向伊朗发出新威胁，伊方拒绝巴基斯坦斡旋的与美对话；周一国际原油价格继续上涨，NASDAQ指数继续下跌；因鲍威尔讲话偏鸽，美债收益率下行，2年期美债收益率下跌约9个基点收报3.83%；周一美元指数上涨0.33%，收于100.51；周一黄金COMEX和白银均冲高回落，收盘较上周五小幅上涨；近日美国流露出和谈意向，但美伊双方立场差别巨大，未来演变需持续关注 [1] Trading Strategy - 受地缘政治影响，市场短期不确定性较大，投资者注意控制仓位，防控风险 [2]

Market Overview - The Shanghai Composite Index rose by 0.23% to 3922.72 points, while the Shenzhen Component Index fell by 0.12% to 13743.85 points, and the ChiNext Index decreased by 0.5% to 3279.29 points [3] - Over 2700 stocks in the market experienced declines, indicating a broad market weakness [3] Sector Performance - Precious metals, soybean, seed industry, and pharmaceutical commercial sectors showed strength, while the power, photovoltaic equipment, and oil and gas sectors declined [3] - The main contract for silver increased by 2%, currently priced at 17574.00 yuan per kilogram [5] Index Movements - The FTSE China A50 index futures turned positive, rising by 0.03% after previously dropping over 1% [4] - The Nikkei 225 index fell by 4.57% during the midday session [6] - The Hang Seng Technology Index dropped over 3%, with stocks like NIO and Hua Hong Semiconductor falling more than 6% [7] Stock Specifics - The dairy sector showed volatility with stocks like Jinjian Rice and New Agricultural Development hitting the daily limit, while others like Wewei Co. and Dabeinong also saw gains [9] - The aluminum sector opened strong, with stocks such as Minfa Aluminum and Yiqiu Resources reaching their daily limit, and others like Yun Aluminum and Nanshan Aluminum rising over 5% [10]

Report Industry Investment Rating - Gold: Neutral [8] - Silver: Neutral [8] - Arbitrage: Short the gold-silver ratio on rallies [9] - Options: Hold off [9] Core Viewpoints - Market risk sentiment has emerged, potentially reducing the demand for gold investment. Gold prices are expected to fluctuate in the near term, with the Au2606 contract likely to trade between 930 yuan/gram and 1010 yuan/gram [8] - Silver prices are also falling, similar to gold. The Ag2606 contract is expected to trade in a range of 16300 yuan/kilogram to 17300 yuan/kilogram [8][9] Summary by Related Catalogs Market Analysis - Geopolitical: US President Trump postponed the strike on Iranian energy facilities by 10 days to 8 pm on April 6, 2026, Eastern Time. He denied rushing to reach an agreement with Iran, stating that US military operations against Iran continue and that Iran is seeking to restart negotiations. Trump warned Iran to take the peace agreement seriously or face severe consequences [1] - Economic data: US initial jobless claims increased by 5000 to 210,000 last week, in line with market expectations. Continuing jobless claims decreased by 32,000 to 1.819 million, the lowest level in nearly two years. The OECD's latest economic outlook report predicts global economic growth of 2.9% in 2026 and a slight increase to 3% in 2027. US economic growth is expected to slow from 2% in 2026 to 1.7% in 2027, and the inflation rate this year will reach 4.2%, far higher than the Fed's expectation [1] Futures Quotes and Trading Volume - On March 26, 2026, the Shanghai Gold main contract opened at 1014.50 yuan/gram and closed at 995.98 yuan/gram, a change of -1.77% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. In the night session, it opened at 991.18 yuan/gram and closed at 980.08 yuan/gram, a 1.60% decline from the afternoon close [2] - On March 26, 2026, the Shanghai Silver main contract opened at 18,089.00 yuan/kilogram and closed at 17,472.00 yuan/kilogram, a change of -3.53% from the previous trading day's close. The trading volume was 775,118 lots, and the open interest was 219,990 lots. In the night session, it opened at 16,938 yuan/kilogram and closed at 16,841 yuan/kilogram, a 3.61% decline from the afternoon close [2] US Treasury Yield and Spread Monitoring - On March 26, 2026, the US 10-year Treasury yield closed at 4.416%, a change of +0.59 BP from the previous trading day. The 10-year - 2-year spread was 0.43%, a change of +0.18 BP from the previous trading day [3] Changes in Positions and Trading Volume of Gold and Silver on the Shanghai Futures Exchange - On the Au2606 contract, long positions decreased by 1201 lots, and short positions increased by 3863 lots. The total trading volume of the Shanghai Gold contract on the previous trading day was 438,419 lots, a change of -17.17% from the previous trading day [4] - On the Ag2606 contract, long positions increased by 3101 lots, and short positions increased by 3055 lots. The total trading volume of the Shanghai Silver contract on the previous trading day was 1,206,162 lots, a change of -19.40% from the previous trading day [4] Precious Metals ETF Position Tracking - The gold ETF position was 1,052.42 tons, a decrease of 0.57 tons from the previous trading day. The silver ETF position was 15,409 tons, a decrease of 105 tons from the previous trading day [5] Precious Metals Arbitrage Tracking - On March 26, 2026, the domestic gold premium was 8.51 yuan/gram, and the domestic silver premium was 189.16 yuan/kilogram. The price ratio of the Shanghai Futures Exchange's gold and silver main contracts was approximately 57.00, a change of 1.82% from the previous trading day. The overseas gold-silver ratio was 62.26, a change of -1.42% from the previous trading day [6] Fundamentals - On March 26, 2026, the trading volume of gold on the Shanghai Gold Exchange's T+d market was 85,694 kilograms, a change of 6.55% from the previous trading day. The trading volume of silver was 429,700 kilograms, a change of -5.95% from the previous trading day. The gold delivery volume was 11,872 kilograms, and the silver delivery volume was 30 kilograms [7]

Report Industry Investment Rating - Not provided Core Viewpoints -受地缘政治影响，市场短期不确定性较大，投资者需注意控制仓位、防控风险 [2] Summary by Relevant Catalogs Market Quotes - COMEX黄金期货跌3.85%，报4376.90美元/盎司；COMEX白银期货跌6.22%，报68.12美元/盎司；沪金主力合约下跌2.83%，报980.08元/克；沪银主力合约下跌5.66%，报16841元/千克 [1] Important Information - 3月26日，全球最大黄金ETF--SPDR Gold Trust持仓较上日增加0.286吨，当前持仓量为1052.705吨；全球最大白银ETF--iShares Silver Trust持仓较上日减少104.21吨，当前持仓量为15409.46吨 [1] - 据CME“美联储观察”，美联储4月加息25个基点的概率为6.2%，维持利率不变的概率为93.8%；到6月累计加息25个基点的概率为19.9%，累计加息50个基点的概率为1.0%，维持利率不变的概率为79.2% [1] - 美国上周首次申领失业救济人数为21万人，预估为21万人，前值为20.5万人 [1] - 截至3月20日当周，土耳其央行黄金储备从820.8吨降至771.8吨，抛售约22吨黄金，还进行了约31吨的黄金互换交易 [1] - 特朗普称应伊朗政府要求将打击伊能源设施时间推后10天至4月6日，双方谈判进展顺利；伊朗官员称未就美国潜在袭击提出请求，已正式回应“15点计划”，认定美国谈判声明为“第三次欺骗”，目前无谈判安排 [1] Market Logic - 周四美伊紧张局势持续，美国延长对伊能源设施打击暂停期，伊朗回应无谈判安排；国际原油价格小幅上涨，美股下跌，2年期美债收益率上升约10个基点收报3.98%，美元指数上涨0.29%至99.92；叠加土耳其央行出售黄金消息，COMEX黄金和COMEX白银均回落；美伊双方立场差别大需调和，未来演变需持续关注 [1][2] Trading Strategy - 受地缘政治影响，市场短期不确定性较大，投资者注意控制仓位，防控风险 [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core View - The market is highly uncertain in the short - term due to geopolitical influence, and investors are advised to control their positions and prevent risks [2] 3. Summary by Related Catalogs Market Performance - COMEX gold futures rose 2.30% to $4503.30 per ounce, and COMEX silver futures rose 2.70% to $71.44 per ounce. Shanghai gold's main contract rose 1.82% to 1016.92 yuan per gram, and Shanghai silver's main contract rose 2.15% to 18000 yuan per kilogram [1] Important Information - On March 25, the holdings of the world's largest gold ETF - SPDR Gold Trust decreased by 0.572 tons from the previous day, with the current holding at 1052.419 tons. The holdings of the world's largest silver ETF - iShares Silver Trust remained unchanged from the previous day, with the current holding at 15513.67 tons [1] - According to CME's "FedWatch", the probability of the Fed raising interest rates by 25 basis points in April is 5.2%, and the probability of keeping interest rates unchanged is 94.8%. By June, the probability of the Fed raising interest rates by a cumulative 25 basis points is 11.7%, the probability of a cumulative 50 - basis - point increase is 0.4%, and the probability of keeping interest rates unchanged is 87.9% [1] - Putin signed a decree banning the export of gold bars over 100 grams from Russia and restricting the amount of cash rubles carried to the Eurasian Economic Union [1] - Iran's Foreign Minister stated that there is no negotiation with the US and no intention to talk with the US. Iranian officials said that the US's so - called "15 - point cease - fire proposal" is "listing fantasies". Iran said that neither a cease - fire nor negotiations are feasible at the current stage and put forward five conditions for a cease - fire: complete cessation of aggression and assassination, ensuring that war will not be imposed on Iran again, war reparations, end of the war on all fronts and by all resistance organizations, and recognition of Iran's sovereignty over the Strait of Hormuz [1] Market Logic - On Wednesday, the US continued to send negotiation signals but at the same time stepped up troop deployment. Iran denied direct negotiations and responded strongly. ICE Brent crude oil rebounded after hitting a low. The US stock market rose slightly on Wednesday, the 2 - year US Treasury yield at the close was basically the same as on Tuesday, and the US dollar index rose 0.41% to 99.63. COMEX gold and silver both rose and then fell on Wednesday, closing slightly higher than the previous trading day. Recently, the US has shown an intention for peace talks, and oil and gold prices have initially stabilized, but the positions of the US and Iran still need to be reconciled, and the future development needs continuous attention [1] Trading Strategy - Due to geopolitical influence, the market has high short - term uncertainty. Investors should control their positions and prevent risks [2]

Report Industry Investment Rating - Not provided in the given content Core View - COMEX gold futures dropped 3.60% to $4410.40 per ounce, COMEX silver futures fell 0.49% to $69.32 per ounce, Shanghai gold's main contract declined 1.3% to 980 yuan per gram, and Shanghai silver's main contract rose 3.47% to 17,246 yuan per kilogram [1] - The market treated the news of the US-Iran dialogue as positive, leading to a fall in international crude oil prices, a rise in US stocks, and a decline in US bond prices [1] - The market's short - term volatility has increased, and investors should control their positions and prevent risks [1] Summary by Related Catalogs Market Quotes - COMEX gold futures fell 3.60% to $4410.40 per ounce, COMEX silver futures declined 0.49% to $69.32 per ounce, Shanghai gold's main contract dropped 1.3% to 980 yuan per gram, and Shanghai silver's main contract rose 3.47% to 17,246 yuan per kilogram [1] Important Information - On March 23, the holdings of the world's largest gold ETF - SPDR Gold Trust decreased by 4.286 tons to 1052.705 tons, and the holdings of the world's largest silver ETF - iShares Silver Trust increased by 264.76 tons to 15513.67 tons [1] - According to CME's "FedWatch", the probability of the Fed raising interest rates by 25 basis points in April is 7.2%, and the probability of keeping interest rates unchanged is 92.8%. By June, the probability of a cumulative 25 - basis - point rate hike is 9.1%, the probability of a cumulative 50 - basis - point rate hike is 0.2%, and the probability of keeping interest rates unchanged is 90.7% [1] - Trump said there were productive dialogues with Iran in the past two days and would suspend attacks on Iranian energy facilities for five days, but Iran denied the negotiation, saying Trump aimed to lower energy prices and gain time for military plans [1] Market Logic - The market treated the news of the US - Iran dialogue as positive, causing international crude oil prices to fall, US stocks to rise, and US bond prices to decline [1] - COMEX gold rebounded strongly after hitting a low of $4100 per ounce and closed above $4400 per ounce, and COMEX silver rebounded above $69 per ounce after hitting a low near $61 per ounce [1] - The US has shown some intention for peace talks, but the positions of the US and Iran differ greatly, and the future development needs continuous attention [1] Trading Strategy - The market's short - term volatility has increased, and investors should control their positions and prevent risks [1]

Market Overview - The A-share market experienced a significant decline, with the Shanghai Composite Index dropping over 2% and closing below 3900 points, down 2.5% at midday [3][14] - The Shenzhen Component Index fell by 2.53%, and the ChiNext Index decreased by 2.44%, indicating a broad market downturn [3][14] - Nearly 5000 stocks in the market saw declines, reflecting widespread bearish sentiment [6][12] Sector Performance - Key sectors that faced the largest declines included gold, basic metals, agriculture, aviation, semiconductors, and pharmaceuticals [5][14] - The computing hardware, AI applications, cloud computing, and consumer electronics sectors also saw significant drops [5][14] - Conversely, coal stocks showed resilience, performing well amidst the overall market decline [14] Commodity Movements - International precious metals continued to decline, with COMEX silver futures dropping over 7% to $64.7 per ounce, and spot silver falling 5% to $64.65 per ounce [6] - Spot gold prices decreased by more than 3%, reaching $4349.8 per ounce [6] - On the other hand, the main contract for butadiene rubber futures hit the daily limit up, increasing by 12% to 17470 yuan per ton [7] Specific Stock Movements - The stock of Muyuan Foods, a major player in the pork industry, approached its daily limit down, with several other related stocks dropping over 5% [6] - The stock of Cambrian Technology fell over 2%, hitting a new low since August 2025 [9] - The stock of *ST Bosen resumed trading and hit the daily limit up, with a change in its controlling shareholder to Yan Feng Digital [15] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 1.46 trillion yuan, an increase of 155 billion yuan compared to the previous trading day [6]

Group 1: Market Performance - COMEX gold and COMEX silver tumbled on Thursday, with COMEX gold hitting a low near $4,500/oz and COMEX silver near $65/oz, then rebounding. At the close, COMEX gold futures dropped 4.99% to $4,651.90/oz, and COMEX silver futures fell 6.16% to $72.81/oz. The night - session of Shanghai gold's main contract declined 4.99% to 1,026.74 yuan/gram, and Shanghai silver's main contract dropped 6.07% to 17,660 yuan/kg [3] Group 2: Core View - The change in the interest - rate trend expectations of major central banks has significantly increased the holding cost of non - interest - generating precious metals, suppressing the price trends of gold and silver. After a short - term rapid decline, the short - selling force has been vented to some extent, and the prices may fluctuate widely at the current level. Continued attention should be paid to the evolution of the Iranian situation [4] Group 3: Influencing Factors - The US February Producer Price Index released on Wednesday rose 3.4% year - on - year, higher than the market forecast of 3.0%. The number of initial jobless claims in the US last week, announced on Thursday, was 205,000, lower than the forecast of 215,000. These factors reduced traders' bets on the Fed's rate cuts in 2026 and led to bets on rate hikes. The Fed's March interest - rate meeting decided to keep the federal funds rate unchanged, and the Fed raised its inflation forecast due to the uncertain impact of the Middle East. The European Central Bank, the Bank of England, and the Bank of Japan also announced unchanged interest rates on Thursday, with the European Central Bank raising its inflation forecast [4]

Report Industry Investment Rating - Gold: Neutral [8] - Silver: Neutral [8] - Arbitrage: Short the gold-silver ratio on rallies [9] - Options: Hold off [9] Core Viewpoints - The geopolitical situation between the US and Iran is heating up, and the US labor market remains resilient [1] - The prices of gold and silver are expected to maintain a volatile pattern in the near future [8] Summary by Relevant Catalogs Market Analysis - The geopolitical situation between the US and Iran is heating up, with Iran's Islamic Revolutionary Guard Corps announcing that the war with the US and Israel has entered a "new stage" [1] - The number of initial jobless claims in the US last week decreased by 8,000 to 205,000, a new low for the year, indicating that the US labor market remains resilient [1] Futures Quotes and Trading Volumes - On March 19, 2026, the Shanghai Gold main contract opened at 1,089.00 yuan/gram and closed at 1,062.00 yuan/gram, a change of -4.63% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots [2] - On March 19, 2026, the Shanghai Silver main contract opened at 19,392.00 yuan/kilogram and closed at 17,984.00 yuan/kilogram, a change of -9.99% from the previous trading day's close. The trading volume was 774,107 lots, and the open interest was 227,107 lots [2] US Treasury Yield and Spread Monitoring - On March 19, 2026, the US 10-year Treasury yield closed at 4.245%, a change of -0.19 BP from the previous trading day. The spread between the 10-year and 2-year Treasury yields was 0.461%, a change of -0.19 BP from the previous trading day [3] Changes in Positions and Trading Volumes of Gold and Silver on the Shanghai Futures Exchange - On March 19, 2026, on the Au2604 contract, the long positions decreased by 4,414 lots compared to the previous day, while the short positions decreased by 1,228 lots. The total trading volume of the Shanghai Gold contract on the previous trading day was 437,374 lots, a change of 102.70% from the previous trading day [4] - On the Ag2606 contract, the long positions decreased by 835 lots, and the short positions decreased by 1,286 lots. The total trading volume of the silver contract on the previous trading day was 1,254,826 lots, a change of 41.43% from the previous trading day [4] Precious Metal ETF Position Tracking - The gold ETF position was 1,066.99 tons, a decrease of 2.57 tons from the previous trading day. The silver ETF position was 15,187 tons, a decrease of 77 tons from the previous trading day [5] Precious Metal Arbitrage Tracking - On March 19, 2026, the domestic premium for gold was 47.19 yuan/gram, and the domestic premium for silver was 1,009.73 yuan/kilogram [6] - The price ratio of the main gold and silver contracts on the Shanghai Futures Exchange was approximately 59.05, a change of 5.96% from the previous trading day. The price ratio of gold and silver in the overseas market was 63.40, a change of 1.60% from the previous trading day [6] Fundamentals - On March 19, 2026, the trading volume of gold on the Shanghai Gold Exchange T+d market was 75,754 kilograms, a change of 59.89% from the previous trading day. The trading volume of silver was 448,610 kilograms, a change of -73.11% from the previous trading day [7] - The delivery volume of gold was 11,872 kilograms, and the delivery volume of silver was 30 kilograms [7] Strategy - Gold: The market risk sentiment has increased, and the demand for gold investment may slightly decrease. Therefore, the gold price is expected to be in a volatile pattern in the near future, with the Au2604 contract oscillating between 1,000 yuan/gram and 1,100 yuan/gram [8] - Silver: The price of silver has also declined along with gold. It is expected to maintain a volatile pattern, with the Ag2606 contract oscillating between 16,000 yuan/kilogram and 18,000 yuan/kilogram [8] - Arbitrage: Short the gold-silver ratio on rallies [9] - Options: Hold off [9]