1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Precious metals are oscillating and consolidating. Powell's dovish signals have alleviated concerns about interest rate hikes this year. The core drivers of the recent precious metals adjustment are the downward revision of interest rate cut expectations and liquidity shocks. In the long - term, the price center of precious metals will continue to rise due to elevated geopolitical risks, concerns about the US fiscal sustainability, and the ongoing de - dollarization process. Gold has a long - term upward trend, while silver, platinum, and palladium follow the overall sector with greater volatility [5]. 3. Summary by Related Catalogs Futures Market - **Gold Futures**: For沪金 2606, the previous day's closing price was 998.66, yesterday's closing price was 1014.88 with a rise of 16.22 (1.62%); for沪金 2604, the previous day's closing price was 995.180, yesterday's closing price was 1011.020 with a rise of 15.840 (1.59%). The持仓量 of沪金 2606 was 180953 and the trading volume was 393515. The现货 - futures spread was - 5.92 for沪金 2606 and - 2.06 for沪金 2604 [2]. - **Silver Futures**: For沪银 2606, the previous day's closing price was 17489, yesterday's closing price was 17707 with a rise of 218 (1.25%); for沪银 2604, the previous day's closing price was 17558, yesterday's closing price was 17756 with a rise of 198 (1.13%). The持仓量 of沪银 2606 was 233885 and the trading volume was 1060304. The现货 - futures spread was - 147 for沪银 2606 and - 196 for沪银 2604 [2]. Spot Market - **Gold Spot**: Shanghai gold T + D's previous day's closing price was 992.45, yesterday's closing price was 1008.96 with a rise of 16.51 (1.66%); London gold's previous day's closing price was 4493.36, yesterday's closing price was 4513.52 with a rise of 20.16 (0.45%) [2]. - **Silver Spot**: Shanghai silver T + D's previous day's closing price was 17467, yesterday's closing price was 17560 with a rise of 93 (0.53%); London silver's previous day's closing price was 69.73, yesterday's closing price was 70.04 with a rise of 0.32 (0.45%) [2]. Inventory - **Gold Inventory**: The current inventory of Shanghai Futures Exchange gold was 106,644 kg, unchanged from the previous value; the current COMEX gold inventory was 31,536,505 troy ounces, a decrease of 177023 troy ounces from the previous value [2]. - **Silver Inventory**: The current inventory of Shanghai Futures Exchange silver was 374,427 kg, an increase of 2628 kg from the previous value; the current COMEX silver inventory was 327,589,421 troy ounces, a decrease of 707943 troy ounces from the previous value [2]. Related Markets - The current value of the US dollar index was 100.51, an increase of 0.32 from the previous value; the S&P 500 index was 6,343.72, a decrease of 25.13 from the previous value; the 10 - year US Treasury yield was 4.35%, a decrease of 0.09% from the previous value; Brent crude oil was 108.89, an increase of 2.60 from the previous value; the US dollar - RMB exchange rate was 6.9130, an increase of 0.0025 from the previous value [2]. Derivatives - The current SPDR gold ETF holdings were 1,046.1 tons, a decrease of 3.4 tons from the previous value; the SLV silver ETF holdings were 15,288.4 tons, a decrease of 121.1 tons from the previous value; the CFTC speculators' net long position in gold was 168,327, an increase of 8458 from the previous value; the CFTC speculators' net long position in silver was 24,673, an increase of 2792 from the previous value [2]. Macro News - **Geopolitical Tensions**: European officials said Iran is pressuring the Houthi rebels to prepare for a new round of shipping attacks in the Red Sea. The Houthi rebels' leadership has internal differences on the level of radical strategies. The longer the war between the US/Israel and Iran lasts, the higher the possibility of Houthi attacks in the Red Sea [3]. - **Iran's Policy**: Iran's parliament approved a bill to levy tolls on ships passing through the Strait of Hormuz, up to $2 million per tanker, payable in Iranian rials. The new plan also bans ships related to the US, Israel, or countries that imposed sanctions on Iran. The US does not support this move [4]. - **Oil Price**: WTI crude oil closed above $100 per barrel for the first time since 2022 on Monday, up more than 3% to $102.88 per barrel. Brent crude futures are expected to achieve a record - breaking increase in March. The war between the US/Israel and Iran has disrupted global markets and caused oil prices to soar [5]. - **US Policy**: The US President Trump may call on Arab countries to bear the cost of the Iran war. The White House also said that negotiations with Iran are still ongoing and progressing smoothly, but there is a difference between Iran's public statements and private communications [5].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The precious metals market is in a state of shock and consolidation. The ongoing stalemate in the US - Iran conflict, high - level oscillation of crude oil prices, and a decline in market risk appetite are putting pressure on precious metals. The core drivers of this adjustment are the downward revision of interest - rate cut expectations and liquidity shocks. In the long run, the price center of precious metals will continue to rise due to geopolitical risks, concerns about US fiscal sustainability, and the de - dollarization process[6]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - **Prices and Changes**: For gold futures, the closing price of沪金 2606 was 998.66 with a daily increase of 2.68 (0.27%), and沪金 2604 was 995.180 with an increase of 2.220 (0.22%). For silver futures,沪银 2606 was 17489 with an increase of 17 (0.10%), and沪银 2604 was 17558 with an increase of 39 (0.22%)[2]. - **Position and Volume**: The position volume of沪金 2606 was 169083, and the trading volume was 316403; for沪金 2604, the position was 19915 and the trading volume was 62042. For沪银 2606, the position was 225682 and the trading volume was 873570; for沪银 2604, the position was 32692 and the trading volume was 40213[2]. - **Spot Premium and Discount**: The spot premium and discount of沪金 2606 was - 6.21, and that of沪金 2604 was - 2.73. For沪银 2606, it was - 22, and for沪银 2604, it was - 91[2]. 3.2 Spot Market - **Prices and Changes**: The closing price of Shanghai Gold T + D was 992.45 with an increase of 2.68 (0.27%), and the London gold price was 4493.36 with an increase of 111.45 (2.54%). The closing price of Shanghai Silver T + D was 17467 with an increase of 175 (1.01%), and the London silver price was 69.73 with an increase of 1.64 (2.40%)[2]. - **Price Ratios**: The difference between沪金 2606 and沪金 2604 was 3.48 (pre - value: 3.02), and the difference between沪银 2606 and沪银 2604 was - 69.00 (pre - value: - 47.00). The gold - to - silver ratio (spot) was 56.82 (pre - value: 57.24), the ratio of Shanghai gold to London gold was 0.99 (pre - value: 1.00), and the ratio of Shanghai silver to London silver was 1.13 (pre - value: 1.13)[2]. 3.3 Inventory - **Domestic and Overseas Inventories**: The inventory of gold in the Shanghai Futures Exchange was 106,644 kg (a decrease of 99 kg compared to the previous day), and the silver inventory was 371,799 kg (an increase of 1500 kg). The COMEX gold inventory was 31,713,528 troy ounces (a decrease of 192945 troy ounces), and the COMEX silver inventory was 328,297,364 troy ounces (a decrease of 250587 troy ounces)[2]. 3.4 Related Market Indicators - **Indices and Ratios**: The US dollar index was 100.18 (an increase of 0.28), the S&P 500 index was 6,368.85 (a decrease of 108.31), the 10 - year US Treasury yield was 4.44% (an increase of 0.02%), the Brent crude oil price was 106.29 (an increase of 6.19), and the US dollar - to - RMB exchange rate was 6.9105 (an increase of 0.0064)[2]. 3.5 Derivatives - **ETF and Net Positions**: The SLV silver ETF position was 15,409.5 tons (unchanged). The CFTC speculator net position for gold was 168,327 (an increase of 8458), and for silver was 24,673 (an increase of 2792). The SPDR gold ETF position information is not provided for the current day[2]. 3.6 Macro News - **Military Deployment**: Hundreds of US special operations forces have arrived in the Middle East, along with thousands of Marines and Army paratroopers, to expand the military conflict with Iran[3]. - **Trump's Statements**: Trump wants to "seize Iran's oil resources" and may occupy Kharg Island. He is also considering a military operation to obtain about 1000 pounds of uranium from Iran, but has not issued a final order[4]. - **Iranian Reactions**: The Iranian Parliament Speaker warns that pre - market "news" may be a trap for profit - taking. The Iranian military says it will strike the residences of US and Israeli military and political personnel in response to recent attacks[5].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - Precious metals fluctuated and declined. The overall CPI in the US in February met expectations, and the impact of oil prices was not yet reflected. The conflict between the US and Iran remained stalemate, oil prices soared again, inflation expectations rose, and the market's expectations for Fed rate cuts were revised downwards, suppressing the performance of precious metals. In the long - term, the price center of precious metals will continue to move up. Market concerns about the US fiscal sustainability are still intensifying, and with the reconstruction of the global political and economic order, the diversification of global central bank reserve assets, and the continuous progress of the de - dollarization process, the long - term upward trend of gold remains unchanged. Silver, platinum, and palladium resonate with both industrial and financial attributes, following the overall sector trend but with relatively larger fluctuations [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Gold Futures**: For沪金2606, the previous day's closing price was 1155.52, yesterday's closing price was 1151.52, with a decrease of 4.00 and a decline rate of - 0.35%. The trading volume was 65754, and the open interest was 137300. For沪金2604, the previous day's closing price was 1151.980, yesterday's closing price was 1148.100, with a decrease of 3.880 and a decline rate of - 0.34%. The trading volume was 163830, and the open interest was 105803 [2] - **Silver Futures**: For沪银2606, the previous day's closing price was 22256, yesterday's closing price was 22062, with a decrease of 194 and a decline rate of - 0.87%. The trading volume was 414009, and the open interest was 206073. For沪银2604, the previous day's closing price was 22409, yesterday's closing price was 22225, with a decrease of 184 and a decline rate of - 0.82%. The trading volume was 89591, and the open interest was 90728 [2] 3.2 Spot Market - **Gold Spot**: The previous day's closing price of Shanghai Gold T + D was 1150.30, yesterday's closing price was 1146.26, with a decrease of 4.04 and a decline rate of - 0.35%. The price of London gold (USD/ounce) was 5182.88 the previous day and 5077.94 yesterday, with a decrease of 104.94 and a decline rate of - 2.02% [2] - **Silver Spot**: The previous day's closing price of Shanghai Silver T + D was 21999, yesterday's closing price was 21851, with a decrease of 148 and a decline rate of - 0.67%. The price of London silver (USD/ounce) was 85.73 the previous day and 83.78 yesterday, with a decrease of 1.95 and a decline rate of - 2.27% [2] 3.3 Inventory - **Gold Inventory**: The current inventory of Shanghai Futures Exchange gold is 105,420 kg, an increase of 510 kg from the previous value. The current inventory of COMEX gold is 32,656,407 ounces, a decrease of 64302 ounces from the previous value [2] - **Silver Inventory**: The current inventory of Shanghai Futures Exchange silver is 309,974 kg, an increase of 58115 kg from the previous value. The current inventory of COMEX silver is 344,324,824 ounces, a decrease of 216978 ounces from the previous value [2] 3.4 Related Market Indicators - The current value of the US dollar index is 99.74, an increase of 0.53 from the previous value. The current value of the S&P 500 index is 6,672.62, a decrease of 103.18 from the previous value. The yield of the 10 - year US Treasury bond is 4.27%, an increase of 0.06% from the previous value. The price of Brent crude oil is 101.75, an increase of 8.12 from the previous value. The US dollar to RMB exchange rate is 6.8752, an increase of 0.0052 from the previous value [2] 3.5 Derivatives - The current position of the SPDR Gold ETF is 1,076 tons, a decrease of 1 ton from the previous value. The current position of the SLV Silver ETF is 15,539 tons, unchanged from the previous value. The net position of CFTC speculators in gold is 160,145, an increase of 968 from the previous value. The net position of CFTC speculators in silver is 23,338, an increase of 1078 from the previous value [2] 3.6 Macro News - The US Treasury is providing a temporary authorization to allow countries to purchase Russian oil stranded at sea to expand the global coverage of existing supplies [3] - Iran reported that a US military tanker was shot down by a resistance organization in western Iraq, and all crew members died. The US military said a KC - 135 tanker crashed in western Iraq during the "Epic Rage" operation, and the cause was not due to enemy fire or friendly fire. Another KC - 135 was hit but landed in Israel [3] - CME warned that if the US government intervenes in the oil futures market, it will cause an epic disaster [3] - Iran's armed forces stated that any attack on its energy facilities and ports will be met with a devastating counter - attack [3] - Chile signed a joint statement on critical minerals and rare earths with the US [3]

1. Report Industry Investment Rating - The report maintains a bullish outlook on platinum and palladium [4] 2. Core View of the Report - The long - term core logic for platinum and palladium remains unchanged, but short - term fluctuations are intensifying due to technical corrections and Fed personnel changes. The nomination of Kevin Warsh by Trump has led to short - term dollar strengthening and affected platinum and palladium prices. However, in the long run, factors such as the weakening of the US dollar's credit, the global central bank's gold - buying spree, and the supply - demand situation in the industry support the prices of platinum and palladium [4] 3. Summary by Relevant Catalogs Futures Market - **Prices**: For platinum futures (pt2606, pt2608, pt2610), the current prices are 551.15, 545.00, and 539.00 respectively, with increases of 10.35, 12.70, and 11.55, and increases of 1.91%, 2.39%, and 2.19% respectively. For palladium futures (pd2606, pd2608, pd2610), the current prices are 439.10, 436.00, and 430.65 respectively, with increases of 7.25, 8.30, and 7.90, and increases of 1.68%, 1.94%, and 1.87% respectively [1] - **Positions and Volumes**: The positions of platinum and palladium futures are 12143 and 4151 respectively. The trading volumes of platinum futures are 6476, 269, and 53 respectively, and those of palladium futures are 2850, 57, and 47 respectively [1] - **Spot Premiums**: The spot premiums of platinum futures are - 5.77, 0.38, and 6.38 respectively, and those of palladium futures are - 16.1, - 13, and - 7.65 respectively [1] Spot Market - **Prices**: The previous closing prices of Shanghai platinum, London platinum, Chow Tai Fook platinum, and Lao Fengxiang platinum are 545.38 yuan/gram, 2160.00 US dollars/ounce, 836.00 yuan/gram, and 960.00 yuan/gram respectively. The previous closing prices of Chinese palladium and Russian palladium are 423.00 yuan/gram and 4316.12 rubles/gram respectively. The price changes and increase/decrease rates vary [1] - **Ratios**: The current values of platinum/palladium, Shanghai platinum/London platinum, pt2608 - pt2606, pt2610 - pt2606, Chinese palladium/Russian palladium, and pd2608 - pd2606 are 1.29, 1.09, - 6.15, - 12.15, 1.07, and - 3.10 respectively, different from the previous values [1] Inventory - **Platinum**: The current NYMEX inventory is 583,369.21 ounces, the registered warehouse receipts are 319,682.01 ounces, the trading volume of the Gold Exchange is 6,991.09 million yuan, and the trading volume is 128.00 kilograms. Compared with the previous values, the registered warehouse receipts decreased by 6081.4 ounces, and the trading volume and trading amount increased significantly [1] - **Palladium**: The current NYMEX inventory is 186,863.10 ounces, the registered warehouse receipts are 148,317.64 ounces. The inventory decreased by 4010.4 ounces compared with the previous value, and the registered warehouse receipts remained unchanged [1] Related Derivatives - **Indices**: The current values of the US dollar index, S&P index, US Treasury yield, Nasdaq index, Dow Jones index, and US dollar - to - RMB exchange rate are 96.92, 6,941.47, 4.18, 23,066.47, 50,121.40, and 6.94 respectively, with corresponding increases or decreases compared with the previous values [1] - **Gold and Silver Futures**: The current prices of Shanghai gold (2604, 2606, 2608) and Shanghai silver (2604, 2606, 2608) futures have increased compared with the previous closing prices [1] Macroeconomic News - **Fed Policy**: The Fed maintained the benchmark interest rate at 3.50% - 3.75%, pausing after three consecutive 25 - basis - point cuts. Fed Chair candidate Waller supports a 25 - basis - point cut, consistent with Trump - appointed director Milan [2] - **Fed Chair Nomination**: Trump nominated Kevin Warsh as the next Fed Chair, but this nomination faces opposition from some senators. Warsh has shifted from a hawkish to a dovish stance in recent years [2] - **China's Economic Data**: In January 2026, China's manufacturing market demand tightened, but production remained in an expansion state, and the industrial structure continued to optimize. The manufacturing PMI was 49.3%, a 0.8 - percentage - point decrease from the previous month. The PMIs of the equipment manufacturing and high - tech manufacturing industries were 50.1% and 52% respectively, showing stable and positive development [2] - **PBOC Meeting**: The People's Bank of China held a 2026 payment and settlement work meeting, requiring efforts to promote the high - quality development of the modern payment system, including accelerating the construction of the RMB cross - border payment system, strengthening supervision, and optimizing payment services [3]

Report Industry Investment Rating No information provided Core View - Precious metals rebounded after a significant shock, mainly influenced by the nomination of the Fed chair and fund stampede. The nomination of Kevin Warsh, a traditional hawk, cooled the expectation of interest rate cuts and led to a rebound in the US dollar index. A large number of funds took profits. In the long run, the supporting factors for the upward movement of gold have not reversed. After the market is fully adjusted and new positive factors accumulate, gold is expected to return to a steady upward channel. Due to the higher volatility of silver and the relatively low gold - silver ratio, investors are advised to wait and see [3] Summary by Related Catalogs Futures Market - **Prices and Changes**: The closing prices of Shanghai Gold 2606 and 2604 decreased by 1.48% and 1.41% respectively, and those of Shanghai Silver 2606 and 2604 decreased by 7.93% and 7.19% respectively compared with the previous day [2] - **Positions and Volumes**: The positions of Shanghai Gold 2606 and 2604 are 84,618 and 163,840 respectively, and the trading volumes are 126,031 and 494,742 respectively. The positions of Shanghai Silver 2606 and 2604 are 128,060 and 227,163 respectively, and the trading volumes are 597,736 and 1,291,544 respectively [2] - **Spot Premium and Discount**: The spot premium and discount of Shanghai Gold 2606 is - 1.23, and that of Shanghai Gold 2604 is 1.37. The spot premium and discount of Shanghai Silver 2606 is 253, and that of Shanghai Silver 2604 is - 602 [2] Spot Market - **Prices and Changes**: The closing price of Shanghai Gold T + D decreased by 1.30%, and the closing price of London Gold increased by 3.98%. The closing price of Shanghai Silver T + D decreased by 8.49%, and the closing price of London Silver increased by 9.70% [2] - **Price Ratios**: The current value of Shanghai Gold 2606 - Shanghai Gold 2604 is 2.60, and the current value of Shanghai Silver 2606 - Shanghai Silver 2604 is - 855.00. The current value of the gold - silver ratio (spot) is 59.98, the ratio of Shanghai Gold to London Gold is 0.98, and the ratio of Shanghai Silver to London Silver is 1.05 [2] Inventory - **Changes**: The inventory of Shanghai Futures Exchange gold remained unchanged at 104,052 kilograms, and the inventory of silver decreased by 62,559 kilograms to 349,900 kilograms. The COMEX gold inventory decreased by 121,403 ounces to 35,370,105 ounces, and the COMEX silver inventory decreased by 3,498,075 ounces to 394,511,408 ounces [2] Related Derivatives - **Positions and Changes**: The position of SPDR Gold ETF decreased by 2 tons to 1,076 tons, and the position of SLV Silver ETF decreased by 56 tons to 16,191 tons. The net position of CFTC speculators in gold decreased by 39,792 to 165,604, and the net position in silver increased by 2,174 to 25,877 [2] Macro Information - **Political News**: The scandal of Peter Mandelson's appointment as the British Ambassador to Washington has put pressure on Prime Minister Starmer. His chief of staff Morgan McSweeney resigned, and there are speculations about Starmer's possible resignation. In the Japanese House of Representatives election, the ruling coalition of the Liberal Democratic Party and the Japan Innovation Party won a majority of seats [3] - **Market Trends**: The yen continued its recent decline in the Asian trading session on Monday. The market is concerned about the design and communication of fiscal policies. The US Treasury Secretary believes that gold is in a typical speculative selling market and does not expect the Fed to take rapid action on the balance - sheet issue [3]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core View of the Report - The long - term bullish logic for platinum and palladium is solid, driven by the resonance of macro - finance and industrial fundamentals. Although there are short - term fluctuations due to Trump's policy swings and geopolitical news, the core upward momentum remains intact, and the medium - and long - term upward trend is clear [2] Group 3: Summary by Relevant Catalog Futures Market - For platinum futures (pt2606, pt2608, pt2610), the current prices are 685.90, 682.55, and 681.50 respectively, with price increases of 64.55, 60.55, and 59.05 and increases of 10.39%, 9.73%, and 9.49% respectively. The trading volumes are 25095, 861, and 508, and the open interests are all 11180 [1] - For palladium futures (pd2606, pd2608, pd2610), the current prices are 497.95, 499.60, and 501.00 respectively, with price increases of 19.05, 19.40, and 13.65 and increases of 3.98%, 4.04%, and 2.80% respectively. The trading volumes are 11027, 292, and 42, and the open interests are all 4087 [1] Spot Market - For platinum in Shanghai, the previous closing price was 681.50, with a price increase of 57.10 and an increase of 0.091%. For London platinum, the previous closing price was 2705.00, with a price increase of 198.00 and an increase of 0.079%. For Zhou Dafu platinum, the previous closing price was 1051.00, with a price increase of 96.00 and an increase of 0.101%. For Lao Fengxiang platinum, the previous closing price was 950.00, with a price increase of 90.00 and an increase of 0.105% [1] - For Chinese palladium, the previous closing price was 470.00, with a price increase of 25.00 and an increase of 0.056%. For Russian palladium, the previous closing price was 4569.11, with a price decrease of 83.81 and a decrease of 0.018% [1] Inventory - For platinum, the NYMEX inventory remains at 665,888.20 ounces, the registered warehouse receipts decreased by 3784.0 ounces to 338,089.85 ounces. The trading volume of the Gold Exchange decreased by 6.0 kilograms to 2.00 kilograms, and the trading value decreased by 363.2 million yuan to 136.30 million yuan [1] - For palladium, the NYMEX inventory and registered warehouse receipts remain unchanged at 216,266.31 ounces and 144,029.47 ounces respectively [1] Related Derivatives and Indexes - The current value of the US dollar index is 97.51, a decrease of 0.7725 from the previous value. The S&P 500 index is at 6,915.61, an increase of 2.2600. The US Treasury yield is 4.24, a decrease of 0.0200. The Nasdaq index is 23,501.24, an increase of 65.2200. The Dow Jones index is 49,098.71, a decrease of 285.3000. The US dollar to RMB exchange rate is 6.99, a decrease of 0.0090 [1] - For Shanghai gold futures (2604, 2606, 2608), the current prices are 1115.64, 1118.38, and 1121.02 respectively, with price increases of 28.06, 28.00, and 28.00. For Shanghai silver futures (2604, 2606, 2608), the current prices are 24965.00, 24930.00, and 24929.00 respectively, with price increases of 1626, 1633, and 1647 [1] Macroeconomic News - The successor to the Fed Chair is a market concern. Trump may announce the new candidate this week, and Rick Rieder of BlackRock has a 50% chance of being nominated, up from 4%. [2] - The Greenland crisis has taken a turn. Trump reached an agreement framework on Greenland with NATO Secretary - General Lute. The original tariff measures will not be implemented, leading to a sharp rise in US stocks and a plunge in spot silver. The EU emergency summit will be held on January 22 [2] - The US Trade Representative hopes to have another round of trade negotiations with China, and China's Foreign Ministry spokesperson called for implementing the consensus of the two heads of state [2] - The People's Bank of China held a payment and settlement work meeting in 2026, aiming to promote the high - quality development of the modern payment system, including building the RMB cross - border payment system, strengthening regulatory measures, and improving service quality [2] Analysis of Platinum and Palladium - On the macro level, Powell's criminal prosecution weakens the US dollar's credit, increasing the pressure on US Treasury bonds. The global de - dollarization process speeds up, enhancing the reserve and hedging value of platinum and palladium. The Polish central bank's gold - buying plan supports the precious metals sector. The expected Fed rate cuts will boost platinum and palladium valuations, and the Greenland geopolitical risk provides short - term support for hedging demand [2] - On the industrial side, platinum has strong upward momentum. The hydrogen energy industry boom drives up demand, and the supply is constrained by South African production capacity. Palladium is affected by electrification but has demand support from hybrid vehicle penetration and emission policies, with a tight spot market balancing prices [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Gold has become the dominant long - term narrative as the ultimate safe - haven asset, with its rising speed and intensity increasing due to factors such as the US fiscal deficit, deteriorating debt situation, global confrontation, and central banks' continuous gold purchases. Silver's spot supply - demand contradiction is further highlighted, but after a rapid rise, there may be adjustments and increased volatility [3]. 3. Summary by Related Catalogs Futures Market - **Prices and Changes**: For futures, the prices of沪金2606,沪金2512,沪银2606, and沪银2512 all increased, with涨跌幅 of 2.86%, 2.91%, 1.93%, and 1.97% respectively. In the现货 market, the prices of London gold and London silver increased, while the prices of Shanghai gold T + D and Shanghai silver T + D decreased [2]. - **Positions and Volumes**: The持仓量 of沪金2606 is 22,015, and that of沪金2512 is 207,916; the持仓量 of沪银2606 is 27,319, and that of沪银2512 is 432,663. The成交量 of沪金2606 is 15,617, and that of沪金2512 is 728,228; the成交量 of沪银2606 is 33,301, and that of沪银2512 is 2,455,760 [2]. - **Spot Premiums**: The现货升贴水 of沪金2606 is - 31.30, that of沪金2512 is - 24.88, that of沪银2606 is - 238.00, and that of沪银2512 is - 194.00 [2]. Inventory - The上期所 gold inventory remains unchanged at 84,606 kg, while the上期所 silver inventory decreased by 64,253.00 kg. The COMEX gold inventory decreased by 75,206.36, and the COMEX silver inventory decreased by 2,991,703 [2]. Related Market Indicators - The美元指数 increased by 0.07%, the标准普尔指数 increased by 1.07%, the美债 yield decreased by 0.50%, the布伦特原油 price decreased by 0.01%, and the美元兑人民币 exchange rate decreased by 0.04% [2]. Derivatives - The spdr gold ETF持仓 increased by 1.00 tons, the SLV白银ETF持仓 increased by 1.00 tons, the CFTC投机者净持仓 of silver increased by 481, and the CFTC投机者净持仓 of gold decreased by 1,451 [2]. Macroeconomic Information - The US and China are about to return to the negotiation table. The US listed rare earths, fentanyl, and soybeans as issues to be raised with China. China advocates resolving issues through negotiation on the basis of equality, respect, and reciprocity [3]. - The US and Australia signed an agreement on rare earths and critical minerals, planning to invest over $3 billion in critical mineral projects in the next six months, with an estimated recoverable resource value of $53 billion. The Pentagon will invest in building a gallium processing plant in Western Australia [3]. - The White House National Economic Council Director said that the government shutdown may end this week, and if not, stronger measures may be taken [3].

Report Summary 1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - Gold continues to strengthen, with international gold prices surpassing $4,200 per ounce. The Fed Chair hinted at a pause in balance - sheet reduction, trade - war concerns are intensifying, and bets on two interest rate cuts this year are growing stronger. The U.S. government shutdown is ongoing, and the U.S. fiscal deficit and debt situation are deteriorating. Against this backdrop, central banks are continuously increasing their gold holdings, and investors' recognition of gold as a safe - haven and value - storing asset is rising. However, after a rapid rise, there are accumulated profitable positions, so be aware of possible adjustments and increased volatility [4]. 3. Summary by Related Catalogs Market Data - **Futures Market**: - For gold futures, the prices of沪金2606 and沪金2512 are 969.60 and 962.08 respectively, with daily increases of 1.86 and 1.74, and increases of 0.19% and 0.18%. Their trading volumes are 6,880 and 420,246, and open interests are 22,325 and 230,686. - For silver futures, the prices of沪银2606 and沪银2512 are 12,201.00 and 12,138.00 respectively, with daily increases of 171.00 and 172.00, and increases of 1.42% and 1.44%. Their trading volumes are 31,945 and 2,033,514, and open interests are 19,602 and 477,807 [2]. - **Spot Market**: - The price of Shanghai Gold T + D has increased by 18.55 to 958.5, with a rise of 1.97%. London gold (in dollars per ounce) has increased by 13.55 to 964.00, with a rise of 1.43%. - The price of Shanghai Silver T + D has increased by 431.00 to 11,961.00, with a rise of 3.74%. London silver (in dollars per ounce) has increased by 1.64 to 53.05, with a rise of 3.19% [2]. - **Inventory**: - The inventory of Shanghai Futures Exchange gold has increased by 2,916.00 kilograms to 75,099 kilograms. The inventory of Shanghai Futures Exchange silver has decreased by 32,643.00 kilograms to 1,030,429 kilograms. - COMEX gold inventory has decreased by 375,461.09 to 39,285,219, and COMEX silver inventory has decreased by 2,921,026 to 512,711,524 [2]. - **Related Derivatives and Indexes**: - The dollar index has decreased by 0.38% to 98.6659, the S&P index has increased by 0.40% to 6,671.06, the U.S. Treasury yield has increased by 0.50% to 4.05, and Brent crude oil has increased by 0.01% to 62.47. The U.S. dollar against the Chinese yuan has decreased by 0.14% to 7.1301. - The spdr gold ETF and SLV silver ETF holdings have both increased by 1.00 tons to 44,315 tons. The CFTC speculator net long position in silver has increased by 486 to 33,486, while that in gold has decreased by 1,451 to 32,895 [2]. Macro News - The U.S. side said that whether to impose a 100% tariff on China depends on China's actions. The Chinese Foreign Ministry urged the U.S. to correct its wrong actions and resolve issues through dialogue. China opposes the EU's forced technology - transfer practices. - The Fed's "Beige Book" shows that economic activity has changed little recently, with a slight decline in overall consumer spending and stable employment levels. - The U.S. Senate failed to advance the Republican's temporary appropriation bill. The U.S. government may cut over 10,000 federal government jobs during the shutdown. The U.S. Treasury Secretary plans to submit Fed leadership candidates to Trump after Thanksgiving [3]. Fed Policy and Economic Data - Fed Governor Stephen Milan said that due to increased trade tensions, policymakers need to cut interest rates soon. He expects two interest rate cuts this year. - The New York Fed's manufacturing index rose 19.4 points to 10.7 in October, far exceeding market expectations, and the outlook index reached its highest level since the beginning of the year [4].