Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - In the short term, although the US has signaled peace talks with Iran, the conditions for a cease - fire agreement may be harsh. There may be more intense conflicts leading to a liquidity shock and a decline in gold prices. However, the impact of geopolitical conflicts on the market is expected to be gradually digested. The halt of outflows from gold ETF funds is beneficial for price stability. The market will enter a technical repair phase. One can try to buy call options below $4400 per ounce to seize the opportunity of a phased rebound [2] - As gold stops falling, silver may gradually bottom out around $60 - $65, with an upper resistance at $85. It is recommended to continue holding the short position of out - of - the - money call options on Shanghai silver futures [2] - Platinum and palladium are following the trends of gold and silver, entering a volatile phase. Platinum fluctuates in the range of $1850 - $2000, while palladium fluctuates in the range of $1450 - $1600. Since the fundamentals of palladium are relatively weaker, one can try to go long on the platinum - palladium ratio at low prices [2] Group 3: Summary According to the Directory 1. Domestic Futures Closing Prices - AU2606 contract closed at 998.66 yuan per gram on March 27, up 2.68 yuan (0.27%) from March 26 [2] - AG2606 contract closed at 17,489 yuan per kilogram on March 27, up 17 yuan (0.10%) from March 26 [2] - PT2606 contract closed at 493.05 yuan on March 27, up 5.65 yuan (1.16%) from March 26 [2] - PD2606 contract closed at 358.20 yuan per gram on March 27, up 4.85 yuan (1.37%) from March 26 [2] 2. Foreign Futures Closing Prices - COMEX gold main contract closed at 4489.70 on March 27, up 112.80 (2.58%) from March 26 [2] - COMEX silver main contract closed at 69.77 on March 27, up 1.65 (2.41%) from March 26 [2] - NYMEX platinum main contract closed at $1866.40 per ounce on March 27, up $53.10 (2.93%) from March 26 [2] - NYMEX palladium main contract closed at 1384.50 on March 27, up 19.50 (1.43%) from March 26 [2] 3. Spot Prices - London gold was at 4493.36 on March 27, up 113.54 (2.59%) from the previous value [2] - London silver was at 69.73 on March 27, up 1.67 (2.45%) from the previous value [2] - Spot platinum was at $1849.00 per ounce on March 27, down $20.00 (- 1.07%) from the previous value [2] - Spot palladium was at 1387.00 on March 27, up 15.00 (1.09%) from the previous value [2] - Shanghai Gold Exchange's gold T + D was at 992.45 yuan per gram on March 27, up 2.68 yuan (0.27%) from the previous value [2] - Shanghai Gold Exchange's silver T + D was at 17467 yuan per kilogram on March 27, up 175 yuan (1.01%) from the previous value [2] - Shanghai Gold Exchange's platinum 9995 was at 477 yuan per gram on March 27, down 8 yuan (- 1.55%) from the previous value [2] 4. Spreads - The spread between gold TD and Shanghai gold main contract was - 6.21, unchanged from the previous value, with a 1 - year historical quantile of 46.10% [2] - The spread between silver TD and Shanghai silver main contract was - 22, up 158 from the previous value, with a 1 - year historical quantile of 60.60% [2] - The spread between London gold and COMEX gold was 3.66, up 0.74 from the previous value, with a 1 - year historical quantile of 99.20% [2] - The spread between London silver and COMEX silver was - 0.05, up 0.02 from the previous value, with a 1 - year historical quantile of 59.70% [2] 5. Ratios - The ratio of COMEX gold to silver was 64.35, up 0.10 (0.16%) from the previous value [2] - The ratio of Shanghai Futures Exchange's gold to silver was 57.10, up 0.10 (0.17%) from the previous value [2] - The ratio of NYMEX platinum to palladium was 1.35, up 0.02 (1.48%) from the previous value [2] - The ratio of Guangzhou Futures Exchange's platinum to palladium was 1.38, unchanged from the previous value, with a change rate of - 0.21% [2] 6. Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.44% on March 27, up 0.02 percentage points (0.5%) from the previous value [2] - The 2 - year US Treasury yield was 3.88% on March 27, down 0.08 percentage points (- 2.0%) from the previous value [2] - The 10 - year TIPS Treasury yield was 2.13% on March 27, up 0.05 percentage points (2.4%) from the previous value [2] - The US dollar index was 100.17 on March 27, up 0.26 (0.26%) from the previous value [2] - The offshore RMB exchange rate was 6.9198 on March 27, down 0.0007 (- 0.01%) from the previous value [2] 7. Inventories and Positions - The Shanghai Futures Exchange's gold inventory was 106,644 kilograms on March 27, down 99 kilograms (- 0.09%) from the previous value [2] - The Shanghai Futures Exchange's silver inventory was 371,799 on March 27, up 1500 (0.41%) from the previous value [2] - COMEX gold inventory was 31,713,528 on March 27, down 192,945 (- 0.60%) from the previous value [2] - COMEX silver inventory was 328,297,364 on March 27, down 250,587 (- 0.08%) from the previous value [2] - COMEX gold registered warehouse receipts were 16,618,235 on March 27, down 123,951 (- 0.74%) from the previous value [2] - COMEX silver registered warehouse receipts were 76,024,857 on March 27, down 1,144,816 (- 1.48%) from the previous value [2] - The SPDR gold ETF position was 1053 on March 27, up 0.28 (0.03%) from the previous value [2] - The SLV silver ETF position was 15,409 on March 27, unchanged from the previous value [2]

Group 1: Stock Index Futures Spread Daily Report - The latest values, changes from the previous day, 1 - year historical percentiles, and all - time historical percentiles of IF, IH, IC, and IM futures price - spot price spreads and inter - period spreads are presented. For example, the IF futures price - spot price spread is - 81.53, with a change of 5.93 from the previous day, and 1 - year and all - time historical percentiles of 2.40% and 2.20% respectively [1]. - The ratios of different stock indices such as CSI 500/CSI 300, CSI 500/SSE 50, etc., along with their changes and percentiles, are provided. For instance, the CSI 500/CSI 300 ratio is 1.7068, with a change of - 0.0051, and 1 - year and all - time historical percentiles of 81.50% and 77.30% respectively [1]. Group 2: Treasury Bond Futures Spread Daily Report - The latest values, changes from the previous trading day, and percentiles since listing of the basis and inter - period spreads of TS, TF, T, and TL treasury bond futures are given. For example, the TS basis on March 26, 2026, is 0.0400, with a change of 0.0012 from the previous day, and a percentile of 8.809 since listing [3]. - The cross - variety spreads between different treasury bond futures, such as TS - TF, TS - T, etc., along with their changes and percentiles, are presented. For example, the TS - TF spread on March 26, 2026, is - 3.4600, with a change of - 0.0450, and a percentile of 13.10% [3]. Group 3: Precious Metals Spot - Futures Daily Report - The closing prices, price changes, and price change rates of domestic and foreign precious metal futures contracts on March 26 and March 25 are reported. For example, the AU2606 contract closed at 095.98 on March 26, down 17.98 (- 1.77%) from March 25 [4]. - The spot prices, price changes, and price change rates of precious metals such as London gold, London silver, etc., are provided. For example, the price of London gold on March 26 is 4379.82, down 125.49 (- 2.79%) from March 25 [4]. - The basis values, their changes, and historical 1 - year percentiles are presented. For example, the gold TD - Shanghai gold main contract basis is - 6.21, with a change of - 6.69, and a 1 - year historical percentile of 46.10% [4]. - The ratios between different precious metals, along with their changes and price change rates, are given. For example, the COMEX gold/silver ratio is 64.25, up 1.22 (1.93%) [4]. - The values of interest rates, exchange rates, inventories, and positions, along with their changes, are reported. For example, the 10 - year US Treasury yield is 4.42, up 0.09 (2.1%) [4]. - Investment suggestions are provided: in the short - term, although the US is actively promoting peace talks with Iran, reaching a cease - fire agreement may be difficult, and there may be intense conflicts, causing the gold price to fall again. In the medium - to - long - term, allocation should be cautious. In the short - term, one can try to buy call options around $4400 to seize the opportunity of a phased recovery. Silver may gradually bottom out around $60 - 65, with resistance at $85. It is recommended to continue holding short positions of out - of - the - money call options on Shanghai silver. Platinum and palladium fluctuate widely following the trends of gold and silver, with platinum fluctuating in the range of $1850 - 2000 and palladium in the range of $1450 - 1600 [4].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - In the short term, although the US is actively promoting peace talks with Iran, the conditions for reaching a cease - fire agreement may be harsh. There is a possibility of intense conflicts between the two sides, causing the gold price to fall again. Gold ETF funds may stop flowing out, and there will be a liquidity shock. In the medium - to - long - term, allocation should be cautious. Intraday, one can try to buy call options around $4400 to seize the opportunity of a phased recovery [2] - The silver correction may gradually bottom out around $60 - 65, with resistance at $85. It is recommended to continue holding the short position of out - of - the - money call options on Shanghai silver [2] - Platinum and palladium follow the wide - range fluctuations of gold and silver. Platinum fluctuates in the range of $1850 - 2000, and palladium fluctuates in the range of $1450 - 1600 [2] 3. Summary by Relevant Catalogs 3.1 Domestic Futures Closing Prices - AU2606 contract closed at 995.98 yuan/gram on March 26, down 1.77% from the previous day [2] - AG2606 contract closed at 17472 yuan/kilogram on March 26, down 3.53% from the previous day [2] - PT2606 contract closed at 487.40 yuan/gram on March 26, down 3.65% from the previous day [2] - PD2606 contract closed at 353.35 yuan/gram on March 26, down 4.12% from the previous day [2] 3.2 Foreign Futures Closing Prices - COMEX gold main contract closed at 4376.90 on March 26, down 2.81% from the previous day [2] - COMEX silver main contract closed at 68.13 dollars/ounce on March 26, down 4.65% from the previous day [2] - NYMEX platinum main contract closed at 1813.30 on March 26, down 5.06% from the previous day [2] - NYMEX palladium main contract closed at 1365.00 on March 26, down 3.77% from the previous day [2] 3.3 Spot Prices - London gold was at 4379.82 on March 26, down 2.79% from the previous day [2] - London silver was at 68.06 dollars/ounce on March 26, down 4.38% from the previous day [2] - Spot platinum was at 1869.00 dollars/ounce on March 26, down 4.15% from the previous day [2] - Spot palladium was at 1372.00 on March 26, down 4.32% from the previous day [2] - Shanghai Gold Exchange gold T + D was at 989.77 yuan/gram on March 26, down 2.43% from the previous day [2] - Shanghai Gold Exchange silver T + D was at 17292 yuan/ten grams on March 26, down 4.57% from the previous day [2] - Shanghai Gold Exchange platinum 9995 was at 485 yuan/gram on March 26, down 4.88% from the previous day [2] 3.4 Basis - The basis of gold TD - Shanghai gold main contract was - 6.21, down 6.69 from the previous day, with a 1 - year historical quantile of 46.10% [2] - The basis of silver TD - Shanghai silver main contract was - 180, down 190 from the previous day, with a 1 - year historical quantile of 60.60% [2] - The basis of London gold - COMEX gold was - 9.13, up 4.16 from the previous day, with a 1 - year historical quantile of 75.60% [2] - The basis of London silver - COMEX silver was - 0.37, down 0.15 from the previous day, with a 1 - year historical quantile of 21.70% [2] 3.5 Price Ratios - The ratio of COMEX gold/silver was 64.25, up 1.93% from the previous day [2] - The ratio of SHFE main gold/silver was 57.00, up 1.82% from the previous day [2] - The ratio of NYMEX platinum/palladium was 1.33, down 1.34% from the previous day [2] - The ratio of GZFE platinum/palladium was 1.38, up 0.50% from the previous day [2] 3.6 Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.42%, up 2.1% from the previous day [2] - The 2 - year US Treasury yield was 3.96%, up 3.1% from the previous day [2] - The 10 - year TIPS Treasury yield was 2.08%, up 3.0% from the previous day [2] - The US dollar index was 99.92, up 0.29% from the previous day [2] - The offshore RMB exchange rate was 6.9206, up 0.23% from the previous day [2] 3.7 Inventories and Positions - The SHFE gold inventory was 106743, unchanged from the previous day [2] - The SHFE silver inventory was 370299 kilograms, down 1.54% from the previous day [2] - The COMEX gold inventory was 31906473, down 0.12% from the previous day [2] - The COMEX silver inventory was 328547950, down 0.09% from the previous day [2] - The COMEX gold registered warehouse receipts were 16742186, down 0.12% from the previous day [2] - The COMEX silver registered warehouse receipts were 77169673, up 0.65% from the previous day [2] - The SPDR gold ETF position was 1053, up 0.03% from the previous day [2] - The SLV silver ETF position was 15409, down 0.67% from the previous day [2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - In the short term, although the US is actively promoting peace talks with Iran, the conditions for a cease - fire agreement may be harsh. There is a possibility of intense conflicts between the two sides, and the gold price may fall again. Gold ETF funds have stopped flowing out, but long - term allocation requires caution. For short - term intraday trading, one can try to buy call options around $4400 - $4450 to seize the opportunity of a phased recovery [2] - If the US - Iran war eases, the silver price is expected to stop falling and rise. However, if the situation escalates again, it may fall back to around $60 - $65. The upper resistance is at $85. It is recommended to continue holding the short position of out - of - the - money call options on Shanghai silver [2] - Platinum fluctuates in the range of $1850 - $2000, and palladium fluctuates in the range of $1450 - $1600 [2] Group 3: Summary by Related Catalogs Domestic Futures Closing Prices - AU2606 contract closed at 1013.96 yuan/gram on March 25, up 36.68 yuan or 3.15% from March 24 [2] - AG2606 contract closed at 18111 yuan/kilogram on March 25, up 1026 yuan or 6.01% from March 24 [2] - PT2606 contract closed at 505.85 yuan on March 25, up 18.45 yuan or 3.79% from March 24 [2] - PD2606 contract closed at 368.55 yuan/gram on March 25, up 9.05 yuan or 2.52% from March 24 [2] Foreign Futures Closing Prices - COMEX gold main contract closed at 4503.30 on March 25, up 28.40 or 0.63% from March 24 [2] - COMEX silver main contract closed at 71.45 on March 25, unchanged from March 24 [2] - NYMEX platinum main contract closed at 1910.00 dollars/ounce on March 25, down 10.50 or - 0.55% from March 24 [2] - NYMEX palladium main contract closed at 1418.50 on March 25, down 26.00 or - 1.80% from March 24 [2] Spot Prices - London gold was at 4505.31 on March 25, up 33.29 or 0.74% from the previous value [2] - London silver was at 71.18 dollars/ounce on March 25, down 0.10 or - 0.14% from the previous value [2] - Spot platinum was at 1950.00 on March 25, up 58.00 or 3.07% from the previous value [2] - Spot palladium was at 1434.00 on March 25, up 41.00 or 2.94% from the previous value [2] - Shanghai Gold Exchange's gold T + D was at 1014.44 yuan/gram on March 25, up 36.45 or 3.73% from March 24 [2] - Shanghai Gold Exchange's silver T + D was at 18121 yuan/kilogram on March 25, up 5.56% from March 24 [2] - Shanghai Gold Exchange's platinum 9995 was at 509 yuan/gram on March 25, up 34 or 7.21% from the previous value [2] Basis - The basis of gold TD - Shanghai gold main contract was 0.48, down 0.23 from the previous value, with a 1 - year historical quantile of 46.10% [2] - The basis of silver TD - Shanghai silver main contract was 10, down 71 from the previous value, with a 1 - year historical quantile of 60.60% [2] - The basis of London gold - COMEX gold was - 9.13, up 4.16 from the previous value, with a 1 - year historical quantile of 75.60% [2] - The basis of London silver - COMEX silver was - 0.37, down 0.15 from the previous value, with a 1 - year historical quantile of 21.70% [2] Price Ratios - The ratio of COMEX gold/silver was 63.03 on March 25, up 0.40 or 0.63% from the previous value [2] - The ratio of Shanghai Futures Exchange's gold/silver was 55.99 on March 25, down 1.22 or - 2.12% from the previous value [2] - The ratio of NYMEX platinum/palladium was 1.35 on March 25, up 0.02 or 1.28% from the previous value [2] - The ratio of Guangzhou Futures Exchange's platinum/palladium was 1.37 on March 25, up 0.02 or 1.24% from the previous value [2] Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.33 on March 25, down 0.06 or - 1.4% from the previous value [2] - The 2 - year US Treasury yield was 3.84 on March 25, down 0.06 or - 1.5% from the previous value [2] - The 10 - year TIPS Treasury yield was 2.02 on March 25, down 0.04 or - 1.9% from the previous value [2] - The US dollar index was 99.63 on March 25, up 0.40 or 0.41% from the previous value [2] - The offshore RMB exchange rate was 6.9046 on March 25, up 0.0120 or 0.17% from the previous value [2] Inventory and Positions - The Shanghai Futures Exchange's gold inventory was 106743 on March 25, unchanged from the previous value [2] - The Shanghai Futures Exchange's silver inventory was 376094 kilograms on March 25, up 10171 or 2.78% from the previous value [2] - COMEX gold inventory was 31945633 on March 25, down 70802 or - 0.22% from the previous value [2] - COMEX silver inventory was 328841370 on March 25, down 2610436 or - 0.79% from the previous value [2] - COMEX gold registered warehouse receipts were 16762284 on March 25, up 217355 or 1.31% from the previous value [2] - COMEX silver registered warehouse receipts were 76672090 on March 25, up 123511 or 0.16% from the previous value [2] - SPDR gold ETF position was 1052 on March 25, down 0.57 or - 0.05% from the previous value [2] - SLV silver ETF position was 15514 on March 25, unchanged from the previous value [2]

Core Viewpoint - Precious metals experienced a significant decline on March 23, with spot gold dropping over 7% and spot silver falling over 9% [1] Group 1: Price Movements - Spot gold fell to $4168.355 per ounce, down $323.315, representing a decrease of 7.20% [2] - Spot silver decreased to $61.555 per ounce, down $6.342, reflecting a decline of 9.34% [2] - Spot platinum dropped over 7% to $1780 per ounce, down $145.80, which is a 7.57% decrease [3] - Spot palladium fell over 3% to $1356.09 per ounce, down $52.45, indicating a 3.72% decline [3] Group 2: Futures Market - COMEX gold prices decreased to $4253.4, down $321.5, which is a 7.03% drop [2] - COMEX silver prices fell to $62.215, down $7.449, representing a decline of 10.69% [2] - NYMEX platinum prices dropped to $1749.5, down $221.0, indicating an 11.22% decrease [3] - NYMEX palladium prices fell to $1343.50, down $101.70, reflecting a 7.04% decline [3]

Group 1 - The core viewpoint of the article highlights the significant increase in precious metal prices, with gold and silver experiencing notable gains on March 4th [2][4]. - Spot gold rose over 2%, reaching $5,196.39 per ounce, compared to the previous close of $5,088.52, marking an increase of $107.87 [2][3]. - Spot silver saw a more substantial increase of over 5%, currently priced at $86.462 per ounce, up from $82.013, which is an increase of $4.449 [4][5]. - Additionally, platinum prices also surged over 5%, reaching $2,194.74 per ounce [5].

Group 1 - The current price of spot gold is reported at 5196.390, showing an increase of 107.870 or 2.12% from the previous day’s closing price of 5088.520 [1] - The highest price for the day reached 5197.870, while the lowest was 5083.210 [1] - The trading volume indicates a significant interest in gold, with a current hand of 5101.117 [1] Group 2 - Spot silver has seen a daily increase of over 5%, currently priced at 86.462 per ounce, up by 4.449 or 5.42% from the previous closing price of 82.013 [2] - The highest price for silver today was 86.640, with a lowest price of 81.539 [2] - The trading activity reflects a strong market sentiment towards silver, with a current hand of 82.063 [2] Group 3 - Spot platinum prices have also increased by over 5%, currently at 2194.74 per ounce [2]

Group 1 - Gold prices increased by 1.75% to reach $5275.82 per ounce, approaching the historical high of $5595.47 set on January 29, with a cumulative increase of 7.84% in February [1] - COMEX gold futures rose by 1.64% to $5279.60 per ounce, with a cumulative increase of 11.27% in February [1] - Silver prices surged by 6.33% to $93.8333 per ounce, with a cumulative increase of 10.11% in February [1] Group 2 - COMEX silver futures increased by 7.67% to $94.300 per ounce, with a cumulative increase of 19.28% in February [1] - COMEX copper futures rose by 0.61% to $6.0630 per pound, with a cumulative increase of 1.35% in February [1] - Platinum prices increased by 7.19% to $2369.00 per ounce, while palladium prices rose by 4.56% to $1790.59 per ounce in February [1]

Group 1 - The spot platinum price has surpassed $2400 per ounce, experiencing a daily increase of over 5% [1]

Group 1 - The core point of the article is that spot platinum has surpassed $2400 per ounce, experiencing a daily increase of over 5% [2][4]