Group 1: Price Performance - London Gold's latest price is 4608.35 with a change of 79.20 [1] - London Silver's latest price is 72.69 with a change of 1.94 [1] - London Platinum's latest price is 1920.00 with a change of 71.00 [1] - London Palladium's latest price is 1430.00 with a change of 43.00 [1] - WTI Crude's latest price is 102.88 with a change of 0.00 [1] - LME Copper's latest price is 12209.50 with a change of 4.00 [1] - The latest value of the US Dollar Index is 99.88 [1] - The latest exchange rate of Euro to US Dollar is 1.16 [1] - The latest exchange rate of British Pound to US Dollar is 1.32 [1] - The latest exchange rate of US Dollar to Japanese Yen is 158.73 [1] - The latest value of the US 10 - year TIPS is 2.04 [1] Group 2: Trading Data - COMEX Silver's latest inventory is 10196.36 with a change of 7.19 [2] - SHFE Silver's latest inventory is 368.67 with a change of - 5.76 [2] - Gold ETF's latest holding is 1047.28 with a change of 1.15 [2] - Silver ETF's latest holding is 15274.28 with a change of - 14.08 [2] - SGE Silver's latest inventory is 371.99 with a change of 0.00 [2] - SGE Silver's latest deferred fee payment direction is 2, and SGE Gold's is 1, both with a change of 0.00 [2] Group 3: Other Changes - There are changes of - 0.62, 0.01, 0.00, - 1.01, 0.00 (not specified for which items) [14]

Core Viewpoint - The international precious metals market is experiencing a complex pricing shift from "geopolitical risk" to "liquidity trading," with significant volatility in gold and silver prices observed in Q1 2026 [1][10]. Group 1: Price Volatility and Influencing Factors - As of March 31, 2026, gold prices opened at approximately $4,538 per ounce, while silver prices were around $69.35 per ounce, reflecting a notable decline from recent highs [1][11]. - Gold and silver futures have seen declines of approximately 13% and 24% respectively over the past month, indicating that safe-haven sentiment has not translated linearly into price increases due to a stronger dollar and rising interest rate expectations [1][11]. - A record outflow of $11 billion from commodity ETFs has been reported since March, with over $7 billion redeemed from gold ETFs and about $1.4 billion from silver ETFs [1][11]. Group 2: Liquidity Impact and Market Dynamics - The primary driver of recent price fluctuations in precious metals is liquidity impact, with speculative and leveraged funds rapidly exiting the market [2][13]. - The trading volume of gold ETFs surged threefold and silver ETFs increased ninefold in the first two months of 2026 compared to the average in 2025, highlighting the presence of crowded trades [2][14]. - Asian investors are observed to be selling gold and silver to meet liquidity needs, contributing to short-term price volatility [3][15]. Group 3: Long-term Support and Central Bank Purchases - Despite recent volatility, central bank purchases are expected to provide long-term support for gold prices, with a reported net purchase of 863 tons globally in 2025 [12][17]. - Emerging market central banks, particularly in Poland and China, are increasing their gold holdings as part of a de-dollarization trend, which is expected to underpin gold prices in the long run [12][18]. Group 4: Investment Strategies and Price Predictions - For investors looking to enter the market, a buying range of $4,200 to $4,400 per ounce for gold is suggested, with resistance anticipated around $4,900 [12][21]. - The overall market is expected to exhibit more wave trading characteristics this year, with a target price for gold set at around $5,000 and trading expected to range between $4,500 and $5,500 [21].

Group 1: Price Performance - London Gold's latest price is 4529.15, with a change of 25.00 [1] - London Silver's latest price is 70.75, with a change of 2.95 [1] - London Platinum's latest price is 1849.00, with a change of -20.00 [1] - London Palladium's latest price is 1387.00, with a change of 15.00 [1] - WTI Crude's latest price is 102.88, with a change of 3.24 [1] - LME Copper's latest price is 12205.50, with a change of -46.00 [1] Group 2: Trading Data - COMEX Silver's latest inventory is 10189.17, with a change of -22.02 [2] - SHFE Silver's latest inventory is 374.43, with a change of 2.63 [2] - Gold ETF's latest holding is 1046.13, with a change of -3.43 [2] - Silver ETF's latest holding is 15288.36, with a change of -121.10 [2] - SGE Silver's latest deferred fee payment direction is 2, with a change of 0.00 [2] - SGE Gold's latest deferred fee payment direction is 1, with a change of 0.00 [2] Group 3: Other Market Data - The latest value of the US Dollar Index is 100.51, with a change of 0.33 [14] - The latest exchange rate of Euro to US Dollar is 1.15, with a change of -0.01 [14] - The latest exchange rate of British Pound to US Dollar is 1.32, with a change of -0.01 [14] - The latest exchange rate of US Dollar to Japanese Yen is 159.73, with a change of -0.55 [14]

Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 4456.45, 67.29, 1950.00, 1434.00, 99.64, and 12251.50 respectively, with changes of 0.00, 0.00, 0.00, 0.00, 5.16, and 50.50 [2] - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 99.92, 1.15, 1.33, 159.75, and 2.13 respectively, with changes of 0.00, 0.00, 0.00, 0.00, and 0.05 [2] Group 2: Trading Data - The latest inventory of COMEX Silver, SHFE Silver, and SGE Silver are 10218.98, 371.80, and 371.99 respectively, with changes of 0.00, 1.50, and 0.00 [3] - The latest values of Gold ETF持仓 and Silver ETF持仓 are 1052.70 and 15409.46 respectively, with changes of 0.00 and 0.00 [3] - The latest SGE Silver and SGE Gold deferred fee payment directions are 1 and 2 respectively, with no changes [3]

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]

Group 1: Price Performance - London Gold's latest price is 4456.45, with a change of -108.10 [1] - London Silver's latest price is 67.29, with a change of -5.88 [1] - London Platinum's latest price is 1950.00, with a change of 58.00 [1] - London Palladium's latest price is 1434.00, with a change of 41.00 [1] - WTI Crude's latest price is 94.48, with a change of 4.16 [1] - LME Copper's latest price is 12201.00, with a change of -28.00 [1] Group 2: Trading Data - COMEX Silver's latest inventory is 10218.98, with a change of -9.13 [2] - SHFE Silver's latest inventory is 370.30, with a change of -5.79 [2] - Gold ETF's latest holding is 1052.70, with a change of 0.28 [2] - Silver ETF's latest holding is 15409.46, with a change of -104.21 [2] - SGE Silver's latest inventory is 371.99, with a change of 0.00 [2] - SGE Gold's latest deferred fee payment direction is 1, with a change of 0.00 [2] - SGE Silver's latest deferred fee payment direction is 2, with a change of 0.00 [2] Group 3: Other Data - US Dollar Index's latest value is 99.92, with a change of 0.28 [11] - EUR/USD's latest value is 1.15, with a change of -0.00 [11] - GBP/USD's latest value is 1.33, with a change of -0.00 [11] - USD/JPY's latest value is 159.75, with a change of 0.28 [11] - US 10 - year TIPS's latest value is 2.02, with a change of 0.00 [11]

Group 1: Price Performance - London Gold's latest price is 4564.55 with a change of 151.00 [1] - London Silver's latest price is 73.17 with a change of 3.20 [1] - London Platinum's latest price is 1892.00 with a change of -1.00 [1] - London Palladium's latest price is 1393.00 with a change of -55.00 [1] - WTI Crude's latest price is 90.32 with a change of -2.03 [1] - LME Copper's latest price is 12229.00 with a change of 204.50 [1] - The latest value of the US Dollar Index is 99.63 [1] - The latest exchange rate of Euro to US Dollar is 1.16 [1] - The latest exchange rate of British Pound to US Dollar is 1.34 [1] - The latest exchange rate of US Dollar to Japanese Yen is 159.47 [1] - The latest value of the US 10 - year TIPS is 2.06 [1] Group 2: Trading Data - COMEX Silver's latest inventory is 10228.11 with a change of -81.19 [2] - SHFE Silver's latest inventory is 376.09 with a change of 10.17 [2] - Gold ETF's latest holding is 1052.42 with a change of -0.57 [2] - Silver ETF's latest holding is 15513.67 with no change [2] - SGE Silver's latest inventory is 371.99 with no change [2] - SGE Silver's latest deferred fee payment direction is 1 with no change [2] - SGE Gold's latest deferred fee payment direction is 2 with no change [2] Group 3: Other Changes - There are changes of 0.40, -0.00, -0.00, 0.75, 0.00 (not clearly specified for which items) [13]

1. Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Neutral [9] - Arbitrage: Short the gold-silver ratio at high levels [9] - Options: On hold [9] 2. Core View of the Report - The Middle East situation may ease, and the prices of precious metals are being repaired. The market's pricing of liquidity risk has weakened slightly. It is expected that the gold price will mainly show a strong oscillation pattern in the near future, and the silver price will also maintain an oscillation pattern [1][8][9]. 3. Summary According to Relevant Catalogs Market Analysis - The US government proposed a 15 - item conflict - ending plan to Iran through Pakistan. The US requires Iran to stop supporting regional ally armed forces, limit the scale and range of ballistic missile projects, and keep the Strait of Hormuz open. In exchange, Iran may get sanctions lifted, US support for its civilian nuclear project, and the cancellation of the "snap - back sanctions" mechanism. The US is considering a one - month cease - fire for further negotiations [1]. Futures Quotes and Trading Volume - On March 24, 2026, the Shanghai gold main contract opened at 992.80 yuan/gram and closed at 977.28 yuan/gram, a change of 3.97% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. The night - session closed at 982.90 yuan/gram, up 0.32% from the afternoon close. The Shanghai silver main contract opened at 17,000.00 yuan/kg and closed at 17,085.00 yuan/kg, a change of 10.86% from the previous trading day's close. The trading volume was 1,247,893 lots, and the open interest was 211,635 lots. The night - session closed at 17,245 yuan/kg, up 0.94% from the afternoon close [2]. US Treasury Yield and Spread Monitoring - On March 24, 2026, the US 10 - year Treasury yield closed at 4.354%, unchanged from the previous trading day. The spread between the 10 - year and 2 - year Treasury yields was 0.471%, up 0.13 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 on March 24, 2026, the long positions changed by 3,774 lots, and the short positions changed by 1,280 lots. The total trading volume of Shanghai gold contracts was 736,505 lots, a change of - 13.82% from the previous trading day. On the Ag2606 contract, the long positions changed by - 4,023 lots, and the short positions changed by - 7,084 lots. The total trading volume of silver contracts was 1,943,232 lots, a change of - 4.10% from the previous trading day [4]. Tracking of Precious Metal ETF Positions - On the previous trading day, the gold ETF position was 1,052.70 tons, a decrease of 4.29 tons from the previous trading day. The silver ETF position was 15,514 tons, an increase of 265 tons from the previous trading day [5]. Tracking of Precious Metal Arbitrage - On March 24, 2026, the domestic premium of gold was - 47.70 yuan/gram, and the domestic premium of silver was - 1,774.83 yuan/kg. The price ratio of the main gold and silver contracts on the Shanghai Futures Exchange was about 57.20, a change of - 6.22% from the previous trading day. The foreign - market gold - silver ratio was 63.42, a change of - 4.35% from the previous trading day [6]. Fundamentals - On March 24, 2026, the trading volume of gold on the Shanghai Gold Exchange T + d market was 87,880 kg, a change of - 15.80% from the previous trading day. The trading volume of silver was 534,268 kg, a change of 11.58% from the previous trading day. The gold delivery volume was 11,872 kg, and the silver delivery volume was 30 kg [7]. Strategy - Gold: It is expected that the gold price will mainly show a strong oscillation pattern in the near future, and the oscillation range of the Au2606 contract may be between 930 yuan/gram and 1,030 yuan/gram [8]. - Silver: The silver price is expected to maintain an oscillation pattern, and the oscillation range of the Ag2606 contract may be between 16,500 yuan/kg and 17,500 yuan/kg [9]. - Arbitrage: Short the gold - silver ratio at high levels [9]. - Options: On hold [9]

Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 4466.25, 67.23, 1893.00, 1448.00, 92.35, and 12024.50 respectively. The price changes are 0.00, 0.00, -85.00, 14.00, 4.22, and 282.00 respectively [2]. - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 99.16, 1.16, 1.34, 158.43, and 2.01 respectively, with all changes being 0.00 [2]. Group 2: Trading Data - The latest inventory of COMEX Silver is 10329.17, and the change is 0.00. The latest inventory of SHFE Silver is 365.92, with a change of 1.37. The latest Gold ETF holding is 1052.70, and the change is 0.00. The latest Silver ETF holding is 15513.67, and the change is 0.00. The latest inventory of SGE Silver is 371.99, and the change is 0.00. The latest deferred fee payment direction of SGE Silver is 1, with a change of -1.00, and for another SGE Silver it is 2 with a change of 0.00 [3].

Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 4466.25, 67.23, 1978.00, 1434.00, 88.13, and 11742.50 respectively, with changes of -96.30, -5.14, 43.00, -4.00, -10.10, and -409.50 [1] Group 2: Trading Data - The latest inventories of COMEX Silver, SHFE Silver, and SGE Silver are 10329.17, 364.55, and 371.99 respectively, with changes of -18.81, 2.05, and 0.00 [2] - The latest holdings of Gold ETF and Silver ETF are 1052.70 and 15513.67 respectively, with changes of -4.29 and 264.76 [2] - The latest deferred fee payment directions of SGE Silver and SGE Gold are both 2, with no changes [2] Group 3: Other Market Data - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 99.16, 1.16, 1.34, 158.43, and 2.01 respectively, with changes of -0.35, 0.00, 0.01, -0.81, and 0.00 [14]