Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The Fed's interest rate decision showed a relatively "hawkish" attitude, which short - term continuously hit the sentiment of precious metals. The gold price fell below the 60 - day moving average. If it cannot recover, it may decline to the low of $4,650 in February. It is recommended to buy at - the - money put options. Silver, under the pressure of a strong dollar, oscillated weakly in tandem with gold and sought support around $70. Platinum followed gold and silver and maintained a weak oscillation, or may fall back below $2,000. Palladium performed weaker than platinum. [2] 3. Summary by Relevant Catalog Domestic Futures Settlement Prices - AU2604 contract closed at 1,113.52 yuan/gram on March 18, down 2.68 yuan or 0.24% from March 17 [2] - AG2606 contract closed at 19,980 yuan/kilogram on March 18, down 328 yuan or 1.62% from March 17 [2] - PT2606 contract closed at 548.00 yuan on March 18, down 4.70 yuan or 0.85% from March 17 [2] - PD2606 contract closed at 402.80 yuan/gram on March 18, down 4.95 yuan or 1.21% from March 17 [2] Overseas Futures Closing Prices - COMEX gold main contract closed at 4,823.90 on March 18, down 187.40 or 3.74% from March 17 [2] - COMEX silver main contract closed at 75.42 on March 18, down 4.04 or 5.08% from March 17 [2] - NYMEX platinum main contract closed at 2,019.10 dollars/ounce on March 18, down 104.20 or 4.91% from March 17 [2] - NYMEX palladium main contract closed at 1,494.00 on March 18, down 124.00 or 7.66% from March 17 [2] Spot Prices - London gold was at 4,813.53 on March 18, down 193.10 or 3.86% from the previous day [2] - London silver was at 75.36 on March 18, down 4.00 or 5.04% from the previous day [2] - Spot platinum was at 2,021.65 dollars/ounce on March 18, down 135.35 or 6.27% from the previous day [2] - Spot palladium was at 1,476.32 on March 18, down 152.68 or 9.37% from the previous day [2] - Shanghai Gold Exchange gold T + D was at 1,111.73 yuan/gram on March 18, down 3.75 or 0.34% from the previous day [2] - Shanghai Gold Exchange silver T + D was at 19,966 yuan/kilogram on March 18, down 364 or 1.79% from the previous day [2] - Shanghai Gold Exchange platinum 9995 was at 541 yuan/gram on March 18, down 8 or 1.45% from the previous day [2] Basis - Gold TD - Shanghai gold main contract basis was - 1.79 on March 18, down 1.07 from the previous value, with a 1 - year historical quantile of 46.10% [2] - Silver TD - Shanghai silver main contract basis was - 14 on March 18, down 36 from the previous value, with a 1 - year historical quantile of 60.60% [2] - London gold - COMEX gold basis was - 9.13 on March 18, up 4.16 from the previous value, with a 1 - year historical quantile of 75.60% [2] - London silver - COMEX silver basis was - 0.37 on March 18, down 0.15 from the previous value, with a 1 - year historical quantile of 21.70% [2] Price Ratios - COMEX gold/silver ratio was 63.96 on March 18, up 0.89 or 1.42% from the previous value [2] - SHFE gold/silver ratio was 55.73 on March 18, up 0.77 or 1.40% from the previous value [2] - NYMEX platinum/palladium ratio was 1.35 on March 18, up 0.04 or 2.99% from the previous value [2] - GZFE platinum/palladium ratio was 1.36 on March 18, up 0.00 or 0.37% from the previous value [2] Interest Rates and Exchange Rates - 10 - year US Treasury yield was 4.26 on March 18, up 0.06 or 1.4% from the previous value [2] - 2 - year US Treasury yield was 3.76 on March 18, up 0.08 or 2.2% from the previous value [2] - 10 - year TIPS Treasury yield was 1.86 on March 18, up 0.03 or 1.6% from the previous value [2] - US dollar index was 100.30 on March 18, up 0.74 or 0.74% from the previous value [2] - Offshore RMB exchange rate was 6.9016 on March 18, up 0.0181 or 0.26% from the previous value [2] Inventory and Positions - SHFE gold inventory was 106,842 on March 18, up 1,530 or 1.45% from the previous value [2] - SHFE silver inventory was 346,920 kilograms on March 18, down 6,843 or 1.93% from the previous value [2] - COMEX gold inventory was 32,140,344 on March 18, down 95,732 or 0.30% from the previous value [2] - COMEX silver inventory was 335,075,635 on March 18, down 2,817,058 or 0.83% from the previous value [2] - COMEX gold registered warehouse receipts were 16,658,999 on March 18, down 101,536 or 0.61% from the previous value [2] - COMEX silver registered warehouse receipts were 78,903,368 on March 18, unchanged from the previous value [2] - SPDR gold ETF position was 1,067 on March 18, down 2.57 or 0.24% from the previous value [2] - SLV silver ETF position was 15,264 on March 18, down 125.35 or 0.81% from the previous value [2]

Group 1: Investment Ratings - There is no information about the industry investment rating in the report. Group 2: Core Views - For the Middle - East turmoil, if the US successfully destroys the Iranian regime, it may boost the US dollar and put pressure on precious metals after a short - term positive impact. If the US fails to achieve its goal quickly and drags the Middle - East into long - term turmoil, precious metals may have greater upside potential. This week, one should closely monitor the Middle - East situation and the impact of US non - farm data on the Fed's interest - rate cut expectations. Gold is seeking support at the 20 - day moving average, and it is advisable to wait and see in the short term while selling out - of - the - money call options to protect long positions [1]. - For silver, the long - term logic of rising prices driven by supply inventory shortages and strong investment demand still holds. However, short - term exchange rule adjustments reduce physical delivery demand, and cautious capital attitudes limit upward momentum. The price shows a multi - week oscillation, with the moving average converging and volatility falling. It is recommended to sell out - of - the - money call options to earn time value [1]. - For platinum and palladium, supported by their macro - financial attributes and a tight supply outlook, with stable industrial demand and slightly increasing investment demand, prices generally have support, but they are dragged down by gold and silver and maintain a weak oscillation in the short term [1]. Group 3: Summary by Relevant Catalogs Domestic Futures Closing Prices - AU2604 contract closed at 1182.00 yuan/gram on March 3, down 15.22 yuan or 1.27% from March 2 [1]. - AG2604 contract closed at 21645 yuan/kilogram on March 3, down 2786 yuan or 11.40% from March 2 [1]. - PT2606 contract closed at 570.30 yuan/gram on March 3, down 56.20 yuan or 8.97% from March 2 [1]. - PD2606 contract closed at 433.90 yuan/gram on March 3, down 29.75 yuan or 6.42% from March 2 [1]. Foreign Futures Closing Prices - COMEX gold main contract closed at 5099.50 on March 3, down 236.40 or 4.43% from March 2 [1]. - COMEX silver main contract closed at 82.30 on March 3, down 7.31 or 8.16% from March 2 [1]. - NYMEX platinum main contract closed at 2089.70 dollars/ounce on March 3, down 228.90 or 9.87% from March 2 [1]. - NYMEX palladium main contract closed at 1672.00 on March 3, down 129.50 or 7.19% from March 2 [1]. Spot Prices - London gold was at 5088.33, down 233.10 or 4.38% from the previous value [1]. - London silver was at 82.00, down 7.26 or 8.13% from the previous value [1]. - Spot platinum was at 2114.00 dollars/ounce, down 215.00 or 9.23% from the previous value [1]. - Spot palladium was at 1645.50, down 122.75 or 6.94% from the previous value [1]. - Shanghai Gold Exchange's gold T + D was at 1181.56 yuan/gram, down 17.95 or 1.50% from the previous value [1]. - Shanghai Gold Exchange's silver T + D was at 21427 yuan/kilogram, down 2525 or 10.54% from the previous value [1]. - Shanghai Gold Exchange's platinum 9995 was at 571 yuan/gram, down 35 or 5.85% from the previous value [1]. Basis - Gold TD - Shanghai gold main contract was - 0.44, down 2.73 from the previous value, with a 1 - year historical quantile of 46.10% [1]. - Silver TD - Shanghai silver main contract was - 218, up 261 from the previous value, with a 1 - year historical quantile of 60.60% [1]. - London gold - COMEX gold was - 18.14, up 2.12 from the previous value, with a 1 - year historical quantile of 44.20% [1]. - London silver - COMEX silver was - 0.63, up 0.06 from the previous value, with a 1 - year historical quantile of 6.60% [1]. Bid Prices - COMEX gold/silver was 61.96, up 2.42 or 4.06% from the previous day [1]. - Shanghai Futures Exchange gold/silver was 54.61, up 5.60 or 11.44% from the previous day [1]. - NYMEX gold/silver was 1.25, down 0.04 or - 2.89% from the previous day [1]. - Guangzhou Futures Exchange gold/silver was 1.31, down 0.04 or - 2.73% from the previous day [1]. Interest Rates and Exchange Rates - 10 - year US Treasury yield was 4.06, up 0.01 or 0.2% from the previous day [1]. - 2 - year US Treasury yield was 3.51, up 0.04 or 1.2% from the previous day [1]. - 10 - year TIPS Treasury yield was 1.77, up 0.01 or 0.6% from the previous day [1]. - US dollar index was 99.06, up 0.51 or 0.52% from the previous day [1]. - Offshore RMB exchange rate was 6.9175, up 0.0164 or 0.24% from the previous day [1]. Inventory and Positions - Shanghai Futures Exchange's gold inventory was 105060, unchanged from the previous value [1]. - Shanghai Futures Exchange's silver inventory was 307484 kilograms, down 1952 or - 0.63% from the previous value [1]. - COMEX gold inventory was 33071598, down 99538 or - 0.30% from the previous value [1]. - COMEX silver inventory was 355173837, down 2391537 or - 0.67% from the previous value [1]. - COMEX gold registered warehouse receipts were 17021190, down 13903 or - 0.08% from the previous value [1]. - COMEX silver registered warehouse receipts were 87985493, down 790368 or - 0.89% from the previous value [1]. - SPDR gold ETF position was 1089, down 2.29 or - 0.21% from the previous value [1]. - SLV silver ETF position was 15981, up 79.15 or 0.50% from the previous value [1].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The market is affected by macro - geopolitical events, repeatedly supporting the gold price to maintain a relatively strong oscillation. Gold can be bought on dips after a callback when it is above the 20 - day moving average. At the same time, sell out - of - the - money call options to lock in the retracement risk [1] - For silver, the short - term suspension of the 232 investigation tariff by the US and the position - limit measures of the exchange have eased the capital sentiment. The price may enter a high - level oscillation. Be cautious about unilateral participation. Sell out - of - the - money call options to earn volatility - reduction returns [1] - The spot supply of crude gold in London is tightening. It can be bought on dips when it retraces to the 20 - day moving average. The price generally fluctuates in the range of 587 - 640 yuan, and an option straddle strategy can be used. Palladium performs relatively weaker than platinum, and out - of - the - money call options above 510 yuan can be sold [1] Group 3: Summary by Relevant Catalogs Domestic Futures Closing Price - AU2604 contract closed at 1092.30 yuan/gram on January 21, up 32.14 yuan or 3.03% from January 20 [1] - AG2604 contract closed at 23131 (unit not clear) on January 21, up 0.30% from January 20; another silver - related data closed at 628.50 yuan/kg, up 9.15 yuan or 1.48% [1] - PT2606 contract data not provided; PD2606 contract closed at 485.80, down 4.20 or - 0.86% [1] Foreign Futures Closing Price - COMEX gold main contract closed at 4836.20 on January 21, up 67.10 or 1.41% from January 20 [1] - COMEX silver main contract closed at 92.96, down 1.51 or - 1.59% [1] - NYMEX platinum main contract closed at 2478.80 dollars/ounce, down 1.20 or - 0.05% [1] - NYMEX lithium - gold main contract (assumed to be misspelled, might be palladium - gold) closed at 1874.50, down 34.00 or - 1.78% [1] Spot Price - London gold was at 4832.97, up 1.47% from the previous value [1] - London silver was at 93.10, down 1.43 or - 1.51% [1] - Spot platinum was at 2481.58 dollars/ounce, up 15.48 or 0.63% [1] - Another "spot aluminum - gold" (might be misspelled) was at 1845.16, down 29.18 or - 1.56% [1] - Shanghai Gold Exchange's gold T + D was at 1085.93 yuan/gram, up 29.94 yuan or 2.84% [1] - Shanghai Gold Exchange's silver T + D was at 23228 yuan/ten - gram, up 79 or 0.34% [1] - Shanghai Gold Exchange's platinum 9995 was at 628 yuan/5 - gram, up 15 or 2.45% [1] Basis - Gold TD - Shanghai gold main contract basis was - 6.37, down 2.20 from the previous value, at the 46.10% quantile of the past year [1] - Silver TD - Shanghai silver main contract basis was 97, up 10 from the previous value, at the 60.60% quantile [1] - London gold - COMEX gold basis was - 2.06, up 2.92 from the previous value, at the 92.90% quantile [1] - London silver - COMEX silver basis was 0.19, unchanged from the previous value, at the 90.00% quantile [1] Price Ratio - COMEX gold/silver ratio was 52.03, up 1.54 or 3.05% from the previous value [1] - Shanghai Futures Exchange's gold/silver ratio was 47.22, up 1.25 or 2.72% [1] - NYMEX platinum/palladium ratio was 1.32, up 0.02 or 1.76% [1] - Guangzhou Futures Exchange's platinum/palladium ratio was 1.29, up 0.03 or 2.35% [1] Interest Rate and Exchange Rate - 10 - year US Treasury yield was 4.26%, down 0.04% or - 0.9% from the previous value [1] - 2 - year US Treasury yield was 3.60%, unchanged from the previous value [1] - 10 - year TIPS Treasury yield was 1.92%, down 0.05% or - 2.5% [1] - US dollar index was 98.77, up 0.23 or 0.23% [1] - Offshore RMB exchange rate was 6.9601, up 0.0043 or 0.06% [1] Inventory and Position - Shanghai Futures Exchange's gold inventory was unchanged at 066666 (format might be wrong), with a 0.00% change [1] - Shanghai Futures Exchange's silver inventory was 600779 kg, down 17803 kg or - 2.88% [1] - COMEX gold inventory was 36142880, up 6979 or 0.02% [1] - COMEX silver inventory was 422313658, down 4162840 or - 0.98% [1] - COMEX gold registered warehouse receipts were 18864397, down 418419 or - 2.17% [1] - COMEX silver registered warehouse receipts were 119542538, down 3448830 or - 2.80% [1] - SPRD gold ETF position was 1078, down 4.00 or - 0.37% [1] - SLV silver ETF position was 18166, down 56.38 or - 0.35% [1]