Group 1: Investment Rating - No report on industry investment rating is available in the provided content Group 2: Core Viewpoints - The current geopolitical conflict remains the core focus of the market. Iran refuses to participate in the peace - talks organized by Pakistan and plans to levy tolls on ships passing through the Strait of Hormuz. The US has a tough stance, threatening to attack Iran's energy facilities. The entry of the Houthi armed forces poses a threat to the shipping safety of the Bab - el - Mandeb Strait, increasing the global energy supply risk. Powell's speech on Monday was dovish, indicating that the current policy is somewhat restrictive and more attention is paid to the downward employment market. The short - term pressure on precious metals has been temporarily alleviated, but long - term inflation expectations may rise. It is recommended to stay on the sidelines. The reference operating range for the main contract of Shanghai gold is 950 - 1100 yuan/gram, and for Shanghai silver is 15000 - 20500 yuan/kilogram [4] Group 3: Market Quotes and Information Gold - Shanghai gold rose 1.73% to 1009.44 yuan/gram, and COMEX gold rose 0.12% to 4529.90 US dollars/ounce. The 10 - year US Treasury yield was 4.44%, and the US dollar index was 100.26 [2] - In terms of detailed gold data, for COMEX gold, the closing price of the active contract increased by 2.58% to 4489.70 US dollars/ounce, the trading volume decreased by 69.57% to 7.27 million lots, the position decreased by 1.81% to 40.39 million lots, and the inventory decreased by 0.60% to 986 tons. For LBMA gold, the closing price increased by 1.07% to 4504.15 US dollars/ounce. For SHFE gold, the closing price of the active contract increased by 1.62% to 1014.88 yuan/gram, the trading volume increased by 14.93% to 50.55 million lots, the position increased by 3.68% to 28.38 million lots, the inventory remained unchanged at 106.64 tons, and the settled funds increased by 5.36% to 460.81 billion yuan. For AuT + D, the trading volume increased by 11.58% to 91.15 tons, and the position increased by 0.95% to 241.75 tons [6] Silver - Shanghai silver rose 1.88% to 17763.00 yuan/kilogram, and COMEX silver fell 1.42% to 68.81 US dollars/ounce [2] - In terms of detailed silver data, for COMEX silver, the closing price of the active contract increased by 2.41% to 69.77 US dollars/ounce, the position decreased by 1.39% to 11.32 million lots, and the inventory decreased by 0.08% to 10211 tons. For LBMA silver, the closing price increased by 0.75% to 67.80 US dollars/ounce. For SHFE silver, the closing price of the active contract increased by 1.25% to 17707.00 yuan/kilogram, the trading volume increased by 21.82% to 159.25 million lots, the position increased by 0.53% to 45.51 million lots, the inventory increased by 0.71% to 374.43 tons, and the settled funds increased by 1.78% to 217.57 billion yuan. For AgT + D, the trading volume increased by 0.39% to 294.24 tons, and the position decreased by 0.34% to 2839.936 tons [6] Group 4: Geopolitical and Policy Information Geopolitical - Iran has received information from the US seeking dialogue through mediators but believes the US requirements are too harsh and unreasonable, and will not participate in the war - related meetings led by Pakistan. Iran's parliament has passed a bill to levy tolls on ships passing through the Strait of Hormuz, with a single oil tanker possibly paying up to 2 million US dollars. The new navigation control plan also prohibits the passage of ships related to the US, Israel, and countries that have imposed unilateral sanctions on Iran, and the tolls must be settled in Iranian Rial. The US has threatened to destroy all power - generation facilities, oil wells, and Kharg Island in Iran if the Strait of Hormuz fails to resume navigation immediately [3] Policy - Powell said that the current Fed policy rate remains somewhat restrictive, enabling the Fed to better respond to subsequent economic developments. There are no signs that the Fed's previous bond - buying actions have led to inflation, and the large - scale balance sheet has not shown the significant downward risks widely feared by the market. Regarding the impact of the Middle East situation on oil prices, the Fed will remain on the sidelines for now as its policy tools are ineffective against supply - side shocks, but will closely monitor inflation expectations, which are currently stable. Additionally, both supply and demand in the labor market have slowed, and the downward risk of employment has increased [2] Group 5: ETF Holdings Information Gold ETFs - For SPDR in the US, the closing price decreased by 0.03% to 414.58 US dollars, the holding volume decreased by 0.33% to 1046.13 tons, the settled funds increased by 0.22% to 1522.79 billion US dollars, and the trading volume decreased by 21.66% to 1298.93 million shares. For iShare in the US, the holding volume increased by 0.07% to 475.02 tons. For GBS, PHAU, and GOLD in the UK, and SGBS in Switzerland, the holding volumes remained unchanged [66] Silver ETFs - For SLV in the US, the closing price increased by 0.13% to 63.52 US dollars, the holding volume decreased by 0.79% to 15288.36 tons, the settled funds increased by 3.54% to 347.60 billion US dollars, and the trading volume decreased by 44.09% to 2924.13 million shares. For ETPMAG in Australia, PSLV, and CEF in Canada, the holding volumes remained unchanged [66]

Report Industry Investment Rating - No investment rating information is provided in the report Core Viewpoints - The current geopolitical conflict situation has become the core focus of the market, and the gold price trend is significantly affected by relevant news. With the Middle - East conflict entering the second month and continuing to escalate, Pakistan plans to host US - Iran talks in the coming days to resolve the conflict, but the positions of the US, Israel, and Iran are all tough. Meanwhile, the Houthi armed forces have entered the fray and threatened the shipping safety of the Mandeb Strait, increasing the global energy supply risk. In a high - oil - price environment, the stickiness of inflation expectations is further highlighted. Coupled with the shift of market interest - rate cut expectations, the short - term trend of precious metals is still under phased pressure. It is recommended to stay on the sidelines. The reference operating range for the main contract of Shanghai gold is 950 - 1050 yuan/gram, and for the main contract of Shanghai silver is 15000 - 20500 yuan/kilogram [3] Summary by Relevant Catalogs Market Quotes - Shanghai gold rose 1.73% to 1009.44 yuan/gram, Shanghai silver rose 1.88% to 17763.00 yuan/kilogram; COMEX gold rose 0.15% to 4531.20 US dollars/ounce, COMEX silver fell 1.43% to 68.80 US dollars/ounce; the US 10 - year Treasury yield was 4.44%, and the US dollar index was 100.26 [2] News Events - The US Senate Banking Committee plans to hold a hearing for Kevin Warsh, the nominee for Federal Reserve Chairman by President Trump, as early as the week of April 13. However, Warsh has not submitted his full - version manuscript yet [2] - The Iranian Foreign Ministry spokesman Bagheri stated that the relevant proposal submitted by the US through mediators is extreme and unreasonable. The proposal involves Iran's basic rights, lacks good - will and a serious diplomatic attitude. Iran emphasizes relying on its own capabilities to ensure security and will use all means to prevent another attack. At the same time, the Yemeni Houthi armed forces launched missiles at Israel, opening a new front in the Middle - East war. The Yanbu Port and the Mandeb Strait, where Saudi Arabia's daily oil output exceeds 3.4 million barrels and can bypass the Strait of Hormuz, are within the range of Houthi missiles, posing a serious threat to the last buffer plan in the energy market [2] Strategy Suggestions - Due to the current geopolitical situation, it is recommended to stay on the sidelines. The reference operating range for the main contract of Shanghai gold is 950 - 1050 yuan/gram, and for the main contract of Shanghai silver is 15000 - 20500 yuan/kilogram [3] Gold and Silver Data - **COMEX Gold**: The closing price of the active contract was 4489.70 US dollars/ounce (up 2.58% from the previous day), the trading volume was 7.27 million lots (down 69.57% from the previous day), the open interest was 40.39 million lots (down 1.81% from the previous day), and the inventory was 986 tons (down 0.60% from the previous day) [5] - **LBMA Gold**: The closing price was 4504.15 US dollars/ounce (up 1.07% from the previous day), the closing price of the active contract was 998.66 yuan/gram (up 0.27% from the previous day), the trading volume was 43.98 million lots (up 0.32% from the previous day) [5] - **SHFE Gold**: The open interest was 27.37 million lots (down 3.00% from the previous day), the inventory was 106.64 tons (down 0.09% from the previous day), and the settled funds were 43.737 billion yuan (outflow of 2.74% from the previous day) [5] - **AuT + D**: The trading volume was 81.69 tons (down 4.67% from the previous day), and the open interest was 239.47 tons (up 0.23% from the previous day) [5] - **COMEX Silver**: The closing price of the active contract was 69.77 US dollars/ounce (up 2.41% from the previous day), the open interest was 11.32 million lots (down 1.39% from the previous day), and the inventory was 10211 tons (down 0.08% from the previous day) [5] - **LBMA Silver**: The closing price was 67.80 US dollars/ounce (up 0.75% from the previous day), the closing price of the active contract was 17489.00 yuan/kilogram (up 0.10% from the previous day), the trading volume was 130.73 million lots (up 8.38% from the previous day) [5] - **SHFE Silver**: The open interest was 45.27 million lots (up 0.80% from the previous day), the inventory was 371.80 tons (up 0.41% from the previous day), and the settled funds were 21.376 billion yuan (up 0.89% from the previous day) [5] - **AgT + D**: The trading volume was 293.09 tons (down 31.79% from the previous day), and the open interest was 2849.646 tons (down 0.79% from the previous day) [5] ETF Holdings - **Gold ETFs**: The iShare US gold ETF's holding increased by 0.07% to 474.67 tons; the GBS UK, PHAU UK, and SGBS Switzerland gold ETFs' holdings remained unchanged or increased slightly, while the GOLD UK gold ETF's holding decreased by 0.50% to 29.52 tons [67] - **Silver ETFs**: The SLV US silver ETF's closing price rose 4.39% to 63.44 US dollars, the holding remained unchanged at 15409.46 tons, the settled funds increased by 0.75% to 33.572 billion US dollars, and the trading volume decreased by 6.74% to 5230.07 million shares. The ETPMAG Australia silver ETF's holding decreased by 0.71% to 479.53 tons, while the PSLV Canada and CEF Canada silver ETFs' holdings remained unchanged [67]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The current geopolitical conflict situation has become the core focus of the market, and the gold price trend is significantly affected by relevant news. Although Trump said that the negotiation with Iran is in progress and going smoothly, leaving a cooling - off window for the tense situation in the Middle East, the potential geopolitical risks have not subsided. The recent decline in oil prices helps relieve global inflation pressure, reducing the market's concern about further interest - rate hikes by the Fed to some extent. If the geopolitical conflict eases, the pressure on the global economy from high energy prices and supply - chain disruptions will gradually ease, and the probability of central banks around the world raising interest rates is expected to decline, which may lead to gold regaining upward momentum. However, the inflation expectation caused by high oil prices has not been fully alleviated, and precious metals will remain in a high - level shock in the short term. It is recommended to stay on the sidelines, with the reference operating range of the main contract of Shanghai Gold being 920 - 1050 yuan/gram and that of the main contract of Shanghai Silver being 14500 - 20500 yuan/kilogram [3] 3. Summary According to Relevant Catalogs 3.1 Market Quotes - On March 27, 2026, Shanghai Gold fell 2.83% to 980.08 yuan/gram, and Shanghai Silver fell 1.88% to 16841.00 yuan/kilogram; COMEX Gold rose 0.45% to 4396.20 US dollars/ounce, and COMEX Silver rose 1.01% to 68.62 US dollars/ounce. The yield of the 10 - year US Treasury bond was 4.42%, and the US dollar index was 99.87 [1] 3.2 Macro - economic Information - Federal Reserve Governor Cook said that the current labor market is characterized by low recruitment and low lay - offs, which has a particularly significant impact on young workers. Affected by the geopolitical conflict in the Middle East, the current inflation risk has increased, and the balance of economic risks has tilted more towards the inflation side. The previous US inflation level was close to the 2% policy target, but tariff factors caused inflation to deviate from the target, and the current geopolitical situation has further pushed inflation away from the target level [1] - Trump announced through social media that at the request of Iran, the strike on Iran's energy facilities would be postponed for 10 days, with the window period ending at 20:00 on April 6, 2026, Eastern Time. This move temporarily alleviated the market's concern about the escalation of conflicts in the energy sector, providing a phased easing space for the global energy market. However, the US still reserves the right to restart the strike. Coupled with Iran's previous clear statement of counter - attack, the geopolitical risk has not completely subsided [2] 3.3 Gold and Silver Data - **COMEX Gold**: The closing price of the active contract was 4503.30 US dollars/ounce, up 0.63%; the trading volume was 238,000 lots, up 15.09%; the open interest was 411,400 lots, down 0.62%; the inventory was 994 tons, down 0.22% [5] - **LBMA Gold**: The closing price was 4564.55 US dollars/ounce, up 3.42%; the closing price of the active contract was 995.98 yuan/gram, down 1.77%; the trading volume was 438,400 lots, down 17.17% [5] - **SHFE Gold**: The open interest was 282,200 lots, down 3.97%; the inventory was 106.74 tons, unchanged; the settled funds were 44.969 billion yuan, out - flowing 5.67% [5] - **AuT + D**: The trading volume was 85.69 tons, up 6.55%; the open interest was 238.91 tons, down 1.86% [5] - **COMEX Silver**: The closing price of the active contract was 71.45 US dollars/ounce, unchanged; the open interest was 114,800 lots, down 0.61%; the inventory was 10,228 tons, down 0.79% [5] - **LBMA Silver**: The closing price was 73.17 US dollars/ounce, up 4.57%; the closing price of the active contract was 17,472.00 yuan/kilogram, down 3.53%; the trading volume was 1,206,200 lots, down 19.40% [5] - **SHFE Silver**: The open interest was 449,100 lots, up 0.92%; the inventory was 370.30 tons, down 1.54%; the settled funds were 21.186 billion yuan, down 2.64% [5] - **AgT + D**: The trading volume was 429.70 tons, down 5.95%; the open interest was 2,872.224 tons, down 0.63% [5] 3.4 ETF Holdings - **Gold ETFs**: The holding of SPDR in the US was 1052.42 tons; iShare in the US held 474.31 tons (unchanged); GBS in the UK held 30.30 tons (unchanged); PHAU in the UK held 53.21 tons (unchanged); GOLD in the UK held 29.71 tons (unchanged); SGBS in Switzerland held 34.92 tons, down 0.34% [68] - **Silver ETFs**: The closing price of SLV in the US was 60.77 US dollars, down 6.81%; the holding was 15,409.46 tons, down 0.67%; the settled funds were 3.3323 billion US dollars, down 8.66%; the trading volume was 55.5349 million shares, up 45.51%. ETPMAG in Australia held 482.96 tons, down 0.03%; PSLV in Canada held 6747.37 tons (unchanged); CEF in Canada held 1583.02 tons (unchanged) [68]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The current geopolitical conflict has become the core focus of the market, and the gold price is significantly affected by news. With Trump's softened attitude, oil prices have slightly declined, alleviating market concerns about further interest rate hikes by the Fed to some extent. If the geopolitical conflict eases in the future, the pressure on the global economy from high energy prices and supply - chain disruptions will gradually ease, and the probability of central banks raising interest rates will decrease, and gold is expected to regain its upward momentum. However, the inflation expectation caused by high oil prices has not been alleviated, and the Fed has no clear data to support the decline in inflation in the short term. Coupled with the cautious statements of central banks, precious metals still face valuation pressure in the short term. The strategy suggests a cautious bearish view, with the reference operating range for the main contract of Shanghai gold being 920 - 1050 yuan/gram and that for the main contract of Shanghai silver being 14,500 - 20,500 yuan/kilogram [4] 3. Summary According to Relevant Catalogs 3.1 Market Quotes - Shanghai gold rose 0.37% to 982.90 yuan/gram, and Shanghai silver rose 1.88% to 17,245.00 yuan/kilogram. COMEX gold rose 1.82% to 4482.50 US dollars/ounce, and COMEX silver rose 3.04% to 71.69 US dollars/ounce. The yield of the 10 - year US Treasury bond was 4.39%, and the US dollar index was 99.20 [2] - The preliminary value of the US S&P Global Manufacturing PMI in March was 52.4, higher than expected and the previous value, indicating an accelerated expansion of the manufacturing industry; the preliminary value of the service industry PMI was 51.1, lower than expected and down from the previous value [2] - The Turkish central bank is discussing a gold - for - foreign - exchange swap transaction in the London market, planning to use about 135 billion US dollars of gold reserves to stabilize the pressured lira exchange rate [2] - The US proposed a 15 - clause conflict resolution plan to Iran through Pakistan, asking Iran to dismantle its existing nuclear capabilities, abandon nuclear weapons development, ban domestic uranium enrichment, hand over 60% of highly enriched uranium, dismantle key nuclear facilities, and accept full - scale IAEA inspections, stop supporting regional armed forces, limit ballistic missile projects, and ensure the opening of the Strait of Hormuz. In exchange, the US promised to fully lift sanctions on Iran, support Iran's civilian nuclear development, and cancel the "snap - back sanctions" mechanism. The US also plans to propose a one - month cease - fire to promote negotiations, and this plan has been confirmed by Israeli sources [3] 3.2 Strategy Suggestion - Adopt a cautious bearish strategy. The reference operating range for the main contract of Shanghai gold is 920 - 1050 yuan/gram, and that for the main contract of Shanghai silver is 14,500 - 20,500 yuan/kilogram [4] 3.3 Data Summary - **Gold Data**: For COMEX gold, the closing price of the active contract was 4474.90 US dollars/ounce (up 1.46% from the previous day), the trading volume was 206,800 lots (down 47.30% from the previous day), the position was 411,400 lots (down 0.62% from the previous day), and the inventory was not available. For LBMA gold, the closing price was 4466.25 US dollars/ounce (down 2.11% from the previous day). For SHFE gold, the closing price of the active contract was 977.28 yuan/gram (up 3.97% from the previous day), the trading volume was 736,500 lots (down 13.82% from the previous day), the position was 292,700 lots (down 0.12% from the previous day), the inventory was 106.74 tons (down 0.00% from the previous day), and the settled funds were 45.774 billion yuan (up 3.84% from the previous day). For AuT + D, the trading volume was 87.88 tons (down 15.80% from the previous day), and the position was 243.03 tons (up 0.64% from the previous day) [6] - **Silver Data**: For COMEX silver, the closing price of the active contract was 71.45 US dollars/ounce (up 3.07% from the previous day), the position was 114,800 lots (down 0.61% from the previous day), and the inventory was not available. For LBMA silver, the closing price was 67.23 US dollars/ounce (down 7.10% from the previous day). For SHFE silver, the closing price of the active contract was 17,085.00 yuan/kilogram (up 10.86% from the previous day), the trading volume was 1,943,200 lots (down 4.10% from the previous day), the position was 441,900 lots (down 3.08% from the previous day), the inventory was 365.92 tons (up 0.38% from the previous day), and the settled funds were 20.385 billion yuan (up 7.44% from the previous day). For AgT + D, the trading volume was 534.27 tons (up 11.58% from the previous day), and the position was 2,912.056 tons (down 0.15% from the previous day) [6] 3.4 ETF Holdings - **Gold ETFs**: SPDR US: The closing price was 404.13 US dollars (up 0.02% from the previous day), the holding was 1052.99 tons (up 0.03% from the previous day), the settled funds were 149.374 billion US dollars (down 1.15% from the previous day), and the trading volume was 16.7439 million shares (down 54.50% from the previous day). iShare US: The holding was 474.31 tons (down 0.33% from the previous day). GBS UK, PHAU UK, GOLD UK, and SGBS Switzerland had no change in holdings [65] - **Silver ETFs**: SLV US: The closing price was 62.95 US dollars (up 0.77% from the previous day), the holding was 15,513.67 tons (no change from the previous day), the settled funds were 34.886 billion US dollars (up 4.08% from the previous day), and the trading volume was 45.1195 million shares (down 37.71% from the previous day). ETPMAG Australia, PSLV Canada, and CEF Canada had no change in holdings [65]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The continuous escalation of the US - Iran war has made global central banks vigilant about inflation that may be triggered by rising crude oil prices. The FOMC meeting of the Federal Reserve on March 18, 2026, decided to keep the federal funds rate target range at 3.5%–3.75%. The possibility of a rate hike in the next step was mentioned, and the dot - plot maintained the expectation of one rate cut each in the current and next years, but the distribution was more hawkish than before. On Thursday, central banks in Japan, the UK, the Eurozone, Switzerland, and Sweden also decided to keep their current interest rates unchanged, putting pressure on precious metal prices. The strategy suggests a cautious bearish view, with the reference operating range for the main contract of Shanghai Gold being 970 - 1000 yuan/gram and that for the main contract of Shanghai Silver being 16300 - 20000 yuan/kilogram [3] 3. Summary by Relevant Catalogs 3.1 Market Quotes - Shanghai Gold fell 4.99% to 1026.74 yuan/gram, and Shanghai Silver fell 1.88% to 17660.00 yuan/kilogram. COMEX Gold rose 1.58% to 4678.70 US dollars/ounce, and COMEX Silver rose 3.20% to 73.50 US dollars/ounce. The US 10 - year Treasury yield was 4.25%, and the US dollar index was 99.23 [2] - The Federal Reserve's March FOMC meeting decided to keep the federal funds rate target range at 3.5%–3.75%, with Director Milan voting against and advocating a 25 - basis - point rate cut. On Thursday, central banks in Japan, the UK, Europe, Switzerland, and Sweden also announced keeping interest rates unchanged, while the Brazilian central bank made a hawkish 25 - basis - point rate cut, lower than market expectations. These central banks said they would be vigilant about rising energy prices, fearing an inflation wave in the broader economy [2] - The US Treasury issued a new general license related to Russian crude oil, allowing the delivery and sale of Russian - produced crude oil and petroleum products loaded before March 12. The license is valid until April 11, 2026, Eastern Time, with terms basically the same as before but explicitly excluding transactions involving North Korea, Cuba, and Crimea [2] - US Defense Secretary Hedgeseth held a briefing on the US - Israel strike on Iran, stating that the US military operations were proceeding as planned with no end - time schedule. The Department of Defense has requested the White House to approve over 200 billion US dollars in military operation funds against Iran. The Israeli Defense Forces Chief of Staff Zamir also indicated in internal discussions that Israel's military operations against Iran were not yet half - completed, and senior Israeli officers also hinted at no cease - fire schedule [2] 3.2 Key Data of Gold and Silver - **COMEX Gold**: The open interest (CFTC latest reporting period: weekly) increased by 1.02% to 41.40 million lots, and the inventory decreased by 0.27% to 997 tons [5] - **LBMA Gold**: The closing price decreased by 2.93% to 4869.95 US dollars/ounce, and the trading volume increased by 102.70% to 43.74 million lots [5] - **SHFE Gold**: The open interest decreased by 1.81% to 30.60 million lots, the inventory remained unchanged at 106.85 tons, and the precipitated funds flowed out by 6.36% to 52 billion yuan [5] - **AuT + D**: The trading volume increased by 59.89% to 75.75 tons, and the open interest increased by 4.71% to 234.68 tons [5] - **COMEX Silver**: The open interest (CFTC latest reporting period: weekly) increased by 1.88% to 11.55 million lots, and the inventory decreased by 0.12% to 10410 tons [5] - **LBMA Silver**: The closing price decreased by 2.01% to 78.60 US dollars/ounce, and the trading volume increased by 41.43% to 125.48 million lots [5] - **SHFE Silver**: The open interest decreased by 1.33% to 47.21 million lots, the inventory increased by 5.17% to 364.87 tons, and the precipitated funds decreased by 11.19% to 22.924 billion yuan [5] - **AgT + D**: The trading volume decreased by 73.11% to 448.61 tons, and the open interest increased by 0.10% to 2902.818 tons [5] 3.3 ETF Holdings - **Gold ETFs**: The iShare US holding remained unchanged at 482.28 tons, GBS UK at 30.53 tons, PHAU UK at 53.81 tons, and GOLD UK at 29.96 tons. SGBS Switzerland's holding decreased by 0.13% to 35.07 tons [65] - **Silver ETFs**: The ETPMAG Australia holding remained unchanged at 483.10 tons, PSLV Canada at 6747.37 tons, and CEF Canada at 1583.02 tons. The closing price of silver ETFs decreased by 4.13% to 68.70 US dollars, the trading volume increased by 34.51% to 4437.79 million shares, and the precipitated funds decreased by 2.81% to 38.563 billion US dollars [65]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The sharp rise in oil prices under the backdrop of the US - Iran war has pushed up market inflation expectations and prompted the market to re - evaluate the US economy's ability to withstand energy shocks [4] - The FOMC meeting on March 18 decided to keep the federal funds rate target range at 3.5%–3.75%, with Director Milan voting against and advocating a 25 - basis - point rate cut [2][4] - The possibility of a rate hike in the next move has been mentioned in this meeting, and the dot - plot maintains the expectation of one rate cut each this year and next year, but the distribution is more hawkish than before, putting short - term pressure on precious metal prices [4] - Strategically, it is recommended to be cautiously bearish. The reference operating range for the main contract of Shanghai Gold is 1,000 - 1,160 yuan/gram, and for Shanghai Silver, it is 17,200 - 20,500 yuan/kilogram [4] 3. Summary by Related Catalogs 3.1 Market Quotes - Shanghai Gold fell 2.23% to 1,088.90 yuan/gram, and Shanghai Silver fell 1.88% to 19,170.00 yuan/kilogram. COMEX Gold fell 1.39% to 4,828.00 US dollars/ounce, and COMEX Silver fell 2.63% to 75.56 US dollars/ounce. The US 10 - year Treasury yield was 4.26%, and the US dollar index was 100.25 [2] 3.2 Fed Meeting Information - The Fed's March FOMC meeting decided to keep the federal funds rate target range at 3.5%–3.75%, with Director Milan voting against and advocating a 25 - basis - point rate cut [2][4] - SEP economic forecasts show that the median expected real GDP growth rate in the US this year is 2.4%, and 2.3% next year, an increase from the December forecast. The year - end unemployment rate remains at 4.4% and will decline slightly later. The median interest rate expectation shows that the year - end interest rate is 3.4% this year and 3.1% next year, the same as in December [2] - The impact of the Middle East geopolitical events on the US economy is uncertain, and high oil prices in the short term will push up overall inflation [2] 3.3 US Government's Response to Oil Prices - US Vice - President Vance and several core officials of the Trump administration will hold a closed - door meeting with oil industry executives on Thursday. Vance revealed that the government will announce multiple countermeasures in the next 24 to 48 hours regarding the current oil price issue. The meeting will be held at the American Petroleum Institute, and the council members of this industry organization will attend [3] 3.4 Key Data of Gold and Silver | | 2026 - 03 - 18 | 2026 - 03 - 17 | Day - on - Day Change | Day - on - Day Percentage Change | One - Year Historical Quantile | | --- | --- | --- | --- | --- | --- | | **COMEX Gold** | | | | | | | Closing Price (Active Contract) | N/A | 5,011.30 USD/ounce | N/A | N/A | N/A | | Trading Volume | N/A | 11.54 million lots | N/A | N/A | N/A | | Open Interest (CFTC Latest Report Period: Weekly) | 41.40 million lots | 40.98 million lots | Increase | 1.02% | 9.43% | | Inventory | 1,000 tons | 1,003 tons | Decrease | - 0.30% | 0.79% | | **LBMA Gold** | | | | | | | Closing Price | 5,016.80 USD/ounce | 4,994.85 USD/ounce | Increase | 0.44% | 90.23% | | Closing Price (Active Contract) | 1,113.52 yuan/gram | 1,116.20 yuan/gram | Decrease | - 0.24% | 88.75% | | Trading Volume | 21.58 million lots | 23.80 million lots | Decrease | - 9.34% | 5.62% | | **SHFE Gold** | | | | | | | Open Interest | 31.17 million lots | 31.03 million lots | Increase | 0.43% | 9.23% | | Inventory | 106.85 tons | 105.32 tons | Increase | 1.45% | 99.59% | | Precipitated Funds | 55.529 billion yuan | 55.423 billion yuan | Inflow | 0.19% | 70.08% | | Closing Price (Short - pays - long) | 1,111.73 | 1,115.48 | Decrease | - 0.34% | 89.15% | | **AuT + D** | | | | | | | Trading Volume | 47.38 tons | 39.20 tons | Increase | 20.87% | 43.77% | | Open Interest | 224.12 tons | 229.93 tons | Decrease | - 2.53% | 64.65% | | **COMEX Silver** | | | | | | | Closing Price (Active Contract) | N/A | 79.46 USD/ounce | N/A | N/A | N/A | | Open Interest (CFTC Latest Report Period: Weekly) | 11.55 million lots | 11.33 million lots | Increase | 1.88% | 0.81% | | Inventory | 10,422 tons | 10,510 tons | Decrease | - 0.83% | 0.79% | | **LBMA Silver** | | | | | | | Closing Price | 80.22 USD/ounce | 78.95 USD/ounce | Increase | 1.61% | 84.76% | | Closing Price (Active Contract) | 19,980.00 yuan/kilogram | 20,308.00 yuan/kilogram | Decrease | - 1.62% | 83.93% | | Trading Volume | 88.73 million lots | 88.84 million lots | Decrease | - 0.13% | 23.29% | | **SHFE Silver** | | | | | | | Open Interest | 47.85 million lots | 47.40 million lots | Increase | 0.95% | 0.80% | | Inventory | 346.92 tons | 353.76 tons | Decrease | - 1.93% | 6.82% | | Precipitated Funds | 25.812 billion yuan | 25.988 billion yuan | Decrease | - 0.68% | 67.21% | | Closing Price (Short - pays - long) | 19,966.00 | 20,330.00 | Outflow | - 1.79% | 85.94% | | **AgT + D** | | | | | | | Trading Volume | 1,668.56 tons | 172.51 tons | Increase | 867.21% | 97.99% | | Open Interest | 2,900.004 tons | 2,887.258 tons | Increase | 0.44% | 4.01% | [6] 3.5 ETF Holdings of Gold and Silver - **Gold**: The closing price in US dollars was N/A (previous day: 459.27), the holding volume was N/A tons (previous day: 1,069.56), the precipitated funds were N/A billion US dollars (previous day: 172.482), and the trading volume was N/A million shares (previous day: 761.01). The holdings of iShare in the US, GBS in the UK, PHAU in the UK, and GOLD in the UK remained unchanged, while the holdings of SGBS in Switzerland decreased by 0.13% [64] - **Silver**: The closing price in US dollars was 68.70 (previous day: 71.66, down 4.13%), the holding volume was 15,389.75 tons (unchanged), the precipitated funds were 38.563 billion US dollars (previous day: 39.680 billion, down 2.81%), and the trading volume was 4,437.79 million shares (previous day: 3,299.18 million, up 34.51%). The holdings of ETPMAG in Australia, PSLV in Canada, and CEF in Canada remained unchanged [64]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The current gold price is in a sideways consolidation state. The sharp rise in oil prices under the background of the US - Iran war has pushed up market inflation expectations and prompted the market to re - evaluate the US economy's ability to withstand energy shocks. The GDP of the US in the fourth quarter of 2025 was significantly revised down to 0.7%, partly dragged down by the government shutdown, but consumer resilience still exists. In January 2026, the PCE and core PCE data recorded year - on - year increases of 2.8% and 3.1% respectively, still significantly higher than the Fed's 2% policy target, and the core PCE data reached a new high in nearly a year. In the context of rising energy prices, it may intensify the upward pressure on prices, which will make the Fed cautious about the pace of interest rate cuts. In the short term, precious metal prices are difficult to break out of the range. It is recommended to stay on the sidelines. The reference operating range for the main contract of Shanghai gold is 1050 - 1200 yuan/gram, and for the main contract of Shanghai silver is 20000 - 22000 yuan/kilogram [4]. Summary by Relevant Catalogs Market Quotes - Shanghai gold fell 0.86% to 1115.40 yuan/gram, and Shanghai silver fell 1.88% to 20528.00 yuan/kilogram; COMEX gold rose 0.15% to 5009.50 US dollars/ounce, and COMEX silver rose 0.40% to 81.01 US dollars/ounce; the US 10 - year Treasury yield was reported at 4.23%, and the US dollar index was reported at 99.82 [2]. - The US GDP in the fourth quarter of 2025 was significantly revised down to 0.7%, partly dragged down by the government shutdown, but consumer resilience still exists. In January 2026, the US PCE price index rose 2.8% year - on - year, the core PCE rose to 3.1% year - on - year and 0.4% month - on - month, still significantly higher than the Fed's 2% policy target. The University of Michigan consumer survey showed that the one - year inflation expectation in March was stable at 3.4%, while the long - term expectation fell slightly from 3.3% to 3.2%, and the market may have limited concerns about the continuous upward trend of inflation [2]. - Trump said that Iran's retaliation scope this time exceeded expectations and hinted at a possible attack on Iran's Kharg Island oil facilities; he also warned NATO that if it did not assist in ensuring the navigation safety of the Strait of Hormuz, it would face a bad situation and gave a timetable for the end of the war, saying that the conflict would end soon but not this week. In addition, US Treasury Secretary Bessent said that the US approved the passage of some ships through the Strait of Hormuz. Oil prices may be well below 80 US dollars in the next few months [3]. Gold and Silver Data - **COMEX Gold**: The closing price of the active contract was not available; the volume was not available; the position (CFTC latest reporting period: weekly) increased by 1.02% to 41.40 million lots; the inventory decreased by 0.48% to 1008 tons [6]. - **LBMA Gold**: The closing price was 5044.60 US dollars/ounce, down 1.67%; the closing price of the active contract was 1118.34 yuan/gram, down 1.29%; the volume increased by 20.65% to 35.04 million lots [6]. - **SHFE Gold**: The position decreased by 0.43% to 31.17 million lots; the inventory remained unchanged at 105.42 tons; the precipitation funds decreased by 1.72% to 557.67 billion yuan; the closing price (long pays short) decreased by 1.44% to 1114.99 yuan/gram; the volume decreased by 1.56% to 51.45 tons; the position decreased by 1.45% to 234.81 tons [6]. - **COMEX Silver**: The closing price of the active contract was not available; the position (CFTC latest reporting period: weekly) increased by 1.88% to 11.55 million lots; the inventory decreased by 0.63% to 10562 tons [6]. - **LBMA Silver**: The closing price was 83.70 US dollars/ounce, down 3.83%; the closing price of the active contract was 20301.00 yuan/kilogram, down 2.97%; the volume increased by 34.81% to 122.38 million lots [6]. - **SHFE Silver**: The position decreased by 0.77% to 47.92 million lots; the inventory increased by 1.27% to 330.71 tons; the precipitation funds decreased by 3.72% to 262.64 billion yuan; the closing price (short pays long) decreased by 3.88% to 20077.00 yuan/kilogram; the volume increased by 27.49% to 288.30 tons; the position increased by 0.01% to 2886.542 tons [6]. ETF Holdings - **Gold ETFs**: The holdings of iShare US decreased by 1.40% to 487.14 tons; the holdings of GBS UK remained unchanged at 30.55 tons; the holdings of PHAU UK decreased by 1.00% to 53.83 tons; the holdings of GOLD UK remained unchanged at 29.96 tons; the holdings of SGBS Switzerland decreased by 0.07% to 35.17 tons [65]. - **Silver ETFs**: The closing price was 73.22 US dollars, up 0.73%; the volume of SLV US decreased by 21.00% to 3639.80 million shares; the holdings of ETPMAG Australia decreased by 0.88% to 483.10 tons; the holdings of PSLV Canada remained unchanged at 6747.37 tons; the holdings of CEF Canada remained unchanged at 1583.02 tons [65].

Group 1: Market Overview - Geopolitical tensions are rising, leading to an increase in oil prices, with Brent crude oil rising by 11.3% to $103.1 per barrel [2][46] - The S&P 500 index fell by 1.6%, while developed market indices saw declines, including a 3.2% drop in the Nikkei 225 and a 2.0% drop in the Dow Jones Industrial Average [2][3] - Emerging market indices also mostly declined, with the Indian SENSEX30 down by 5.5% and the Ho Chi Minh index down by 4.1% [3] Group 2: U.S. Economic Data - The U.S. February CPI matched expectations at 2.4% year-on-year, with a month-on-month increase of 0.3% [2][93] - Real disposable income for U.S. residents increased significantly by 0.7% in January, primarily due to tax refunds [2][95] - The JOLT job openings for January were reported at 6.946 million, exceeding expectations of 6.75 million [2][100] Group 3: Bond Market - The 10-year U.S. Treasury yield rose by 13 basis points to 4.28%, with similar increases seen in other developed countries [21] - The TGA balance in the U.S. decreased to $805.8 billion, indicating a decline in net issuance of U.S. debt [65] Group 4: Commodity Prices - Most commodity prices increased, with WTI crude oil rising by 8.6% to $98.7 per barrel and LME nickel up by 0.8% to $17,520 per ton [46][53] - Precious metals saw declines, with COMEX gold down by 2.3% to $5,021 per ounce and COMEX silver down by 4.6% to $79.7 per ounce [46][53] Group 5: Currency Movements - The U.S. dollar index rose by 1.6% to 100.50, while major currencies depreciated against the dollar, including the euro and the British pound [32][41] - The offshore RMB depreciated to 6.9077 against the dollar, reflecting a broader trend of currency weakness against the dollar [41] Group 6: Inflation Expectations - Inflation expectations rose slightly, with the 10-year U.S. Treasury real yield increasing by 12 basis points to 1.92% [53] - The core CPI showed a year-on-year increase of 2.5%, indicating stable inflationary pressures [93]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The current gold price is in a sideways consolidation trend. The soaring oil price in the context of the US - Iran war has pushed up market inflation expectations and made the market re - evaluate the US economy's ability to withstand energy shocks. The US GDP in Q4 2025 only grew by 0.7%, and the PCE and core PCE data in January 2026 were 2.8% and 3.1% year - on - year respectively, still significantly higher than the Fed's 2% policy target. In the current context of rising energy prices, it may increase the upward pressure on prices, making the Fed cautious about the pace of interest rate cuts. It is difficult to see rapid easing policy signals in the short term, which will suppress precious metal prices. In the short term, the price may still be in a volatile range. It is recommended to stay on the sidelines. The reference operating range for the main contract of Shanghai gold is 1050 - 1200 yuan/gram, and for the main contract of Shanghai silver is 20000 - 22000 yuan/kilogram [3] 3. Summary by Relevant Catalogs 3.1 Market Quotes - Shanghai gold fell 1.31% to 1126.64 yuan/gram, Shanghai silver fell 1.88% to 20682.00 yuan/kilogram; COMEX gold fell 0.82% to 5020.00 US dollars/ounce, COMEX silver fell 1.82% to 79.86 US dollars/ounce; the US 10 - year Treasury yield was 4.28%, and the US dollar index was 100.45 [2] - In January 2026, the US PCE price index rose 2.8% year - on - year, slightly down from 2.9% in December, and increased 0.3% month - on - month. The overall inflation continued the downward trend; the core PCE rose to 3.1% year - on - year and 0.4% month - on - month, still significantly higher than the Fed's 2% policy target [2] - The US called on many countries to send warships to the Middle East, and countries such as South Korea, Japan, and France have responded. The US government may announce the organization of a multi - national joint escort in the Strait of Hormuz as soon as this week. The Israeli military spokesman said that military operations against Iran will last at least three more weeks, and there are still thousands of targets to be attacked [2] 3.2 Gold and Silver Data Summary - **COMEX Gold**: The closing price of the active contract was 5023.10 US dollars/ounce (down 1.20% from the previous day), the trading volume was 15.53 million lots (up 8.38%), the open interest was 41.40 million lots (up 1.02%), and the inventory was 1012 tons (down 0.32%) [5] - **LBMA Gold**: The closing price was 5044.60 US dollars/ounce (down 1.67%), the closing price of the active contract in yuan/gram was 1133.00 (down 1.32%), the trading volume was 29.04 million lots (up 16.09%) [5] - **SHFE Gold**: The open interest was 31.30 million lots (up 1.02%), the inventory was 105.42 tons (unchanged), the precipitation funds were 56.744 billion yuan (outflow of 0.31%), the closing price of AuT + D was 1131.25 (down 1.31%), the trading volume was 52.27 tons (up 54.34%), and the open interest was 238.27 tons (up 0.34%) [5] - **COMEX Silver**: The closing price of the active contract was 80.65 US dollars/ounce (down 3.94%), the open interest was 11.55 million lots (up 1.88%), and the inventory was 10629 tons (down 0.76%) [5] - **LBMA Silver**: The closing price was 83.70 US dollars/ounce (down 3.83%), the closing price of the active contract in yuan/kilogram was 20923.00 (down 5.16%), the trading volume was 90.78 million lots (up 27.54%) [5] - **SHFE Silver**: The open interest was 48.29 million lots (down 1.11%), the inventory was 326.57 tons (up 5.35%), the precipitation funds were 27.279 billion yuan (down 6.22%), the closing price of AgT + D was 20887.00 (outflow of 4.41%), the trading volume was 226.13 tons (down 45.61%), and the open interest was 2886.17 tons (up 0.53%) [5] 3.3 ETF Holdings - **Gold ETFs**: SPDR US: The closing price was 460.84 US dollars (down 1.29%), the holding volume was 1071.56 tons (down 0.40%), the precipitation funds were 17.377 billion US dollars (down 2.06%), and the trading volume was 11.6313 million shares (down 2.26%); iShare US: The holding volume was 487.14 tons (down 1.40%); GBS UK, PHAU UK, and GOLD UK had unchanged holdings; SGBS Switzerland: The holding volume was 35.17 tons (down 0.07%) [65] - **Silver ETFs**: SLV US: The closing price was 72.69 US dollars (down 4.96%), the holding volume was 15460.18 tons (down 0.51%), the precipitation funds were 4.1593 billion US dollars (down 4.32%), and the trading volume was 44.6836 million shares (up 50.14%); ETPMAG Australia, PSLV Canada, and CEF Canada had unchanged holdings [65]

1. Report Industry Investment Rating - The report has a cautious bearish outlook on precious metals [3] 2. Core View of the Report - Currently, the gold price maintains a narrow - range oscillation, showing a sideways consolidation pattern. After geopolitical events provided short - term support to gold and silver prices, the sharp rise in oil prices in the context of the US - Iran war triggered market inflation expectations and made the market re - evaluate the US economy's ability to withstand energy shocks. The US inflation was in a moderate decline channel before the Middle - East conflict, but the stickiness on the service side slowed down the decline. Higher inflation expectations under the current rising energy prices have strengthened the market's expectation that the Federal Reserve may keep interest rates unchanged for a long time this year, which suppresses precious metal prices. The report suggests a cautious bearish strategy, with the reference operating range for the main Shanghai gold contract being 1100 - 1200 yuan/gram and for the main Shanghai silver contract being 20500 - 23000 yuan/kilogram [3] 3. Summary by Relevant Catalogs 3.1 Market Quotes - Shanghai gold fell 0.94% to 1137.50 yuan/gram, and Shanghai silver fell 1.88% to 21706.00 yuan/kilogram. COMEX gold fell 0.76% to 5086.80 dollars/ounce, and COMEX silver fell 1.56% to 83.78 dollars/ounce. The US 10 - year Treasury yield was 4.27%, and the US dollar index was 99.73 [2] - In February 2026, the US CPI and core CPI were 2.4% and 2.5% respectively, remaining flat for two consecutive months. Before the escalation of the geopolitical conflict, US inflation pressure had shown significant signs of relief. The CPI had a moderate month - on - month increase of 0.3%, and the core CPI month - on - month was stable at 0.2%, with the core inflation year - on - year increase at a near - five - year low [2] - The Iranian diplomatic spokesman said that many ships could still pass through the Strait of Hormuz if coordinated with the Iranian Navy. Meanwhile, the Trump administration of the US intended to suspend the Jones Act to increase domestic oil transportation efficiency and stabilize oil prices [2] 3.2 Key Data of Gold and Silver - **Gold**: COMEX gold's open interest decreased by 2.47% to 40.98 million lots; LBMA gold's closing price rose 2.43% to 5209.70 dollars/ounce; SHFE gold's open interest increased by 2.72% to 30.57 million lots, and the precipitation funds increased by 2.90% to 56.346 billion yuan; AuT + D's trading volume decreased by 12.13% to 40.35 tons, and the open interest decreased by 0.38% to 243.01 tons [6] - **Silver**: COMEX silver's open interest decreased by 9.67% to 11.33 million lots; LBMA silver's closing price rose 6.09% to 88.53 dollars/ounce; SHFE silver's open interest decreased by 0.75% to 48.91 million lots, and the precipitation funds decreased by 2.94% to 29.393 billion yuan; AgT + D's trading volume decreased by 43.61% to 195.49 tons, and the open interest decreased by 1.11% to 2860.266 tons [6] 3.3 ETF Holdings - **Gold**: The holdings of iShare US remained unchanged at 494.04 tons; GBS UK's holdings decreased by 0.00% to 30.59 tons; PHAU UK's holdings decreased by 0.10% to 54.41 tons; GOLD UK's holdings increased by 0.12% to 29.96 tons; SGBS Switzerland's holdings decreased by 0.00% to 35.20 tons [65] - **Silver**: SLV US's closing price fell 2.72% to 77.91 dollars, the holdings decreased by 0.74% to 15539.06 tons, the precipitation funds decreased by 3.31% to 4.3073 billion dollars, and the trading volume decreased by 20.87% to 29.3077 million shares; ETPMAG Australia's holdings remained unchanged at 487.41 tons; PSLV Canada's holdings remained unchanged at 6747.37 tons; CEF Canada's holdings remained unchanged at 1583.02 tons [65]