Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The precious metals market is expected to continue to fluctuate in the short term. In the context of the long - term dollar credit narrative and the continuation of central bank gold - buying trends, the medium - to - long - term bullish logic remains intact. It is recommended to make long - term layouts on dips [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices**: The closing price of the Shanghai Gold main contract was 1,148.10 yuan/gram, down 3.9 yuan; the closing price of the Shanghai Silver main contract was 22,062 yuan/kilogram, down 194 yuan [2]. - **Positions**: The main contract position of Shanghai Gold was 105,803 lots, down 1,925 lots; the main contract position of Shanghai Silver was 3,354 lots, up 202 lots [2]. - **Volumes**: The main contract trading volume of Shanghai Gold was 163,830 lots, down 15,737 lots; the main contract trading volume of Shanghai Silver was 414,009 lots, up 19,026 lots [2]. - **Warehouse Receipts**: The warehouse receipt quantity of Shanghai Gold was 105,420 kilograms, up 510 kilograms; the warehouse receipt quantity of Shanghai Silver was 309,974 kilograms, up 58,115 kilograms [2]. 3.2 Spot Market - The spot price of gold on the Shanghai Gold Exchange was 1,146.45 yuan, down 3.97 yuan; the spot price of Huatong No.1 silver was 21,594 yuan, down 706 yuan. The basis of the Shanghai Gold main contract was - 1.65 yuan/gram, down 0.09 yuan; the basis of the Shanghai Silver main contract was - 468 yuan/gram, down 512 yuan [2]. 3.3 Supply and Demand Situation - **ETF Holdings**: The SPDR Gold ETF holdings were 1,077.28 tons, up 3.71 tons; the SLV Silver ETF holdings were 15,539.06 tons, down 115.51 tons [2]. - **CFTC Non - commercial Net Positions**: The non - commercial net position of gold in CFTC was 160,145 contracts, up 968 contracts; the non - commercial net position of silver in CFTC was 23,338 contracts, up 1,078 contracts [2]. - **Supply**: The total supply of gold in the quarter was 1,302.80 tons, down 0.19 tons; the total supply of silver in the year was 32,056 tons, up 482 tons [2]. - **Demand**: The total demand for gold in the quarter was 1,345.32 tons, up 79.57 tons; the total demand for silver in the year was 35,716 tons, down 491 tons [2]. - **Other Indicators**: The US dollar index was 99.20, up 0.27; the 10 - year US Treasury real yield was 1.85, up 0.03 [2]. 3.4 Macroeconomic Data - The VIX volatility index was 24.23, down 0.70; the CBOE gold volatility index was 30.68, down 1.43. The ratio of S&P 500 to gold price was 1.31, up 0.01; the gold - silver ratio was 60.10, up 1.25 [2]. 3.5 Industry News - Trump stated that the US military action against Iran was "about to end", but US and Israeli officials said they had not received internal instructions to stop the military action [2]. - The International Energy Agency (IEA) agreed to release 4 billion barrels of strategic oil reserves to deal with the energy supply disruption risk caused by the Iran war [2]. - The US February CPI report showed that the overall inflation performance was basically in line with market expectations, but the February inflation data did not fully reflect the upward pressure on international oil prices [2]. - The US government budget deficit in February 2026 was $308 billion. The budget deficit from the beginning of the fiscal year to February exceeded $1 trillion, but was about 12% lower than the same period in 2025 [2]. 3.6 Option Analysis - For the outer - market gold options, the $5,000 level is the most important lower support, and there is also some defensive strength around $5,100. The main resistance area is between $5,200 and $5,225, with concentrated long - call positions. The Put/Call ratio is generally below 1, indicating a bullish market sentiment [2]. - For the outer - market silver options, the $85 level is the most important long - short balance center, and there is also some defensive strength around $84. There is some resistance around $89, and the expansion of long - call positions at higher strike prices is not obvious, indicating that new bullish drivers are needed for further upward movement. The Put/Call ratio has recently fallen below 1, and the market sentiment is cautiously bullish [2]. 3.7 Key Points to Watch - On March 13 at 20:30, the US January core PCE price index will be released. - On March 13 at 22:00, the US January durable goods orders will be released [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The overall trends of both Shanghai gold and silver futures are in an upward channel, but they may be approaching the end of the trend. For gold, short - term market may continue to oscillate in the current range to digest the gains, and in the long - term, the weakening US dollar index and potential geopolitical policy risks provide upward space for gold prices. For silver, in the short - term, it may oscillate strongly in the range of 22,500 - 23,500 yuan/kg, and in the long - term, the price center is expected to rise due to the expanding supply - demand gap and the weakening US dollar [7][33] 3. Summary by Directory Gold Futures 3.1.1 Mid - line Market Analysis - The overall trend of Shanghai gold futures is in an upward channel and may be near the end of the trend. Last week, the gold main contract rose 3.52% driven by the US tariff policy adjustment and the weakening US dollar. Then, it sorted in the range of 1,146 - 1,151 yuan/g. The market volatility narrowed, trading was active, and long - position funds continued to increase positions. In the short - term, the market may continue to oscillate, and in the long - term, the weak US dollar and geopolitical risks provide upward space. It is necessary to pay attention to the US dollar trend, US tariff policy, and main position changes [7] - The mid - line strategy suggestion is to wait and see [8] 3.1.2 Variety Trading Strategy - Last week's strategy review: The Shanghai gold contract 2604 was in short - term high - level oscillation, with the upper pressure at 1,200 - 1,220 yuan/g and the lower support at 1,080 - 1,100 yuan/g. It was recommended to buy on dips [10] - This week's strategy suggestion: The Shanghai gold contract 2604 is expected to run strongly at a high level, with the upper pressure at 1,200 - 1,220 yuan/g and the lower support at 1,080 - 1,100 yuan/g. It is recommended to buy on dips [11] 3.1.3 Related Data Situation - Multiple data charts are provided, including the price trends of Shanghai gold and COMEX gold, SPDR gold ETF holdings, COMEX gold inventory, US 10 - year Treasury yield, US dollar index, US dollar against offshore RMB, gold - silver ratio, Shanghai gold basis, and gold internal - external price difference [19][21][23] Silver Futures 3.2.1 Mid - line Market Analysis - The overall trend of Shanghai silver futures is in an upward channel and may be near the end of the trend. Last week, the main contract rose 12.84% driven by the US tariff policy adjustment and the weakening US dollar. Then, it stabilized in the range of 22,600 - 23,000 yuan/kg. The trading volume increased significantly, and the short - side did not dominate. The continuous supply shortage of global silver and the significant reduction of COMEX inventory provide fundamental support. In the short - term, it may oscillate strongly in the range of 22,500 - 23,500 yuan/kg, and in the long - term, the price center is expected to rise. It is necessary to pay attention to the COMEX silver price, inventory changes, and Fed policy signals [33] - The mid - line strategy suggestion is to wait and see [34] 3.2.2 Variety Trading Strategy - Last week's strategy review: The silver contract 2604 was in high - level oscillation, with the upper pressure at 21,000 - 23,000 yuan/kg and the lower support at 17,000 - 19,000 yuan/kg. It was recommended to buy on dips [38] - This week's strategy suggestion: The silver contract 2604 is expected to run strongly at a high level, with the upper pressure at 24,000 - 27,000 yuan/kg and the lower support at 18,000 - 21,000 yuan/kg. It is recommended to buy on dips [39] 3.2.3 Related Data Situation - Multiple data charts are provided, including the price trends of Shanghai silver and COMEX silver, SLV silver ETF holdings, COMEX silver inventory, Shanghai silver basis, and silver internal - external price difference [47][49][51]

Core Viewpoint - The article discusses the recent fluctuations in the silver market and the impact of U.S. economic policies, particularly the nomination of Kevin Warsh as the Federal Reserve Chairman by Trump, which has led to significant volatility in precious metals prices. Group 1: Market Data - The current trading price of silver is approximately $80.26 per ounce, with T+D silver trading around 23,420 yuan per kilogram and the Shanghai silver main contract at 24,832 yuan per kilogram [1] - On January 30, the dollar index rose by 1.02% to close at 97.136, while silver closed at $84.63 per ounce, down 26.93% [1] - The SLV silver ETF held 15,523.36 tons as of January 30, unchanged from the previous trading day [2] Group 2: Economic Policies and Predictions - Trump has nominated Kevin Warsh for the Federal Reserve Chairman position, indicating that he believes it is inappropriate for the White House to pressure for interest rate cuts, although Warsh is expected to receive support from Democrats and may advocate for rate cuts [2] - The market anticipates that the Federal Reserve will implement more than two rate cuts this year, each by 25 basis points [2] Group 3: Market Analysis - The silver market opened at 71.182 at the beginning of January, reached a historical high of 121.794, and then experienced a strong pullback, closing at 84.619 [6] - The market is expected to have a demand for a pullback in February, with potential targets set at 86 and 80, and further levels at 78.7, 76, and 75 if broken [6]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The overall trends of Shanghai gold and silver futures are in a strong upward phase, but currently at the end of the trend. For gold, short - term prices may enter a high - level consolidation phase, with long - term support from geopolitical uncertainty and central bank gold purchases, while being suppressed by the Fed's policy shift and potential dollar rebound. For silver, short - term market sentiment has turned cautious with high volatility risks, but industrial demand growth and macro - hedging demand still provide support in the medium to long term. It is recommended to take a wait - and - see approach for both [7][32] 3. Summary Based on the Directory Gold Futures 3.1. Mid - term Market Analysis - The overall trend of Shanghai gold futures is in a strong upward phase, possibly at the end of the trend. Last week, the gold price showed a "rally and then decline" pattern, reaching a high of 1249.12 yuan/gram on January 29th. Subsequently, due to a clear signal from the Fed to pause rate cuts, the dollar index rebounded to 97.12, combined with substantial profit - taking by long positions, the gold price significantly corrected, and the net long positions decreased significantly. In the short term, the gold price may enter a high - level consolidation phase. Geopolitical uncertainty and central bank gold purchases remain long - term supports, while the Fed's policy shift and potential dollar rebound are major suppressors, and there is a technical need for a correction. It is recommended to take a wait - and - see approach [7][8] 3.2. Variety Trading Strategy - **Last week's strategy review**: For the Shanghai gold contract 2604, it was short - term cautiously bullish, with a support level of 1085 - 1095 yuan/gram. It was recommended to buy on dips and control positions due to high short - term volatility [10] - **This week's strategy recommendation**: The Shanghai gold contract 2604 has significantly corrected at a high level. The upper resistance is 1115 - 1165 yuan/gram, and the lower support is 950 - 1000 yuan/gram. It is recommended to close long positions and wait and see [11] 3.3. Relevant Data Situation - The report presents multiple data charts, including the price trends of Shanghai gold and COMEX gold, SPDR gold ETF holdings, COMEX gold inventory, US 10 - year Treasury yields, the dollar index, the US dollar against the offshore RMB, the gold - silver ratio, Shanghai gold basis, and gold internal - external price differences [19][22][24] Silver Futures 3.1. Mid - term Market Analysis - The overall trend of Shanghai silver futures is in a strong upward phase, currently at the end of the trend. Last week, the silver price fluctuated sharply, rising first and then falling. In the first four days, it was driven by geopolitical hedging, dovish policy expectations, and tight spot supply indicated by continuous decline in warehouse receipts. On January 30th, due to a sharp drop in international silver prices, exchange margin hikes and contract expansion regulations, and high - leverage long - position liquidation, the price significantly corrected in a single day. Short - term market sentiment has turned cautious, with significant high - volatility risks. In the medium to long term, industrial demand growth and macro - hedging demand still provide support. It is recommended to take a wait - and - see approach [32] 3.2. Variety Trading Strategy - **Last week's strategy review**: The silver contract 2604 was trading at a high level, with a support level of 22,500 - 23,000 yuan/kilogram. It was recommended to buy on dips and control positions due to increased short - term volatility [35] - **This week's strategy recommendation**: The silver contract 2604 has significantly corrected at a high level. The upper resistance is 25,500 - 26,500 yuan/kilogram, and the lower support is 22,500 - 23,500 yuan/kilogram. It is recommended to close long positions and wait and see [36] 3.3. Relevant Data Situation - The report presents multiple data charts, including the price trends of Shanghai silver and COMEX silver, SLV silver ETF holdings, COMEX silver inventory, Shanghai silver basis, and silver internal - external price differences [44][47][49]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The sharp rise in international gold prices is the result of geopolitical turmoil, the shaking of the global political and economic order, and a continuously loose liquidity environment. In 2026, the Fed is expected to continue to cut interest rates, and the loose liquidity environment provides strong support for the rise of precious metals. Global investors' strategic allocation demand for precious metals has increased, and the scale of gold and silver ETFs has continued to expand, driving up precious metal prices. Short - term silver has risen significantly, and there may be some pressure for funds to take profits, while gold is more stable [4]. - Morgan Stanley expects that driven by geopolitical uncertainty, continuous central bank gold purchases, and strong ETF demand, the gold price is expected to rise to $5,700 per ounce in the second half of the year. If the Fed starts to cut interest rates in 2026, it may further support strong physical gold demand [4]. 3. Summary by Relevant Catalogs Futures Market - **Prices**: The closing prices of Shanghai Gold 2606 and 2604 on the previous day were 1146.58 and 1143.32 respectively, with increases of 28.20 (2.52%) and 27.68 (2.48%) compared to the day before. The closing prices of Shanghai Silver 2606 and 2604 on the previous day were 27,189 and 27,207 respectively, with increases of 2259 (9.06%) and 2242 (8.98%) compared to the day before [3]. - **Positions and Volumes**: The positions of Shanghai Gold 2606 and 2604 were 85,261 and 215,820 respectively, and the trading volumes were 76,211 and 395,962 respectively. The positions of Shanghai Silver 2606 and 2604 were 169,868 and 322,579 respectively, and the trading volumes were 605,689 and 965,900 respectively [3]. - **Spot Premium and Discount**: The spot premiums and discounts of Shanghai Gold 2606 and 2604 were - 2.32 and 0.94 respectively, and those of Shanghai Silver 2606 and 2604 were 324 and 306 respectively [3]. Spot Market - **Prices**: The closing price of Shanghai Gold T + D on the previous day was 1144.26, up 33.91 (3.05%) from the day before. The closing price of London Gold was $5042.75 per troy ounce, up $21.76 (0.44%) from the day before. The closing price of Shanghai Silver T + D on the previous day was 27,513, up 2525 (10.10%) from the day before. The closing price of London Silver was $106.61 per troy ounce, up $0.53 (0.52%) from the day before [3]. - **Price Spreads**: The current spreads of Shanghai Gold 2606 - Shanghai Gold 2604 and Shanghai Silver 2606 - Shanghai Silver 2604 were 3.26 and - 18.00 respectively. The current gold - to - silver ratio in the spot market was 41.59, and the ratios of Shanghai Gold to London Gold and Shanghai Silver to London Silver were 1.01 and 1.15 respectively [3]. Inventory - **Futures Exchanges**: The current inventories of gold and silver on the Shanghai Futures Exchange were 103,029 kg and 573,810 kg respectively, with changes of + 1020 kg and - 7280 kg compared to the day before. The current inventories of gold and silver on the COMEX were 35,941,502 troy ounces and 415,241,837 troy ounces respectively, with changes of - 202,778 troy ounces and - 1,183,026 troy ounces compared to the day before [3]. Related Derivatives and Indicators - **Indices and Yields**: The current values of the US Dollar Index, S&P 500 Index, 10 - year US Treasury yield, Brent crude oil price, and US dollar - to - RMB exchange rate were 97.04, 6,950.23, 4.22%, $64.89, and 6.9572 respectively, with changes of - 0.46, + 34.62, - 0.02%, - 0.55, and - 0.0070 compared to the day before [3]. - **ETF and CFTC Positions**: The current positions of SPDR Gold ETF and SLV Silver ETF were 1,087 tons and 15,974 tons respectively, with changes of 0 tons and - 116 tons compared to the day before. The current net positions of CFTC speculators in gold and silver were 244,770 and 25,214 respectively, with changes of - 6468 and - 6846 compared to the day before [3]. Macroeconomic News - **Geopolitical**: The USS Abraham Lincoln aircraft carrier strike group has entered the US Central Command's area of responsibility in the western Indian Ocean. If the White House orders an attack on Iran, the strike group could launch military operations within "one or two days." Trump said the situation in Iran is "changing rapidly" and that Iran wants to reach an agreement [4]. - **Trade**: Trump announced that the reciprocal tariffs on South Korean automobiles, timber, pharmaceuticals, and all other goods will be raised from 15% to 25% due to the South Korean Congress's failure to approve the trade agreement [4]. - **Fed Interest Rate Expectations**: According to CME's "FedWatch," the probability of the Fed cutting interest rates by 25 basis points in January is 2.8%, and the probability of keeping interest rates unchanged is 97.2%. By March, the probability of a cumulative 25 - basis - point rate cut is 15.5%, the probability of keeping interest rates unchanged is 84.1%, and the probability of a cumulative 50 - basis - point rate cut is 0.4% [4]. - **Commodity Market Analysis**: An analyst pointed out that this is one of the most glorious days in the silver market. The price of silver has risen rapidly due to its small market size and low liquidity. Retail investors are flocking in, and there is a (relatively small - scale) gap in the spot market. This is good news for silver miners, but selling some future production in the futures market may bring some selling pressure [4]. - **Economic Data**: The monthly rate of US durable goods orders in November was 5.3%, the largest increase since May 2025 [4].

Report Overview - Report Title: Gold, Silver Futures Weekly Report [2] - Report Period: January 26 - 30, 2026 [1] 1. Gold Futures 1.1 Report Industry Investment Rating - Not provided 1.2 Core View - The overall trend of Shanghai Gold futures is in a strong upward phase, possibly at the end of the trend. Geopolitical risks and central bank gold purchases provide long - term support, but short - term risks of high - level corrections exist [7]. - It is recommended to wait and see in the medium term [8]. 1.3 Summary by Directory 1.3.1 Medium - term Market Analysis - Trend: The overall trend of Shanghai Gold futures is strongly rising, possibly at the end of the trend [7]. - Driving Factors: Last week's strong rise was driven by geopolitical conflicts, central bank gold purchases, a weak dollar, and interest - rate cut expectations [7]. - Support: Geopolitical risks and central bank gold purchases provide long - term support [7]. - Risks: Short - term risks include overbought technical indicators and policy uncertainties [7]. - Focus: Future attention should be on the Fed's policy path and global macroeconomic data [7]. - Strategy: It is recommended to wait and see [8]. 1.3.2 Variety Trading Strategy - Last Week's Strategy Review: For the Shanghai Gold contract 2604, it was recommended to be cautiously bullish in the short term, with a resistance level of 1045 - 1050 yuan/gram and a support level of 1020 - 1025 yuan/gram. It was advised to buy on dips and control positions due to high - level volatility [10]. - This Week's Strategy Suggestion: For the Shanghai Gold contract 2604, it is recommended to be cautiously bullish in the short term, with a support level of 1085 - 1095 yuan/gram. It is advised to buy on dips and control positions due to high - level volatility [11]. - Market Conditions: The daily line is in a strong upward phase, at a sensitive position in the head. There is a possibility of trend reversal. The main force shows a strong bullish sentiment, and there is a certain risk of a market turn [12]. 1.3.3 Relevant Data Situation - Data includes the price trends of Shanghai Gold and COMEX gold, SPDR gold ETF holdings, COMEX gold inventory, US 10 - year Treasury yields, the US dollar index, the US dollar against the offshore RMB, the gold - silver ratio, Shanghai Gold basis, and the gold price difference between domestic and foreign markets [18][21][23][25][28] 2. Silver Futures 2.1 Report Industry Investment Rating - Not provided 2.2 Core View - The overall trend of Shanghai Silver futures is in a strong upward phase, currently at the end of the trend. Geopolitical risks, industrial supply - demand gaps, and market funds drive the price up. In the long - term, the price center has the basis to move up, but short - term correction risks exist [32]. - It is recommended to wait and see in the medium term [32]. 1.3 Summary by Directory 2.3.1 Medium - term Market Analysis - Trend: The overall trend of Shanghai Silver futures is strongly rising, currently at the end of the trend [32]. - Driving Factors: Last week's price increase was driven by geopolitical risks, industrial supply - demand gaps, and market funds [32]. - Support: In the long - term, the price center has the basis to move up due to the growth of green industry demand, continuous supply - demand gaps, and asset allocation diversification [32]. - Risks: Short - term risks include overbought technical indicators, ETF reductions, and policy uncertainties [32]. - Focus: Future attention should be on the Fed's policy and global manufacturing PMI [32]. - Strategy: It is recommended to wait and see [32]. 2.3.2 Variety Trading Strategy - Last Week's Strategy Review: The silver contract 2604 was trading at a high level, with a resistance level of 23,200 - 23,700 yuan and a support level of 21,000 - 21,500 yuan/kg. It was advised to buy on dips and control positions due to high - level volatility [35]. - This Week's Strategy Suggestion: The silver contract 2604 is trading at a high level, with a support level of 22,500 - 23,000 yuan/kg. It is advised to buy on dips and control positions due to high - level volatility [36]. - Market Conditions: The daily line is in a strong upward phase, possibly near the end of the trend. The main force shows a strong bullish sentiment, with large capital inflows and increased attention. The external market had a significant pre - opening increase [37]. 2.3.3 Relevant Data Situation - Data includes the price trends of Shanghai Silver and COMEX silver, SLV silver ETF holdings, COMEX silver inventory, Shanghai Silver basis, and the silver price difference between domestic and foreign markets [43][46][48]

Group 1 - The US dollar index is trading around 98.553, while spot silver opened at $94.64/oz and is currently around $95.21/oz, indicating a slight increase in silver prices [1] - On January 20, the dollar index fell by 0.50% to close at 98.548, while spot silver rose by 0.14% to close at $94.57/oz, driven by increased demand for safe-haven assets due to Trump's threats of additional tariffs on European allies [1] - The SLV silver ETF holdings increased by 149.42 tons to 16,222.48 tons as of January 20, indicating a growing interest in silver investments [1] Group 2 - The European Parliament has frozen the approval process for the US-EU trade agreement, which may impact trade relations and market dynamics [2] - The Congolese government forces have recaptured the strategic eastern town of Uvira, which could influence regional stability and economic conditions [2] - US and Russian presidential envoys held a two-hour meeting in Davos to discuss a peace plan, reflecting ongoing geopolitical negotiations that may affect global markets [3] Group 3 - The ADP weekly employment report indicates that private sector employers added an average of 8,000 jobs per week over the four weeks ending December 27, 2026, suggesting a stable employment environment [4] - The silver market experienced fluctuations, with a strong rebound after hitting a low of $92.513, closing at $94.573, indicating volatility and potential trading opportunities [5]

Market Overview - The US dollar index is trading around 98.928, while spot gold opened at $4597.42 per ounce and is currently around $4594.97 per ounce. Gold T+D is trading at approximately 1026.30 CNY per gram, and the Shanghai gold main contract is at about 1028.86 CNY per gram [1] - On the previous trading day, the US dollar index fell by 0.16% to 98.896, while spot gold rose by 1.97% to $4597.94 per ounce. Other precious metals also saw gains: spot silver increased by 6.51% to $85.16 per ounce, platinum rose by 3.03% to $2337.30 per ounce, and palladium gained 1.80% to $1851.00 per ounce [1] Inventory Data - As of January 12, COMEX gold inventory remains unchanged at 1129.43 tons, while COMEX silver inventory decreased by 70.15 tons to 13607.32 tons [2] - SPDR gold ETF holdings increased by 6.24 tons to 1070.80 tons, and SLV silver ETF holdings rose by 39.47 tons to 16347.95 tons on the same date [2] - The payment direction for deferred compensation fees indicates that for Au(t+d), shorts pay longs, and for Ag(t+d), shorts also pay longs [2] Economic Events - Key economic data to be released includes Japan's trade balance for November, the US NFIB small business optimism index for December, and various CPI metrics for December, including the unadjusted and seasonally adjusted core CPI [4] - The Federal Reserve's Musalem is scheduled to speak, and the EIA will release its monthly short-term energy outlook report [5]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints - In the short term, as funds quickly exit the market, the sharp decline in the market sentiment requires time to recover. It is recommended to wait and see for now. The market may focus on US economic data and Fed policies. It is suggested that long - positions be configured at low prices after the Chinese New Year [1]. - The financial and industrial attributes continue to boost the physical demand for silver. The tight inventory situation may not be truly alleviated, making the silver price strong. With the possible callback brought by the CME commodity index rebalancing, it is recommended to close or lock positions before the New Year's Day and wait for a suitable allocation window after the New Year [1]. - Platinum and palladium are strong in terms of macro and supply - demand fundamentals, and their prices are still undervalued compared to gold. With the promotion of funds, value reshaping is expected, and they are expected to continue to fluctuate upward in the medium - to - long term. In the short term, due to the early stage of the listing of platinum and palladium futures on the Guangzhou Futures Exchange, the overall position liquidity in the domestic market needs to be improved. The domestic market shows a premium compared to the overseas market. As regulatory authorities strengthen risk - control measures, long - positions may take profits at high prices when they have accumulated large profits, leading to large short - term price fluctuations. It is recommended to wait and see for now [1]. 3. Summary According to Relevant Catalogs Domestic Futures Closing Prices - AU2602 contract closed at 984.84 yuan/gram on December 30, down 22.34 yuan or 2.22% from December 29 [1]. - AG2602 contract closed at 18140 yuan/kg on December 30, down 65 yuan or 0.36% from December 29 [1]. - PT2606 contract closed at 589.85 yuan/gram on December 30, down 44.50 yuan or 7.02% from December 29 [1]. - PD2606 contract closed at 447.45 yuan on December 30, down 46.65 yuan or 9.44% from December 29 [1]. Foreign Futures Closing Prices - COMEX gold主力 contract closed at 4352.30 on December 30, up 2.10 or 0.05% from December 29 [1]. - COMEX silver主力 contract closed at 76.02 on December 30, up 4.38 or 6.11% from December 29 [1]. - NYMEX platinum主力 contract closed at 2220.00 on December 30, up 81.10 or 3.79% from December 29 [1]. - NYMEX palladium主力 contract closed at 1685.50 on December 30, down 10.00 or 0.59% from December 29 [1]. Spot Prices - London gold was at 4340.13 on December 30, up 8.17 or 0.19% from December 29 [1]. - London silver was at 76.21 on December 30, up 4.09 or 5.67% from December 29 [1]. - Spot platinum was at 2226.00 on December 30, up 46.00 or 2.11% from December 29 [1]. - Spot palladium was at 1660.00 on December 30, up 12.00 or 0.73% from December 29 [1]. - Shanghai Gold Exchange's gold T + D was at 982.20 yuan/gram on December 30, down 22.74 yuan or 2.26% from December 29 [1]. - Shanghai Gold Exchange's silver T + D was at 18119 yuan/kg on December 30, down 678 yuan or 3.61% from December 29 [1]. - Shanghai Gold Exchange's platinum 9995 was at 565 yuan/gram on December 30, down 72 yuan or 11.31% from December 29 [1]. Basis - The basis of gold TD - Shanghai gold主力 was - 2.64, down 0.40 from the previous value, with a 1 - year historical quantile of 57.80% [1]. - The basis of silver TD - Shanghai silver主力 was - 21, down 613 from the previous value, with a 1 - year historical quantile of 44.50% [1]. - The basis of London gold - COMEX gold was - 12.17, up 6.07 from the previous value, with a 1 - year historical quantile of 66.40% [1]. - The basis of London silver - COMEX silver was 0.20, down 0.29 from the previous value, with a 1 - year historical quantile of 92.20% [1]. Ratios - The ratio of COMEX gold/silver was 57.26, down 3.47 or 5.71% from the previous value [1]. - The ratio of Shanghai Futures Exchange's gold/silver was 54.29, down 1.03 or 1.87% from the previous value [1]. - The ratio of NYMEX platinum/palladium was 1.32, up 0.06 or 4.41% from the previous value [1]. - The ratio of Guangzhou Futures Exchange's platinum/palladium was 1.32, up 0.03 or 2.68% from the previous value [1]. Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.14%, up 0.02 or 0.5% from the previous value [1]. - The 2 - year US Treasury yield was 3.45%, unchanged from the previous value [1]. - The 10 - year TIPS Treasury yield was 1.90%, unchanged from the previous value; the US dollar index was 98.22, up 0.22 or 0.23% from the previous value [1]. - The offshore RMB exchange rate was 6.9923, down 0.0057 or 0.08% from the previous value [1]. Inventory and Positions - The Shanghai Futures Exchange's gold inventory was 97704 kg, unchanged from the previous value [1]. - The Shanghai Futures Exchange's silver inventory was 755754, down 40985 or 5.14% from the previous value [1]. - The COMEX gold inventory was 36255525, up 32151 or 0.09% from the previous value [1]. - The COMEX silver inventory was 448830611, down 296985 or 0.07% from the previous value [1]. - The COMEX gold registered warehouse receipts were 19361515 ounces, unchanged from the previous value [1]. - The COMEX silver registered warehouse receipts were 127624307, unchanged from the previous value [1]. - The SPRD gold ETF position was 1072, unchanged from the previous value [1]. - The SLV silver ETF position was 16455 tons, up 149.46 or 0.92% from the previous value [1].

Group 1 - The US dollar index is trading around 98.367, while spot gold opened at $4340.68 per ounce and is currently trading at approximately $4332.10 per ounce [1] - On the previous trading day, the US dollar index rose by 0.18% to 99.319, and spot gold increased by 0.81% to $4337.16 per ounce [1] - Other precious metals saw gains, with spot silver up 3.82% to $66.17 per ounce, platinum up 2.62% to $1896.20 per ounce, and palladium up 2.52% to $1646.50 per ounce [1] Group 2 - As of December 17, COMEX gold inventory remains unchanged at 1119.46 tons, while COMEX silver inventory decreased by 27.85 tons to 14088.35 tons [2] - SPDR gold ETF holdings increased by 0.85 tons to 1052.54 tons, while SLV silver ETF holdings remained unchanged at 16018.29 tons [2] Group 3 - The Federal Reserve's joint survey indicates that tariffs continue to trouble businesses, with an expected 4% increase in prices next year [4] - Federal Reserve Governor Waller stated that monetary policy remains in a restrictive range, with room for further rate cuts, as current rates are 50 to 100 basis points above neutral [4] - US Treasury Secretary Basant mentioned that the "Trump account" could help ensure all Americans own stocks, aiming to reduce the 38% of Americans who do not currently hold stocks to zero [4]