Latest Update in the SMM Gold Market

SMM Weekly Silver Market Review: Geopolitical Turmoil and "Stagflation" Risks Drive COMEX Silver Prices to a Decade High. The US Fed maintained its interest rate unchanged for the second time on March 19, and market expectations for future interest rate cuts remain high. This week, COMEX silver futures broke through the key resistance level of $34/oz, prompting bulls to take profits, resulting in a slight correction. Domestic silver prices also experienced a jump initially and then pulled back.

【SMM Flash: Gold Price Breaks Through $3,100 to Hit New High, Precious Metals Futures and Stocks Surge, Silver Price Remains High with Only Essential Buying】As the date for the US to implement reciprocal tariffs on April 2 approaches, market concerns over global trade conflicts triggered by the US tariff plan have reignited, driving up safe-haven sentiment and boosting the performance of precious metals! This year, expectations for US Fed interest rate cuts, escalating geopolitical conflicts, and gold purchases by multiple central banks have all been significant factors driving gold prices to new historical highs. As of around 13:10 on March 28, COMEX gold rose 0.74% to $3,113.7 per ounce, hitting a new intraday high of $3,117.5 per ounce, with its year-to-date gain now exceeding 17%; COMEX silver rose 0.53% to $35.27 per ounce; SHFE gold rose 1.75% to 721.28 yuan per gram, reaching a new intraday high of 721.76 yuan per gram; SHFE silver rose 1.54% to 8,486 yuan/kg. As of around 13:59 on March 28, silver T+D rose 1.45% to 8,459 yuan/kg.

【SMM Flash: Gold Price Surpasses $3,100 to Hit New High, Precious Metals Futures and Stocks Rally, Silver Price Remains High with Only Essential Buying】As the US is set to implement reciprocal tariffs on April 2, market concerns over global trade conflicts triggered by the US tariff plan have intensified, driving up safe-haven sentiment and boosting the performance of precious metals! Since the beginning of this year, expectations for a US Fed interest rate cut, escalating geopolitical conflicts, and gold purchases by multiple central banks have all been significant factors pushing gold prices to new historical highs. As of around 13:10 on March 28, COMEX gold hit a new record high of $3,117.5 per ounce.

SMM Daily Review: Silver Prices Surge Sharply, Downstream Cautiously Wait and See with Thin Trading. According to SMM, the spot warrant premiums and discounts for standard silver ingots in Shanghai today ranged from -1 yuan/kg to 0 yuan/kg, while premiums for large manufacturers ranged from 0-1 yuan/kg. Precious metal prices surged sharply today, leading to a significant decline in downstream procurement orders with only a small amount of just-in-time procurement. Sentiment in the spot market was cautious, resulting in thin trading.

Zijin Mining Group: 2024 Net Profit Up 52% YoY, Resource Reserves, Production, and Operating Metrics of Key Minerals Such as Copper and Gold Hit Record Highs. Amid the soaring prices of gold and copper, Zijin Mining Group Co., Ltd. released its 2024 annual performance report on the evening of March 21. The resource reserves, production, and operating metrics of key minerals such as copper and gold reached new historical highs, with a net profit attributable to the parent company of 32.1 billion yuan, up 52% YoY. Zijin Mining plans to implement a 2024 annual cash dividend of 7.44 billion yuan, combined with the already completed semi-annual cash dividend of 2.66 billion yuan.

【SMM Daily Review: Silver Prices Continue to Fluctuate at High Levels, Some Suppliers Hold Back and Wait】According to SMM, the premiums and discounts for spot cash national standard silver ingot warrants TD in the Shanghai area today were quoted at -2 yuan/kg to 0 yuan/kg, while the premiums and discounts for large factory silver ingot TD were near parity or at a discount of 21-23 yuan/mt against the 2506 contract.