CITIC Futures: Silver short-term follows gold with a slight upward trend, volatility may be higher than gold, focusing on progress of US-Iran negotiations and situation in the Strait of Hormuz.

The blockade of the Strait of Hormuz, the escalation of US-Iran conflict, and concerns over inflation have pushed up the US dollar index. Silver's industrial properties make it more sensitive to global growth and risk appetite, with its volatility often higher than gold's; the "stagnant" part of the US economy has yet to be confirmed, and rising tensions between the US and Iran have led to an increase in oil prices, making it difficult for rate cut expectations to rise rapidly in the short term. More economic data guidance is needed. In addition, the current driving force in the spot silver market remains weak, with 1M, 3M and 6M London silver leasing rates showing slight rebound but still fluctuating at low levels. Short-term demand expectations in the silver industry are also weak, as the cancellation of solar tax refunds from April onwards may lead to a slowdown in silver export activities in the solar industry.