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Golden Ten Data reported on March 4 that today's comparison of domestic gold jewelry prices shows that most gold shops have significantly adjusted their jewelry prices downward compared to yesterday. Several quotations have fallen below 1,600 yuan/gram, dropping more than 50 yuan/gram from yesterday.

格隆汇 March 4｜UBS analyst Timothy Arcuri is highly optimistic about Micron's outlook, predicting that Micron's EPS for the calendar year 2027 could challenge $85, far above the market's average expectation of $48. Arcuri pointed out that, in response to the tight memory supply caused by artificial intelligence (AI) demand, manufacturers such as Micron have successively raised component prices. He believes that Micron may actively negotiate new long-term agreements based on this trend. Although this will give up some of the short-term price increase space, these agreements should help support more robust revenue and profits in the coming years. Arcuri further analyzed that the pricing momentum for DRAM and NAND continues to strengthen, and the supply shortage may persist until 2028.

（1）Analysis Reason: The US Dollar Index remains strong, exerting pressure on gold prices, but the safe-haven demand brought by the Middle East situation still exists, limiting the depth of gold's pullback. Rising oil prices are pushing up inflation expectations, making the market more cautious about the timing of the Federal Reserve's rate cuts. Short-term interest rate expectations are hawkish, imposing certain constraints on gold. From a technical perspective, after surging, gold has entered a high-level consolidation phase. The daily chart is still running above the main moving average system, and the medium-term trend has not been damaged. Short-term momentum has slowed somewhat, but no trend reversal signals have appeared, overall belonging to a strong consolidation pattern.（2）Key Focus: US Treasury yields, US Dollar Index, geopolitical situation（3）Resistance: 5200, 5250, 5300（4）Support: 5100, 5050, 5000;