黄金直线飙至4781美元，交易所密集调整

Group 1 - The price of spot gold surged to a historical high of $4,781.24 per ounce due to heightened geopolitical tensions, with a daily increase of approximately 0.3% [1] - On January 20, international gold and silver prices reached new highs, reflecting increased market risk aversion [1] Group 2 - The Shanghai Futures Exchange announced adjustments to margin ratios and price limits for various futures contracts effective January 22, 2026, including an 8% price limit for copper and aluminum futures [2] - Gold futures contracts AU2602, AU2603, and AU2604 will have a price limit adjustment to 16%, with margin ratios set at 17% for hedging and 18% for general positions [2] - Silver futures contracts AG2602, AG2603, and AG2604 will see a price limit adjustment to 17%, with margin ratios of 18% for hedging and 19% for general positions [2] Group 3 - On January 19, the Guangzhou Futures Exchange announced adjustments to lithium carbonate futures, with a price limit set at 11% and speculative trading margin standards adjusted to 13% [3] - Lithium carbonate futures experienced a significant price surge on January 20, attributed to concerns over domestic supply disruptions [3]