Core Viewpoint - The report from Huayuan Securities indicates that gold and silver prices have recently experienced fluctuations, with a long-term outlook suggesting that the "rate cut trade" and "Trump 2.0" will continue to catalyze price movements, supported by central bank gold purchases amid a backdrop of protectionism and great power competition [1][4]. Group 1: Precious Metals Market Overview - Gold prices have risen by 8.04% to $4981.85 per ounce, while silver prices increased by 13.65% to $103.19 per ounce over the past two weeks [2]. - The Shanghai Futures Exchange saw gold prices rise by 12.51% to 1161.42 yuan per gram, and silver prices surged by 24.28% to 27941 yuan per kilogram [2]. - Palladium prices increased by 3.70% to $1820 per ounce, while platinum prices slightly decreased by 0.04% to $2300 per ounce [2]. Group 2: Factors Influencing Gold and Silver Prices - The Federal Reserve decided to maintain interest rates, with a 10 to 2 vote, indicating a stable economic expansion in the U.S. and a focus on both inflation and employment risks [3]. - Trump's nomination of Kevin Walsh for the next Federal Reserve Chair is seen as a potential influence on future interest rate decisions, with discussions around rate cuts expected [3]. - A temporary compromise in Congress has averted a government shutdown, which may impact market stability and investor sentiment [3]. Group 3: Future Outlook and Investment Recommendations - The dual themes of "Trump 2.0" and "rate cut trade" are expected to provide strong momentum for gold prices, with significant events to watch in early February, including U.S. employment data and CPI figures [4]. - Central bank gold purchases are projected to remain robust, with China's central bank increasing its gold reserves for 14 consecutive months, reaching 7415 million ounces by the end of December 2025 [5].
华源证券：交投情绪回落不改贵金属长期逻辑 维持行业“看好”评级
Zhi Tong Cai Jing·2026-02-03 12:00