贵金属：贵金属日报2026-01-08-20260108

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Precious metals may face short - term significant corrections in January next year due to the Fed's "holding steady", but this does not mean the end of the current gold and silver upward cycle [2] - The Trump administration has the motivation to further loosen fiscal policy under the pressure of the mid - term elections, and the Fed will enter a new and more aggressive interest - rate cut cycle after Powell officially leaves office [2] - Currently, the short - term prices of gold and silver have fully reflected the expectations of monetary and fiscal policies. It is recommended to maintain a wait - and - see attitude in the context of large price fluctuations, and not to open new long or short positions, while being aware of the risk of price surges followed by declines [2] Summary by Related Content Market Quotes and Data - On January 8, 2026, Shanghai gold fell 0.31% to 1002.20 yuan/gram, and Shanghai silver fell 2.99% to 19020.00 yuan/kilogram. COMEX gold was reported at 4470.40 US dollars/ounce, and COMEX silver was reported at 78.45 US dollars/ounce. The US 10 - year Treasury yield was 4.15%, and the US dollar index was 98.73 [1] - The global major silver ETF holdings continued to decline. The SLV silver ETF holdings decreased by 235.4 tons yesterday and another 18.33 tons today. The BCOM commodity index rebalancing time is approaching, and major exchanges have raised margin levels, leading the market to focus on the risk of silver price decline from high levels [1] - The US employment data released yesterday was all weaker than expected. The number of ADP employed people in December was 41,000, lower than the expected 47,000. The number of JOLTS job openings in November was 7.146 million, significantly lower than the expected 7.6 million and the previous value of 7.67 million. After the data release, the upward range of gold and silver prices was limited [1] Price and Volume Data of Gold - COMEX gold's closing price (active contract) on January 7, 2026, was 4467.10 US dollars/ounce, down 0.86% from the previous day, and its trading volume increased by 17.87% to 197,100 lots, while the position decreased by 2.08% to 481,900 lots, and the inventory remained unchanged at 1132 tons [5] - LBMA gold's closing price on January 7, 2026, was 4438.00 US dollars/ounce, down 1.17% from the previous day [5] - SHFE gold's closing price (active contract) on January 7, 2026, was 998.90 yuan/gram, down 0.60% from the previous day, the trading volume increased by 5.79% to 3.26 million lots, the position decreased by 0.68% to 3.163 million lots, the inventory decreased by 0.05% to 97.65 tons, and the settled funds flowed out by 1.28% to 50.555 billion yuan [5] - AuT + D's trading volume on January 7, 2026, was 63.13 tons, up 42.67% from the previous day, and the position decreased by 3.98% to 190.92 tons [5] Price and Volume Data of Silver - COMEX silver's closing price (active contract) on January 7, 2026, was 77.98 US dollars/ounce, down 3.99% from the previous day, the position increased by 1.08% to 157,400 lots, and the inventory decreased by 0.77% to 13,864 tons [5] - LBMA silver's closing price on January 7, 2026, was 78.99 US dollars/ounce, up 0.65% from the previous day [5] - SHFE silver's closing price (active contract) on January 7, 2026, was 19,290.00 yuan/kilogram, down 0.83% from the previous day, the trading volume increased by 12.02% to 32.443 million lots, the position decreased by 1.08% to 6.752 million lots, the inventory decreased by 4.82% to 553.43 tons, and the settled funds flowed out by 1.90% to 35.166 billion yuan [5] - AgT + D's trading volume on January 7, 2026, was 823.59 tons, down 6.05% from the previous day, and the position increased by 1.33% to 3,033,278 tons [5] Price Structure and Spread Data - The report provides data on the near - far month structure of COMEX gold, London gold - COMEX gold, Shanghai gold, Au(T + D) - Shanghai gold, COMEX silver, London silver - COMEX silver, Shanghai silver, and Ag(T + D) - Shanghai silver [20][21][33][35] - On January 7, 2026, the SHFE - COMEX gold spread was - 2.72 yuan/gram (- 12.10 US dollars/ounce), and the SGE - LBMA gold spread was - 1.96 yuan/gram (- 8.72 US dollars/ounce). The SHFE - COMEX silver spread was 1835.33 yuan/kilogram (8.16 US dollars/ounce), and the data of the SGE - LBMA silver spread was also provided [49]