贵金属：贵金属日报2026-01-13-20260113

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints - If the silver price stabilizes, it will continue a new upward trend, and the driving force for the gold price remains strong. The large holdings of silver ETFs will keep the available inventory of London silver at a low level. The silver premium in India has significantly rebounded at the beginning of the year, and the new silver mortgage regulations will take effect in April. It is expected that India's silver imports in the first quarter will significantly increase, providing strong support for the spot demand for silver. Therefore, the upward driving force for the silver price still exists. The current strategy is to focus on the support levels of gold and silver prices around the BCOM and tariff adjustment nodes and conduct buy-on-dips operations after the short - term negative factors end. The reference operating range for the main contract of Shanghai gold is 970 - 1100 yuan/gram, and for the main contract of Shanghai silver is 16870 - 22000 yuan/kilogram [2] 3. Summary by Related Contents 3.1 Market Quotes - On January 13, 2026, Shanghai gold rose 1.31% to 1030.26 yuan/gram, and Shanghai silver rose 7.23% to 21268.00 yuan/kilogram. COMEX gold was reported at 4608.80 US dollars/ounce, and COMEX silver was reported at 85.16 US dollars/ounce. The yield of the 10 - year US Treasury bond was 4.19%, and the US dollar index was 98.90 [1] - The US federal prosecutor announced a criminal investigation into the current Federal Reserve Chairman Powell, which has greatly impacted the Fed's independence. If Powell resigns under pressure, the new Fed Chairman will start a fast - paced easing cycle, which has strongly boosted the prices of gold and silver [1] 3.2 Key Data of Gold and Silver - Gold: COMEX gold's closing price (active contract) on January 12, 2026, was 4608.80 US dollars/ounce, up 2.00% from January 9; the trading volume was 28.19 million lots, up 42.36%; the position was 48.81 million lots, up 1.30%; the inventory was 1129 tons, unchanged. LBMA gold's closing price was 4612.95 US dollars/ounce, up 2.65%. SHFE gold's closing price (active contract) was 1026.28 yuan/gram, up 1.97%; the trading volume was 42.21 million lots, up 58.40%; the position was 33.34 million lots, up 4.65%; the inventory was 97.65 tons, unchanged; the settled funds were 54.747 billion yuan, an inflow of 6.71%. AuT + D's trading volume was 57.43 tons, up 77.11%; the position was 187.67 tons, up 1.27% [5] - Silver: COMEX silver's closing price (active contract) on January 12, 2026, was 85.16 US dollars/ounce, up 6.72% from January 9; the position was 15.32 million lots, down 2.64%; the inventory was 13607 tons, down 0.51%. LBMA silver's closing price was 84.07 US dollars/ounce, up 7.59%. SHFE silver's closing price (active contract) was 20945.00 yuan/kilogram, up 11.82%; the trading volume was 247.48 million lots, up 8.31%; the position was 71.48 million lots, up 5.44%; the inventory was 649.64 tons, up 4.74%; the settled funds were 40.422 billion yuan, an inflow of 17.90%. AgT + D's trading volume was 411.21 tons, up 33.37%; the position was 3042.48 tons, down 0.61% [5] 3.3 Market Structure and Spread - Gold: The near - far month structure of COMEX gold, the spread between London gold spot and COMEX gold continuous one, the near - far month structure of Shanghai gold, and the spread between Au(T + D) and Shanghai gold continuous one are presented in relevant charts [21][23] - Silver: The near - far month structure of COMEX silver, the spread between London silver and COMEX silver continuous one, the near - far month structure of Shanghai silver, and the spread between Ag(T + D) and Shanghai silver continuous one are presented in relevant charts [34][36] - Internal - External Spread: On January 12, 2026, the SHFE - COMEX spread of gold was - 11.41 yuan/gram (- 50.89 US dollars/ounce), and the SGE - LBMA spread was - 4.65 yuan/gram (- 20.76 US dollars/ounce). The SHFE - COMEX spread of silver was 2099.91 yuan/kilogram (9.37 US dollars/ounce) [49]