贵金属期现日报-20260115

Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The short - term impact of news on the precious metals market is weakening. The market will maintain a relatively strong and volatile downward trend. Gold longs above the 20 - day moving average can continue to hold, and out - of - the - money put options can be sold to earn time value [1] - For silver, due to the intensifying global inventory shortage and large - scale spot holding by institutional long - position funds through ETFs and physical delivery, the price is expected to move upward. However, rising raw material costs may suppress industrial demand. In the short - term, with high volatility risks, long - position holders are advised to lock in profits at high prices [1] - Platinum and palladium are relatively undervalued compared to gold. With a strong macro and supply - demand fundamentals, their value is expected to be reshaped by capital in the medium - to - long - term, and they are expected to continue to rise in a volatile manner. In the short - term, market speculative sentiment has weakened, and the price fluctuation has narrowed, but they still follow the relatively strong trend of gold. Platinum is recommended to be lightly bought at dips near the 20 - day moving average [1] 3. Summary by Relevant Catalogs Domestic Futures Closing Prices - The AU2602 contract closed at 1040.62 yuan/gram on January 14, up 1.31% from the previous day [1] - The AG2604 contract closed at 22763 yuan/kilogram on January 14, up 8.37% from the previous day [1] - The PT2606 contract closed at 630.65 yuan/gram on January 14, up 4.23% from the previous day [1] - The PD2606 contract closed at 495.50 yuan/gram on January 14, up 2.53% from the previous day [1] Foreign Futures Closing Prices - The COMEX gold主力 contract closed at 4633.90 on January 14, up 0.86% from the previous day [1] - The COMEX silver主力 contract closed at 93.19 on January 14, up 7.28% from the previous day [1] - The NYMEX platinum主力 contract closed at 2402.70 dollars/ounce on January 14, up 2.77% from the previous day [1] - The NYMEX palladium主力 contract closed at 1882.50 on January 14, down 0.24% from the previous day [1] Spot Prices - The London gold price was 4626.10 on January 14, up 0.88% from the previous day [1] - The London silver price was 93.00 on January 14, up 7.00% from the previous day [1] - The spot platinum price was 2397.00 dollars/ounce on January 14, up 0.38% from the previous day [1] - The spot palladium price was 1814.50 on January 14, down 3.64% from the previous day [1] - The Shanghai Gold Exchange's gold T + D closed at 1037.61 yuan/gram on January 14, up 1.18% from the previous day [1] - The Shanghai Gold Exchange's silver T + D closed at 22765 yuan/kilogram on January 14, up 8.16% from the previous day [1] - The Shanghai Gold Exchange's platinum 9995 was priced at 613 yuan/gram on January 14, down 2.21% from the previous day [1] Basis - The basis of gold TD - Shanghai gold主力 was - 3.01 on January 14, with a historical 1 - year quantile of 46.10% [1] - The basis of silver TD - Shanghai silver主力 was 2 on January 14, with a historical 1 - year quantile of 60.60% [1] - The basis of London gold - COMEX gold was - 7.80 on January 14, with a historical 1 - year quantile of 81.10% [1] - The basis of London silver - COMEX silver was - 0.18 on January 14, with a historical 1 - year quantile of 52.00% [1] Bid - Ask Ratios - The COMEX gold/silver ratio was 49.73 on January 14, down 5.99% from the previous day [1] - The Shanghai Futures Exchange gold/silver ratio was 45.72 on January 14, down 6.52% from the previous day [1] - The NYMEX platinum/palladium ratio was 1.28 on January 14, up 3.01% from the previous day [1] - The Guangzhou Futures Exchange platinum/palladium ratio was 1.27 on January 14, up 1.65% from the previous day [1] Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.15 on January 14, down 0.7% from the previous day [1] - The 2 - year US Treasury yield was 3.51 on January 14, down 0.6% from the previous day [1] - The 10 - year TIPS Treasury yield data was not provided [1] - The US dollar index was 99.08 on January 14, down 0.11% from the previous day [1] - The offshore RMB exchange rate was 6.9712 on January 14, down 0.04% from the previous day [1] Inventory and Positions - The Shanghai Futures Exchange's gold inventory was 100152 on January 14, up 1.90% from the previous day [1] - The Shanghai Futures Exchange's silver inventory was 628696 kilograms on January 14, down 0.22% from the previous day [1] - The COMEX gold inventory was 434360443 on January 14, down 0.30% from the previous day [1] - The COMEX silver inventory was 435671453 on January 14, down 0.30% from the previous day [1] - The COMEX gold registered warehouse receipts were 19282815 on January 14, up 0.17% from the previous day [1] - The COMEX silver registered warehouse receipts were 122991367 on January 14, down 0.41% from the previous day [1] - The SPDR gold ETF position was 1074 on January 14, with no change from the previous day [1] - The SLV silver ETF position was 16242 on January 14, down 0.48% from the previous day [1]