贵金属数据日报-20260115

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Short - term: Supported by macro and fundamental factors, precious metal prices are expected to remain strong, but there is a risk of short - term correction due to over - heated market sentiment and strong US economic data. It is recommended to control positions [4]. - Long - term: The upward trend of precious metals remains unchanged. The strategy should focus on buying on dips or selling slightly out - of - the - money put options. Long - term investors are advised to allocate by buying on dips [4][5]. 3. Summary by Relevant Catalogs 3.1 Market Review - On January 14, the main contract of Shanghai gold futures closed up 1.07% at 1040.62 yuan/gram, and the main contract of Shanghai silver futures closed up 8.03% at 22763 yuan/kilogram [3]. 3.2 Price and Spread - Price: On January 14, London gold spot was at $4632.61/ounce, London silver spot was at $89.97/ounce, etc. The prices of gold and silver showed significant increases compared to January 13, with silver having a more substantial increase. For example, the price of London silver spot increased by 6.0% [3]. - Spread: The spreads of gold and silver, such as the difference between TD and SHFE active prices, and the difference between domestic and foreign markets, also changed. For example, the gold TD - SHFE active price difference was - 4.31 yuan/gram on January 14, with a change rate of 68.4% compared to January 13 [3]. 3.3 Position Data - As of January 13 (weekly data, latest up to January 6), the positions of non - commercial long and short positions in COMEX gold and silver changed. For example, the non - commercial long positions in COMEX gold decreased by 0.42% compared to January 12 [3]. 3.4 Inventory Data - On January 14, SHFE gold inventory was 100152.00 kilograms, an increase of 1.90% compared to January 13. SHFE silver inventory was 628696.00 kilograms, a decrease of 0.22% compared to January 13 [3]. 3.5 Interest Rates/Exchange Rates/Stock Markets - On January 14, the US dollar/Chinese yuan central parity rate was 7.01, with a change of 0.02% compared to January 13. The US dollar index, US Treasury yields, VIX, S&P 500, and NYWEX crude oil also had corresponding changes [3]. 3.6 Influencing Factor Analysis - The continuous spread of global geopolitical risks, such as the withdrawal of US personnel from Middle - East bases and the increase of Danish military forces in Greenland, has increased the demand for safe - haven assets, pushing up the prices of precious metals. Silver has also been boosted by macro and fundamental factors, with stronger price increases in the domestic market [4].