Investment Rating - The investment rating for the precious metals industry is "Positive" (maintained) [4] Core Viewpoints - The precious metals sector, particularly gold and silver, has seen strong price increases, with London spot gold rising by 5.93% to $4611.05 per ounce and silver increasing by 22.35% to $90.80 per ounce over the past two weeks [4][9] - The recent price surge is attributed to several factors, including weaker-than-expected U.S. employment data, changes in margin requirements for precious metal contracts by CME, and geopolitical tensions involving Venezuela [4][5] - The report suggests that the "Trump 2.0" and "rate cut trade" themes will continue to support gold prices in the medium term, with a focus on upcoming economic indicators and Federal Reserve decisions [4][5] Summary by Sections 1. Price Trends - Over the last two weeks, gold prices have increased significantly, with London spot gold up 5.93% and Shanghai gold up 5.60%. Silver prices have surged by 22.35% in London and 31.68% in Shanghai [9][10] 2. U.S. Economic Data and Federal Reserve Tracking - The report highlights that the U.S. non-farm payrolls added only 50,000 jobs in December 2025, below expectations, and the unemployment rate was recorded at 4.4%, indicating a slowdown in job growth [4][5] 3. Positions and Trading Volume - The report notes an increase in trading volumes, with Shanghai gold positions rising by 10.39% to 347,100 contracts and silver positions increasing by 12.21% to 719,100 contracts [9][10] 4. Domestic and International Price Differences and Gold Benchmark Ratios - The report indicates that the gold price difference between domestic and international markets is -4.33 CNY per gram, while the silver price difference is 2217.87 CNY per kilogram [57] 5. Futures Basis Situation - As of the latest report, the international gold basis (spot-futures) is $9.95 per ounce, showing a decrease, while the domestic gold basis is -1.23 CNY per gram, indicating an increase [63]
贵金属双周报（2026/01/05-2026/01/18）：地缘局势推升避险需求，贵金属上行动能充足-20260118
Hua Yuan Zheng Quan·2026-01-18 07:44