贵金属期现日报-20260120

1. Report's Industry Investment Rating - No relevant information provided 2. Core View of the Report - The market may be more affected by the impact of US economic data on Federal Reserve policy expectations and geopolitical situation disturbances. In general, the short - term news impact weakens, the market maintains a relatively strong oscillation, and the volatility declines. Gold long - positions above the 20 - day moving average can be held, and out - of - the - money put options can be sold to earn time value [1] - For silver, the short - term suspension of the 232 investigation tariff by the US and the exchange's position - limit measures have eased the capital sentiment. The price may enter a high - level oscillation. Unilateral trading should be cautious, and out - of - the - money options can be sold to earn volatility - reduction returns [1] - Platinum and palladium are affected by the macro and supply - demand fundamentals and follow the relatively strong oscillation of gold in the short term, but the fluctuation space narrows. Platinum futures are recommended to be traded in a high - selling and low - buying manner around the 20 - day moving average, with a fluctuation range of 587 - 640 yuan. Palladium shows relatively weaker performance than platinum, and out - of - the - money call options above 510 yuan can be sold [1] 3. Summary According to the Catalog Domestic Futures Closing Prices - AU2604 contract closed at 1048.88 yuan/gram on January 19, up 16.56 yuan (1.60%) from January 16 [1] - AG2604 contract closed at 23,189 yuan/10 grams on January 19, up 706 yuan (3.14%) from January 16 [1] - PT2606 contract closed at 615.10 yuan/gram on January 19, up 5.05 yuan (0.83%) from January 16 [1] - PD2606 contract closed at 477.95 yuan on January 19, up 8.60 yuan (1.83%) from January 16 [1] Foreign Futures Closing Prices - COMEX gold主力合约 closed at 4,601.10 dollars/ounce on January 19, down 19.40 dollars (- 0.42%) from January 16 [1] - COMEX silver主力合约 closed at 89.95 dollars/ounce on January 19, down 2.27 dollars (- 2.46%) from January 16 [1] - NYMEX platinum主力合约 closed at 2,342.90 dollars/ounce on January 19, down 72.90 dollars (- 3.02%) from January 16 [1] - NYMEX palladium主力合约 closed at 1,846.50 dollars/ounce on January 19, down 19.00 dollars (- 1.02%) from January 16 [1] Spot Prices - London gold was at 4,671.72 dollars/ounce, up 72.68 dollars (1.58%) from the previous value [1] - London silver was at 94.40 dollars/ounce, up 4.26 dollars (4.73%) from the previous value [1] - Spot platinum was at 2,374.54 dollars/ounce, up 46.09 dollars (1.98%) from the previous value [1] - Spot palladium was at 1,841.56 dollars/ounce, up 41.81 dollars (2.32%) from the previous value [1] - Shanghai Gold Exchange's gold T + D was at 1,045.27 yuan/gram, up 14.18 yuan (1.38%) from the previous value [1] - Shanghai Gold Exchange's silver T + D was at 23,136 yuan/10 grams, up 495 yuan (2.19%) from the previous value [1] - Shanghai Gold Exchange's platinum 9995 was at 605 yuan/gram, up 3 yuan (0.45%) from the previous value [1] Basis - Gold TD - Shanghai gold主力: The current value was - 3.61, down 2.38 from the previous value, with a 1 - year historical quantile of 46.10% [1] - Silver TD - Shanghai silver主力: The current value was - 53, down 211 from the previous value, with a 1 - year historical quantile of 60.60% [1] - London gold - COMEX gold: The current value was - 2.06, up 2.92 from the previous value, with a 1 - year historical quantile of 92.90% [1] - London silver - COMEX silver: The current value was 0.19, unchanged from the previous value, with a 1 - year historical quantile of 90.00% [1] Price Ratios - COMEX gold/silver: The current value was 51.15, up 1.05 (2.09%) from the previous value [1] - SHFE gold/silver: The current value was 45.23, down 0.68 (- 1.49%) from the previous value [1] - NYMEX palladium/platinum: The current value was 1.27, down 0.03 (- 2.02%) from the previous value [1] - GZFE platinum/palladium: The current value was 1.29, down 0.01 (- 0.99%) from the previous value [1] Interest Rates and Exchange Rates - 10 - year US Treasury yield: The current value was 4.24%, up 0.09% (2.2%) from the previous value [1] - 2 - year US Treasury yield: The current value was 3.59%, up 0.08% (2.3%) from the previous value [1] - 10 - year TIPS Treasury yield: The current value was 1.91%, up 0.05% (2.7%) from the previous value [1] - US dollar index: The current value was 99.04, down 0.33 (- 0.33%) from the previous value [1] - Offshore RMB exchange rate: The current value was 6.9568, down 0.0106 from the previous value [1] Inventory and Positions - SHFE gold inventory: The current value was 1,000,530 grams, down 63 grams (- 0.06%) from the previous value [1] - SHFE silver inventory: The current value was 617,760 kilograms, down 9,083 kilograms (- 1.45%) from the previous value [1] - COMEX gold inventory: The current value was 36,135,901 ounces, up 3,000 ounces (0.01%) from the previous value [1] - COMEX silver inventory: The current value was 429,156,441 ounces, down 4,225,669 ounces (- 0.98%) from the previous value [1] - COMEX gold registered warehouse receipts: The current value was 18,864,397 ounces, up 40,600 ounces (0.22%) from the previous value [1] - COMEX silver registered warehouse receipts: The current value was 120,632,557 ounces, down 2,571,966 ounces (- 2.09%) from the previous value [1] - SPDR gold ETF position: The current value was 1,086 tons, up 10.87 tons (1.01%) from the previous value [1] - SLV silver ETF position: The current value was 16,073 tons, up 11.28 tons (0.07%) from the previous value [1]