贵金属数据日报-20260121

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The geopolitical and trade uncertainties continue to ferment, leading to a continuous increase in market risk - aversion demand. Precious metal prices have risen significantly, with London spot gold breaking through the $4,730 per ounce mark and London spot silver breaking through the $95 per ounce mark, both reaching new historical highs. [4] - In the short - term, due to Trump's decision to suspend new tariffs on key mineral imports and the risk - control measures introduced by the Shanghai Futures Exchange for gold and silver, price fluctuations may be relatively intense. [4] - In the long - term, the upward logic of precious metals has not reversed. The strategy should mainly focus on buying on dips or selling out - of - the - money put options. Gold prices are likely to continue to move upward in the medium - to - long - term, and long - term investors are advised to allocate by buying on dips. [4] 3. Summary by Relevant Catalogs 3.1 Price Tracking - 内外盘金银行情: On January 20, 2026, compared with January 19, London gold spot rose 0.8% to $4,713.69 per ounce, London silver spot rose 0.5% to $94.08 per ounce, COMEX gold rose 0.9% to $4,720 per ounce, and COMEX silver rose 0.4% to $93.95 per ounce. Among domestic varieties, AU2602 rose 0.8% to 1056.94 yuan per gram, AG2602 fell 0.6% to 23,112 yuan per kilogram, AU (T + D) rose 0.8% to 1054.17 yuan per gram, and AG (T + D) fell 0.4% to 23,108 yuan per kilogram. [3] - 价差/比价情况: From January 19 to January 20, 2026, the gold TD - SHFE active price difference was - 2.77 yuan per gram with a - 3.8% change, the silver TD - SHFE active price difference was - 4 yuan per kilogram with a - 90.0% change, the gold internal - external price difference (TD - London) was - 6.76 yuan per gram with a - 0.5% change, and the silver internal - external price difference (TD - London) was - 725 yuan per kilogram with a 29.3% change. The SHFE gold - silver ratio was 45.73 with a 1.3% change, and the COMEX gold - silver ratio was 50.24 with a 0.5% change. [3] 3.2 Position Data - ETF持仓: From January 15 to January 16, 2026, the gold ETF - SPDR increased by 1.01% to 1085.67 tons, and the silver ETF - SLV increased by 0.07% to 16,073.05851 tons. [3] - COMEX非商业持仓: For COMEX gold, from January 15 to January 16, 2026, non - commercial long positions increased by 7.92% to 296,183 contracts, non - commercial short positions decreased by 3.97% to 44,945 contracts, and non - commercial net long positions increased by 10.37% to 251,238 contracts. For COMEX silver, non - commercial long positions decreased by 0.10% to 47,337 contracts, non - commercial short positions decreased by 15.66% to 15,277 contracts, and non - commercial net long positions increased by 9.53% to 32,060 contracts. [3] 3.3 Inventory Data - SHFE库存: On January 20, 2026, compared with January 19, SHFE gold inventory remained unchanged at 99,990 kilograms, and SHFE silver inventory increased by 0.13% to 618,582 kilograms. [3] - COMEX库存: On January 16, 2026, compared with January 15, COMEX gold inventory increased by 0.01% to 36,135,901 troy ounces, and COMEX silver inventory decreased by 0.98% to 429,156,441 troy ounces. [3] 3.4 Interest Rates, Exchange Rates, and Stock Market Data - 汇率: From January 19 to January 20, 2026, the US dollar/Chinese yuan central parity rate decreased by - 0.06% to 7.00. [3] - 美元指数及美债收益率: From January 15 to January 16, 2026, the US dollar index increased by 0.03% to 99.37, the 2 - year US Treasury yield increased by 0.84% to 3.59%, and the 10 - year US Treasury yield increased by 1.68% to 4.24%. [3] - 其他市场指标: The VIX increased by 0.13% to 15.86, the S&P 500 decreased by - 0.06% to 6,940.01, and NYWEX crude oil increased by 0.08% to $59.22. [3] 3.5 Market Review - On January 20, the main contract of Shanghai gold futures closed up 1.99% to 1,060.16 yuan per gram, and the main contract of Shanghai silver futures closed up 3.62% to 23,062 yuan per kilogram. [3]