贵属策略报：“价续创历史新，银价位震荡

Group 1: Investment Ratings - No investment ratings provided for the industry in the report Group 2: Core Views - Gold is expected to continue its short - term oscillatory and bullish trend, while silver may maintain a high - level oscillation in the short term, and both should watch out for Trump's TACO risk on geopolitical issues [1][2] - The medium - to long - term upward support logic for gold remains unchanged, and the medium - to long - term bullish support for silver is still strong [2][3] Group 3: Summary by Related Catalogs Gold - Due to the escalation of disputes between Europe and the US over Greenland, bond market volatility, and Poland's central bank's plan to increase gold purchases, the intraday gold price continued to rise and hit a new high. COMEX gold once reached $4891 per ounce, and Shanghai gold touched 1100 yuan per gram. The tense situation in Greenland and tariff threats continue to support the gold price. Trump's latest stance on Greenland has eased. The short - term bullish trend of gold is still supported, and attention should be paid to the progress of relevant US events [2] Silver - The intraday silver price fluctuated at a high level. COMEX silver fluctuated around $94 per ounce, and Shanghai silver was around 23,000 yuan per kilogram. Supported by the tense situation between Europe and the US over Greenland, the high volatility of silver, stable short - term lease rates at 4% - 6%, and the suspension of key mineral tariff increases are also having an impact. It is expected that the silver price will continue to oscillate at a high level in the short term [2] Commodity Index - The comprehensive index includes special indices such as the commodity index, commodity 20 index, industrial products index, and PPI commodity index, with increases of 0.56%, 0.61%, 0.35%, and 0.20% respectively [45] Precious Metals Index - As of January 21, 2026, the precious metals index was 4531.41, with a daily increase of 2.20%, a 5 - day increase of 4.24%, a 1 - month increase of 18.59%, and a year - to - date increase of 18.49% [46]