金银再创新高，关注铂钯补涨行情

1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Views of the Report - Last week, international precious metal futures prices continued to rise, with gold and silver prices hitting new all - time highs. The COMEX gold futures main contract approached the $5,000/ounce mark, and the COMEX silver futures main contract reached a record high of $103/ounce. Platinum and palladium futures prices also followed the upward trend, especially platinum, with the NYMEX platinum futures price surging on Thursday and Friday last week, with a weekly increase of 18.37% [2][5]. - Geopolitical tensions have increased the demand for safe - haven assets, and countries' accelerated "de - dollarization" process and large - scale gold purchases are the main reasons for the continuous record - breaking of precious metal prices. Silver, with higher volatility, has risen by 40% in less than a month this year, and the COMEX gold - to - silver ratio has dropped to 48, a 50 - year low. Given the current volatile geopolitical situation, precious metal prices are expected to remain strong in the short term. The platinum/gold and palladium/gold ratios are still in the low - range, and the platinum/silver and palladium/silver ratios are at historical lows. The catch - up market of platinum and palladium is worth attention [2][8]. - The US is expected to obtain "sovereignty" over the area of the US military base on Greenland, and the US - EU relationship is accelerating the "decoupling". The Fed will hold an interest - rate meeting on January 27 - 28, and the market generally expects the interest rate to remain at 3.50% - 3.75%. Due to the better - than - expected US employment and inflation data recently, the Fed is expected to implement a "dovish pause" or imply a loose tendency in the statement [2][6][8]. 3. Summary by Relevant Catalogs 3.1 Last Week's Trading Data | Contract | Closing Price | Change | Change Rate (%) | Total Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Gold | 1,115.64 | 83.32 | 8.07 | 206,580 | 178,255 | Yuan/gram | | Shanghai Gold T + D | 1,110.35 | 79.26 | 7.69 | 54,268 | 208,322 | Yuan/gram | | COMEX Gold | 4,983.10 | 382.00 | 8.30 | - | - | US dollars/ounce | | SHFE Silver | 24,965 | 2,202 | 9.67 | 522,479 | 634,627 | Yuan/kilogram | | Shanghai Silver T + D | 24,988 | 2,347 | 10.37 | 436,090 | 3,292,636 | Yuan/kilogram | | COMEX Silver | 103.26 | 13.32 | 14.80 | - | - | US dollars/ounce | | GFEX Platinum | 685.90 | 75.85 | 12.43 | 25,095 | 11,348 | Yuan/gram | | Platinum 9995 | 681.50 | 79.04 | 13.12 | - | - | Yuan/gram | | NYMEX Platinum | 2,773.20 | 79.04 | 18.37 | - | - | US dollars/ounce | | GFEX Palladium | 497.95 | 79.04 | 6.09 | 11,027 | 11,348 | Yuan/gram | | NYMEX Palladium | 2,047.00 | 79.04 | 10.86 | - | - | US dollars/ounce | [3] 3.2 Market Analysis and Outlook - Geopolitical events include the US seeking "sovereignty" over the US military base area in Greenland, threatening to retaliate against European countries, and the US dispatching troops to Iran and imposing a 25% tariff on countries trading with Iran. The selection of the new Fed chairman is in the final stage, and the Polish central bank has approved a plan to buy 150 tons of gold, which will support the gold price [6]. - The Fed's interest - rate meeting is expected to maintain the 3.50% - 3.75% interest rate, and the market expects at least two 25 - basis - point interest rate cuts this year. Attention should be paid to the monetary policy clues from the upcoming Fed meeting [8]. 3.3 Important Data Information - The US GDP in the third quarter of 2025 had a final annualized quarter - on - quarter growth of 4.4%, higher than the initial value of 4.3%, the fastest growth rate in nearly two years [9]. - The Fed's preferred inflation indicator, the core PCE price index in November, rose 2.8% year - on - year and 0.2% month - on - month, in line with expectations [9]. - The number of initial jobless claims in the US last week was 200,000, lower than the expected 210,000. The average number of applicants based on the four - week moving average was 201,500, the lowest since January 13, 2024. The number of continued jobless claims, with a one - week lag, slightly decreased to 1.85 million, a decrease of 26,000 from the previous week [9]. - The preliminary value of the US S&P Global Manufacturing PMI in January was 51.9, slightly higher than the previous value of 51.8; the preliminary value of the service PMI remained flat at 52.5, and the preliminary value of the composite PMI slightly rose to 52.8. All three data were slightly lower than expectations [9]. - The preliminary value of the Eurozone's manufacturing PMI in January slightly rebounded to 49.4, still in the contraction range; the preliminary value of the service PMI dropped to 51.9, lower than expectations. The manufacturing and service PMIs in Germany rebounded more than expected. The French manufacturing PMI rose to a nearly four - year high of 51, but the service PMI sharply slowed down to 47.9 [9]. - The Bank of Japan maintained the benchmark interest rate at 0.75% and raised the economic growth and inflation expectations for the 2026 fiscal year. The Bank of Japan governor said that it will closely monitor the impact of the weakening yen and will buy government bonds to stabilize the market if the long - term bond interest rate rises abnormally [10]. 3.4 Related Data Charts - The report provides multiple charts, including the price trends of SHFE and COMEX gold and silver, the inventory changes of COMEX, LBMA, Shanghai Futures Exchange, and Shanghai Gold Exchange gold and silver, the non - commercial net long positions of COMEX gold and silver, the holdings of SPDR gold and SLV silver, the price differences between domestic and foreign gold and silver, the COMEX gold - to - silver ratio, the US inflation expectations, the relationships between gold price and various factors such as the US dollar, copper price, VIX index, crude oil price, US 10 - year Treasury bond yield, US real interest rate, Fed's balance - sheet size, US government debt scale, copper - to - gold ratio, and the NYMEX platinum and palladium inventory and ratio, as well as the non - commercial net positions of platinum and palladium futures and options [14][15][21][29][36][39][41]