贵金属期现日报-20260126

1. Report's Investment Rating for the Industry - Not mentioned in the report 2. Core Viewpoints of the Report - The short - term market is expected to maintain a strong oscillation, influenced by the US economic data's impact on Fed policy expectations and geopolitical situation fluctuations. Gold's upward momentum above the 20 - day moving average has increased, and long positions should be held. Selling out - of - the - money put options can earn time value [1] - Driven by factors such as capital sentiment, the short - term silver price is strong, but the market is volatile. It is recommended to pay attention to risk - control measures of exchanges, adopt the strategy of buying on dips with light positions, and lock in profits in a timely manner [1] - Platinum and palladium, supported by their macro - financial attributes and tight supply, are moving in tandem with gold as the price center continues to rise. Given the RMB appreciation, the overseas prices are stronger than domestic ones. When facing strong resistance at last December's high, it is advisable to sell out - of - the - money options on platinum and palladium futures to earn volatility - reduction returns [1] 3. Summary by Relevant Catalogs Domestic Futures Closing Prices - AU2604 contract closed at 1115.64 yuan/gram on January 23, up 2.58% from January 22 [1] - AG2604 contract closed at 24965 yuan/kilogram on January 23, up 6.97% [1] - P12606 contract closed at 685.90 yuan/gram on January 23, up 8.21% from January 22 [1] - PD2606 contract closed at 497.95 yuan on January 23, up 2.94% from January 22 [1] Overseas Futures Closing Prices - COMEX gold's main contract closed at 4983.10 dollars/ounce on January 23, up 0.91% from January 22 [1] - COMEX silver's main contract closed at 103.26 dollars/ounce on January 23, up 7.32% from January 22 [1] - NYMEX platinum's main contract closed at 2773.20 dollars/ounce on January 23, up 5.56% from January 22 [1] - NYMEX lithium - gold's main contract closed at 2047.00 dollars/ounce on January 23, up 5.22% from January 22 [1] Spot Prices - London gold was at 4981.31 dollars/ounce, up 0.87% [1] - London silver was at 103.34 dollars/ounce, up 7.42% [1] - Spot platinum was at 2705.00 dollars/ounce, up 7.90% [1] - Spot palladium was at 1976.00 dollars/ounce, up 6.81% [1] - Shanghai Gold Exchange's gold T + D was at 1110.35 yuan/gram, up 2.44% [1] - Shanghai Gold Exchange's silver T + D was at 24988 yuan/kilogram, up 6.94% [1] - Shanghai Gold Exchange's platinum 9995 was at 682 yuan/5 grams, up 9.14% [1] Basis - Gold TD - Shanghai gold's main contract was - 5.29, down 1.63 from the previous value, at the 46.10% quantile of the past year [1] - Silver TD - Shanghai silver's main contract was 53, down 4 from the previous value, at the 60.60% quantile of the past year [1] - London gold - COMEX gold was - 1.79, down 1.74 from the previous value, at the 92.20% quantile of the past year [1] - London silver - COMEX silver was 0.08, up 0.09 from the previous value, at the 82.20% quantile of the past year [1] Price Ratios - COMEX gold/silver was 48.26, down 5.98% [1] - SHFE gold/silver was 44.69, down 4.10% [1] - NYMEX platinum/palladium was 1.35, up 0.33% [1] - GZFE platinum/palladium was 1.38, up 5.13% [1] Interest Rates and Exchange Rates - 10 - year US Treasury yield was 4.24%, down 0.5% [1] - 2 - year US Treasury yield was 3.60%, down 0.3% [1] - 10 - year TIPS Treasury yield was 1.92%, down 1.5% [1] - USD - CNH exchange rate was 97.51, down 0.79% [1] - The exchange rate of USD against offshore RMB was 6.9487, down 0.22% [1] Inventory and Positions - SHFE gold inventory was 102009, with no change [1] - SHFE silver inventory was 281090, down 1.35% [1] - COMEX gold inventory was 36144280, with no change [1] - COMEX silver inventory was 416424863, down 0.42% [1] - COMEX gold registered warrants were 18845680, down 386, with a negligible change [1] - COMEX silver registered warrants were 114262775, with no change [1] - SPDR gold ETF position was 1087, up 0.64% [1] - SLV silver ETF position was 16090 tons, down 0.09% [1]