美联储利率决议临近，资金谨慎引发回调

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - Due to the approaching Fed interest rate decision, some funds took profits, leading to a price correction in the precious metals sector. As of January 27, 2026, the closing price of the GFEX platinum main contract was 705.7 yuan/gram, with a decline of -4.61%; the closing price of the GFEX palladium main contract was 523 yuan/gram, with a decline of -2.08% [2]. - Platinum: In the short - term, platinum prices may continue to be volatile and on the strong side. There are opportunities for low - buying and long - positions, but investors need to control positions due to short - term uncertainties. In the future, supply in South Africa has risks, and demand in various fields is expanding, with the "rate cut + soft landing" combination amplifying long - term price elasticity. The outlook is for a volatile and strong trend [3]. - Palladium: In the short - term, palladium prices may also continue to be volatile and on the strong side, with opportunities for low - buying and long - positions. However, short - term price fluctuations need to be watched out for. Although long - term supply and demand tend to be loose, short - term spot shortages and the Fed's re - entry into the rate - cut cycle support the price bottom. The outlook is for a volatile and strong trend [4]. 3. Summary by Related Catalogs Precious Metals Market Performance - As of January 27, 2026, the GFEX platinum main contract closed at 705.7 yuan/gram, down -4.61%; the GFEX palladium main contract closed at 523 yuan/gram, down -2.08% [2]. Platinum Analysis - Supporting Factors: Geopolitical and trade frictions, and the strengthening of the yen putting downward pressure on the US dollar exchange rate support platinum prices [3]. - Short - term Outlook: Volatile and strong, with opportunities for low - buying and long - positions, but need to control positions due to short - term uncertainties [3]. - Long - term Outlook: Supply in South Africa has risks such as power supply and extreme weather. Demand in the automotive catalyst field is stable, the hydrogen energy industry is a future growth point, and jewelry and investment demand are expanding. The "rate cut + soft landing" combination will amplify long - term price elasticity [3]. Palladium Analysis - Supporting Factors: The weak US dollar, geopolitical disturbances, and the uncertainty of the US Department of Commerce's report on unforged palladium imported from Russia, which has led to a continued shortage of spot goods, support palladium prices [4]. - Short - term Outlook: Volatile and strong, with opportunities for low - buying and long - positions, but need to watch out for short - term price fluctuations [4]. - Long - term Outlook: Although long - term supply and demand tend to be loose, short - term spot shortages and the Fed's re - entry into the rate - cut cycle support the price bottom [4]. Commodity Index - Comprehensive Index: The commodity index was 2499.53, down -0.14%; the commodity 20 index was 2875.98, down -0.12%; the industrial products index was 2357.14, down -0.54% [50]. - Non - ferrous Metals Index: On January 27, 2026, the non - ferrous metals index was 2848.63, with a daily increase of +0.65%, a 5 - day increase of +1.35%, a 1 - month increase of +6.43%, and a year - to - date increase of +6.06% [52].