贵金属期现日报-20260202

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - Silver prices may fluctuate greatly in the range of $70 - 110 due to factors such as regulatory restrictions and macro - news sentiment. Before the holiday, institutional ETFs continued to reduce positions and wait and see, leading to a decline in liquidity. It is recommended to wait for market volatility to fall and use methods such as selling options for unilateral positions to lock in risks [1] - Platinum prices will enter a consolidation phase. It is recommended to wait for the market to adjust in place before trying to buy or conduct short - term high - selling and low - buying operations [1] - Due to short - term news and capital sentiment, the volatility risk is relatively large. Pay attention to the support of the 20 - day moving average. Gold can be allocated to buy at - the - money or slightly out - of - the - money call options instead of going long after the market stabilizes. Light - position participation in long gold - silver ratio arbitrage is also recommended [1] 3. Summary by Related Catalogs Domestic Futures Closing Prices - AU2604 contract closed at 1161.42 yuan/gram on January 30, down 87.70 yuan or 7.02% from January 29 [1] - AG2604 contract closed at 27941 yuan/kg on January 30, down 2950 yuan or 9.55% from January 29 [1] - PT2606 contract closed at 714.10 on January 30, up 19.30 or 2.78% from January 29 [1] - PD2606 contract closed at 526.60 yuan/gram on January 30, up 22.60 or 4.48% from January 29 [1] Foreign Futures Closing Prices - COMEX gold main contract closed at 4907.50 on January 30, down 503.30 or 9.30% from January 29 [1] - COMEX silver main contract closed at 85.25 on January 30, down 30.54 or 26.37% from January 29 [1] - NYMEX platinum main contract closed at 2178.20 dollars/ounce on January 30, down 458.70 or 17.40% from January 29 [1] - NYMEX palladium main contract closed at 1701.00 on January 30, down 334.00 or 16.41% from January 29 [1] Spot Prices - London gold was at 4880.03 on January 30, down 497.13 or 9.25% from the previous value [1] - London silver was at 85.26 on January 30, down 30.61 or 26.42% from the previous value [1] - Spot palladium was at 2300.00 dollars/ounce on January 30, down 492.00 or 17.62% from the previous value [1] - Spot rhodium was at 1820.00 on January 30, down 286.00 or 13.58% from the previous value [1] - Shanghai Gold Exchange's gold T + D was at 1163.99 yuan/gram on January 30, down 79.41 or 6.39% from January 29 [1] - Shanghai Gold Exchange's silver T + D was at 27530 yuan/kg on January 30, down 2468 or 8.23% from January 29 [1] - Shanghai Gold Exchange's platinum 9995 was at 638 yuan/gram on January 30, down 9.31% from the previous value [1] Basis - The basis of gold TD - Shanghai gold main contract was 2.57, up 8.29 from the previous value, with a 1 - year historical quantile of 46.10% [1] - The basis of silver TD - Shanghai silver main contract was - 411, up 482 from the previous value, with a 1 - year historical quantile of 60.60% [1] - The basis of London gold - COMEX gold was - 27.47, up 6.17 from the previous value, with a 1 - year historical quantile of 28.70% [1] - The basis of London silver - COMEX silver was 0.01, down 0.07 from the previous value, with a 1 - year historical quantile of 74.10% [1] Price Ratios - The ratio of COMEX gold/silver was 57.57 on January 30, up 10.83 or 23.18% from the previous value [1] - The ratio of SHFE gold/silver was 41.57 on January 30, up 1.13 or 2.80% from the previous value [1] - The ratio of NYMEX platinum/palladium was 1.28 on January 30, down 0.02 or - 1.18% from the previous value [1] - The ratio of GZFE platinum/rhodium was 1.36 on January 30, down 0.02 or - 1.63% from the previous value [1] Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.26% on January 30, up 0.02 or 0.5% from the previous value [1] - The 2 - year US Treasury yield was 3.52% on January 30, down 0.01 or - 0.3% from the previous value [1] - The 10 - year TIPS Treasury yield was 1.90% on January 30, up 0.01 or 0.5% from the previous value [1] - The US dollar index was 97.12 on January 30, up 0.95 or 0.99% from the previous value [1] - The offshore RMB exchange rate was 6.9589 on January 30, up 0.0107 or 0.15% from the previous value [1] Inventory and Positions - The SHFE gold inventory was 103029 on January 30, unchanged from the previous value [1] - The SHFE silver inventory was 455068 (in ten - grams) on January 30, down 26940 or - 5.59% from the previous value [1] - The COMEX gold inventory was 35748596 on January 30, down 128604 or - 0.36% from the previous value [1] - The COMEX silver inventory was 405886807 on January 30, down 2366533 or - 0.58% from the previous value [1] - The COMEX gold registered warehouse receipts were 19038541 ounces on January 30, up 253295 or 1.35% from the previous value [1] - The COMEX silver registered warehouse receipts were 104879945 on January 30, down 3277493 or - 3.03% from the previous value [1] - The SPDR gold ETF position was 1087 tons on January 30, up 0.57 or 0.05% from the previous value [1] - The SLV silver ETF position was 15523 on January 30, unchanged from the previous value [1]