贵属策略报：?银冲?回落，短线震荡延续

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - Gold is likely to show a wide - range volatile trend in the short - term, while its long - term upward support logic remains unchanged [1] - Silver will also experience wide - range volatility in the short - term with higher volatility risk than gold, and its long - term bullish support is still strong [2] 3. Summary by Related Content Gold - Market Performance: Gold prices at home and abroad rose and then fell. COMEX gold price once reached $5,100 per ounce, and Shanghai gold once reached 1,100 yuan per gram [1] - Driving Factors: Geopolitical tensions between the US and Iran and between Russia and Ukraine increased market risk - aversion. The US ADP employment number and ISM non - manufacturing PMI in January were lower than the previous values, boosting market expectations of interest rate cuts [1] - Outlook: In the short - term, gold is expected to maintain a wide - range volatile trend. In the long - term, the upward support logic remains intact [1] Silver - Market Performance: Silver prices also rose and then fell. COMEX silver price once reached $92 per ounce, and Shanghai silver once reached 24,000 yuan per gram [2] - Driving Factors: Geopolitical changes increased market risk - aversion, but the positive driving force on the silver spot side weakened. Since mid - January, the silver tariff risk has declined, the US silver hoarding pace has slowed down, and the London silver spot lease rate has decreased [2] - Outlook: In the short - term, silver is expected to maintain wide - range volatility with greater volatility risk than gold. In the long - term, the bullish support is still strong [2] Commodity Index - Comprehensive Index: The commodity index, commodity 20 index, industrial products index, and PPI commodity index all showed positive growth on February 4, 2026, with growth rates of 1.99%, 2.43%, 1.42%, and 1.75% respectively [42] - Precious Metals Index: On February 4, 2026, the precious metals index had a daily increase of 5.88%, a 5 - day decline of 18.91%, a 1 - month increase of 9.34%, and a year - to - date increase of 15.25% [43]