贵金属日评-20260205

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The long - term upward driving force of precious metals remains unchanged. It is recommended that investors continue to go long after the downward momentum of precious metals weakens. However, due to a large influx of investment funds into the precious metals market recently, which has increased price volatility, investors are advised to strictly control their positions to avoid short - term fluctuations [4][5]. - The appointment of the next Fed Chairman by Trump has a reasonable impact on the correction of precious metals. The hawkish stance of the next Fed Chairman may compress the duration rather than the upward space of the medium - term bull market of gold. It is bullish for silver, platinum, and palladium relative to gold. The medium - and long - term upward trend of gold and the medium - term strength of silver, platinum, and palladium compared to gold are maintained. But investors should be vigilant against the medium - term risk that the Fed tightens monetary policy to end the precious metals bull market [5]. 3. Summary by Relevant Catalogs 3.1 Precious Metals Market Conditions and Outlook - Intraday Market: Due to the full release of internal adjustment risks attracting some bottom - fishing funds, and the incidents of the US military shooting down an Iranian drone and the twists in the US - Iran meeting, the precious metals sector continued to rebound from the sharp decline at the end of January. On February 3, during the Asian session, London gold returned to $5000 per ounce, and London silver was also approaching $90 per ounce [4]. - Price Changes: The previous closing price, highest price, lowest price, closing price, percentage change, open interest, and change in open interest of precious metal contracts such as the Shanghai Gold Index, Shanghai Silver Index, Guangzhou Platinum Index, and Guangzhou Palladium Index are provided. For example, the Shanghai Gold Index closed at 1,143.37, with a 4.39% increase [5]. - Medium - term Market: The appointment of the next Fed Chairman by Trump eliminated the market's hedging demand for this uncertainty, and the hawkish policy stance also alleviated concerns about the out - of - control of US fiscal and economic discipline. The correction of precious metals is reasonable, and the previous sharp rise of precious metals also needed a large pullback to release internal adjustment risks. The hawkish stance has no fundamental impact on the long - term bull market of gold and may mainly affect the duration of the medium - term bull market. It is bullish for silver, platinum, and palladium relative to gold. Since November 2025, a large amount of investment funds have flowed into the precious metals market, increasing price volatility. The annualized volatility of gold and silver calculated based on the rolling prices of the past three months has reached two to three times the historical average [5]. 3.2 Precious Metals Market - Related Charts - Multiple charts are provided, including Shanghai gold and silver futures indexes, London gold and silver spot prices, the basis of Shanghai futures indexes against Shanghai Gold TD, gold and silver ETF holdings, the gold - silver ratio, and the correlation between London gold and other assets [7][9][10]. 3.3 Main Macroeconomic Events/Data - Trump signed a spending agreement to end the partial shutdown of the US government, restoring the interrupted appropriations of some institutions and temporarily extending the appropriation for the Department of Homeland Security until February 13 [16]. - About 30 countries want to join a club targeting key mineral trade, with Japan, Australia, and South Korea already joining, and nearly 20 other countries showing strong interest. The club will implement tariff - free trade and exchanges and set a price floor for mineral products [16]. - The Trump administration is implementing the details of the US - India trade agreement into written documents. The agreement will reduce India's tariffs on US industrial products from 13.5% to zero, cancel some tariffs, and allow India to retain some agricultural import protection measures. The US will reduce tariffs on most Indian goods from 50% to 18% [16]. - Iran requested to change the location of the meeting with the US this week to Oman instead of Turkey and narrow the scope of topics to only bilateral nuclear - related talks, which raised doubts about whether the meeting could proceed as planned. The White House said the meeting was still scheduled for later this week [17].