2026年2月5日申万期货品种策略日报-黄金白银-20260205

Report Industry Investment Rating - Not provided in the content Core View - Not provided in the content Summary by Relevant Categories Futures Market - The closing prices of Shanghai Gold 2606 and 2604 were 1145.04 and 1141.70 respectively, up 4.39% and 4.38% from the previous day. The closing prices of Shanghai Silver 2606 and 2604 were 22937 and 23511 respectively, up 10.16% and 9.63% from the previous day [2]. - The trading volume of Shanghai Gold 2606 was 94943, and the position was 83522. The trading volume of Shanghai Gold 2604 was 462718, and the position was 178544. The trading volume of Shanghai Silver 2606 was 448333, and the position was 144377. The trading volume of Shanghai Silver 2604 was 943213, and the position was 237208 [2]. Spot Market - The closing price of Shanghai Gold T+D was 1140.03, up 3.99% from the previous day. The closing price of London Gold was 4964.20 dollars per troy ounce, up 0.46% from the previous day. The closing price of Shanghai Silver T+D was 23560, up 9.07% from the previous day. The closing price of London Silver was 88.69 dollars per troy ounce, up 3.83% from the previous day [2]. Inventory - The inventory of gold in the Shanghai Futures Exchange remained unchanged at 103,032 kilograms. The inventory of silver decreased by 26412 kilograms to 423,241 kilograms. The inventory of gold in COMEX decreased by 64302 troy ounces to 35,691,231 troy ounces. The inventory of silver in COMEX decreased by 3066617 troy ounces to 400,790,911 troy ounces [2]. Related Data - The US dollar index was 97.63, up 0.26 from the previous day. The S&P 500 index was 6882.72, down 35.09 from the previous day. The yield of 10-year US Treasury bonds was 4.29%, up 0.01% from the previous day. The Brent crude oil price was 68.71 dollars per barrel, up 0.89 dollars from the previous day. The US dollar to RMB exchange rate was 6.9376, up 0.0014 from the previous day [2]. Derivatives - The position of SPDR Gold ETF decreased by 1 ton to 1,082 tons. The position of SLV Silver ETF decreased by 68 tons to 16,370 tons. The net position of CFTC speculators in gold decreased by 39374 to 205,396. The net position of CFTC speculators in silver decreased by 1511 to 23,703 [2]. Macroeconomic News - Trump said he would not appoint a Fed chair nominee who advocates raising interest rates, and he believes interest rates will be cut soon [3]. - The nuclear negotiation between Iran and the US is scheduled to be held in Muscat on Friday morning local time (2 pm Beijing time on the 6th), and the oil price has given back half of its previous gains due to the fluctuating news [3]. - The Trump administration agreed to cooperate with Japan, Mexico and the EU to develop key minerals for industries such as defense, aiming to reach relevant agreements within 30 or 60 days [4].