五矿期货贵金属日报-20260212

1. Report Industry Investment Rating - No information provided in the given text 2. Core View of the Report - The U.S. January non - farm payrolls data was significantly better than expected, with 130,000 new jobs, and the unemployment rate dropped slightly to 4.3%. The market's expectation of the Fed's interest rate cut further cooled down, causing the prices of gold and silver to plunge in the night session. Precious metals may enter a stage of correction in the short term. The CPI data to be released this Friday remains the core focus of the market. It is recommended to remain on the sidelines for now. [2][3][4] 3. Summary by Relevant Catalogs 3.1. Market Quotes - Domestic Futures: Shanghai gold rose 0.44% to 1,130.70 yuan/gram, and Shanghai silver rose 1.88% to 20,965.00 yuan/kilogram. [2] - International Futures: COMEX gold rose 1.51% to $5,107.50 per ounce, and COMEX silver rose 4.56% to $84.05 per ounce. The U.S. 10 - year Treasury yield was 4.16%, and the U.S. dollar index was 96.90. [2] 3.2. U.S. Employment Data - The U.S. January seasonally - adjusted non - farm payrolls added 130,000 jobs, the largest increase since April 2025, far exceeding the market expectation of 70,000. The unemployment rate dropped slightly from 4.4% to 4.3%. [2][4] - Job growth in January was mainly driven by healthcare and social assistance. Healthcare added 82,000 jobs, social assistance added 42,000, and the construction industry added 33,000 jobs. [3] 3.3. U.S. Fiscal Data - In January, the U.S. budget expenditure was $655 billion and revenue was $560 billion, both reaching record highs for the same period. The government budget deficit was $95 billion, higher than the expected $86.5 billion. The federal deficit so far in fiscal year 2026 is $697 billion, narrowing compared to $840 billion in the same period of the previous fiscal year. [3] 3.4. Strategy Suggestion - Temporarily remain on the sidelines. The reference operating range for the main Shanghai gold contract is 1,100 - 1,200 yuan/gram, and for the main Shanghai silver contract is 20,000 - 21,800 yuan/kilogram. [4] 3.5. Key Data of Gold and Silver - Gold: COMEX gold's closing price, trading volume, open interest, and inventory all decreased; LBMA gold's closing price decreased slightly, while the closing price of Shanghai gold futures rose. [6] - Silver: COMEX silver's closing price and open interest decreased, and inventory decreased; LBMA silver's closing price rose, and the closing price of Shanghai silver futures also rose. [6] 3.6. ETF Holdings - Gold ETF: The holdings of most gold ETFs decreased slightly, while PHAU UK's holdings increased slightly. [62] - Silver ETF: The holdings of SLV US and ETPMAG Australia increased, while the holdings of PSLV Canada decreased slightly. [62]