黄金失守4800关口，2026年值得期待的是铜？

Core Viewpoint - The recent volatility in the gold market is primarily driven by the easing of geopolitical risks surrounding Greenland, as indicated by U.S. President Trump's statements at the World Economic Forum [6][7]. Group 1: Gold and Silver Market Analysis - On January 22, the spot gold price experienced a daily decline of 1.00%, reaching a low of $4777.23 per ounce before fluctuating around the $4800 mark [4]. - Spot silver hit a peak of $90.79 per ounce before rising to $94 per ounce, showing high-level fluctuations [4]. - The market's risk aversion has decreased due to the temporary alleviation of tariff threats related to Greenland, leading to a pullback in gold prices [7]. Group 2: Copper Market Insights - Analysts predict that gold prices may rise less sharply in 2026 compared to 2025, while copper is expected to perform strongly [8]. - The price dynamics of copper differ significantly from precious metals; copper's potential price increase is more closely tied to rising investments in the power sector rather than the safe-haven appeal of gold [8]. - The relationship between gold and copper is complex; both are influenced by U.S. dollar policies, but they react differently to inflationary pressures [9].