Market Overview - Precious metals experienced a significant crash, with spot silver erasing all gains for the year, plummeting by 14%, while gold fell approximately 10% [2] - International metal prices saw a widespread decline, with notable drops in various commodities [4] Price Movements - New York gold dropped by 9.01% to $1,900.87, platinum fell by 10.40%, copper decreased by 5.75%, and nickel dropped by 8.00% [5] - Domestic futures contracts also hit their limit down [6] Global Market Impact - The crash in gold and silver prices negatively affected global stock markets, with the South Korean stock market falling by 5% and Japan's market initially rising by nearly 2% before closing down over 1% [7] - Major indices in Asia, including the Korean Composite Index and the Nikkei Index, reported declines of over 2% [8][11] Investor Sentiment - Analysts noted that the market's movements reflect a reduction in risk appetite among investors, who are reassessing positions amid high valuations and tightening financial conditions [9] - The selection of Kevin Warsh as the next Federal Reserve Chair is seen as a catalyst for the shift towards a more hawkish monetary policy, contributing to a stronger dollar and impacting commodity markets [9][10] Sector Performance - In the A-share market, all three major indices fell over 2%, with the Shanghai Composite Index down by 2.48% and the Shenzhen Component Index down by 2.69% [11] - The resource sector faced collective adjustments, particularly in precious metals and oil and gas, with several stocks hitting their daily limit down [14] Stock Specifics - In the A-share market, 771 stocks rose while 4652 stocks fell, with notable strength in the electric grid equipment sector and continued gains in liquor stocks [12] - Semiconductor stocks also faced significant declines, with companies like Zhaoyi Innovation and Wentai Technology hitting their daily limit down [16]

Market Overview - Precious metals experienced a significant crash, with spot silver erasing all gains for the year, plummeting by 14%, while gold fell approximately 10% [1][17] - International metal prices fell sharply across the board [4][20] - Various domestic futures contracts hit their daily limit down [6][22] Global Market Impact - The crash in gold and silver prices has adversely affected global stock markets, with the South Korean stock market dropping by 5% and the Japanese market initially rising by nearly 2% before closing down over 1% [7][23] - The Asia-Pacific markets reflected this trend, with the Korea Composite Index down 5.26%, the FTSE Indonesia Index down 3.95%, and the Nikkei 225 down 1.25% [24] Investor Behavior - Analysts noted a shift in investor sentiment towards reducing risk in "crowded trades," as investors reassess their positions amid high valuations and tightening financial conditions [8][24] - The market's tolerance for high-beta assets has decreased, leading to a movement of funds from momentum assets to cash and defensive stocks [8][24] Catalyst for Market Movement - The selection of former Federal Reserve Governor Kevin Warsh as the next Fed Chair is seen as a catalyst for the breakdown of high-momentum trades, as he is perceived to be less dovish than other candidates [9][25] - This has led to a strengthening of the dollar, suppressing sentiment in the foreign exchange market and impacting the entire commodities sector [9][25] A-Share Market Performance - In the A-share market, all three major indices fell over 2%, with the Shanghai Composite Index down 2.48%, the Shenzhen Component down 2.69%, and the ChiNext Index down 2.46% [10][26] - A total of 771 stocks rose, while 4652 stocks fell, with 123 stocks hitting their daily limit down [11][27] Sector Performance - The electric equipment sector showed resilience, with stocks like Tongguang Cable and Shuangjie Electric hitting their daily limit up [12][29] - In contrast, resource stocks, particularly in precious metals and oil and gas, faced significant declines, with multiple stocks hitting their daily limit down [12][31] - Semiconductor stocks also suffered, with companies like Zhaoyi Innovation and Wentai Technology hitting their daily limit down, and others dropping over 10% [12][32]

Core Viewpoint - The market is experiencing significant sell orders in various metals, indicating potential bearish sentiment among investors [1] Group 1: Silver and Non-Ferrous Metals - Silver has a massive sell order exceeding 6.6 billion yuan [1] - Xiyang Silver and Tin has a sell order exceeding 5.5 billion yuan [1] - Zhongjin Gold has a sell order exceeding 5.1 billion yuan [1] - Tongling Nonferrous Metals has a sell order exceeding 3.4 billion yuan [1] - Shandong Gold has a sell order exceeding 2.8 billion yuan [1] - Jiangxi Copper has a sell order exceeding 1.5 billion yuan [1] - Shanjin International has a sell order exceeding 0.9 billion yuan [1]

Group 1 - The precious metals sector experienced significant declines, with silver and gold prices dropping sharply, leading to over thirty stocks hitting the daily limit down [1] - Silver prices fell over 11% to below $75 per ounce, while gold saw a maximum drop of approximately 5.74%, currently reported at 4608 yuan per ounce [1] - The previous surge in precious metals was driven by factors such as de-dollarization, geopolitical risks, and speculative trading, with gold and silver reaching historical highs before the sudden reversal [1] Group 2 - The CME raised margin requirements for precious metal futures, increasing gold futures margin from 6% to 8% and silver futures margin from 11% to 15% [1] - The Shanghai Stock Exchange adjusted the margin level for silver deferred contracts from 20% to 26% and increased the price fluctuation limit from 19% to 25% [2] Group 3 - Market institutions have mixed views on the future of precious metals following the historic drop [3] - Citigroup warned that half of the current risk premium for gold may disappear by late 2026, particularly if the political independence of the Federal Reserve is strengthened, which could negatively impact gold's mid-term outlook [4] - However, several institutions maintain bullish forecasts, with CITIC Securities predicting gold could reach $6000 per ounce and UBS forecasting gold to hit $6200 in the first three quarters of this year [4]

贵金属极端行情仍在延续。 消息面上，受获利回吐和短期期货交易者多头平仓等因素影响，国际黄金和白银价格1月30日继续大幅下跌，均创下数十年来最大单日跌幅。 方正证券援引多家机构分析指出，经历近一个月来金银价格暴涨，此次市场抛售在所难免。总部位于伦敦的布里坦尼亚全球市场公司资产经纪公司分析师 表示，考虑到1月份贵金属上涨的速度和幅度，此次回调并不出乎意料。英国研究机构金属聚焦公司分析师认为，近来贵金属上涨行情呈现非理性，但鉴 于投资者面临持续的地缘政治风险和经济不确定性，市场抛售或难以持续。 截至13时56分，现货黄金报4536美元/盎司，现货白银报75美元/盎司。 受此影响，国内期货市场上，黄金期货主力合约沪金2604一度跌超15%，触及1016元/克；此外，沪银主力合约跌停。 截至2月2日午后，A股黄金股大面积跌停。 | 名标 | 现价 | 涨跌 | 涨跌幅 - | | --- | --- | --- | --- | | 菜绅通灵 | 8.34 | -0.93 | -10.03% | | 恒邦股份 | 18.59 | -2.07 | -10.02% | | 招金黄金 | 23.10 | -2.57 | -10 ...

记者｜金珊 见习记者林健民 林芊蔚 编辑｜江佩佩 贵金属极端行情仍在延续。 2月2日下午，现货黄金失守4500美元/盎司，为1月9日以来首次，日内重挫7.9%。截至发稿回 调至4530美元/盎司上方，现货白银一度跌破73美元/盎司，日内跌14%。 国内黄金品牌金饰价格方面，2月2日，周生生足金饰品价格为1484元/克，较1月29日（国际金 价创历史新高日）下降224元；周六福足金饰品价格1484元/克，较1月29日下降217元/克；周 大福足金价格为1489元/克，较1月29日跌217元/克；老庙足金饰品价格为1509元/克，较1月29 日跌217元/克。 受此影响，国内期货市场上，黄金期货主力合约沪金2604一度跌超15%，触及1016元/克；此 外，沪银主力合约跌停。 截至2月2日午后，A股黄金股大面积跌停。 | 名称 | 现价 | 涨跌 | 涨跌幅 ▲ | | --- | --- | --- | --- | | 菜绅通灵 | 8.34 | -0.93 | -10.03% | | 恒邦股份 | 18.59 | -2.07 | -10.02% | | 招金黄金 | 23.10 | -2.57 | -10.0 ...

2026.02.02 本文字数：2119，阅读时长大约4分钟 作者 |第一财经 齐琦 根据通知，若2026年2月2日（星期一）Ag（T+D）合约出现单边市情况，则自收盘清算时起，该合约 的保证金水平从20%调整为26%，下一交易日起涨跌幅度限制从19%调整为25%。若未出现单边市情 况，则Ag（T+D）合约保证金水平和涨跌幅度限制维持不变。 黄金白银跌势延续。 截至发稿，现货白银失守75美元/盎司，跌超11%。现货黄金开盘下挫，现报4703美元/盎司，盘中最低 触及每盎司4583美元。 2月2日，国内市场"接棒"国际贵金属市场史诗级暴跌，国内商品期市午盘大面积收跌，沪银、钯、铂跌 停，沪金跌11.68%；基本金属全部下跌，沪锡跌停；能源品、黑色系、化工品纷纷跟跌。 A股市场上，贵金属、有色板块亦大面积重挫，中金黄金（600489.SH）、四川黄金（001337.SZ）、白 银有色（601212.SH）、豫光金铅（600531.SH）等多股跌停。黄金股ETF、黄金股票ETF开盘跌停，国 投白银LOF今日复牌后一字跌停。 "在这一急涨与暴跌交织的巨震面前，任何点位测算都显得苍白且无力，"中金公司最新发布的研究报告 ...

2026.02. 02 本文字数：2119，阅读时长大约4分钟 作者 | 第一财经 齐琦 黄金白银跌势延续。 截至发稿，现货白银失守75美元/盎司，跌超11%。现货黄金开盘下挫，现报4703美元/盎司，盘中最低触及每盎司4583美元。 2月2日，国内市场"接棒"国际贵金属市场史诗级暴跌，国内商品期市午盘大面积收跌，沪银、钯、铂跌停，沪金跌11.68%；基本金属全部下跌，沪锡跌 停；能源品、黑色系、化工品纷纷跟跌。 A 股 市 场 上 ， 贵 金 属 、 有 色 板 块 亦 大 面 积 重 挫 ， 中 金 黄 金 （ 600489.SH ） 、 四 川 黄 金 （ 001337.SZ ） 、 白 银 有 色 （ 601212.SH ） 、 豫 光 金 铅 （600531.SH）等多股跌停。黄金股ETF、黄金股票ETF开盘跌停，国投白银LOF今日复牌后一字跌停。 "在这一急涨与暴跌交织的巨震面前，任何点位测算都显得苍白且无力，"中金公司最新发布的研究报告分析称，金价显然已超越单纯的基本面主导，传 统的黄金测算模型如实际利率已失效。影响更大的地缘与货币体系重构因素，目前没有具体兑现时间，短期留给市场想象空间。投资者 ...

Core Viewpoint - The precious metals market is experiencing significant declines, with both gold and silver prices dropping sharply, indicating potential for further price volatility and a possible second bottom in the market [1] Group 1: Market Performance - As of the report, spot silver has fallen below $75 per ounce, down over 11%, while spot gold opened lower at $4,703 per ounce, hitting a low of $4,583 during trading [1] - The domestic market mirrored the international precious metals market's dramatic drop, with major declines in commodity futures, including a 11.68% drop in Shanghai gold and trading halts in silver, palladium, and platinum [1] - A-share market also saw significant losses in precious metals and non-ferrous sectors, with stocks like Zhongjin Gold and Sichuan Gold hitting trading limits [1] Group 2: Analyst Insights - Analyst Wu Zijie from Jinrui Futures suggests that there is a possibility of a second bottom and ongoing volatility in gold and silver prices [1] - Key market focus points include the upcoming congressional hearing for Federal Reserve nominee Kevin Walsh, developments regarding the U.S. government shutdown, and the forthcoming U.S. non-farm payroll data [1]

黄金白银跌势延续。 截至发稿，现货白银失守75美元/盎司，跌超11%。现货黄金开盘下挫，现报4703美元/盎司，盘中最低 触及每盎司4583美元。 A股市场上，贵金属、有色板块亦大面积重挫，中金黄金（600489.SH）、四川黄金（001337.SZ）、白 银有色（601212.SH）、豫光金铅（600531.SH）等多股跌停。黄金股ETF、黄金股票ETF开盘跌停，国 投白银LOF今日复牌后一字跌停。 "在这一急涨与暴跌交织的巨震面前，任何点位测算都显得苍白且无力，"中金公司最新发布的研究报告 分析称，金价显然已超越单纯的基本面主导，传统的黄金测算模型如实际利率已失效。影响更大的地缘 与货币体系重构因素，目前没有具体兑现时间，短期留给市场想象空间。投资者需警惕，黄金急涨急跌 由情绪和资金驱动，节奏难以把握。 大面积跌停，交易所紧急通知 越来越多的投机者被限制交易。深交所上周五表示，部分投资者在"国投白银LOF"等基金产品交易过程 中存在影响基金正常交易秩序的异常交易行为，对相关投资者采取了暂停交易等自律监管措施。 早前（1月26日），上海期货交易所发现3组16名客户在锡、白银期货品种交易中涉嫌未申报实际控制关 ...