Group 1 - The latest price of London gold is $4,617.33 per ounce, showing an increase of $31.96 or 0.70% from the previous trading day, indicating a strong upward trend [1] - The opening price for the day was $4,585.49 per ounce, with a high of $4,620.56 and a low of $4,585.49, reflecting significant market activity [1] Group 2 - The U.S. Department of Justice has issued a subpoena to Federal Reserve Chairman Jerome Powell as part of a criminal investigation related to his testimony regarding a $2.5 billion renovation project, raising concerns about the independence of the Federal Reserve [2] - Major investment banks, including Bank of America, JPMorgan, Goldman Sachs, Morgan Stanley, and UBS, are optimistic about gold prices, predicting they will remain between $4,500 and $5,000 per ounce by 2026 due to expectations of interest rate cuts and rising debt concerns [2] - The current market anticipates that the Federal Reserve may cut interest rates approximately twice this year, although recent employment reports have weakened aggressive rate cut expectations [2] Group 3 - The 21-period Simple Moving Average (SMA) has crossed above the 50-period SMA, both trending upwards, which reinforces the current bullish trend in gold prices [3] - Key support levels for gold are identified at approximately $4,534.94 (21-period SMA) and $4,468.91 (50-period SMA), indicating a strong technical foundation for price stability [3] Group 4 - Momentum indicators remain positive, with the MACD in the positive territory above the signal line, suggesting strong bullish momentum [4] - The RSI is at 67.3, indicating a potential short-term pause or consolidation in the upward trend, but any pullback is likely to be viewed as a correction rather than a trend reversal [4]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The US core CPI inflation has slowed down, Trump has cancelled the meeting with Iran, and gold prices have continued to reach new highs. Although the bet on a January interest rate cut has almost disappeared, due to geopolitical tensions and Fed turmoil, gold prices remain strong. The premium of Shanghai gold has converged to -4 yuan/gram [4]. - Core CPI inflation has slowed down, Trump has cancelled the meeting with Iran, and silver prices have continued to rise. The premium of Shanghai silver has expanded to 2,600 yuan/gram, and domestic sentiment has heated up again. Due to geopolitical concerns and high - sentiment, silver prices also remain strong [5]. - After Trump's inauguration, the world has entered a period of extreme turmoil and change. The inflation expectation has shifted to an economic recession expectation. Gold prices are difficult to fall. Recently, the expectation of Fed interest rate cuts and optimistic expectations for the Russia - Ukraine peace talks have jointly affected the market. Coupled with liquidity concerns, there is still upward momentum for gold prices, but it is limited [9]. - After Trump's inauguration, silver prices still mainly follow gold prices. Concerns about tariffs have a stronger impact on silver prices, and silver prices are prone to larger increases [12]. 3. Summary According to the Directory 3.1. Previous Day's Review - **Gold**: The US core CPI inflation slowed down, Trump cancelled the meeting with Iran, and gold prices continued to reach new highs. The three major US stock indexes closed down across the board, and the three major European stock indexes closed mixed. US bond yields were mixed, with the 10 - year US bond yield rising 0.40 basis points to 4.179%. The US dollar index rose 0.28% to 99.18, and the offshore RMB depreciated slightly against the US dollar to 6.9736. COMEX gold futures fell 0.44% to $4,594.40 per ounce [4]. - **Silver**: Core CPI inflation slowed down, Trump cancelled the meeting with Iran, and silver prices continued to rise. The three major US stock indexes closed down across the board, and the three major European stock indexes closed mixed. US bond yields were mixed, with the 10 - year US bond yield rising 0.40 basis points to 4.179%. The US dollar index rose 0.28% to 99.18, and the offshore RMB depreciated slightly against the US dollar to 6.9736. COMEX silver futures rose 2.08% to $86.86 per ounce [5]. 3.2. Daily Tips - **Gold**: The basis of gold is - 2.56, with the spot at a discount to the futures, which is neutral. The gold futures warehouse receipts are 98,283 kilograms, a decrease of 630 kilograms, which is bearish. The 20 - day moving average is upward, and the K - line is above the 20 - day moving average, which is bullish. The main net position is long, and the long position of the main force has increased, which is bullish [4]. - **Silver**: The basis of silver is + 26, with the spot at a premium to the futures, which is neutral. The Shanghai silver futures warehouse receipts are 630,066 kilograms, an increase of 19,577 kilograms, which is bullish. The 20 - day moving average is upward, and the K - line is above the 20 - day moving average, which is bullish. The main net position is long, and the long position of the main force has increased, which is bullish [5]. 3.3. Today's Focus - Time TBD: China's December imports and exports and trade balance, and possibly the incremental social financing scale, new RMB loans from January to December, and money supply such as December M2; the US Supreme Court may make a ruling on the Trump tariff case [14]. - 16:20: Speech by European Central Bank Deputy President de Guindos [14]. - 17:15: Speech by Bank of England Monetary Policy Committee member Alan Taylor [14]. - 21:30: US November PPI [14]. - 22:50: Speech by Philadelphia Fed President Paulson on the economic outlook [14]. - 23:00: US December existing - home sales annualized total, and speech by Fed Governor Milan on supervision and monetary policy [14]. - 23:30: Speech by Bank of England Deputy President Dave Ramsden [14]. - Next day 01:00: Speech by Minneapolis Fed President Kashkari and participation in a discussion by Atlanta Fed President Bostic [14]. - Next day 03:00: Release of the Fed's "Beige Book" on economic conditions, and opening remarks by New York Fed President Williams [14]. 3.4. Fundamental Data - **Gold**: The basis of gold is - 2.56, with the spot at a discount to the futures. The gold futures warehouse receipts are 98,283 kilograms, a decrease of 630 kilograms [4]. - **Silver**: The basis of silver is + 26, with the spot at a premium to the futures. The Shanghai silver futures warehouse receipts are 630,066 kilograms, an increase of 19,577 kilograms [5]. 3.5. Positioning Data - **Gold**: The main net position is long, and the long position of the main force has increased. As of January 13, 2026, the long position volume is 180,315, an increase of 1.73% from the previous day; the short position volume is 48,004, a decrease of 2.30% from the previous day; the net position is 132,311, an increase of 3.28% from the previous day [4][30]. - **Silver**: The main net position is long, and the long position of the main force has increased. As of January 13, 2026, the long position volume is 359,134, an increase of 0.01% from the previous day; the short position volume is 293,066, a decrease of 0.83% from the previous day; the net position is 66,068, an increase of 3.90% from the previous day [5][32].

长江铝价alu.ccmn.cn短评：美联储降息预期与油价上涨驱动，隔夜伦铝涨0.16%；国内电解铝产能难增 产量，且新能源需求爆发将提振铝需求，多重利好下今现铝或上涨。 【铝期货市场】：美联储降息预期与油价上涨驱动，隔夜伦铝横盘窄幅震荡，最新收盘报价3196美元/ 吨，收涨5美元，涨幅0.16%，成交量30678手减少5453手，持仓量692683手增加4800手。晚间沪铝开盘 跳水后反弹上行，随后盘面维持偏强震荡姿态，主力月2603合约最新收盘价报24780元/吨，涨170元， 涨幅0.69%。 伦敦金属交易所（LME）1月13日伦铝最新库存量报494000公吨，较上个交易日减少1825吨，跌幅 0.37%。 长江铝业网讯：1月13日现货铝价，长江现货A00铝锭价报24300元/吨，跌40元；广东现货A00铝锭价报 24310元/吨，跌90元。 宏观层面，美国 12 月 CPI 数据显示，环比涨 0.3%，同比 2.7%，核心 CPI 环比 0.2%、同比 2.6%，均低 于分析师预期。温和通胀强化了市场对美联储今年降息的押注，预计全年降息两次，CME FedWatch 工 具显示，3 月降息至少 25 个 ...

Group 1 - The core viewpoint of the articles indicates that the zinc market is experiencing a mixed sentiment, with domestic supply and demand both weak, yet supported by surrounding metal price increases and favorable policies [1][2]. - The overnight London zinc price fluctuated, closing at $3202 per ton, down $12 or 2.05%, with a trading volume of 19,113 lots, an increase of 7,933 lots [1]. - The domestic zinc market is expected to maintain a strong trend due to low processing fees and supportive policies, despite marginal increases in supply that may limit price rebounds [2]. Group 2 - The macroeconomic environment shows that the U.S. December CPI rose by 2.7% year-on-year, aligning with expectations and maintaining market anticipation for potential interest rate cuts by the Federal Reserve [1]. - The processing fees for domestic zinc concentrate have generally declined, with northern regions experiencing larger decreases than southern regions, while the import window has opened, leading to increased transactions of imported ore [2]. - The overall market sentiment is influenced by macroeconomic factors and the performance of surrounding metals, with expectations of a short-term increase in zinc prices due to heightened emotional responses in the market [2].

数据公布后，交易员们加大了对"美联储较早降息"的押注。最新数据预测显示，美联储4月降息的概率约为42%，高于CPI数据发布前的38%。受预期变化影 响，白银价格飙升。 花旗集团最新预测，白银将在未来三个月内达到每盎司100美元。在报告中，花旗分析师表示，预计牛市在近期将保持不变，"基本假设是，地缘政治风险将 有所缓和，在今年晚些时候对贵金属的对冲需求将受到抑制。" 广发期货表示，全球库存紧张加剧、机构等多头资金通过ETF和实物交割方式大量增持现货驱动下，白银价格偏强运行，预期价格中枢不断上移，但原材料 成本上升可能抑制工业领域的需求。随着全球大宗商品指数调仓影响基本消化，短期在高波动率风险下建议在75美元上方多单继续持有，单边谨慎操作。 2025年白银涨势迅猛，伦敦银现货价格年内累计最大涨幅一度超170%，虽年末出现单日超10%的跳水，但全年仍实现约150%的年度涨幅。而2026年开年 后，白银现货、期货涨幅均已经超过25%。 | | 国际贵金属 | | | | | --- | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 年初至今 | | | 伦敦金现 | 462 ...

Group 1 - Cryptocurrency concept stocks have shown strong performance, with Boyaa Interactive (00434) rising by 10.81% to HKD 4.1, and Blueport Interactive (08267) increasing by 10% to HKD 0.44 [1] - New Fire Technology Holdings (01611) has gained 7.09% to HKD 3.17, while OK Blockchain (01499) is up by 6.9% to HKD 0.217 [1] - The cryptocurrency market has experienced a significant surge, with Bitcoin rising nearly 5% to surpass USD 95,000, marking a new high for the year, and Ethereum increasing by over 7% [1] Group 2 - The U.S. December CPI data met expectations, with the core CPI year-on-year increase at 2.6%, lower than the expected 2.7%, and a month-on-month increase of 0.2%, below the anticipated 0.3% [1] - The slowdown in U.S. core inflation has strengthened expectations for a Federal Reserve interest rate cut in April [1] - Reports indicate that Wall Street star fund manager Cathie Wood predicts that Trump may start purchasing Bitcoin as a strategic reserve before the 2026 midterm elections to maintain political momentum and support from cryptocurrency voters [1]

晨报 铝锭 .14 成材：重心下移 偏弱运行 铝锭：海外降息预期升温 关注高价位下游反馈 投资咨询业务资格： 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2026 年 1 月 14 日 逻辑：云贵区域短流程建筑钢材生产企业春节期间停产检修时间大多 在 1 月中下旬，复产时间预计在正月初十一至正月十六左右，停产期间预 证监许可【2011】1452 号 逻辑:昨日沪铝延续偏强运行。宏观上美国 12 月整体通胀率维持不变， 核心指标年率低于预期，交易员们加大了对"美联储较早降息"的押注。 以伊冲突 计影响建筑钢材总产量 74.1 万吨。安徽省 6 家短流程钢厂，1 家钢厂已 于 1 月 5 日开始停产；其余大部分钢厂均表示将于 1 月中旬左右停产放假， 个别钢厂预计 1 月 20 日后停产放假，停产期间日度影响产量 1.62 万吨左 右。2024 年 12 月 30 日-2025 年 1 月 5 日，10 个重点城市新建商品房成 交（签约）面积总计 223.4 万平方米，环比下降 40.3%，同比增长 43.2%。 成材昨日继续震荡下行，价格再创近期新低 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report provides a comprehensive analysis of various futures markets, including agricultural products, black metals, non - ferrous metals, shipping, and energy chemicals. It assesses the current market situation, influencing factors, and offers corresponding trading strategies for each sector, taking into account factors such as supply and demand, geopolitical events, and policy changes. Summary by Related Catalogs Financial Derivatives - **Stock Index Futures**: On Tuesday, the stock index fluctuated significantly. Although there were short - term rebounds, the overall market closed down. The basis of each variety continued to rise, and the discount of stock index futures continued to narrow, indicating that futures investors are still optimistic about the future market. It is recommended to go long on IC and IM on dips, conduct cash - and - carry arbitrage on IM/IC 2606 + short ETF, and use bull spreads for options [19][20][21]. - **Treasury Bond Futures**: On Tuesday, most treasury bond futures closed higher, but the market capital continued to converge, which put pressure on the short - end. In the short term, although market sentiment has recovered, it is not advisable to be overly optimistic. It is recommended to stop profit on previous long positions and then wait and see. For cash bond holders, they can consider selling hedges. For arbitrage, it is recommended to try shorting the basis of the 30 - year active bond [23][24]. Agricultural Products - **Protein Meal**: The supply pressure increases, and the price of US soybeans continues to decline. It is recommended to have a short - term bearish view, conduct M79 reverse arbitrage, and use the strategy of selling wide - straddle options [25][26]. - **Sugar**: Both domestic and international sugar prices are oscillating at the bottom. It is recommended to expect international sugar prices to oscillate at the bottom in the short term, and domestic sugar prices to oscillate within a range. Consider buying at the lower end and selling at the upper end of the range, and sell put options [27][30][31]. - **Oilseeds and Oils**: The US biodiesel sector is disturbed, and the price of US soybean oil has increased significantly. In the short term, the oil market oscillates with increased volatility. It is recommended to wait and see for both arbitrage and options [31][33]. - **Corn/Corn Starch**: The US corn report shows increased production, and the short - term price is weak. The spot price of corn is currently stable but may face pressure later. It is recommended to go long on the 03 US corn contract after it stabilizes, try short - selling the 03 corn contract, and widen the spread between the 05 corn and starch contracts [35][36]. - **Hogs**: The overall slaughter increases, but the spot price continues to rise. It is recommended to have a short - selling view, wait and see for arbitrage, and use the strategy of selling wide - straddle options [37][38]. - **Peanuts**: The spot price is stable, and the futures price oscillates at the bottom. It is recommended to go long on the 05 peanut contract on dips, wait and see for arbitrage, and sell the pk603 - C - 8200 option [39][41][42]. - **Eggs**: The demand has improved, and the egg price is stable with a slight increase. It is recommended to expect the near - month contract to oscillate weakly, and consider going long on the far - month May contract on dips [42][45]. - **Apples**: The cold - storage inventory is low, and the apple price is firm. It is recommended to hold long positions in the May contract and short the October contract, and conduct long - May and short - October arbitrage [46][48][49]. - **Cotton - Cotton Yarn**: The sales progress is fast, and the cotton price oscillates. It is recommended to expect the US cotton to oscillate in the short term, and go long on Zhengzhou cotton on dips [50][52]. Black Metals - **Steel Products**: Steel products start to accumulate inventory, and the steel price continues to oscillate. It is recommended to maintain an oscillating and strengthening trend, short the hot - rolled coil - coking coal ratio on rallies, and continue to hold the short - hot - rolled coil and long - rebar spread [55][56]. - **Coking Coal and Coke**: The price fluctuates sharply, and it is recommended to be cautious. It is expected to continue to oscillate widely, and it is recommended to wait and see for both arbitrage and options [57][59]. - **Iron Ore**: Market expectations are volatile, and the iron ore price is considered bearish at high levels. It is recommended to short lightly at high levels [60][63][64]. - **Ferroalloys**: Driven by cost, the price oscillates strongly. It is recommended to expect a short - term strengthening trend due to improved supply - demand and cost factors, wait and see for arbitrage, and sell out - of - the - money straddle options [66][67][69]. Non - Ferrous Metals - **Gold and Silver**: Inflation is moderate, and geopolitical conflicts drive the prices of gold and silver to new highs. It is recommended to hold long positions in Shanghai gold based on the previous high at the end of December and in silver based on the support near the previous high on the 7th of this month [70][73][74]. - **Platinum and Palladium**: The slowdown of CPI growth eases the macro - pressure on precious metals. It is recommended to go long on platinum on dips, and be cautious about going long on palladium before the result of the 232 investigation is announced [75][76][77]. - **Copper**: Short - term fluctuations intensify, but the upward trend remains unchanged. It is recommended to hold long positions entered at 98000 - 99000 yuan/ton [78][79]. - **Alumina**: The contradiction between commodity sentiment and fundamentals expands price fluctuations. It is recommended to wait and see [81][82]. - **Electrolytic Aluminum**: It runs strongly with oscillations. It is recommended to wait and see for both arbitrage and options [83][86]. - **Cast Aluminum Alloy**: It oscillates at a high level with the sector. It is recommended to wait and see for both arbitrage and options [87]. - **Zinc**: Pay attention to the impact of the capital side. It is recommended for conservative investors to wait and see, and for aggressive investors to hold short positions with strict position control [89][91]. - **Lead**: Take partial profit on long positions and raise the stop - loss line. It is recommended to take partial profit on profitable long positions, wait and see for arbitrage, and buy out - of - the - money call options appropriately [93][96]. - **Nickel**: It follows the correction of non - ferrous metals. It is recommended to have a long - term long view after the correction stabilizes [97][98][99]. - **Stainless Steel**: It follows the nickel price. It is recommended to go long on dips after the correction stabilizes [99][101]. - **Industrial Silicon**: Short on rallies. It is recommended to short on rallies as the medium - term demand is weak [102]. - **Polysilicon**: Wait and see in the short term. It is recommended to be cautious due to the current vacuum period of spot trading [103][105]. - **Lithium Carbonate**: The risk of over - rise increases. It is recommended to take partial profit on long positions and pay attention to the support of the 5 - day moving average [106][107][109]. - **Tin**: The supply vulnerability is prominent, and the tin price reaches a new high. It is recommended to be vigilant against the selling pressure after the digestion of macro - positive sentiment [110][111][112]. Shipping - **Container Shipping**: Maersk lowers the price for wk5, and there are still differences in the intensity of rush - shipping. It is recommended to wait and see in the short term and conduct positive arbitrage on the 6 - 10 spread [113][114][115]. Energy Chemicals - **Crude Oil**: Geopolitical factors continue to drive the price. It is recommended to pay attention to the follow - up of the Iranian event and expect an oscillating and strengthening trend. Also, note that domestic gasoline is strong and diesel is weak, and the crude oil calendar spread is strong [116][118]. - **Asphalt**: Cost support is favorable, but supply and demand are weak. It is recommended to expect a high - level oscillation [118][120]. - **Fuel Oil**: Geopolitical factors drive the price. It is recommended to expect a short - term oscillating and strengthening trend and hold the FU59 positive spread [121][124][125]. - **Natural Gas**: TTF/JKM rebounds, and HH oscillates weakly. It is recommended to hold short positions in the third - quarter TTF and JKM contracts and sell out - of - the - money call options on TTF or JKM [126][127][129]. - **LPG**: There is a strong current situation and weak expectations. It is recommended to have a short - term long and long - term short view and pay attention to the follow - up of the Iranian event [129][132][133]. - **PX&PTA**: Downstream production cuts increase, and geopolitical disturbances strengthen cost support. It is recommended to expect a high - level oscillation and conduct positive arbitrage on the 3 and 5 contracts [133][134][135]. - **BZ&EB**: Pure benzene is expected to reduce supply, and styrene is boosted by exports. It is recommended to pay attention to short - selling opportunities for pure benzene and conduct long - styrene and short - pure - benzene arbitrage [136][137]. - **Ethylene Glycol**: Downstream production cuts increase, and the price has limited upside. It is recommended to expect a weak oscillation and sell call options [138][140]. - **Short - Fiber**: The purchasing sentiment is cautious, and the processing margin is under pressure. It is recommended to expect a high - level oscillation [140][142]. - **Bottle Chips**: Some maintenance device plans are announced. It is recommended to expect a high - level oscillation [142][144]. - **Propylene**: It oscillates at a high level. It is recommended to expect a high - level oscillation [144][146][147]. - **Plastic PP**: Hold long positions. It is recommended to hold long positions in the L 2605 contract, try to go long on the PP 2605 contract, and sell and hold the PP2605 put 6100 contract [148][152]. - **Caustic Soda**: The price of caustic soda weakens. It is recommended to expect an oscillating trend and wait and see [153][155]. - **PVC**: It mainly oscillates. It is recommended to wait and see [155][157]. - **Soda Ash**: It has a wide - range oscillation this week. It is recommended to short on rallies during the wide - range oscillation and sell out - of - the - money call options on the far - month high [158][160]. - **Glass**: The futures price falls. It is recommended to expect a wide - range oscillation this week, short on rallies, conduct short - glass and long - soda - ash arbitrage, and sell call options [160][164]. - **Methanol**: It runs firmly. It is recommended to avoid short positions and go long with attention to the Middle East situation [165][167]. - **Urea**: It runs weakly. It is recommended to short lightly and pay attention to the 5 - 9 positive spread [167][169][170]. - **Pulp**: The pulp price oscillates widely at a high level. It is recommended to hold short positions [172][174][175]. - **Log**: The spot price rebounds slightly. It is recommended for aggressive investors to buy a small amount of long positions and pay attention to the LG03 - 05 reverse arbitrage [176][178][179]. - **Offset Printing Paper**: High inventory suppresses the rebound of cultural paper. It is recommended to wait and see and sell the OP2602 - C - 4200 option [179][180][182]. - **Natural Rubber**: The import value of Thai rubber machinery decreases. It is recommended to wait and see for the RU 05 contract, try to go long on the NR 03 contract, and hold the RU2605 - NR2605 spread [183][185]. - **Butadiene Rubber**: The decline of the US dollar index sets a record. It is recommended to try to go long on the BR 03 contract and hold the BR2603 - NR2603 spread [186][188].

据交易所数据显示，截至8点30分，国内黄金（99.95%）最新报价为1031.0元/克，上涨0.14%。 二、机构看涨预期强烈，降息预期升温 市场对美联储2026年降息预期加速，期货市场隐含降息次数预期明显上升，实际利率下行直接推高金 价。汇丰等机构预计上半年金价或触及5000美元关口，短期黄金多头趋势明确，技术面上日线连续收 阳，价格未出现明显回调，多头上涨结构成型。 三、全球监管出手降温投机 芝商所调整黄金期货保证金收取方式，从固定金额改为按合约名义价值5%比例收取，近一月内第四次 调整保证金，抬高交易者资金成本与杠杆门槛；国内相关机构连续发布风险预警，工行上调积存金风险 等级，但未改变短期金价强势上涨的核心趋势。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 国际黄金价格报4612.2美元/盎司，上涨0.28%。 以下是今日对黄金价格走势影响较大的3个主要资讯： 一、美联储独立性遇冲击，美元走弱支撑金价 当地时间1月11日，美国司法部对美联储主席鲍威尔启动调查，引发市场对央行政策中立性的广泛质 疑。市场担忧美联储决策失去独立性，政策可信度动摇 ...

Core Viewpoint - The current geopolitical tensions and rising gold prices highlight gold's appeal as a safe-haven asset, with domestic gold prices reaching a historical high of 1030 yuan per gram, indicating potential for significant market fluctuations ahead [1]. Market Performance - The focus is on the upcoming US December CPI data, which will directly influence Federal Reserve policy expectations and thus the short-term direction of gold prices. As of the latest update, London gold is priced at $4584.07 per ounce, slightly down from previous trading, while domestic gold prices are also showing upward trends [3]. - Recent trends show gold prices fluctuating but generally maintaining a strong upward trajectory, with COMEX gold futures rising by 2.40% to $4608.80 per ounce. Factors driving this increase include delayed expectations for Federal Reserve rate cuts and ongoing geopolitical tensions, particularly between the US and Iran [3][4]. Technical Analysis - From a technical perspective, gold has entered the fifth wave of an upward trend, with resistance levels identified at $4550 and $4600, while support is noted at the $4405-$4395 range [4]. Domestic Market Dynamics - The domestic gold market is exhibiting stronger momentum compared to international markets, with physical gold prices rising in retail and banking sectors. For instance, Lao Feng Xiang's gold price increased by 2.07% to 1428.0 yuan per gram [6]. Investment Trends - Gold ETFs are gaining popularity among retail investors due to their convenience and low costs, with a notable increase in holdings. The long-term trend of central banks accumulating gold remains unchanged, with significant purchases from emerging market central banks, providing a solid support base for gold prices [8]. - Analysts are divided on future trends; a lower-than-expected CPI could renew rate cut expectations, boosting gold prices, while a higher-than-expected CPI may reinforce concerns about persistent inflation and high interest rates, potentially pressuring gold prices [8]. Future Projections - HSBC forecasts that gold prices could rise to $5000 per ounce in the first half of 2026 due to escalating geopolitical risks and debt issues. The weakening of the dollar's credibility amid monetary expansion and fiscal deficits is also seen as a factor driving gold's value [10]. - The current market environment necessitates caution among investors, with recommendations to adopt a strategy of gradual accumulation of gold assets, such as gold bars and ETFs, without leverage [10]. Investor Behavior - There is a noticeable divergence in investor behavior, with institutional investors reducing holdings in gold ETFs while retail investors are buying in at current price levels, reflecting differing risk preferences and market outlooks [12]. - Gold's strategic value as a "last means of payment" is increasingly recognized in the context of a global trust crisis in currencies, reinforcing its role as a reliable asset during turbulent times [12].