【花旗：老铺黄金或在农历新年后涨价】智通财经1月26日电，花旗分析师在一份报告中指出，老铺黄 金可能在农历新年后提价，以抵消成本上涨带来的短期利润压力。花旗指出，在以往的大型促销活动 中，大部分库存会在10月份售罄，这意味着用于当前销售的黄金很可能是从11月开始采购的。由于此后 金价飙升，老铺黄金的平均采购成本可能有所上升，这可能会使其农历新年销售的毛利率从12月份的 40%左右降至36%左右。花旗预计老铺黄金的营收和净利润将分别增长45%和57%。 转自：智通财经 ...

The price of gold surged past $5,000 for the first time ever. It isn't showing any signs of slowing. ...

每经AI快讯，1月26日，现货黄金日内涨2.29%突破5100美元/盎司，纽约期金日内涨2.26%突破5130美 元/盎司。 ...

【1月26日大摩报告：黄金价格超预期且未到顶，目标5700美元/盎司】1月26日，大摩发布报告称，黄 金价格已超过该行对下半年4750美元/盎司的预测，且认为金价还未到顶。其上涨主要受地缘政治风 险、央行积极信号及ETF买盘支撑。 大摩指出，波兰央行以绝对吨位数为黄金储备目标，降低价格敏 感度；美联储今年降息预期将支持贵金属ETF买盘，上海白银现货价飙升或使供应紧缩延续。 当下， 看涨黄金情境不断发酵，美元指数走弱、实物需求稳健、地缘政治风险高。大摩强调2026年下半年牛市 情境目标为5700美元/盎司。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com ...

Core Viewpoint - The price of spot gold has surged, breaking the key psychological barrier of $5000 per ounce, driven by increased central bank purchases and heightened demand for safe-haven assets [1][3]. Group 1: Central Bank Purchases - In November 2025, global central banks net bought 45 tons of gold, which, while lower than October, is still above earlier levels in the year [2]. - By the end of November 2025, total gold purchases by central banks reached 297 tons, with Poland, Kazakhstan, Brazil, Turkey, and China being the main buyers [2]. - The Polish central bank has approved a plan to increase its gold reserves by up to 150 tons, bringing its total to 700 tons [2]. - As of December 2025, China's gold reserves stood at approximately 2306 tons, reflecting a month-on-month increase of about 0.93 tons, marking the 14th consecutive month of gold accumulation by the People's Bank of China [2]. Group 2: Geopolitical Risks and Safe-Haven Demand - Increased geopolitical risks, particularly due to U.S. actions, have heightened market demand for safe-haven assets, supporting the rise in precious metal prices [3]. - The U.S. President's threats regarding trade with Canada and military movements in the Middle East have contributed to rising geopolitical tensions [3]. - The U.S. dollar index has fallen to around 97, a four-month low, leading to a trend of "de-dollarization" as markets seek more stable assets [3]. - Germany is reconsidering its gold reserves stored in the U.S., with calls to repatriate approximately 37% of its gold due to increasing global uncertainties [3]. Group 3: Market Outlook and Price Predictions - Various institutions maintain a bullish outlook on gold prices, with many raising their price forecasts [4]. - Jefferies Group predicts that gold prices could reach $6600 per ounce by 2026, while Goldman Sachs has raised its forecast from $4900 to $5400 per ounce [4]. - Huaxi Securities anticipates a price increase of 10% to 35% for gold in 2026 [4]. - The Oriental Jincheng Research Development Department expects gold prices to fluctuate between $4800 and $5200 per ounce before the Chinese New Year, with potential for a price correction if the Federal Reserve's rate cut pace does not meet expectations [4].

1月26日，现货黄金价格突破每盎司5000美元，再度刷新历史新高。去年，国际金价全年涨幅70%左右，创下自1979年石油危机以来年度最大涨幅。今年 以来，国际金价继续强势上涨，目前与年初相比已上涨15%左右。 不同于一般投资品，黄金具备商品属性、金融属性、投资属性等特点。影响黄金价格走势的不只是供需基本面，还有货币政策、对冲风险、对冲通胀等多 重因素。 受国际金价影响，国内金价同样大幅上涨。今年以来，上海黄金交易所现货黄金价格多次创下新高，品牌金店的足金饰品报价突破每克1500元。 从国际金价突破整数关口的速度可以观察近期金价上涨的迅猛程度。从每盎司1000美元到2020年8月首次触及2000美元，黄金用了12年半。2023年11月， 国际金价再度触及每盎司2000美元后开始上涨，至2025年3月触及每盎司3000美元，用时17个月左右。之后，国际金价一路上行，至2025年10月，触及每 盎司4000美元，用时7个月左右。而国际金价自每盎司4000美元至今涨破每盎司5000美元，用时仅为3个多月。 避险功能是黄金的重要价值，风险始终是推升金价的"关键词"。今年以来黄金价格上涨的主要推动力，来自地缘政治紧张局势 ...

Core Insights - The article discusses the rapid increase in gold prices, with the price reaching $5,090, surpassing the previously set target of $5,040 for 2026, indicating a significant shift in market dynamics [2][7] - The author highlights that the time frame for achieving price targets has been significantly compressed, raising questions about the underlying reasons for this change [4][8] Group 1: Market Dynamics - Over the past three years, the gold market has experienced a notable change where price targets are being met much earlier than anticipated [3] - The market is no longer driven solely by trading funds but is influenced by long-term allocation funds, official purchases, and geopolitical risks [8] - The pricing of gold has shifted from being based on interest rates to being influenced by credit risk, reflecting a global shortage of "safe funds" [8] Group 2: Price Targets and Adjustments - The 2024 target for gold was initially set at $2,500 but was reached by August 2024, leading to an upward revision to $2,800, which was also achieved by the end of the year [4][5] - The 2025 target was revised from $3,318 to $3,864, with the price reaching $4,360 just six months later [6] - The 2026 target was set at $5,040, which was already surpassed in January 2026 [7] Group 3: Current Market Sentiment - Recent market behavior shows a strong bullish sentiment, with gold prices experiencing significant upward movements due to heightened risk aversion, particularly following geopolitical events [10] - Silver has also shown strong performance, surpassing $100, indicating a broader trend in precious metals [10] - The volatility in gold prices has increased, with daily fluctuations of around 3%, translating to $150 movements, suggesting a dynamic trading environment [12]

全球央行加快购金步伐，也是今年以来推动黄金价格上涨的重要因素。当地时间1月20日，波兰央行表示，已批准一项购买多达150吨黄金的计划，此举将 使该国的黄金储备总量增加到700吨。众多国家央行购金，除了为优化自身外汇储备资产结构，实现资产保值增值，还是为了对冲地缘政治风险而采取的 长远战略。 通过黄金价格变化，一定程度上可以洞察世界经济趋势。总体来说，在经济上行期，市场会更加偏好风险资产，黄金的避险需求相对降低。而当全球经济 遭遇危机和挑战时，投资者为了保值或避险，会倾向于持有黄金，从而推升黄金价格。拉长时间周期来看，本轮国际金价上涨自2019年下半年开启，至 2025年进入加速上涨通道，与美元信用风险暴露、地缘政治风险爆发等因素有关，反映出百年变局加速演进、世界变乱交织，全球经济不确定性上升的深 层次逻辑。 1月26日，现货黄金价格突破每盎司5000美元，再度刷新历史新高。去年，国际金价全年涨幅70%左右，创下自1979年石油危机以来年度最大涨幅。今年 以来，国际金价继续强势上涨，目前与年初相比已上涨15%左右。 受国际金价影响，国内金价同样大幅上涨。今年以来，上海黄金交易所现货黄金价格多次创下新高，品牌金店 ...

美国东部时间1月25日傍晚，纽约商品交易所2月黄金期货价格在电子盘交易中突破每盎司5000美元的历 史性关口。 编辑/张鑫 但分析人士仍认为，支撑黄金上涨的核心逻辑仍在，全球格局的不确定性或许导致黄金价格依旧易涨难 跌，但短期而言，金价波动率恐将放大，投资者需警惕技术性回调风险。 文/北京青年报记者 张鑫 自1月12日以来，国际金价频频上涨，黄金迎来新一轮的行情。今年刚刚过去20余天，金价已经累计涨 超15%。 对于未来金价走势，高盛的最新报告已经将金价上调至5400美元。而华西证券最新研报预测，2026年金 价涨幅或介于10%—35%区间，杰富瑞集团更是喊出6600美元/盎司的惊人目标。 ...

1月26日，现货黄金价格突破每盎司5000美元，再度刷新历史新高。去年，国际金价全年涨幅70%左右，创下自1979年石油危机以来年度最大涨幅。今年 以来，国际金价继续强势上涨，目前与年初相比已上涨15%左右。 受国际金价影响，国内金价同样大幅上涨。今年以来，上海黄金交易所现货黄金价格多次创下新高，品牌金店的足金饰品报价突破每克1500元。 避险功能是黄金的重要价值，风险始终是推升金价的"关键词"。今年以来黄金价格上涨的主要推动力，来自地缘政治紧张局势加剧和由此导致的市场避险 情绪快速升温。美国突袭委内瑞拉、致力于获取格陵兰岛等多重风险因素叠加，共同推动了市场对黄金的强烈避险需求。 全球央行加快购金步伐，也是今年以来推动黄金价格上涨的重要因素。当地时间1月20日，波兰央行表示，已批准一项购买多达150吨黄金的计划，此举将 使该国的黄金储备总量增加到700吨。众多国家央行购金，除了为优化自身外汇储备资产结构，实现资产保值增值，还是为了对冲地缘政治风险而采取的 长远战略。 通过黄金价格变化，一定程度上可以洞察世界经济趋势。总体来说，在经济上行期，市场会更加偏好风险资产，黄金的避险需求相对降低。而当全球经济 遭遇危机 ...