▲春熙路的珠宝店 过去两周，贵金属价格经历过山车般的波动。在经过一轮猛涨后，上周五，黄金遭遇40年来最大下跌，白银创出历史最大盘中跌幅。2月2日下 午，现货黄金盘中一度跌破4410美元/盎司，日内跌超9%。截至盘中，伦敦金报4450美元/盎司，跌8.44%；COMEX黄金报4486美元/盎司，跌 5.44%。 这样的波动不仅体现在交易市场，也影响着普通人的消费决策。红星新闻记者在成都线下走访发现，当前购买金银的消费者正增多，但也有经营 者表示买卖都有，回收金银变得谨慎。 购买多于回收？ 也有经营者说两者差不多 ▲梨花街的珠宝店 而在春熙路等商圈，中国黄金、周大福、周生生等品牌珠宝店的黄金报价则多为每克1400余元，相比正式报价优惠了几十元。据腾讯理财通2月2日下午显示 的行情信息，主流珠宝品牌的黄金价格为每克1480余元至1490余元。 有经营者告诉记者，当前金银价格下跌，购买多于回收；也有经营者告诉记者，当前价格波动，形势并不明朗，购买、回收都有。综合多家珠宝店的信息， 自上周五价格下跌后，单店单日销售额通常在几万元至几十万元不等。 "这两天刚好来成都玩，看到新闻说黄金在暴跌，就来看看。"在春熙路，消费者李 ...

Core Viewpoint - Precious metals have experienced a significant price drop, nearly erasing previous gains, with gold and silver prices plummeting sharply in early February 2023 [1][3]. Price Movements - As of February 2, gold prices fell to a low of $4,402.06 per ounce, reducing the year-to-date gain from 30% to 4% [1] - Silver prices also saw extreme volatility, dropping to $71.312 per ounce, with year-to-date gains shrinking from 60% to approximately 4% [1] - On February 2, the precious metals sector declined by 10.81%, with a net outflow of 1.039 billion in principal funds [2]. Historical Context - The previous week marked the largest single-day drop in gold prices in 40 years, with gold falling over 12% to a low of $4,682 per ounce [3]. - Silver experienced a historic intraday drop of over 36%, reaching a low of $74.28 per ounce [3]. Retail Impact - The drop in gold prices has led to increased retail interest, with customers flocking to stores to purchase gold jewelry at lower prices [4]. Market Analysis - The price correction is attributed to the nomination of Kevin Walsh as the next Federal Reserve Chair, which strengthened the dollar and raised concerns about future liquidity [6]. - The rapid increase in gold prices prior to the drop led to a market correction as investors took profits [6]. - The long-term outlook for gold remains supported by potential economic weakness and ongoing global risks, despite short-term volatility [7]. Risk Management - In response to the price fluctuations, the Shanghai Gold Exchange and CME have raised margin requirements for gold and silver futures [8]. - Major banks have issued risk warnings and adjusted investment thresholds to mitigate potential losses for investors [9][10][11][12].

国 投 前 分 铂锂:全线跌停之后 安如泰山 信守承诺 本轮销、纪的大幅回调并非无迹可寻。2026年元旦节后截至1月29日，金、银持续拉升，中途几 无任何像样的回调,带动铂、妃在降波之后二次拉升;铜、铝、锌、锡等有色品种无视需求大幅攀 升，多个贵金属和有色金属商品期权波动率微笑曲线出现严重偏斜。期权不合理的结构，已经向市 场发出至少是阶段性见顶的信号。部分投资者已经关注到该信号，主动规避"泡沫"破裂前的虚假 繁荣。伴随盘面的急速拉升,市场情绪愈发脆弱,多头资金本身已是风声鹤唳,"沃什恐慌"只是 压垮骆驼的最后一根稻草。前期铂、密价格抬升并非出于基本面的大幅改善,而是得益于金、银持 续拉升带来的投资需求溢价,当金、银率先回落,恐慌情绪会迅速蔓延至铂、兜。同时, 铂、铝自 身盘子小,资金拥挤度高,前期的非理性上涨必然需要更极端的下跌来修复。 特朗普在关税、地缘等领域态度的反复横跳,美债危机悬而未决,美政府停摆屡见不鲜,在美 国带来的巨大不确定性下,美国部分传统盟友不得不向"中"看以寻求更多稳定性,美元信用承压 的长期逻辑并未根本扭转，所以更长的时间维度上,贵金属估值重心仍有望上移。但是，地缘上 看,美火速抓捕马杜 ...

Core Viewpoint - Recent volatility in domestic and international precious metal markets has significantly increased uncertainty, prompting banks to issue warnings and adjust trading parameters to protect investors [1][3][4]. Group 1: Agricultural Bank - Agricultural Bank has issued a warning regarding the severe fluctuations in precious metal prices, urging clients to assess their risk tolerance and financial situation before engaging in trading [1][4]. - The bank announced adjustments to the trading limits for silver contracts under its Gold Market Access service, increasing the price fluctuation limit from 19% to 25% if a one-sided market condition occurs starting February 2, 2026 [1][5]. - Clients are advised to monitor market changes closely and manage their positions effectively to mitigate risks associated with market volatility [1][5]. Group 2: Postal Savings Bank - Postal Savings Bank has also highlighted the increased volatility in precious metal markets, advising clients to enhance their risk awareness and make rational investment decisions [1][5]. - The bank emphasizes the importance of avoiding impulsive trading behaviors and maintaining a balanced portfolio in light of the current market conditions [1][5]. Group 3: China Merchants Bank - China Merchants Bank has announced adjustments to its "Zhaocai Gold" business, increasing the margin requirement for various gold contracts from 60% to 70% due to heightened market volatility [3][7]. - The fluctuation limit for the Ag (T+D) contract will be raised to 25% if a one-sided market condition is observed, while it remains unchanged at 15% if not [3][7]. - These measures are aimed at safeguarding investor interests and mitigating market risks [3][7].

尽管短期价格波动难以避免，但由央行和投资者共同驱动的长期增长动能依然完好无损。这种深层次的 供需平衡重塑将继续推高贵金属价格中枢，使得6300美元的目标不再遥不可及。金丰来认为，对于投资 者而言，在当前的多元化趋势中，每一次因技术性因素导致的回调，或许都应被视为中长期布局的良 机。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：陈平 2月2日，步入2026年，全球金融市场正经历深刻的结构性调整，黄金作为核心避险资产的地位再次得到 强化。金丰来表示，近期国际知名投行摩根大通已将2026年年底黄金价格预测大幅上调至每盎司6300美 元，这一调整反映了即便在经历短期剧烈波动后，市场对贵金属长期牛市的坚定信心。虽然上周末金银 因美元回升及前期超涨而出现技术性回撤，但这种修正并未动摇支撑金价上行的核心逻辑。 官方机构的购金浪潮是本轮目标价上调的关键推手。金丰来表示，相关数据显示，全球央行在2025年共 购入约863吨黄金，仅第四季度就买入了230吨。即便在金价突破4000美元大关后，各国的储备多元化意 愿依然强烈。预计2026年央行需求仍将维持在800吨左右的高位，这种结构性的持续买盘为市场提供了 坚实的价位支撑。 ...

1月30日，黄金、白银价格同步上演"高台跳水"，其中，COMEX黄金期货跌8.35%报4907.50美元/盎司，COMEX白银期货跌25.50%报85.25美元/盎司。 业内普遍认为，本次黄金"巨震"，直接原因或是美国总统特朗普提名凯文·沃什为新任美联储主席，导致"独立性危机"担忧降温，美元反弹。 2月2日，黄金、白银价格继续剧烈波动。截至记者发稿，现货黄金跌6.80%，报4562美元/盎司；现货白银跌11.46%，早间曾一度转涨，但随后又大幅下挫， 报75.49美元/盎司。 第一财经发现，随着黄金、白银价格持续大幅下挫，人们投资实物黄金的热情有所松动，部分投资者选择观望，此前日日被抢断货的银行金条也出现了库 存，部分银行的实物金条甚至显示为"库存充足"状态。 投资情绪降温 今年1月，贵金属经历了历史罕见的上涨行情。去年12月底至1月28日，市场对美联储的独立性担忧、地缘风险中枢上行及弱美元预期等，直接催化COMEX 黄金期货于1月29日突破5600美元/盎司，月内最高涨幅超过29%，COMEX白银期货突破120美元/盎司，月内最高涨幅甚至达到72%，不断刷新历史。 2月2日，黄金、白银价格继续下探，投资者情 ...

【黄金期货最新行情】 | 2月2日 | 收盘价（元/克） | 当日涨跌幅 | 成交量（手） | 持仓量（手） | | --- | --- | --- | --- | --- | | 沪金主力 | 1008.60 | -15.73% | 893317 | 178401 | 打开APP，查看更多高清行情>> 【基本面消息】 数据显示，2月2日上海黄金现货价格报价1030.00元/克，相较于期货主力价格（1008.60元/克）升水 21.04元/克。 【机构观点】 西部期货：多空因素激烈博弈 黄金冲高后警惕宽幅震荡 上周行情再创新高，之后迎来暴跌，SHFE黄金主力合约收于1161.42人民币元/克，上涨5.31%;SHFE白 银主力合约收于27941人民币元/千克，上涨15.82%。1月13日当周，COMEX黄金净多头持仓696.49吨， 环比-20.33吨，保持高位;1月23日当周，黄金ETF持有量净流入34.5吨，环比-1.3吨，保持高速流入。基 本面方面，美联储1月会议认为美国经济稳健，劳动力市场企稳，通胀大致符合预期，释放短期内不考 虑降息的信号，未来降息预期波动或依赖新主席提名。因两党围绕国土安全部拨款及 ...

投资咨询系列报告 山金期货贵金属策略报告 更新时间：2026年02月02日16时12分 报告导读： 今日贵金属几乎全线跌停，沪金主力收跌15.73%，沪银主力收跌17%，铂金主力收跌16%，钯金主力收涨跌16%。①核心逻辑， 短期避险方面，贸易战与地缘异动风险短期缓和，中长期仍存；新联储主席预期偏鹰，美国就业走弱通胀压力仍存，降息预期渐近 尾声，缩表预期重创贵金属。②避险属性方面，前期围绕格陵兰岛资源争端及北美贸易关税摩擦的地缘紧张局势在近日出现缓和迹 象。最新特朗普称俄对乌部分地区停火一周，贸易战与地缘异动风险短期缓和。③货币属性方面，特朗普提名前美联储理事沃什接 替鲍威尔，新提名引爆鹰派预期，其主张缩减资产负债表并对降息持谨慎态度，贵金属遭遇史诗级抛售。美国12月PPI创五个月来 最大环比涨幅，意味着未来数月通胀可能加速，让美联储能够在一段时间内维持利率稳定。目前市场预期美联储降息年内完成，下 次降息或到6月。美元指数和美债收益率低位反弹；④商品属性方面，关注银铂钯需求证伪风险。白银受到供应偏紧支撑。铂金氢 能产业铂基催化剂需求预期强劲。钯金短期需求仍有韧性，长期面临燃油车市场结构性压力。CRB商品指数震 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The rapid decline in precious metal prices in early February 2026 was due to the combined effects of short - term speculative leverage, sentiment reversal, and technical over - buying correction, which was a risk clearance for the previous overheating. As short - term sentiment calms, the market will refocus on long - term fundamentals. The supply - demand tightness of silver remains unchanged, and the current correction creates space for future development. However, short - term volatility risks cannot be ignored, and attention should also be paid to sentiment linkage and risk diffusion among related sectors [20] 3. Summary by Relevant Catalogs Short - term: Triggers for the Retracement - **Market sentiment shift triggering long - position stampede**: The "hawkish" remarks of the new Fed Chair nominee reversed the market's optimistic sentiment about monetary policy, increasing the expected holding cost of gold and reducing speculative long - position sentiment. High - leveraged positions were forced to liquidate due to margin shortages, forming a negative feedback loop and exacerbating price declines [4][5] - **Low - level repair demand for the gold - silver ratio**: The gold - silver ratio reached a 13 - year low of 48.28 on January 30, 2026, far below the long - term average. There was a strong technical need for ratio repair. When the market turned weak, silver faced more selling pressure and larger declines [7][9] - **Reverse fluctuations under physical delivery pressure**: Commercial dealers held a net short position of about 220 million ounces of silver, more than twice the exchange's registered silver inventory. To prevent delivery risks, CME raised the margin for precious metal futures, cooling speculation and giving short - sellers room to adjust positions [10] Medium - and Long - term: Fundamentals Remain Tight - **Rigid shortage in the silver market**: The global silver market was in short supply from 2021 to 2025, and the supply gap in 2025 was about 117.6 million ounces. Industrial demand, especially from the photovoltaic industry, grew rapidly, while supply growth was restricted by factors such as low ore grades and limited recycling, supporting long - term price increases [12][15] - **Inventory at a near - decade low**: Global silver inventory was at its lowest level in nearly a decade, reflecting supply shortages and weakening the market's buffer capacity. Once demand recovers, prices may rise rapidly, providing structural support for the medium - and long - term trend of silver [17]

【导读】周一盘中现货黄金跌至4400美元关口，现货白银跌破72美元 中国基金报记者张舟综合整理报道 周一市场还没收盘，现货金银的狂泻程度，堪比过山车了。 先看2月2日贵金属盘中更新数据： 现货黄金最低报4402.06美元/盎司，差一点就失守4400美元关口，日跌幅一度超9%，现报4462.157美元/盎 司，跌回到1月初左右价格。 现货白银跌破72美元，最低价报71.312美元/盎司，日跌幅超14%。现报72.72美元/盎司，跌回到2025年年 底左右价格。 国际贵金属期货普遍重挫。 | 名称 | 现价 | 涨跌幅▶ | | --- | --- | --- | | 伦敦金现 | 4422.950 | -9.65% | | SPTAUUSDOZ.IDC | | | | 伦敦银现 | 71.902 | -15.67% | | SPTAGUSDOZ.IDC | | | | COMEX黄金 | 4491.5 | -5.34% | | GC.CMX | | | | COMEX白银 | 73.300 | -6.66% | | SICMY | | | | SHFE黄金 | 1005.40 | -16.00% | | --- ...