Core Viewpoint - The precious metals market is experiencing downward pressure due to reduced expectations for Federal Reserve interest rate cuts and profit-taking by investors, with gold facing resistance at the psychological level of $5000 per ounce [1] Group 1: Market Performance - On February 17, spot silver dropped over 4%, reaching a low of $73.06 per ounce, while spot gold fell over 1%, hitting a low of $4922 per ounce [1] - As of 12:30 PM Beijing time on February 17, the London spot gold price was reported at $4956.77 per ounce, down 0.72%, and the spot silver price was at $75.325 per ounce, down 1.64% [1] - The New York Mercantile Exchange's April gold futures price was reported at $4971.60 per ounce, with a decline of 1.48%, while March silver futures were at $75.505 per ounce, down 3.15% [1] Group 2: Broader Market Impact - The U.S. stock market also experienced a downturn, with the Nasdaq 100 index futures dropping over 0.70% [1]

现货白银价格报75.325美元/盎司，下跌1.64%； 纽约商品交易所4月交割的黄金期价报每盎司4971.60美元，跌幅为1.48%。 3月交割的白银期价报每盎司75.505美元，跌幅为3.15%。 来源：中国证券报-中证网 当地时间17日，全球多个主要市场因传统节日休市，贵金属市场交投清淡。在美联储降息预期有所降温 的背景下，黄金在5000美元/盎司的关键心理关口遭遇阻力，叠加部分投资者获利了结，加剧了贵金属 价格的下行压力。 截至北京时间17日12时30分，伦敦现货黄金价格报4956.77美元/盎司，下跌0.72%； ...

2月17日，黄金、白银价格集体下跌。 截至下午13时30分，伦敦现货黄金价格报4881.62美元/盎司，下跌2.23%； 现货白银价格报73.14美元/盎司，下跌4.33%。 有分析认为，近期全球多个主要贵金属市场都因传统节日休市，贵金属市场交投清淡。此外，在美联储 降息预期有所降温的背景下，黄金在5000美元/盎司的关键心理关口遭遇阻力，叠加部分投资者获利了 结，加剧了贵金属价格的下行压力。 ...

瑞达期货研究院 「2026.02.13」 贵金属市场周报 非农数据强劲增长，金银价格延续震荡 作者： 研究员 廖宏斌 期货投资咨询证号：Z0020723 联系电话：0595-86778969 取 更 多 资 讯 业务咨询 添加客服 关 注 我 们 获 目录 1、周度要点小结 2、期现市场 3、产业供需情况 4、宏观及期权 来源：瑞达期货研究院 3 「 期现市场」 非农数据意外录得大幅增长，贵金属市场本周震荡加剧 「 周度要点小结」 ◆ 行情回顾：本周，美国就业数据韧性削弱市场降息押注，地缘局势出现缓和迹象，全球贵金属市场震荡 加剧。宏观数据方面，市场围绕非农数据解读的分歧加剧，美国1月非农就业新增人数创去年4月以来最 大增幅，失业率意外下降，劳动参与率与薪资增速亦有提升，显示劳动力市场在经历疲弱一年后展现短 期韧性，但年度基准修正大幅下修2025年全年就业规模，大幅暴露去年统计失真与就业基础实则疲软的 态势。美国上周初请失业金人数回落5000人至22.7万人，前一周续请失业金人数增加2.1万人至186.2万， 市场预期185万人。美联储官员近期就降息的表态，核心仍锚定于通胀反弹风险与就业市场降温趋势之间 的权 ...

近期贵金属市场波动加剧，受美联储主席提名等因素影响，黄金白银价格出现调整，但机构长期看好贵 金属前景。作为美国主要白银生产商，赫克拉矿业可能间接受到行业情绪变化驱动。2月11日港股黄金 股板块反弹，紫金矿业（601899）等个股上涨，反映出市场对贵金属的关注度提升。 经济观察网赫克拉矿业(HL.N)近7天股价呈现显著波动。2026年2月4日，该股收盘报23.11美元，成交额 为5.90亿美元，较前一日减少18.06%。随后，2月5日股价大跌7.79%至21.31美元，成交额5.31亿美元；2 月6日反弹6.85%至22.77美元；2月9日上涨5.14%至23.94美元；2月10日下跌4.01%至22.98美元，成交额 降至3.30亿美元。近5个交易日累计跌幅为1.96%，年初至今涨幅为19.75%，区间成交活跃度有所下降。 当前股价较2月4日收盘价微跌0.56%，振幅达13.93%。 近期事件 以上内容基于公开资料整理，不构成投资建议。 ...

免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 纽约商品交易所黄金期货市场交投最活跃的2026年4月黄金期价10日下跌36.3美元，收于每盎司5047.0美 元，跌幅为0.71%。 近期价格反弹后，短期交易者获利回吐，拖累当天黄金和白银价格走低。同时，在11日美国非农就业报 告和13日的通胀数据公布前，谨慎情绪也促使贵金属市场出现一些仓位调整。 虽然近期贵金属价格的大幅震荡令市场对其是否还能继续作为避险资产的属性产生担忧，但瑞银认为这 种担忧有些过头。该机构表示，即使经历了近期波动，黄金2026年迄今仍上涨了约16%，一直是地缘政 治不确定性的主要受益者。瑞银预计这种不确定性还将持续，同时 ...

Core Viewpoint - The announcement from the Bank of China regarding adjustments to margin requirements and trading limits for gold and silver futures contracts in response to market conditions ahead of the 2026 Spring Festival [1] Group 1: Trading Adjustments - The trading market will be closed from February 14, 2026, to February 23, 2026, with normal trading resuming on February 24, 2026, and no night trading on February 13, 2026 [1] - The margin requirement for gold futures contracts on the Shanghai Gold Exchange will increase from 18% to 21%, while the Bank of China's margin requirement for gold contracts will rise from 47.52% to 55.44% [1] - The price fluctuation limit for gold futures will be adjusted from 17% to 20% starting February 11, 2026 [1] Group 2: Silver Futures Adjustments - The margin requirement for silver futures contracts on the Shanghai Gold Exchange will increase from 24% to 27%, and the Bank of China's margin requirement for silver contracts will rise from 68.88% to 77.49% [1] - The price fluctuation limit for silver futures will be adjusted from 23% to 26% starting February 11, 2026 [1]

贵金属期货日报 2026/2/10 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责 任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任 何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用 、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价（日，元/克） | 1121.220 | -4.7↓ 沪银主力合约收盘价（日，元/千克） | 20284 | -589.00↓ | | | 主力合约持仓量:沪金(日,手) | 156,910.00 | -1849.00↓ 主力合约持仓量:沪银(日,手) | 8,976.00 | -234.00↓ | | | 主力合约成交量:沪金 | 218,097.00 | -113210 ...

【行情资讯】 贵金属日报 2026-02-10 贵金属 贵金属研究 图 1：金银重点数据汇总 沪金涨 1.00 %，报 1127.00 元/克，沪银涨 5.24 %，报 20934.00 元/千克；COMEX 金涨 2.10 %， 报 5084.20 美元/盎司，COMEX 银涨 8.00 %，报 83.05 美元/盎司； 美国 10 年期国债收益率 报 4.22 %，美元指数报 96.88 ； 周初贵金属市场整体维持高位震荡格局，延续此前大幅下跌后的修复行情。市场普遍定价美联 储 6 月降息预期为金价提供了核心基本面支撑。在美国就业数据表现偏弱的背景下，上周五博 斯蒂克表态称，需等待 4-5 月经济数据出炉后才能释放更明确的政策信号。白银则受紧俏的 库存与现货支撑，近月合约价格仍具备韧性。当前市场焦点集中于本周三公布的美国非农就业 报告，以及周五发布的消费者物价指数。 美联储理事米兰 2 月 10 日表态：财政端，其主张投资全额费用化以刺激资本支出，认为关税 有助于改善美国财政，支持在困难时期动用资产负债表；货币端，强调央行的相对独立性，认 为联储的货币政策应与商业周期相匹配，且需远离非货币问题，并暗示关税 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - In the short term, after the previous sharp fluctuations, the volatility of the precious metals market may decline. The US employment and inflation data this week will be the core variables. If the slowdown in employment and inflation is further verified, gold and silver may have a chance to make up for lost ground [2]. - In the medium to long term, the actual impact of Wash's election as the Fed Chairman on the interest - rate policy path may be relatively limited. As market sentiment calms down, the precious metals market may return to the pricing framework dominated by macro and fundamentals. If the cooling trend of inflation and employment data continues, the logic of bottom - fishing in the precious metals market still holds [2]. - The support range for London gold is $4,700 - $4,800 per ounce, and the resistance range is $5,200 - $5,300 per ounce. The support range for London silver is $65 - $70 per ounce, and the resistance range is $90 - $95 per ounce [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai Gold main contract is 1,125.94 yuan per gram, up 35.8 yuan; the closing price of the Shanghai Silver main contract is 20,873 yuan per kilogram, up 2,074 yuan [2]. - The main contract positions of Shanghai Gold are 158,759 lots, down 5,081 lots; the main contract positions of Shanghai Silver are 9,210 lots, down 38 lots [2]. - The main contract trading volume of Shanghai Gold is 331,307 lots, down 163,435 lots; the main contract trading volume of Shanghai Silver is 1,015,255 lots, down 276,289 lots [2]. - The warehouse receipt quantity of Shanghai Gold is 104,052 kilograms, unchanged; the warehouse receipt quantity of Shanghai Silver is 318,546 kilograms, down 31,354 kilograms [2]. 3.2 Spot Market - The spot price of gold on the Shanghai Gold Exchange is 1,116.02 yuan, up 22.17 yuan; the spot price of Huatong No.1 silver is 19,595 yuan, up 2,485 yuan [2]. - The basis of the Shanghai Gold main contract is - 9.92 yuan per gram, down 13.65 yuan; the basis of the Shanghai Silver main contract is - 1,278 yuan per gram, up 411 yuan [2]. 3.3 Supply and Demand Situation - The SPDR Gold ETF holdings are 1,076.23 tons, down 1.72 tons; the SLV Silver ETF holdings are 16,191.09 tons, down 56.36 tons [2]. - The non - commercial net positions of gold in CFTC are 165,604 contracts, down 39,792 contracts; the non - commercial net positions of silver in CFTC are 25,877 contracts, up 2,174 contracts [2]. - The total supply of gold in the quarter is 1,302.80 tons, down 0.19 tons; the total annual supply of silver is 32,056 tons, up 482 tons [2]. - The total demand for gold in the quarter is 1,345.32 tons, up 79.57 tons; the total annual demand for silver is 35,716 tons, down 491 tons [2]. 3.4 Macroeconomic Data - The US dollar index is 97.61, down 0.35; the 10 - year US Treasury real yield is 1.88, down 0.01 [2]. - The VIX volatility index is 17.76, down 4.01; the CBOE gold volatility index is 33.96, down 1.57 [2]. - The ratio of the S&P 500 to the gold price is 66.03, down 0.00; the gold - silver ratio is 4.44, up [2]. 3.5 Industry News - The preliminary reading of the University of Michigan Consumer Confidence Index reached 57.3, the highest level in six months. The 1 - year inflation expectation dropped to 3.5%, the lowest level in a year [2]. - China's central bank's gold reserves have increased for 15 consecutive months. As of the end of January 2026, the gold reserve scale was 74.19 million ounces, a month - on - month increase of 40,000 ounces [2]. - US President Trump signed an executive order threatening to impose tariffs on countries that buy goods and services from sanctioned Iran, which took effect on February 7 [2]. - The US announced a temporary trade agreement framework reached with India. India will cancel or reduce tariffs on US industrial products, various foods and agricultural products, and the US will reduce the so - called "reciprocal tariffs" on Indian goods from 25% to 18% [2]. - The nuclear negotiations between Iran and the US in Oman ended, and the two sides reached a consensus on continuing the dialogue. Iranian Foreign Minister Araqchi said that this round of consultations was a "good start" [2]. - Fed Vice - Chairman Jefferson said he was "cautiously optimistic" about the US economic outlook, suggesting that strong productivity growth is expected to help inflation fall back to the central bank's 2% target [2]. 3.6 Key Points to Watch - February 10, 21:30, US January retail sales data [2]. - February 11, 21:30, US January non - farm payrolls data [2]. - February 13, 21:30, US January CPI data [2].