贵金属期货日报 2026/3/3 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） | 1182.000 | -15.2↓ 沪银主力合约收盘价（日，元/千克） | 21645 | -2786.00↓ | | | 主力合约持仓量:沪金(日,手) | 139,770.00 | -14823.00↓ 主力合约持仓量:沪银(日,手) | 6,074.00 | -1112.00↓ | | | 主力合约成交量:沪金 | 392,779.00 | +72849.00 ...

铂锂数据日报 投资咨询业务资格:证监许可【2012】31号 国贸期货研究院 贵金属与新能源研究中心 投资咨询号:Z0013700 从业资格号:F3023916 2026/3/3 | | | 日素姚 | | | WHEN I I HARALIA | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 指标名称 | | 現值 | 前值 | 涨跌幅 | | 主要图表 | | | | 销期货主力收费价 | 626. 5 | 623. 75 | 0. 44% | 800 | 期货收盘价《活跃合约):铂 -- 期货减盘价(活跃合约):妃 | | | 国内价格 现货:钳(99.95%) | | 603 | 609 | -0. 99% | | | | | (元/克) | 铂:基差(现-期) | -23.5 | -14.75 | 59. 32% | 600 | | | | | 把期货主力收盘价 | 463. 65 | 464. 85 | -0. 26% | | | | | | 现货: 钟(99.95%) | 455 | 455 | 0. 00% | 400 | | | ...

行业 贵金属日评 宏观金融团队 日期 2026 年 03 月 03 日 研究员：何卓乔(宏观贵金属) 021-60635739 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 请阅读正文后的声明 每日报告 一、贵金属行情及展望 日内行情： | 表1： | 国内贵金属行情 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前收盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅% | 持仓量 | 增仓量 | | 上期金指 | 1,150.38 | 1,199.70 | 1,151.37 | 1,199.64 | 4.28% | 309,821 | 7555 | | 上期银指 | 22,85 ...

钛媒体App 2月28日消息，周五（2月27日）纽约尾盘，现货黄金涨1.75%，刷新日高至5275.82美元/盎 司，逼近1月29日所创历史最高位5595.47美元，2月份累计上涨7.84%，2月2日一度跌至4402.95美元， 和3日构成V形反转。COMEX黄金期货涨1.64%，报5279.60美元/盎司，2月份累涨11.27%。现货白银涨 6.33%，报93.8333美元/盎司，2月份累涨10.11%。COMEX白银期货涨7.67%，报94.300美元/盎司，2月 份累涨19.28%。（广角观察） ...

据了解，银行贵金属延期交易为保证金杠杆交易，保证金比例上调至100%意味着杠杆效应完全取消， 投资者需全额缴纳保证金进行交易，可有效规避价格波动带来的爆仓风险，这也是金融机构应对当前黄 金高波动格局的关键举措。多家银行此前已通过公众号、官网等渠道发布风险提示，建议客户审慎评估 自身风险承受能力，保持理性投资心态，避免盲目追涨杀跌。 在银行密集调整的同时，上海黄金交易所也于2月24日同步优化合约交易规则。自当日收盘清算时起， Au（T+D）、mAu（T+D）、Au（T+N1）、Au（T+N2）、NYAuTN06、NYAuTN12等黄金合约的保 证金比例从21%调整为18%，下一交易日起涨跌幅度限制从20%调整为17%；Ag（T+D）白银合约的保 证金比例从27%调整为24%，涨跌幅度限制从26%调整为23%；CAu99.99合约保证金每手从20万元调整 至18万元。 上金所在通知中特别提示，投资者需做好风险防范工作，合理控制仓位，理性投资。结合当前市场背 景，金融界银行研究院院长陈国汪指出，近年来全球央行持续掀起"购金潮"，截至2025年底全球央行黄 金储备总量达36700吨，逼近历史峰值，黄金作为终极信用锚的 ...

行业 贵金属日评 日期 2026 年 02 月 27 日 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 请阅读正文后的声明 每日报告 一、贵金属行情及展望 日内行情： 美国关税政策变动带来的避险需求有所减退并削弱贵金属板块的上涨动能， 但美元指数偏弱回调支撑伦敦黄金在 5150-5200 美元/盎司区间附近企稳，美国总 统 3 月底访华消息推动人民币汇率走高进而抑制贵金属内盘价格。我们判断贵金 属中长期上涨驱动力不变，贵金属板块已有从 1 月底暴跌中恢复的迹象，建议投 资者继续持偏多思路参与交易；但波动性显著上升也加大了杠杆交易的风险，建 议投资者严格控制仓位以规避短期波动风险。本周关注美国关税政策、美伊谈 ...

Core Viewpoint - The recent adjustments in margin requirements for personal precious metals trading by several banks reflect increased market volatility and risk in the international precious metals market, particularly gold and silver. Group 1: Price Movements - London spot gold rebounded to over $5200 per ounce on February 26, following a period of price fluctuations [1] - Major jewelry brands in China, such as Chow Tai Fook, reported an increase in gold prices, with the latest price for 24K gold jewelry at 1576 RMB per gram, up from 1570 RMB per gram [1] Group 2: Margin Requirement Adjustments - Agricultural Bank of China announced an increase in the margin requirement for personal precious metals trading from 80% to 100% effective February 26, 2026, due to heightened market risks [2] - Industrial and Commercial Bank of China also confirmed a similar adjustment, effective February 27, 2026, for various gold and silver contracts [4][5] - Other banks, including China Construction Bank and Bank of China, have also made similar margin adjustments in response to market conditions [8] Group 3: Price Increase Announcements - Multiple jewelry brands are expected to raise prices, with Chow Tai Fook planning a price adjustment for gold products around March 10, with anticipated increases of 15% to 30% [11] - Lao Pu Gold announced a price increase starting February 28, 2026, following previous adjustments in 2025 [11] Group 4: Market Outlook - Deutsche Bank maintains a bullish outlook on gold prices, predicting a target of $6000 per ounce, supported by strong demand for gold and other precious metals [12] - JPMorgan has raised its long-term gold price forecast to $4500 per ounce, while maintaining a year-end target of $6300 per ounce for 2026 [12] - Bank of America anticipates gold prices could reach $6000 per ounce within the next 12 months, despite potential short-term declines in silver prices [12]

国际黄金今日报5185.8美元/盎司，较前期高点有所回调，美元指数反弹压制贵金属走势，市场担忧高利率环境持续时间超预期，黄金避险需求降温，技术 面看，5200美元关口形成短期阻力，若跌破5150美元支撑，可能进一步下探5100美元整数位。 一、贵金属市场价格 2026年2月下旬，国际黄金市场呈现强劲上涨态势，现货黄金（XAU）最新报价为5176.53美元/盎司，较前一交易日上涨0.66%，盘中最高触及5193.71美元/ 盎司。 现货白银（XAG）表现更为抢眼，涨幅达2.46%，最新报价为89.23美元/盎司，现货铂金（XPT）同样涨幅明显，上涨2.38%至2216.31美元/盎司。 IP联名款产品表现亮眼，与三丽鸥、哆啦A梦、蜡笔小新等热门IP合作的联名款产品在春节期间销售一空，门店正在紧急补货，一种仅0.01克至0.02克的足金 手机贴，单价仅三四十元，小巧精致且寓意吉祥，成为新春"人气王"，单件价格虽低单克价格远超传统金饰。 从国内市场来看，以人民币计价的黄金价格维持在1146元/克左右，相较之前略有波动，以整数计价，周大福、六福珠宝等品牌足金饰品价格普遍在1566元 至1570元/克区间，23克足金项 ...

| 111 国控期货 | | | 责金属日报 | | --- | --- | --- | --- | | | | 操作评级 | 2026年02月26日 | | 黄金 | ななな 白银 | ☆☆☆ | 刘冬博 高级分析师 | | 销 | 文文文 | ☆☆☆ | F3062795 Z0015311 | | | | | 吴江 高级分析师 | | | | | F3085524 Z0016394 | | | | | 孙芳芳 中级分析师 | | | | | F03111330 Z0018905 | | | | | 010-58747784 | | | | | gtaxinstitute@essence.com.cn | 今日贵金属整体震荡为主。美国贸易代表称正研究推进提升全球关税。地缘方面美伊新一轮谈判在即，特朗 普称首选仍是通过外交途径解决伊朗核问题，双方释放缓和信号但也保留军事行动选项。短期地缘和关税均 处于关键节点,贵金属等待进一步驱动。 节中宏观局势带动金银拉升, 铂、把投资溢价空间再打开。全球包主要供应商诺尔里斯克2026年纪产量预期 同比下调11%，把基本面向好修复。技术面看，外盘销把反弹站上20日均线，中线 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The precious metals market showed a slightly stronger trend with fluctuations on the day. The main contract of Shanghai Gold closed flat, Shanghai Silver rose 0.47%, Platinum rose 2%, and Palladium fell 2.27%. The short - term core logic is that while the trade - war risk has eased, geopolitical risks still exist. The US employment is strong and inflation pressure remains, with low expectations of interest - rate cuts. [1] - Trump's 10% global tariff has come into effect, and the White House plans to raise it to 15%. China will adjust counter - measures as appropriate. The US - Iran conflict risk still exists. [1] - The Fed's January meeting minutes showed great differences among policymakers on the future direction of interest rates, with discussions on the possibility of interest - rate hikes mentioned for the first time. The market expects the Fed to complete interest - rate cuts this year, with the next cut possibly in July. The US dollar index and US Treasury yields fluctuated weakly. [1] - The People's Bank of China has increased its gold holdings for 15 consecutive months. Silver is supported by tight supply, platinum has strong demand expectations for platinum - based catalysts in the hydrogen energy industry, and palladium has short - term demand resilience but faces long - term structural pressure in the fuel - vehicle market. The CRB commodity index fluctuated weakly, and the appreciation of the RMB was negative for domestic prices. [1] - It is expected that precious metals will show a slightly stronger trend with fluctuations in the short term, high - level fluctuations in the medium term, and a long - term bullish trend. [1] Summary by Relevant Catalogs Gold - **Strategy**: Conservative investors should wait and see, while aggressive investors can buy low and sell high. Good position management and strict stop - loss and take - profit are recommended. [2] - **Price Data**: International prices (Comex Gold and London Gold) increased, while domestic prices (Shanghai Gold main contract and Gold T + D) showed mixed trends. The basis and spreads also had different changes. [2] - **Position and Inventory**: Comex Gold and Shanghai Gold main contract positions decreased, while Gold T + D positions increased slightly. Inventory changes were relatively small. [2] - **Net Position Ranking**: The top 10 futures companies' net long and net short positions in Shanghai Gold on the Shanghai Futures Exchange had different changes. [3] Silver - **Strategy**: Similar to gold, conservative investors should wait and see, and aggressive investors can buy low and sell high with proper position management. [5] - **Price Data**: International prices (Comex Silver and London Silver) increased significantly, while domestic prices (Shanghai Silver main contract and Silver T + D) decreased. The basis and spreads changed greatly. [5] - **Position and Inventory**: Positions in Comex Silver, Shanghai Silver main contract, and Silver T + D all decreased. Inventory also decreased. [5] - **Net Position Ranking**: The top 10 futures companies' net long and net short positions in Shanghai Silver on the Shanghai Futures Exchange had different changes. [6] Platinum - **Strategy**: Conservative investors should wait and see, and aggressive investors can buy low and sell high with good position management. [7] - **Price Data**: International prices (NYMEX Platinum and London Platinum) had different trends, and domestic prices (Platinum main contract on the Guangzhou Futures Exchange and Platinum on the Shanghai Gold Exchange) increased. The basis and spreads changed. [8] - **Position and Inventory**: The position of NYMEX Platinum active contract decreased, and the inventory decreased slightly. [8] - **Net Position Ranking**: The top 10 futures companies' net long and net short positions in Platinum on the Guangzhou Futures Exchange had different changes. [9] Palladium - **Strategy**: Conservative investors should wait and see, and aggressive investors can buy low and sell high with proper position management. [10] - **Price Data**: International prices (NYMEX Palladium and London Palladium) increased, and the domestic price (Palladium main contract on the Guangzhou Futures Exchange) also increased. The basis and spreads changed. [10] - **Position and Inventory**: The position of NYMEX Palladium active contract decreased significantly, and the inventory decreased slightly. [10] Precious Metals Fundamental Key Data - **Monetary Attributes**: The Federal Reserve's relevant interest rates decreased, and the total assets decreased slightly. Key economic indicators such as M2, ten - year US Treasury real yield, and US dollar index had different changes. [11][13] - **US Economic Data**: GDP, unemployment rate, employment data, real estate market data, consumption data, industrial data, trade data, and economic survey data all showed different trends. [13] - **Central Bank Gold Reserves and IMF Foreign Exchange Reserves**: China's central bank gold reserves increased slightly, and the proportion of different currencies in IMF foreign exchange reserves changed. [13] - **Safe - Haven and Commodity Attributes**: The geopolitical risk index and VIX index decreased, and the CRB commodity index increased slightly. The offshore RMB exchange rate decreased slightly. [13] Fed's Latest Interest - Rate Expectations - The probability distribution of the Fed's interest - rate levels at different meetings from 2026 to 2027 is provided, showing the market's expectations of the Fed's interest - rate decisions. [15]