本报（chinatimes.net.cn）记者叶青 北京报道 1月28日，现货黄金再创新高，首次突破5200美元/盎司关口，截至当日，现货黄金2026年1月以来累计 涨超880美元/盎司，涨幅达20%。在贵金属大涨之际，芝加哥商品交易所（CME）27日发布通知，对白 银、铂金及钯金部分品种期货合约的直接保证金率（OutrightRates）参数作出调整。不过，此次调整通 知未涉及黄金相关合约。 "近日金价先上冲至5100美元/盎司关口创阶段新高，随后更是突破5200美元/盎司刷新历史新高，这是地 缘政治风险、央行购金、资金流入等多重因素叠加的结果。当前市场对于中东局势进一步升级的担忧情 绪持续升温。此外，随着西方多国联盟内部裂痕持续加深，加之美元信用承压，避险资金持续涌入黄金 市场。"资深黄金分析师沈璟财在接受《华夏时报》记者采访时表示。 地缘风险助推金价再创新高 据新华社消息，1月26日美军中央司令部称，美国海军"亚伯拉罕·林肯"号航空母舰打击群"正部署到中 东"。分析认为，如果美国总统特朗普选择对伊朗动武，这将为他提供更多军事选项。同一时期，特朗 普也表示，已派遣一支庞大的舰队到中东地区，"比在委内瑞拉的 ...

业内人士近日表示，在新的信用体系下，黄金或将成为所有资产估值的锚。洪灏分析认为，在"十五 五"规划建议方向明确、市场轮动有序的背景下，2026年中国资本市场有望保持稳健。预计大宗商品周 期将沿"贵金属-有色金属-能源"路径传导，从而带来板块轮动机会。 有色金属ETF(512400)紧密跟踪中证申万有色金属指数，中证申万有色金属指数从沪深市场申万有色金 属及非金属材料行业中选取50只上市公司证券作为指数样本，以反映沪深市场有色金属行业上市公司证 券的整体表现。指数前十大权重股分别为紫金矿业、洛阳钼业、北方稀土、华友钴业、中国铝业、赣锋 锂业、山东黄金、云铝股份、中金黄金、藏格矿业。 有色金属ETF(512400)，场外联接(A类：004432；C类：004433)。 银河证券指出，伴随美元走弱，资金持续撤离风险资产，而市场对美国货币政策独立性存在一定担忧， 美欧分歧反复升级，再叠加中东等区域地缘局势不确定上升，共同促使避险资金向贵金属板块集中， 金、银贵金属价格同步突破历史区间，持续刷新历史新高。 1月26日晚间，紫金矿业发布重磅海外并购公告，公司旗下控股上市平台紫金黄金国际，拟以55亿加元 （约合人民币280 ...

周五，白银价格史上首次突破100美元/盎司，黄金同步刷新历史高位，逼近5000美元关口。 周五，全球贵金属市场迎来历史性时刻。在地缘政治不确定性持续发酵、以及市场对美联储年内降息预 期升温的背景下，避险资金大举涌入黄金与白银市场。现货白银价格盘中史上首次突破100美元/盎司关 口，黄金同步刷新历史高位，逼近5000美元/盎司。 高盛分析师莉娜·托马斯（Lina Thomas）对第一财经记者表示，白银价格仍将面临"相当极端的波动"。 她表示，近期个人投资者通过白银表达对降息预期的交易动机，与伦敦市场库存偏低、实物流动性紧张 叠加，放大了价格波动幅度。 白银破百 在政策层面，高盛判断美国对白银加征关税的可能性仍然较低，但如果相关政策逐步明朗，白银从美国 市场回流至伦敦、缓解伦敦库存紧张，反而可能引发价格阶段性回调；相反，如果白银继续留在纽约 COMEX市场交易（类似此前黄金取消关税后的情况），价格高位运行的状态或将延续。 她同时提到，近期白银大幅上涨也与中国和印度的实物需求增加有关。虽然从短期看价格已明显偏高， 但在现货溢价明显收敛之前，并不建议贸然做空。 与此同时，央行持续增持黄金、全球资产配置"去美元化"趋势 ...

华闻期货总经理助理兼研究所所长程小勇表示，近期国内外金价的上涨，既有长期利好因素的支撑， 比如央行购金和投资需求旺盛，也有地缘政治等因素带来更多避险资金进入，共同推动金价走高。 开年以来，国际金价持续上涨。受此带动，以人民币计价的黄金价格屡创新高。1月23日，多家品牌 金店的足金饰品报价突破每克1500元关口，一些品牌的足金饰品报价达每克1548元，较前一日单克上 涨超50元，再创历史新高。 浙江省湖州市德清县乾元镇一家金店的营业员在整理黄金首饰。新华社发（倪立芳摄） 1月，伦敦现货黄金从每盎司4300美元附近一路上扬，23日盘中一度超过每盎司4960美元，月内涨幅 近15%。受此影响，上海黄金交易所现货黄金价格、上海期货交易所上市的黄金期货主力合约23日盘 中均突破每克1110元，创下新高。 往期回顾 (3) 连 接 财 富 下 载 新 浪 财 经 客 户 端 来源：新华社 更多财经视频，请关注视频号"新浪财经" ...

Core Viewpoint - Since the beginning of the year, international gold prices have been continuously rising, leading to record high gold prices in RMB terms, driven by both long-term favorable factors and geopolitical events [1]. Group 1: Gold Price Trends - On January 23, several gold retailers reported that the price of pure gold jewelry exceeded 1500 RMB per gram, with some brands reaching 1548 RMB per gram, an increase of over 50 RMB from the previous day [1]. - In January, the London spot gold price rose from around 4300 USD per ounce to over 4960 USD per ounce on January 23, marking a nearly 15% increase within the month [1]. - The Shanghai Gold Exchange's spot gold price and the main contract of gold futures on the Shanghai Futures Exchange both surpassed 1110 RMB per gram on January 23, setting new records [1]. Group 2: Factors Influencing Gold Prices - The recent rise in domestic and international gold prices is supported by long-term favorable factors such as central bank gold purchases and strong investment demand [1]. - Geopolitical factors have also contributed to increased safe-haven investments, further driving up gold prices [1].

Core Viewpoint - The international gold price continues to rise, reaching a new historical high due to escalating geopolitical tensions and increased global trade friction, with significant inflows of safe-haven funds supporting a bullish trend in gold [1][2] Group 1: Geopolitical and Economic Factors - The market's risk appetite has notably declined, primarily driven by U.S. President Trump's strong stance on Greenland, which has led to increased tensions in U.S.-Europe relations and raised tariff risks [1] - The uncertainty surrounding trade policies has amplified volatility in global financial markets, prompting investors to seek traditional safe-haven assets like gold [1] - The U.S. dollar index has weakened, reducing the relative attractiveness of dollar-denominated assets and creating a favorable environment for gold prices [1] Group 2: Central Bank Activities - Central banks are continuing to increase their gold holdings, with the Polish central bank recently approving a plan to buy up to 150 tons of gold, aiming to elevate its reserves to 700 tons [2] - The rationale for increasing gold reserves includes the absence of credit risk and immunity from foreign monetary policies, which enhances the robustness of national balance sheets amid rising global financial uncertainty [2] - The ongoing trend of central banks accelerating gold purchases is a significant structural force driving the upward movement of gold prices [2] Group 3: Market Outlook - The focus is shifting to the upcoming U.S. Personal Consumption Expenditures (PCE) price index, a key inflation indicator that will provide important insights into future monetary policy [2] - Despite stabilizing expectations regarding Federal Reserve policies, the logic of "selling U.S. assets" and persistent safe-haven sentiment are likely to keep gold prices elevated near historical highs in the short term [2]

Core Viewpoint - International gold and silver prices have reached historical highs, with gold exceeding $4690 per ounce and silver reaching $94.12 per ounce, leading to significant gains in related thematic funds [3][5]. Group 1: Price Movements - As of January 19, 2023, the London gold price hit $4690.88 per ounce, while silver peaked at $94.12 per ounce, both setting new records [3]. - Year-to-date, London silver has increased over 30%, and London gold has risen more than 8% [3]. Group 2: Thematic Fund Performance - Five gold-themed funds have achieved over 100% returns in the past year, with the leading fund, Yongying CSI Hong Kong-Shenzhen Gold Industry Stock ETF, showing a return of 103.98% [5][7]. - Other funds, including Huaxia and ICBC Credit Suisse, also reported returns exceeding 100% [7]. - The only silver-themed fund in the domestic market, Guotou Ruijin Silver Futures (LOF), has seen returns of 179.13% and 178.03% for its A and C shares, respectively [7]. Group 3: Market Influences - Factors contributing to the rise in gold prices include a weakening U.S. dollar, rising inflation expectations, and a shift in global capital towards gold [5]. - Concerns about the independence of the Federal Reserve and its impact on the dollar's status as a reserve currency may drive more investment into gold and silver [5]. Group 4: Future Outlook - Analysts suggest that if the underlying logic for gold's rise remains unchanged, particularly regarding the weakening of the dollar's credit system, gold prices could potentially reach $5000 [9]. - Short-term market conditions may lead to a slowdown in gold price increases due to high market congestion and reduced policy uncertainty [9].

Group 1 - The core viewpoint of the article highlights the strong performance of the precious metals market, particularly silver, which has seen significant price increases and historical highs in both domestic and overseas markets [1][2] - As of January 14, the main silver futures contract in China closed at 22,763 yuan per kilogram, up 8.03%, with trading volume increasing to 344,700 lots, while London silver prices reached over $91 per ounce [2] - The market is driven by macroeconomic risk aversion, capital speculation, and structural tensions, leading to a strong trend of capital clustering and increased volatility in prices [2] Group 2 - The structural "squeeze" in the silver market is validated by low inventory levels, with domestic silver stocks at historical lows and COMEX silver inventory decreasing to approximately 435.7 million ounces, down 0.9% from the previous week [3] - The largest global silver ETF has continued to see an increase in holdings, indicating a positive trend for long-term capital allocation [4] - Major financial institutions, including Citigroup and UBS, have raised their short-term price targets for silver, with Citigroup projecting a target price of $100 per ounce [5] Group 3 - Concerns regarding the independence of the Federal Reserve have emerged, potentially attracting more risk-averse capital into the gold and silver markets, which could further drive prices upward [6] - In response to the volatile market conditions, exchanges have implemented measures to mitigate risks, including adjustments to trading fees and margin requirements for silver futures [7][8] - Analysts suggest that the current price surge in silver may be nearing its peak, with significant risks of price fluctuations in the short term [8]

Core Viewpoint - Gold and silver prices are experiencing significant increases, with gold surpassing $4600 per ounce and silver reaching $84 per ounce, both marking historical highs. The rise is attributed to geopolitical tensions and poor non-farm payroll data, which have heightened expectations for a Federal Reserve rate cut [1]. Group 1: Gold Market - COMEX gold prices have reached a record high of over $4600 per ounce, marking an increase of $280 since the beginning of the year [1]. - The rise in gold prices is driven by increased demand for safe-haven assets due to escalating geopolitical risks [1]. Group 2: Silver Market - Spot silver prices have surged nearly 5% today, reaching a historical high of $84 per ounce [1]. - The performance of silver reflects similar trends in the gold market, influenced by geopolitical tensions and market expectations regarding interest rates [1]. Group 3: Stock Market Impact - The A-share precious metals sector opened strongly, with Hunan Silver rising over 5% and Zhaojin Gold increasing by more than 3% [1]. - Other stocks in the precious metals sector, such as Zhongjin Gold and Chifeng Gold, also experienced gains, indicating a positive market sentiment towards precious metals [1].

Group 1 - Precious metal prices surged significantly, with spot gold exceeding $4600 per ounce and spot silver rising nearly 5% to reach $84 per ounce, both hitting historical highs [1] - The escalation of geopolitical tensions, including U.S. military actions in Venezuela and unrest in Iran, has led to increased demand for gold as a safe-haven asset [1] - Central banks and institutions are aggressively purchasing gold due to the rapid erosion of the dollar's credibility as the core of the global order [1]