000 【TITUE C Lyon 999.9 999 9 000 ENNE t RING PP P e GDTS GOLD 980 3 999.9 Prin FINE GDD GOLD NET WE 105 2000 NET WT 2000 o the 4.886 2025年黄金涨幅超60%、白银近150%，创下历史最强年度表现；2026年开年至今，黄金涨超15%突破5100美元关口，白银涨幅更是飙升超40%，突破100美 元/盎司整数关口。 7 47 Mel 价格走势 近三月 | 近六月 | 近 ● Au9999 +47.78% 1144.45 1050.16 955.87 861.58 767.29 2025/07/28 2026/01 金银正经历史诗级牛市，开年更是暴涨逼空。 2026年更是美联储放松周期。当前美国经济呈现"冰火两重天"：一方面是传统经济没落带来的结构性萧条，另一方面则是新一轮科技革命推动的结构性繁 荣。为改善传统经济、支持新经济以及特朗普中期选举，美联储财政货币政策进入放松周期，甚至干预美联储货币政策独立性。 此外，白银兼具工业属性，额外受益需要于新能源需求爆发。白银是所有金属中导电 ...

Group 1: Market Overview - The current market sentiment emphasizes the need for a strategic approach that respects market dynamics while maintaining a clear focus on trading signals and risk management [1] - The gold market is experiencing strong upward momentum, with spot gold rebounding to $5094.54 per ounce, marking a nearly 1.7% increase and maintaining a positive trend for seven consecutive trading days [2] - The geopolitical landscape, particularly the ongoing Russia-Ukraine conflict and U.S. trade policy uncertainties, is driving increased demand for safe-haven assets like gold [3] Group 2: Technical Analysis - Gold is currently in a defined short-term upward channel, with support at approximately $4971.48 and resistance at $5156.89 [4] - Technical indicators suggest a potential short-term overbought condition, with the RSI at 70.84, indicating that bullish momentum may face some pressure [4] - The overall technical outlook for gold remains bullish, with a focus on potential price movements around key resistance and support levels [6] Group 3: Oil Market Insights - West Texas Intermediate (WTI) crude oil prices are experiencing a pullback, trading around $60.50 per barrel, following a previous day’s decline of over 0.50% [7] - Supply uncertainties, particularly due to winter storms affecting U.S. production, are providing some support for oil prices despite the recent technical corrections [7] - The oil market is currently balancing between fundamental support and expectations of supply recovery, with a cautious outlook on sustained tight supply conditions [8]

当日元和其他主权货币陷入信任危机时，古老的黄金，正在上演一场现代金融传奇。突破5000美元，只 是它新征程的起点。从2023年开始，这场牛市就一发不可收拾，三年累计涨幅超过160%，这不是泡 沫，这是一场货币信仰的迁移。 资金正以前所未有的热情拥抱黄金。全球黄金ETF的流入资金在2025年激增，各国央行更是"买买买"不 停手，购金量达到惊人的1230吨。他们不是在投机，而是在为不确定的未来，寻找一块最坚实的"压舱 石"。 全球金融市场正在上演一场惊心动魄的"冰与火之歌"。一边是日元汇率摇摇欲坠，另一边是黄金价格一 飞冲天。这背后，远不止是简单的数字游戏。 黄金冲向5500美元的目标，绝非空中楼阁。它背后有三股强大的力量在共同发力。 美日联合干预，听起来声势浩大。可市场似乎并不买账，短暂的反弹后，日元依旧在弱势通道里挣扎。 这已经不是简单的汇率波动，而是一场近乎"崩盘式"的滑落。 首先，是全面爆发的避险需求。 世界并不太平，地缘冲突、航运危机，各种风险事件就像连续剧，一 集接一集。当股票、债券甚至一些货币都显得不可靠时，黄金这个"终极避风港"的价值，就被无限放 大。资金正从四面八方涌来，只为寻求一份踏实。 问题 ...

Core Viewpoint - The international spot gold price has rapidly increased, surpassing key levels of $5000 and $5100, with predictions suggesting it may reach $6000 per ounce by the end of the year, driven by various market factors [1]. Group 1: Market Performance - As of January 27, 2026, the CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) showed mixed performance among its constituent stocks, with Hunan Gold leading at a 10.01% increase and China Gold rising by 9.96% [1]. - The Gold Stock ETF Fund (159322) is currently priced at 2.23 yuan, with its total scale reaching 172 million yuan, marking a one-year high [1]. Group 2: Gold Price Predictions - Société Générale has revised its gold price forecast, stating that the earlier prediction of $5000 per ounce has been achieved ahead of schedule, and now anticipates a potential rise to $6000 per ounce, which may be a conservative estimate [1]. - The report highlights that hedge fund positions in gold have reached historical highs, while central bank demand appears to be declining [1]. Group 3: Investment Trends - Over the past eight weeks, gold ETFs have recorded significant net inflows, accumulating 93 tons, bringing total holdings to 3120 tons, an increase of 500 tons compared to the previous year [1]. - China Galaxy Securities notes that geopolitical tensions, particularly regarding Greenland, may lead to increased European capital repatriation and a rise in gold purchases by central banks, potentially exceeding previous expectations [1]. Group 4: Economic Factors - Rising regional risks in the Middle East are further stimulating demand for safe-haven assets like gold [1]. - The selection process for the new chair of the Federal Reserve is leaning towards a pragmatic and accommodative policy, which is expected to weaken the attractiveness of dollar assets and drive funds towards precious metals [1].

据报道，面对明尼苏达州移民突袭致两名美国公民死亡的全国性哗然，美国总统特朗普宣布调整当前的 高压遣返政策。他已派遣立场相对温和的"边境事务主管"汤姆.霍曼前往明尼阿波利斯缓和局势，并分 别与州长、市长通话，考虑展开独立调查并缩减联邦特工部署规模。白宫暗示，若地方配合执法，将撤 走部分边境巡逻人员。 摘要今日周二(1月27日)亚盘时段，黄金T+D目前交投于1144.96元附近，截至发稿，黄金T+D暂报 1137.60元/克，涨幅0.31%，最高触及1148.03元/克，最低下探1125.00元/克。目前来看，黄金T+D短线偏 向看涨走势。 今日周二(1月27日)亚盘时段，黄金t+d目前交投于1144.96元附近，截至发稿，黄金t+d暂报1137.60元/ 克，涨幅0.31%，最高触及1148.03元/克，最低下探1125.00元/克。目前来看，黄金t+d短线偏向看涨走 势。 【要闻速递】 然而，政策转向面临阻力。霍曼虽被视为"温和派"，但仍支持大规模遣返;白宫坚称信任强硬派官员， 并将危机责任归咎于地方"煽动者"。分析指出，特朗普正陷入两难：既要回应民意压力，又难以背离其 核心议程。 此举被视为特朗普对其激进移 ...

| | | 联系方式：liuyang18036@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 COMEX 黄金期货涨 0.50%，报 5004.8 美元/盎司。COMEX 白银期货涨 2.52%，报 103.89 | | --- | --- | --- | --- | | | | | 美元/盎司。沪金主力合约上涨 1.49%报 1148.14 元/克，沪银主力合约上涨 9.93% 报 29005 元/千克。 | | | | | 【重要资讯】 | | | | | 1、截至 1 月 26 日，全球最大的黄金 ETF SPDR Gold Trust 持仓量为 1086.53 吨， 较前一个交易日维持不变。全球最大白银 ETF--iShares Silver Trust 持仓较上日 | | | | | 减少 115.58 吨，当前持仓量为 15974.4 吨。 | | | | | 2、据 CME"美联储观察"：美联储 1 月降息 25 个基点的概率 2.8%，维持利率不变 | | | | | 的概率为 97.2%。到 3 月累计降息 25 个基点的概率为 15.5%，维持利率不 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - In 2026, precious metals, especially industrial precious metals, will continue to be strong, but the large inflow of speculative funds has also increased price volatility. Investors are advised to maintain a bullish trading mindset but control position sizes, while short - hedgers should appropriately reduce the hedging ratio [4] - Geopolitical risks, the safe - haven demand brought by the US mid - term elections, the liquidity premium from global central banks' joint easing, and the weakening of the US dollar exchange rate will drive the price of London gold to 5300 - 5500 US dollars per ounce in 2026 [6] - The price of London silver is expected to rise to 130 - 145 US dollars per ounce in 2026, London platinum to 3000 - 3200 US dollars per ounce, and London palladium to 2200 - 2350 US dollars per ounce [6] 3. Summary by Relevant Catalogs 3.1 Precious Metal Market Conditions and Outlook 3.1.1 Intraday Market - Geopolitical risks have increased the safe - haven demand for precious metals, and the weakening of the US dollar index has enhanced the pricing currency factor. As a result, external precious metal prices have continued to rise. London gold has broken through the 5100 US dollars per ounce mark, and industrial precious metals such as silver, platinum, and palladium have seen larger increases. The adjustment risk in the precious metal market was fully released in late December 2025 [4] 3.1.2 Medium - term Market - Due to Trump's new policy focus shifting to the military, the pressure of the mid - term elections, and the central banks' shift from balance - sheet reduction to expansion, the US dollar index will continue to be weak. This, along with other factors, will push the price of London gold to 5300 - 5500 US dollars per ounce in 2026 [6] - The silver price may reach higher levels due to factors such as supply - demand imbalance and low inventory. The price of London silver is expected to reach 130 - 145 US dollars per ounce in 2026 [6] - The price of London platinum is expected to reach 3000 - 3200 US dollars per ounce in 2026, and the price of London palladium is expected to be 2200 - 2350 US dollars per ounce [6] 3.2 Precious Metal Market - Related Charts - The report provides multiple charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, Shanghai futures index basis against the Shanghai Gold Exchange's Au(T + D), gold and silver ETF holdings, gold - silver ratio, and the correlation between London gold and other assets [8][10][12] 3.3 Main Macroeconomic Events/Data - Trump threatened to impose a 100% tariff on Canada if it reaches and advances a trade agreement with China. Canadian Prime Minister Justin Trudeau encouraged Canadians to buy domestic products without directly responding to the threat [18] - Japanese Prime Minister Hayasaka Sanae said the government will take necessary measures against speculative market movements. The yen's sharp depreciation near the 160 mark against the US dollar led to speculation about US - Japan joint intervention [18] - In January, the US business activity remained stable. The improvement in new orders was offset by a weak labor market and concerns about cost increases due to tariffs. The preliminary US composite PMI in January was 52.8, and the final University of Michigan consumer confidence index rose to 56.4, with the one - year inflation expectation dropping to 4.0% [18] - An Iranian senior official warned that any attack would be regarded as a full - scale war. Trump said the US has a fleet heading to Iran but hopes not to use it, and he also warned Iran not to kill protesters or restart the nuclear program [19]

纽约贵金属期价26日盘中宽幅震荡。截至收盘时，纽约商品交易所黄金期货市场交投最活跃的2026年4 月黄金期价上涨21.7美元，收于每盎司5004.8美元，涨幅为0.44%。 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 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。 同时，美元指数大幅走低也提振黄金和白银多头。由于市场预期美国可能与日本联手干预外汇市场，美 元指数隔夜跌至四个月低点，因投资者认为任何旨在支持日本的联合干预措施可能会进一步恶化市场对 美元的信心。 当日发布的经济数据对金价影响不大。美国商务部发布的数据显示，11月份美国耐用品订单增长 5.3%，此前10月份曾下降2.1%。经济学家普遍预期增幅为3.1%。 本周市场关注的焦 ...

一方面，鉴于昨日收取倒垂看空形态，以及本周又运行在布林带上轨之外，存在回落需求。另一方面，本周目前公布的数据整个偏空，周四凌晨的美联储 利率决议也预计保持利率不变，将会对金价产生一定利空压力。故此，需留意未来一到两周的调整需求。 张尧浠：金价冲高回落难逆转、支撑触及仍是看涨机会 上交易日周一(1月26日)：国际黄金高开高走，站上5000美元关口，但最后冲高回落倒垂收线，暗示短期存在回调风险，但在跌破5日均线，以及目前多头 强势来看，进一步调整概率较小，后市大概率只是维持高位震荡，并将再度走强攀升。 具体走势上，金价自亚市高开于5005.58美元/盎司，先行走强，于亚盘尾录得日内高点5110.09美元，之后有所受阻，并陷入5060-5100美元区间内持续盘 整，延续到美盘尾连续坠落走低，触及日内低点4990.15美元，最终止跌回升，收于5008.35美元，相对于上周收盘价4982.08美元，日振幅128.01美元，收 涨26.27美元，涨幅0.53%。 影响上，受到周末地缘局势和不确定性再度升级，金价高开高走，并且市场预期1月底前美国政府停摆的概率约为8成，再加上特朗普威胁对加拿大加征关 税，同时也将韩国对等关 ...

新华财经纽约1月26日电（记者徐静）纽约贵金属期价26日盘中宽幅震荡。截至收盘时，纽约商品交易 所黄金期货市场交投最活跃的2026年4月黄金期价上涨21.7美元，收于每盎司5004.8美元，涨幅为 0.44%。 当日发布的经济数据对金价影响不大。美国商务部发布的数据显示，11月份美国耐用品订单增长 5.3%，此前10月份曾下降2.1%。经济学家普遍预期增幅为3.1%。 本周市场关注的焦点是即将召开的美联储2026年首次议息会议。尽管特朗普施压要求美联储降息，但美 联储公开市场委员会（FOMC）本周预计将维持利率不变。市场同时预计其他17家央行本周的会议也将 基本维持利率不变。 转自：新华财经 避险需求再次凸显，黄金和白银价格当日早盘时段大幅上涨。在26日亚洲交易时段强势突破5000美元大 关之后，2月黄金期货合约更是创下每盎司5107.90美元的历史新高。白银价格26日也创下历史新高，3 月白银期货合约一度突破每盎司117美元。 分析人士表示，美国总统特朗普重塑国际关系以及投资者"卖出美国"的交易推动了贵金属的避险需求。 同时，美元指数大幅走低也提振黄金和白银多头。由于市场预期美国可能与日本联手干预外汇市场， ...