随着鲍威尔大概率卸任主席，其是否留任理事成焦点——留任将保留货币政策话语权，也可能成为抵御 特朗普干预的屏障。 摘要今日周四(1月22日)亚盘时段，黄金t+d目前交投于1069.28元附近，截至发稿，黄金t+d暂报1071.65 元/克，跌幅0.69%，最高触及1093.80元/克，最低下探1069.28元/克。目前来看，黄金t+d短线偏向看跌 走势。 【最新黄金t+d行情解析】 今日周四(1月22日)亚盘时段，黄金t+d目前交投于1069.28元附近，截至发稿，黄金t+d暂报1071.65元/ 克，跌幅0.69%，最高触及1093.80元/克，最低下探1069.28元/克。目前来看，黄金t+d短线偏向看跌走 势。 【要闻速递】 当地时间1月21日，特朗普在达沃斯论坛表示，历时数月的美联储主席遴选已近尾声，候选名单从最初 11人缩至"或许只剩一人"，但未透露具体姓名。热门人选包括前理事凯文.沃什、现任理事克里斯托弗. 沃勒、国家经济委员会主任凯文.哈塞特及贝莱德高管里克.里德。因特朗普更希望哈塞特留任现职，其 或退出角逐。 特朗普延续对美联储施压，其试图罢免理事丽莎.库克的举动正由最高法院审理。若鲍威尔被撤主 ...

1月22日，昨日黄金走了一个冲高回落局面，亚盘开盘金价便开始上扬，突破4800关口后一路刷新新 高，欧盘前刷新日内高点至4887美元。不过后续开始下跌，美盘尾盘吐出日内全部涨幅，算是走了一个 过山车。最终金价是收盘于4831美元，日线收于一根阳线。 周四（1月22日）特朗普最新表态，明确撤回对欧洲八国的关税威胁并否认将通过武力获取格陵兰岛， 声称已与北约达成"合作框架"。这一"TACO"交易（特朗普典型的交易模式）立即使得近期推升金价最 紧迫的地缘政治"引爆点"效力大减。市场对避险的即时需求显著削弱，成为引发获利盘集中了结的直接 导火索。 虽然地缘热点暂缓，但动摇美元信用的结构性矛盾并未消失。美国最高法院关于不罢免美联储理事的倾 向，仅小幅安抚了市场对央行独立性的担忧。而瑞典最大养老基金大规模抛售美债、欧洲议会无限期冻 结欧美贸易协定等事件，仍在持续引发市场对跨大西洋金融与贸易稳定性的深层疑虑，为黄金提供结构 性买盘。不过，金价在短时间内涨幅已极度惊人，各项指标均处于历史超买区，短线回落调整概率亦是 不小。 从技术上来看，日内黄金暂时看其保持居高，但是基本面利好的突然消失也势必会增加短线调整的风 险，所以日内 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - On January 21st, platinum and palladium prices fluctuated widely and declined in the late session; the PT2606 contract closed up 2.4% to 628.5 yuan/gram, and the PD2606 contract closed up 0.21% to 485.5 yuan/gram [5] - Geopolitical and economic tensions between the US and Europe due to the Greenland crisis have increased market uncertainty, raising safe - haven demand and supporting platinum and palladium prices; the US decision to暂缓 import tariffs on key minerals eases tariff risks for platinum and palladium [5] - If tariff risks decline in the future, platinum and palladium inventories may shift from the US to non - US regions, potentially alleviating the tight spot supply situation and suppressing the short - term upward space of platinum and palladium prices [5] - In the short term, platinum and palladium are expected to maintain a wide - range oscillation pattern; it is recommended to follow changes in New York inventories [5] - In the long term, with a supply - demand gap for platinum and a tendency towards supply surplus for palladium, the strategy can be to allocate platinum at low prices or choose the "long platinum, short palladium" arbitrage strategy [5] Group 3: Summary by Relevant Catalogs Domestic Prices (yuan/gram) - Platinum futures main contract closing price: 628.5, up 1.48% from the previous value of 619.35 [5] - Spot platinum (99.95%): 622, up 5.07% from the previous value of 592 [5] - Platinum basis (spot - futures): - 6.5, down 76.23% from the previous value of - 27.35 [5] - Palladium futures main contract closing price: 485.8, down 0.86% from the previous value of 490 [5] - Spot palladium (99.95%): 472, up 3.62% from the previous value of 455.5 [5] - Palladium basis (spot - futures): - 13.8, down 60.00% from the previous value of - 34.5 [5] International Prices (15:00, USD) - London spot platinum: 2434.88, up 2.27% from the previous value of 2380.82 [5] - London spot palladium: 1851.746, up 0.23% from the previous value of 1847.466 [5] - NYMEX platinum: 2437.9, up 2.38% from the previous value of 2381.2 [5] - NYMEX palladium: 1889.5, up 0.40% from the previous value of 1882 [5] Other Indicators - USD/CNY central parity rate: 7.0014, up 0.01% from the previous value of 7.0006 [5] - Domestic - international price differences (yuan/gram, tax - included): - Guangdong platinum - London platinum: 9.16, down 33.78% from the previous value of 13.83 [5] - Guangdong platinum - NYMEX platinum: 8.39, down 38.90% from the previous value of 13.73 [5] - Guangdong palladium - London palladium: 14.78, down 26.54% from the previous value of 20.13 [5] - Guangdong palladium - NYMEX palladium: 5.18, down 54.33% from the previous value of 11.34 [5] - Platinum - palladium price ratios: - Guangzhou Futures Exchange platinum/palladium ratio: 1.2937, with an increase of 0.0298 from the previous value of 1.2640 [5] - London spot platinum/palladium ratio: 1.3149, with an increase of 0.0262 from the previous value of 1.2887 [5] Inventory and Position Data - NYMEX platinum inventory: 664393, unchanged from the previous value [5] - NYMEX palladium inventory: 216664, up 4.66% from the previous value of 207020 [5] - NYMEX total platinum position: 78337, down 0.90% from the previous value of 79050 [5] - NYMEX non - commercial net long platinum position: 17594, down 2.85% from the previous value of 18110 [5] - NYMEX total palladium position: 19483, up 0.69% from the previous value of 19349 [5] - NYMEX non - commercial net long palladium position: 1225, up 111.57% from the previous value of 579 [5]

ITG国贸期货 贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2026/1/22 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 贵金属与新能源研究中心 白素娜 | | 从业资格号:F3023916 | | | | | | 日期 | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2602 | AG2602 | AU (T+D) | AG (T+D) | | 内外盘金 银15点价 | | (美元/盎司) | (美元/盎司) | (美元/盎司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 格最踪 | 2026/1/21 | 0.00 | 0.00 | 0.00 | 0.00 | 1088. 90 | 23180.00 | 0.00 | 0.00 | | (本表数 | 2026/1/20 | 4713. 69 | 94.08 | 4720.00 | 93.95 | 1056. 94 ...

Core Insights - The narrative of non-ferrous metals, particularly energy metals, will continue to evolve in 2026, driven by a complex interplay of supply-demand balance, liquidity easing, and resource value reassessment [1][4] - The simultaneous rise of copper and gold, traditionally viewed as inversely correlated, is attributed to three main factors: global liquidity easing, inflation-driven appreciation of physical assets, and the core drivers of each metal creating a resonance effect [1][2] Supply and Demand Dynamics - Copper prices are primarily driven by insufficient supply and strong demand from new sectors such as AI computing centers and grid modernization, while gold prices are supported by ongoing central bank purchases and concerns over the credibility of the US dollar [2] - The current supply-demand tightness is expected to persist until at least 2028, with new growth points in demand including energy storage, AI computing, global infrastructure projects, and increased military spending due to geopolitical tensions [2] Potential Investment Directions - Lithium, particularly lithium carbonate, is on the verge of a demand surge due to the expansion of energy storage applications, driven by new pricing policies [3] - Strategic minor metals such as rare earths, tungsten, molybdenum, cobalt, nickel, and tin are expected to see continued value reassessment, influenced by geopolitical factors and supply chain concentration [3] - Gold remains a key asset as a global ultimate currency, with a clear long-term upward trend due to the declining value of the US dollar and ongoing central bank purchases exceeding 1,000 tons annually [3]

Morning session notice 研究员： 刘洋 从业资格： F3063825 交易咨询资格：Z0016580 早盘提示 重要事项: 更多精彩内容请关注格林大华期货官方微信 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院 证监许可【2011】1288 号 2026 年 1 月 22 日星期四 格林大华期货研究院所有 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 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 1.48%报 4836.20 美元/盎司，COMEX 白银期货跌 1.78% ...

Group 1 - President Trump stated that U.S. inflation has been defeated, with a core inflation rate of 1.5%, and projected a GDP growth rate of 5.4% by Q4 2025, claiming the economy is growing at twice the rate predicted by the IMF [5][24] - Trump mentioned that U.S. oil production has increased by 730,000 barrels per day and that gasoline prices are expected to drop below $2 per gallon [6][25] - The U.S. federal deficit has been reduced by $100 billion, while exports have increased by $150 billion [6][25] Group 2 - U.S. natural gas futures prices surged, with a recent increase of over 30% following a previous day’s rise of over 28% [28][30] - Analysts indicated that the recent spike in overseas natural gas prices is driven by weather factors, with European temperatures expected to turn colder, leading to increased demand for U.S. LNG exports [29] - The U.S. natural gas futures contract closed at $5.099 per million British thermal units, marking a cumulative increase of over 66% in the last three trading days [30] Group 3 - Following Trump's statements, U.S. stock indices rose collectively, with the Dow Jones up by 1.21%, the Nasdaq by 1.18%, and the S&P 500 by 1.16% [32] - International gold prices saw a significant rise, with spot gold reaching $4,808 per ounce, nearing historical highs [33][34] - Multiple institutions forecast that gold prices could reach $5,000 per ounce in the near future, with analysts citing geopolitical tensions as a primary driver for the surge in gold demand [36][37]

Market Overview - A-shares experienced a slight increase with over 3,000 stocks rising, but there was significant sector divergence, with banks, coal, and food and beverage sectors leading the decline, while non-ferrous metals, electricity, and machinery sectors saw gains [1][4] - The trading volume decreased by 180.4 billion, reaching 2.62 trillion, indicating a cooling of leveraged funds, with margin trading balances dropping to 2.71 trillion [4][5] Sector Performance - The non-ferrous metals sector led the gains, with eight stocks hitting the daily limit, including Xiaocheng Technology rising over 13% and several gold and silver stocks also reaching their limits [8] - The semiconductor sector saw significant increases, with stocks like Haiguang Information and Zhaoyi Innovation experiencing substantial gains [5][9] - The machinery equipment sector also performed well, with multiple stocks hitting the daily limit, including Dazhu CNC and Xinjing Mining [10] Investment Sentiment - Short-term funds are taking profits, leading to a cautious market sentiment, with a focus on structural opportunities in technology and resource sectors [3][12] - The market is expected to maintain a volatile but upward trend, with a focus on sectors supported by policies and strong fundamentals [14][15] Future Outlook - The market is likely to continue a "slow bull" trend underpinned by policy support, with a focus on technology and resource sectors [16][17] - Investors are advised to adopt a balanced approach, focusing on sectors with policy backing and high growth potential, while being cautious of high volatility and potential risks in the market [17]

当前，美欧关系趋紧引发对潜在贸易战的担忧，持续影响投资者对这一贵金属的避险需求。金价在2025 年初始于每盎司2640美元左右，至2025年4月已攀升至3200美元。随后价格保持平稳直至8月底，继而再 度上扬，并在10月中旬突破4300美元关口。 目前全球主要黄金生产国包括中国、澳大利亚、美国、南非、秘鲁、俄罗斯和印度尼西亚。 据"加纳网"1月20日报道，受地缘政治风险及美联储降息预期影响，国际黄金价格在2026年开年持续走 强，并于1月20日突破每盎司4700美元，创历史新高。 2026年前20个交易日，黄金涨幅已达9.5%。自特朗普一年前开启第二任期以来，金价累计上涨超过 70%。同期，白银在2026年前两周上涨约20%，收益表现显著优于往年。 （原标题：金价飙升至历史新高，突破每盎司4700美元） ...

金价"起飞"了。 1月21日，国际金价持续攀升，首次突破4800美元/盎司整数关口。截至记者发稿，伦敦金现日内大涨 2.13%，现报4864.37美元/盎司，盘中最高触及4888.43美元/盎司，再次刷新历史纪录。 | 伦敦金现 | | | SPTAUUSDOZ | | --- | --- | --- | --- | | 4864.370 | | | +101.400 +2.13% | | IDC USD 17:22:27 | | | 0 | | 实 | 4864.570 | | | | 天 | 4864.370 | | | | 总量 | 0 | 现手 | | | 结算价 | | 开盘 | 4764.547 | | 最高 | 4888.430 | 最低 | 4757.380 | | 均价 | | 振幅 | 2.75% | | 外盘 | B | 内盘 | 0 | | 昨结 | 4762.970 | 昨收 | 4762.970 | | 涨停 | 0.000 | 跌停 | 0.000 | | 持仓 | 0 | 增仓 | 0 | | 估结算 | | 基差1 | 0.00 | 期货市场同步跟涨。COMEX黄金期货价格持 ...