中长期看，黄金价格中枢仍有望上行，投资者或可考虑后续回调参与、逢低分批布局。关注直接投资实 物黄金，免征增值税的黄金基金ETF（518800），覆盖黄金全产业链股票的黄金股票ETF（517400）。 （文章来源：每日经济新闻） 近期黄金价格的上涨不仅源于其避险属性，也受益于"抛售美国"交易逻辑的再现，市场对美国资产信心 产生动摇、降息周期与地缘局势紧张形成黄金价格上行的合力，投资者持续涌向贵金属。 综合来看，当下贵金属和有色价格上涨，本质是核心逻辑的持续兑现，且金银中长期驱动因素依然清 晰，中期维度大概率还会走出更高价格，但本波段上涨或已经出现一定加速赶顶信号。当下市场正处于 情绪与资金共振的极致阶段，中长期投资机会与短期风险并存，建议投资者结合自己的风险偏好与交易 水平，逢低布局，理性参与中长期的投资机会。 相关机构表示，特朗普昨日表示，不担心美元贬值，可以让其像悠悠球一样涨跌。美元指数DXY在特 朗普评论时先小幅拉升，随后大幅下跌超50点，创下2022年2月以来的新低，非美货币趁势拉高，黄金 价格走强。另外，28日消息，泰国央行行长宣布黄金交易禁止做空操作。 ...

1月28日盘中，沪银期货主力合约遭遇一波急速上涨，最高上探至29502.00元。截止发稿，沪银主力合 约报29385.00元，涨幅3.50%。 沪银期货主力涨超3%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 大越期货 银价短期上涨受压 中辉期货 白银长期滚动做多逻辑不变 宁证期货 短期不建议过分看多 大越期货：银价短期上涨受压 美国政府停摆担忧继续升温，美元大幅下挫，中东局势紧张，银价先下后上。沪银溢价大幅扩大至4300 元/克，国内情绪再升温。上期所调整限仓，银价短期上涨受压，但银价上涨情绪依旧强劲。风险巨 大，谨慎操作。 中辉期货：白银长期滚动做多逻辑不变 白银短期波动率较大，分析来看，白银自身逻辑让位于黄金带来的避险属性，全年来看交割交易等持 续，注意节奏控制。长期降息、供需缺口连续5年，全球大财政均对白银长期有利，长期滚动做多逻辑 不变。 宁证期货：短期不建议过分看多 消费者信息指数下降，美国风暴依然持续，或影响市场的风险偏好，利空白银。市场静待美联储议息会 议公布，外盘白银创新高并收长上影线，建议管控风险，短期不建议过分看多。关注黄金、白银相互影 响。 ...

特朗普政府近期接连对多国发出关税威胁，周一宣布将把来自韩国的汽车、木材及药品关税提高至 25%，并批评韩方未履行贸易协议，进一步加剧了市场对全球贸易局势的担忧。叠加美国政府可能停摆 等内部风险，美元持续走软至四个月低点，为以美元计价的贵金属提供支撑。 今日周二(1月27日)亚盘时段，白银期货目前交投于27288一线上方，今日开盘于27300元/千克，截至发 稿，白银期货暂报28038元/千克，上涨6.26%，最高触及30020元/千克，最低下探27000元/千克，目前来 看，白银期货盘内短线偏向震荡走势。 【要闻速递】 市场关注即将召开的美联储货币政策会议，尽管利率预计维持不变，但特朗普政府对美联储主席鲍威尔 的调查、试图解雇理事库克等事件，引发对央行独立性的担忧，进一步强化了白银的避险属性。 市场已进入情绪主导、波动性急剧放大的危险区域，预计短期贵金属价格将剧烈波动，尤其是白银。沪 银仍然延续上涨趋势，目前涨超6%，沪银：区间关注29510-28090一线，大区间在30100-27615之间。 华泰证券研报称，北京时间1月29日(周四)凌晨美联储将公布1月议息会议决定，预计美联储大概率暂缓 降息，且维持20 ...

现货黄金价格首次突破每盎司5000美元大关，延续了此前由美国总统唐纳德·特朗普重塑国际关系以及 投资者抛售主权债券和货币所推动的迅猛涨势。 周一早盘交易中，金价大幅上涨，上周已累计上涨8.5%，原因是美元走软提振了对贵金属的需求。作 为衡量美元汇率的关键指标——彭博美元即期指数下跌1.6%，创下5月以来最大单周跌幅，这使得黄金 和白银对大多数买家来说更加便宜。白银价格周一亦创纪录新高。 周一早盘交易中，金价大幅上涨，上周已累计上涨8.5%，原因是美元走软提振了对贵金属的需求。作 为衡量美元汇率的关键指标——彭博美元即期指数下跌1.6%，创下5月以来最大单周跌幅，这使得黄金 和白银对大多数买家来说更加便宜。白银价格周一亦创纪录新高。 金价创纪录的上涨——过去两年上涨了一倍多——推动了黄金作为衡量市场恐惧程度的历史性角色。继 1979年以来的最佳年度表现之后，年迄今金价又攀升了16%，原因是地缘政治风险进一步加剧了所谓的 贬值交易，即投资者纷纷撤离外汇和美国国债市场。 最近几周，美国政府的行动——攻击美联储的独立性、威胁吞并格陵兰岛、对委内瑞拉进行军事干预 ——令市场惶惶不安。对于希望驾驭这种不确定性的投资者来说 ...

本文所有内容仅基于公开信息进行客观梳理与解读，不构成任何投资建议。股市有风险，投资需谨慎， 股价短期异动受多重因素影响，投资者应当建立在自身风险承受能力和充分调研的基础之上，审慎做出 决策。 股价的持续走高同步引发市场情绪的升温，当日白银有色股吧讨论量激增。 本次白银有色斩获三连板的核心逻辑可归结为三点：其一，双重属性风口共振，白银兼具的避险属性与 工业属性同时迎来红利期，宏观与产业层面的双重利好形成合力，推升板块整体热度；其二，资金接力 效应显著，主力资金、北向资金、ETF 被动资金协同进场，形成资金合力，短线跟风资金进一步放大 行情；其三，异动公告的情绪加持，公司发布的异动公告未披露利空信息，反而强化了市场的看多信 心，吸引更多短线资金进场，最终推动三连板落地。 2026 年 1 月 22 日，白银有色（601212）延续强势走势，盘中强势拉满涨停板，最终以 10.04% 的涨幅 收盘，单股上涨 0.86 元，收盘价定格在 9.43 元。当日交易数据亮眼，成交量达 616.80 万手，成交额突 破 55.55 亿元，换手率攀升至 8.33%，顺利拿下三连板，在贵金属板块热度持续升温的背景下，成为当 日 A ...

Group 1 - The recent volatility in the gold market is attributed to the easing geopolitical risks surrounding Greenland, as indicated by a statement from U.S. President Trump regarding the non-use of force to acquire the territory [1] - On January 22, spot gold experienced a daily decline of 1.00%, reaching a low of $4777.23 per ounce before rebounding near the $4800 mark, while spot silver fluctuated between $90.79 and $94 per ounce [1] - The European Parliament has indefinitely postponed the vote on the U.S.-EU trade agreement until the U.S. returns to a cooperative stance, which has contributed to the reduction of market risk aversion [1] Group 2 - Analysts predict that the price of gold may rise less aggressively in 2026 compared to 2025, while copper is expected to show strong performance driven by increased investment in the power sector [2] - The price dynamics of gold and copper are influenced by different factors; gold is primarily driven by its safe-haven appeal, whereas copper's demand is linked to industrial applications, particularly in electricity transmission [2] - The relationship between gold and copper is complex; both are affected by U.S. monetary policy, but they respond differently to inflationary pressures, with high inflation favoring gold and moderate inflation benefiting copper [2][3]

1月21日，昨日黄金市场呈现出"先抑后扬"的强势格局，避险情绪的集中释放成为推动行情突破的核心 动力。从具体走势来看，早盘金价以4672.3点位开盘后，短线资金获利了结引发小幅回落，日线最低下 探至4659.2点位，不过这一回落并未击穿关键支撑区域，反而成为多头蓄力的重要节点。随后，市场突 发避险消息刺激，买盘力量集中爆发，推动金价开启强势拉升模式，盘中一路突破多重阻力，日线最高 触及4766.8点位，创下阶段性新高后，尾盘维持高位整理态势，最终收线于4763.6点位，日线以一根下 影线稍长的大阳线收尾，为后续行情奠定了偏多基调。从K线形态来看，昨日这根大阳线具有鲜明的市 场指引意义。下影线部分反映出4660附近存在较强的支撑力度，空头打压未能形成有效突破，反而触发 了低位买盘的积极入场；而实体部分的大幅收涨，则彰显了多头的绝对主导地位，尤其是在避险消息催 化下，市场做多情绪得到充分释放。这种形态收尾后，通常意味着短期市场趋势偏向强势，多头动能尚 未完全衰竭，这也为今日行情延续看多提供了形态上的支撑。 回顾近期黄金市场的整体走势，本轮上涨并非孤立行情，而是多重因素共振的结果。宏观层面，地缘政 治风险持续升温、 ...

Group 1 - Silver futures are currently trading above 22910, with a reported price of 23231 per kilogram, reflecting a 4.38% increase, and a daily high of 23568 and a low of 22777 [1] - The geopolitical risks stemming from the ongoing Russia-Ukraine conflict are supporting silver's safe-haven appeal, particularly following large-scale drone attacks on Ukraine's energy infrastructure [2] - The relationship between the US and Europe is facing unprecedented challenges due to potential trade wars, which could lead to increased costs for US businesses and consumers, thereby impacting inflation and economic growth [2] Group 2 - Despite the rise in silver prices, sentiment in the Shanghai silver market has cooled, with the silver premium expanding to 2400 per gram, indicating a mixed outlook [3] - The support levels for Shanghai silver are projected at 22500 and 21000, with the main contract expected to trade within a range of 21600 to 23700 [3]

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - Today, precious metals showed a volatile and upward - trending pattern. Shanghai Gold's main contract rose 1.54%, Shanghai Silver's main contract rose 2.75%, Platinum's main contract fell 0.48%, and Palladium's main contract rose 0.64% [1]. - In the short - term, trade - war - related safe - haven demand has subsided, while geopolitical risks have increased. The weakening US employment and moderate inflation still support expectations of interest - rate cuts [1]. - Trump's threat to impose tariffs on eight European countries controlling Greenland has led to considerations of retaliation by EU countries, increasing geopolitical risks [1]. - The US CPI increase in December met expectations, but household food and rent expenditures increased. US employment growth almost stalled in December, and the unemployment rate decline alleviated concerns about the deterioration of the labor market. The number of initial jobless claims in the US last week unexpectedly decreased, and the labor market is in a stagnant state. The Fed cut interest rates in December with significant differences, hinting at a pause in action and only one potential rate cut next year. Powell stated that the Fed's interest - rate policy is in a good position to handle future economic trends. Currently, the market expects the probability of the Fed not cutting interest rates in January 2026 to remain around 95%, and the next rate cut may occur in June. The US dollar index and US Treasury yields are oscillating strongly [1]. - Silver is supported by tight supply. The demand for platinum - based catalysts in the platinum hydrogen - energy industry is expected to be strong. Palladium still has short - term demand resilience but faces long - term structural pressure from the fuel - vehicle market. The CRB commodity index is oscillating weakly, and the appreciation of the RMB is negative for domestic prices [1]. - It is expected that precious metals will show a volatile and upward - trending pattern in the short - term, high - level oscillations in the medium - term, and a step - by - step upward trend in the long - term [1]. 3. Summary by Relevant Catalogs Gold - Strategy: Conservative investors should wait and see, while aggressive investors can buy low and sell high. It is recommended to manage positions well and set strict stop - loss and take - profit levels [2]. - Price: Comex gold active contract closed at $4,601.10 per ounce, down $19.40 (- 0.42%) from the previous day and up $82.70 (1.83%) from the previous week. London gold was at $4,611.05 per ounce, up $0.20 (0.00%) from the previous day and up $117.20 (2.61%) from the previous week. Shanghai Gold's main contract closed at 1,051.80 yuan per gram, up 19.48 yuan (1.89%) from the previous day and up 25.52 yuan (2.49%) from the previous week [2]. - Other data: The net long position of CFTC managed funds increased by 12,292 lots. SPDR gold ETF holdings decreased by 3.15 tons (- 0.33%) [2]. Silver - Strategy: Conservative investors should wait and see, while aggressive investors can buy on dips. It is recommended to manage positions well and set strict stop - loss and take - profit levels [4]. - Price: Comex silver active contract closed at $89.95 per ounce, down $2.27 (- 2.46%) from the previous day and up $10.16 (12.73%) from the previous week. London silver was at $90.80 per ounce, down $0.47 (- 0.51%) from the previous day and up $12.66 (16.20%) from the previous week. Shanghai Silver's main contract closed at 23,189 yuan per kilogram, up 706 yuan (3.14%) from the previous day and up 2,244 yuan (10.71%) from the previous week [4]. - Other data: The net long position of CFTC managed funds decreased by 2,613 lots. iShare silver ETF holdings decreased by 274.89 tons (- 1.68%) [4]. Platinum - Strategy: Conservative investors should wait and see, while aggressive investors can buy on dips. It is recommended to manage positions well and set strict stop - loss and take - profit levels [6]. - Price: NYMEX platinum active contract closed at $2,272.90 per ounce, down $47.20 (- 2.03%) from the previous day and up $341.40 (17.68%) from the previous week. London platinum was at $2,208 per ounce, unchanged from the previous day and up $302 (15.84%) from the previous week. Platinum's main contract on the GZEX closed at 686.95 yuan per gram, up 29.30 yuan (4.46%) from the previous day and up 144.35 yuan (26.60%) from the previous week [7]. - Other data: The net long position of CFTC managed funds remained unchanged [7]. Palladium - Strategy: Conservative investors should wait and see, while aggressive investors can buy low and sell high. It is recommended to manage positions well and set strict stop - loss and take - profit levels [10]. - Price: NYMEX palladium active contract closed at $1,821 per ounce, down $143 (- 7.28%) from the previous day and up $96 (5.57%) from the previous week. London palladium was at $1,837 per ounce, up $194 (10.56%) from the previous day and up $194 (11.81%) from the previous week. Palladium's main contract on the GZEX closed at 529.05 yuan per gram, down 49.40 yuan (- 8.54%) from the previous day and up 52.45 yuan (11.01%) from the previous week [10]. - Other data: The net long position of CFTC managed funds remained unchanged [10]. Key Fundamental Data of Precious Metals - Federal funds target rate upper limit is 3.75%, down 0.25 percentage points; discount rate is 3.75%, down 0.25 percentage points; reserve balance rate (IORB) is 3.65%, down 0.25 percentage points [11]. - The Fed's total assets are 6,632.72 billion US dollars, up 8.162 billion US dollars (0.00%) [11]. - The 10 - year US Treasury real yield is 2.50%, up 0.03 (1.21%) [11]. - The US dollar index is 99.37, up 0.02 (0.02%) [11]. - Other economic data such as inflation, employment, real estate, consumption, and trade are also presented in detail in the report [11][13].

今年以来，黄金白银虽然表现震荡，但仍保持上行态势。这与去年其表现一脉相承。去年黄金和白银这 两种贵金属均出现自1979年以来的最大年度涨幅：黄金创下历史新高次数高达50多次，年内涨幅为 70%；白银也不遑多让，去年的涨幅超过一倍达到139%。 分析人士表示，在国际黄金市场波澜壮阔的牛市行情背后，除了货币政策、地缘政治、央行行为与市场 情绪共振等因素之外，也深刻反映了全球货币信用体系演变下的资产配置逻辑变迁。在地缘政治风险悬 而未决、特朗普新关税政策引发巨大不确定性背景下，本月初，美国对委内瑞拉发动大规模军事打击， 并抓走委内瑞拉总统马杜罗，此举引发全球哗然；与此同时，特朗普政府持续对美联储施压，加剧市场 对美联储独立性的担忧；这些都导致市场避险情绪加剧。 丹麦外交大臣拉斯穆森对特朗普为"夺岛"而加征关税表示"惊讶"。丹麦本土和格陵兰岛多地游行示威， 抗议美国"夺岛"图谋。瑞典首相克里斯特松表示，绝不允许美国"勒索"。近日，挪威、瑞典、法国、德 国、英国、荷兰和芬兰等欧洲国家宣布向格陵兰岛派兵，参加由丹麦在该岛发起的"北极耐力"军事演 习。分析人士认为，这些国家向美国发出支持丹麦的信号，但派兵规模屈指可数，更多 ...