智通财经APP获悉，摩根士丹利发布研报称，紫金矿业(02899,601899.SH)将持续增加黄金与铜产量，当 前估值水平极具吸引力，H股目标价由46.1港元上调至59港元，A股目标价上调至56元人民币，并重申 对其H股及A股的"增持"评级。 金价已超越该行商品团队此前对下半年每盎司4,750美元的预测，但考虑到地缘政治风险、央行积极信 号及ETF买盘等因素，金价可能尚未见顶。该行强调其看涨情境下，金价有望于下半年触及每盎司 5,700美元。铜价方面，尽管年初已对包括铜在内的金属持正面展望，但价格已提前突破该行对第二季 度每吨12,200美元的预测。该行认为，供应紧张及强劲的宏观背景将继续支撑铜价，但受美国进口走势 不确定性及中国3月前数据有限影响，短期可能出现波动。预计2026年铜市将出现约60万吨的供应缺 口，有限的矿山供应增长将被数据中心及储能系统等新需求驱动所抵消。 ...

各国央行购金速度放缓五分之一至863吨，低于2022至2024年每年超过1000吨的购买力度。与此同时，投资需求激增 84%至创纪录的2175吨，其中黄金ETF持仓增加801吨，结束连续四年流出，金条和金币购买量跃升16%至1374吨，创 12年新高。 世界黄金协会首席策略师John Reade表示： 世界黄金协会周四发布报告显示，2025年全球黄金需求首次突破5000吨，达到5002吨的历史新高，投资需求取代珠宝 消费成为最大需求来源，其中散户和机构成为购金主导力量。 央行在2022年、2023年或许在这一走势中发挥了非常重要的作用，但现在其他因素已经占据了主导地位， 今年最大的问题将是投资需求能否保持足够强劲以维持黄金市场的强势。 除了利率下降和关税引发的动荡之外，主要发达市场货币信心的减弱也是投资需求激增的关键催化剂。对央行独立性 的攻击和主权债务上升削弱了投资者对主要货币的信心，推动资金流向黄金避险。 这一需求结构转变发生在金价屡创新高的背景下。2025年金价创下1979年以来最佳年度表现，全年上涨64%，并在53 个交易日刷新历史纪录。本周三金价首次突破每盎司5300美元，今年以来已上涨22%。全球 ...

| 01.29 | 老凤祥 | 1713元/克 | 涨93 | | --- | --- | --- | --- | | 01.29 | 老庙黄金 | 1722元/克 | 涨104 | | 01.28 | 菜百首饰 | 1550元/克 | 持平 | | 01.28 | 周六福 | 1613元/克 | 持平 | | 01.28 | 周大生 | 1618元/克 | 持平 | 金价又涨了！ 国内金饰价格每克已破1700元 最高一夜涨了104元/克 ↓↓↓ 老庙黄金报价1722元/克 上涨104元/克 周生生报价1708元/克 上涨94元/克 老凤祥报价1713元/克 上涨93元/克 周大福、金至尊报价1706元/克 上涨88元/克 | 品牌黄金价格 | | 最新: 2026.01.29 09:50 | | | --- | --- | --- | --- | | 日期 | 名称 | 价格 | 涨跌 | | 水贝金价 | 1395 元/克 | 实时 | | | 01.29 | 周大福 | 1706元/克 | 涨88 | | 01.29 | 周生生 | 1708元/克 | 涨94 | | 01.28 | 六福珠宝 | 16 ...

该行上调紫金矿业2026至2027年经常性盈利预测14%至18%，紫金矿业H股目标价由39.5港元升至52港 元，紫金矿业A股(601899.SH)目标价由38元升至50元人民币，维持"买入"评级。 同时，该行上调洛阳钼业2026至2027年经常性盈利预测20%至24%，洛阳钼业H股目标价由21.5港元升 至27港元，洛阳钼业A股(603993.SH)目标价由21.5元升至28元人民币，亦维持"买入"评级。 智通财经APP获悉，高盛发布研报称，将2026至2027年金价预测上调10%至16%，料2026年均价为每盎 司4,978美元，2027年上半年为每盎司5,585美元。该行同时调升2026年铜价预测7%至每吨12,200美元。 因此，该行上调其覆盖的中国铜业及金矿股2026至2027年的盈利预测，幅度介乎9%至33%，首选股份 为紫金矿业(02899)及洛阳钼业(03993)，因其不单止受惠于商品价格上升，其铜及黄金产量亦将同步增 长。 该行预期紫金矿业及洛阳钼业2026年铜产量将增长9%至14%。根据目前的项目进度，两间公司均有望 达成2028年产量目标，意味着届时产量较2025年增长40%至45%。在 ...

Group 1 - The core viewpoint of the article highlights the continuous rise in gold prices, with gold nearing $5,600 and significant inflows into gold-related ETFs, indicating strong investor interest and market momentum [1][2]. Group 2 - Spot gold prices reached a record high of $5,595.41, with an increase of over $600 this week, representing a rise of more than 12% [2]. - The decline of the US dollar and increasing economic and geopolitical uncertainties are identified as primary factors driving gold prices upward [2]. - Despite the Federal Reserve not lowering interest rates in January, gold prices surged during the press conference, with expectations of potential future rate hikes due to persistent inflation concerns [2]. - Bank of America suggests that investors should disregard the $5,000 mark for gold, predicting that prices could reach $6,000 per ounce by spring 2026 [2]. Group 3 - The lowest fee gold investment tool, the Huaxia Gold ETF (518850), has seen continuous inflows, with a net inflow of 32.99 billion yuan over the past 20 days [3]. - The diversified metal ETF (516650) tracks a balanced index of non-ferrous metals, with copper, aluminum, and gold making up 61.29% of its composition, leading the market in this category [3]. - The gold stock ETF (159562), which tracks gold and copper stocks, has also experienced significant inflows, totaling over 40.14 billion yuan over the past 12 days, ranking first among similar products [3].

1月29日，国内部分主流金饰品牌报价刷新1700元/克，创下历史新高，单日上涨近百元。 其中，老庙黄金报价1706元/克，单日上涨94元。 | | 甄选之礼 | 产品欣赏 | 关于老庙 | | --- | --- | --- | --- | | 名称 | 价格 (人民币/克) | | | | 足金饰品 | 1706.00 | | | | 铝金饰品 | 1030.00 | | | | 工艺金条 | 1531.00 | | | 老凤祥报价1713元/克，单日上涨93元。 周生生报价1708元/克，单日上涨94元。 编辑丨瑜见 | | | 金价(人民币) | | --- | --- | --- | | 足金饰品(每克) | 日本 | ¥1708 | | | 换金价 | ¥1453 | | | 换珠宝价 | ¥1453 | | 950铂金饰品(每克) | 日报 | ¥1073 | | | 换金价 | ¥862 | | 生生金宝(每克) | 日版 | ¥1500 | ...

Group 1 - The core viewpoint of the news is that international gold futures and spot prices reached a new high on the 29th, breaking through $5,500 per ounce, which has led to a collective increase of over 5% in gold-related ETFs [1][2] Group 2 - The price movements of various gold ETFs are as follows: - Commercial Gold ETF Xiweng T+0 increased by 5.21% to $11.981 - Shangyibu Aoshang Super T+0 rose by 5.18% to $12.369 - Commercial Gold ETF Nanfang T+0 went up by 5.17% to $12.377 - Commercial Gold ETF Huaxia T+0 increased by 5.21% to $11.958 - Commercial Gold ETF T+0 rose by 5.14% to $11.860 - Commercial Gold ETF T+0 increased by 5.15% to $12.403 - O+L Zhi Jing Aofu JJ9 @ rose by 5.12% to $11.816 - Commercial Gold ETF Industrial Bank T+0 increased by 5.07% to $11.870 - Commercial Shanghai Gold ETF Jianxin T+0 rose by 5.05% to $11.881 [2] Group 3 - Analysts suggest that the strong negative correlation between gold prices and the US dollar is the main driving force behind the current market trend, with expectations of interest rate cuts and geopolitical conflict risks intertwining, prompting major institutions to significantly raise their gold price targets [2]

Core Viewpoint - International gold futures and spot prices have both surged past significant thresholds of $5,200 and $5,300 per ounce, reaching historical highs due to heightened geopolitical tensions and various economic factors [2] Group 1: Price Movement - Gold prices have increased by nearly $1,000 since the beginning of the year, marking a substantial rise in a short period [2] - The recent price surge has been attributed to multiple factors, including geopolitical tensions and economic pressures [2] Group 2: Economic Factors - The U.S. government's pressure on the Federal Reserve to lower interest rates has contributed to the rising gold prices [2] - A significant drop in the U.S. consumer confidence index has also played a role in boosting investor demand for gold as a safe-haven asset [2] - Concerns about a potential government shutdown in the U.S. have further heightened investor anxiety, leading to increased gold purchases [2]

在国际金价大涨的带动下，今天上海 期货交易所黄金期货价格也创下历史新高。1月28日，沪金期货主 力合约高开高走，截至下午收盘，沪金期货主力合约上涨3.58%，2026年以来的涨幅超过20%。资本市 场方面，A股贵金属板块持续走强，今年以来，板块累计涨幅超88%，今天，贵金属板块掀涨停潮： 中 金黄金、 招金黄金、 赤峰黄金等多只个股涨停。业内人士表示，由于市场不确定性因素较多，短期而 言，金价波动可能有所加大，投资者需警惕回调风险。 ...

Core Viewpoint - The article discusses the recent adjustments in trading margins and price limits for precious metals, particularly gold and silver, in response to rising international prices and a declining US dollar index. It highlights the increased investment interest and the measures taken by financial institutions to manage risks associated with these investments. Group 1: Trading Adjustments - The Shanghai Gold Exchange has adjusted the margin level for silver deferred contracts to 20% and the price fluctuation limit to 19% [1] - The Shanghai Futures Exchange has also made changes to the price limits and margin ratios for gold, silver, and nickel futures contracts [1] - The Chicago Mercantile Exchange announced adjustments to margin parameters for certain silver, platinum, and palladium futures contracts, with some silver contracts now requiring a margin of approximately 11% of nominal value [1] Group 2: Market Performance - On January 28, gold futures prices on the New York Commodity Exchange surpassed $5300 per ounce, while domestic gold prices approached 1200 yuan per gram, marking a daily increase of 3.6% [2] - The precious metals sector saw significant stock price increases, with companies like Zhaojin Gold and China Gold hitting daily limits, and the gold stock ETF (159562) rising by 9.25% on the same day [2] - The futures market experienced an influx of nearly 4.7 billion yuan in precious metals, with 4.4 billion yuan flowing into Shanghai gold alone [2] Group 3: Banking Sector Adjustments - Banks have raised the investment thresholds for retail gold accounts and personal accumulation gold services, with several banks setting the minimum at over 1200 yuan per gram [4] - Investment suitability management has been strengthened, with banks adjusting the risk assessment levels for gold-related services to higher categories, reflecting a shift in the perception of gold from a stable savings alternative to a high-volatility risk asset [4][5] - More banks are expected to follow suit in increasing their risk assessment standards for gold investment services in 2026 [4] Group 4: Price Forecasts - Analysts predict that the declining US dollar index will be a significant factor driving gold prices higher, with the index recently dropping to around 95, a low not seen since February 2022 [6] - Citigroup has raised its silver price target from $100 to $150 per ounce, while the Royal Bank of Canada believes that the upward momentum for gold has not yet peaked, projecting potential prices of up to $7100 per ounce by the end of 2026 [6]