Core Viewpoint - The precious metals market experienced significant volatility, with COMEX silver initially surging over 16% before retreating, while COMEX gold also saw fluctuations around the $5000 mark, indicating a turbulent trading environment influenced by geopolitical and economic factors [2][14]. Market Analysis - On January 26, 2026, COMEX silver reached a peak increase of over 16%, while spot silver rose nearly 14%, both surpassing $117 per ounce before a sharp decline, ultimately closing with a 2.5% gain [2][14]. - COMEX gold and spot gold both briefly crossed the $5000 and $5100 thresholds, respectively, but ended the day with a modest increase of 0.5%, hovering around $5000 [2][14]. - Spot palladium initially surged by 7% but closed down over 3%, reflecting the overall volatility in the precious metals market [2][14]. Economic Data - U.S. durable goods orders for November 2025 increased by 5.3%, marking the largest growth in six months and exceeding market expectations of 3.7%. Core durable goods orders rose by 0.5%, marking the eighth consecutive month of growth [2][16]. Futures Market and Trading Volume - On January 26, 2026, the main gold futures contract opened at 1113.00 CNY per gram and closed at 1143.32 CNY per gram, reflecting a change of 2.48%. The trading volume for the day was 41,087 contracts [17]. - The main silver futures contract opened at 25,228.00 CNY per kilogram and closed at 27,207.00 CNY per kilogram, showing an increase of 8.98% with a trading volume of 965,900 contracts [17][18]. ETF Holdings - As of the latest report, gold ETF holdings remained stable at 1,086.53 tons, while silver ETF holdings decreased by 14 tons to 16,090 tons [20]. Strategy Outlook - For gold, a cautious bullish stance is recommended, with expectations of a fluctuating price range between 1130 CNY per gram and 1160 CNY per gram due to rising market risk sentiment [23]. - For silver, a neutral outlook is suggested, with anticipated price fluctuations between 27,000 CNY per kilogram and 30,000 CNY per kilogram, reflecting a slightly stronger position compared to gold [25].

Where Are Gold and Silver Heading to After Key Prices Breakthrough? 金银向上突破后去向何方? Investment consulting business qualification: CSRC License [2012] No. 669 投资咨询号Consulting No .: Z0021426 从业资格号Qualification No: F03138401 朱善颖 Zhu Shanying 桂晨曦 Gui ChenXi 从业资格号 Qualification No: F3023159 投资咨询号 Consulting No .: Z0013632 Price Movement 价格异动 the risk of overheating in the short-term market continues to increase. Gold and silver need to pay attention to the rhythm. The long-term upward trend is expected to continue, ...

"过山车"行情后，贵金属延续上涨。 1月27日，现货黄金突破5070美元/盎司，日内涨1.24%。沪银主力合约涨超6%，现货白银涨超5%，纽约期银涨超5%突破109美元/盎司。 二级市场上，有色板块分歧加剧，湖南黄金二连板，白银有色、中钨高新、兴业银锡、赣锋锂业等跟涨，湖南白银一度由跌停拉升至翻红。有色矿业ETF招 商（159690）跌0.32%，连续11日获资金净申购合计达2.3亿元。 东方证券观点认为，当前美国长期债务周期已进入晚期阶段，在此背景下贵金属价格的上涨标志着资金对现有法币体系信任的瓦解，买入实物资产是保存财 富与规避债务风险的本能反应。看好贵金属价格在2026年持续刷新历史记录。这一逻辑不仅适用于贵金属，工业金属同样有望在比价效应下加速上涨。 有色矿业ETF招商（159690）跟踪有色矿业指数，聚焦资源品上游，黄金、铜、铝等关键金属权重占比近6成，直接受益于上游涨价逻辑。截至1月23日，有 色矿业指数近一年涨幅达135.19%，领跑主流有色指数。 钨 3.9% -- 辑 0.8% 钻 5.7% - 其他 0.8% 铅锌 6.0% - 铜 31.5% 其他小金属- 7.4% 锂 8.2%- 稀土 ...

来源:金融界AI电报 BMO资本市场指出，在极端多头情境下，黄金价格可望于2026年第四季升至6350美元/盎司，并在2027 年同期进一步攀升至8650美元/盎司。白银方面，今年价格有机会突破150美元/盎司，铂金期货则可能 上看4000美元/盎司以上。分析师认为，这类走势反映的是投资人加速配置黄金与其他贵金属的市场环 境。在一连串风险事件冲击下，市场对全球秩序可能出现急遽转变的担忧升温，同时也加深了对政府治 理能力、货币政策方向、公共财政状况，以及法定货币长期稳定性的疑虑。 ...

Group 1: Market Overview - Gold prices have surpassed $5,100 per ounce, reaching a historical high, with silver prices also rising concurrently. This price increase is driven by both safe-haven and monetary attributes [1] - Central banks globally are increasing their gold reserves to optimize foreign exchange structures and reduce reliance on single sovereign currencies. Private investors are also incorporating gold into their asset allocations to hedge against uncertainties [1] - Goldman Sachs has raised its year-end target price for gold from $4,900 to $5,400, citing ongoing global policy uncertainties and potential for further price increases in precious metals [1] Group 2: Industry and Company Insights - Zijin Mining is engaged in the exploration, development, and smelting of gold and copper, with a projected net profit for 2025 between 51 billion and 52 billion yuan [2] - Chifeng Jilong Gold Mining focuses on gold mining and smelting, expecting a net profit for 2025 in the range of 3 billion to 3.2 billion yuan [2] - Shengda Resources specializes in the mining and sales of silver and gold, holding nearly 10,000 tons of silver reserves [3] - Shandong Zhaojin Refining has achieved record processing volumes in gold and silver refining, with significant growth in gold repurchase business [4] - Yuguang Gold Lead is a major silver production base in China, utilizing unique processes for efficient precious metal recovery [4] - Lao Feng Xiang is involved in the research, design, production, and sales of gold jewelry, with gold jewelry prices reaching historical highs [5] - China Gold focuses on gold retail and brand operations, benefiting from the rising demand in the physical gold consumption market [6]

媒体报道，白银这轮抛物线式上涨已经明显显露出疲态，价格走势越来越像一次"冲顶式见顶"。白银在纽约中午刷新历史高位至接近118美元的水平，随后 快速回吐涨幅。 媒体分析称，这清楚地反映出，在连续多日由动量推动、追涨情绪主导的行情之后，这轮上涨已经变得极为脆弱。 美东时间周一，白银价格亚太盘初以来持续走高，北京时间02:03刷新历史高位至117.7132美元，涨幅一度多达14%，创下自2008年以来的最大单日涨幅。 但随后的回落来得非常突然：在周一美股收盘后不久，白银几乎回吐了当天全部涨幅，随后仅出现非常有限的反弹，当日最终涨幅不到1%。 分析认为，此次大幅回落提高了一个风险，即这轮行情中的投机阶段可能已经暂时告一段落。尽管如此，从更大的背景来看，美元走弱以及地缘政治紧张情 绪，仍然对贵金属整体构成支撑。 COMEX白银期货涨1.45%，报102.790美元/盎司，02:03刷新盘中历史高位至117.700美元，随后回吐涨幅。 ...

2026年金银价格表现持续突破市场预期。截至1月26日北京时间19点10分，现货黄金价格首次站上5100 美元/盎司关口，最高触及5111.17美元/盎司，年内涨幅超18%。 白银涨势更为强劲，1月26日白银价格最高触及110.127美元/盎司，在短短17个交易日内涨幅超52%，成 为当下表现亮眼的投资品种。 金银价格的快速攀升，直接引爆市场投资与收藏需求，多家银行部分银制品出现临时缺货情况，贵金属 专用保险箱更是一席难求。 保险箱一箱难求 相较之下更具亲民属性的白银品类，市场则出现缺货现象。记者在工商银行手机银行APP上留意到，该 行代销的"中国龙银质纪念币智能卡—龙的奇迹（第1组）"已标注"该产品暂时无货"，另一款"大师国宝 龙"系列银币同样处于缺货状态。 农业银行手机银行APP同样显示多款银制品售罄。其中，"2克传世之宝鸿福有余银鱼""15克传世之宝生 肖马银吊牌"及"500克传世之宝马生肖银条（第二轮）"均已售罄，并开放缺货登记服务。 中国银行的APP的实物贵金属投资栏中，白银产品则多为预售，比如熊猫银条（150克），价格为7470 元，下单后10天发货。此外，中信银行、招商银行的部分银制产品也显示暂 ...

人民财讯1月26日电，截至发稿，现货白银涨超8%，现货黄金涨超2%。 （原标题：现货白银涨超8%，现货黄金涨超2%） ...

【导读】美国政府或再度"关门"，黄金、白银涨疯了 中国基金报记者 安曼 美国政府又又又要"关门"了…… 此前，共和党占多数的国会众议院已通过政府拨款法案，但该法案仍需参议院审议批准。由 于席卷美国大部分地区的暴风雪，参议院投票预计要到周二晚间才能开始。 然而，随着美国国土安全部下属移民与海关执法局（ICE）执法人员月内两次击毙枪击美国公 民事件发生， 多名民主党参议员相继发表强硬声明，明确反对向国土安全部拨款。 参议院少数党领袖查克·舒默于当地时间1月24日宣布，民主党将不会为包含国土安全部资金 的一揽子支出法案提供通过所需的60票支持。他表示，如果将国土安全部拨款纳入政府拨款 法案，民主党人将阻止该法案在参议院通过。 不过，一位参议院共和党助理表示，参议院共和党领导人计划拒绝民主党提出的拆分国土安 全部拨款的要求，并推动通过一揽子支出法案，以避免本周部分政府部门停摆。根据参议院 程序规定，在截止期前对法案的任何修改都需要全体一致同意，而包括佛罗里达州参议员里 克·斯科特在内的多名共和党人表示不会同意拆分法案。 若参议院未能在本周五午夜前通过拨款立法，包括卫生与公众服务部、教育部、交通部在内 的多个联邦部门将 ...

1. Report Industry Investment Rating No relevant content is provided in the report. 2. Core Views of the Report - The short - term safe - haven situation has shifted from trade - war concerns to rising geopolitical risks. The weakening US employment and moderate inflation support the expectation of interest rate cuts [1]. - Geopolitical risks are on the rise, such as the US aircraft carrier strike group's movement to the Middle East, Iran's warning, and Trump's statements regarding Canada's trade agreement and the Greenland deal [1]. - In terms of the monetary attribute, the US employment is weakening, with a slight increase in initial jobless claims. The Fed cut interest rates in December 2025 and may cut once in 2026. Market expectations suggest a low probability of a January 2026 rate cut, with the next possible cut in June [1]. - Regarding the commodity attribute, Poland's central bank plans to buy up to 150 tons of gold. Silver is supported by tight supply, platinum has strong demand expectations from the hydrogen - energy platinum - based catalyst industry, and palladium has short - term demand resilience but long - term structural pressure from the fuel - vehicle market [1]. - It is expected that precious metals will show a short - term upward - trending oscillation, a medium - term high - level oscillation, and a long - term step - by - step upward trend [1]. 3. Summary by Relevant Catalogs 3.1 Gold - Strategy: Conservative investors should wait and see, while aggressive investors can buy on dips. Good position management and strict stop - loss and take - profit are recommended [2]. - Price: International and domestic gold prices have increased. For example, the Comex gold active contract closed at $4983.10 per ounce, up 0.91% from the previous day and 8.30% from the previous week [2]. - Position and inventory: The positions of Comex gold, Shanghai gold futures, and gold T + D have changed, and the inventories of LBMA, Comex, and Shanghai gold futures have also shown some fluctuations [2]. 3.2 Silver - Strategy: Conservative investors should wait and see, while aggressive investors can buy on dips. Good position management and strict stop - loss and take - profit are recommended [4]. - Price: International and domestic silver prices have risen significantly. The Comex silver active contract closed at $103.26 per ounce, up 7.32% from the previous day and 14.80% from the previous week [4]. - Position and inventory: The positions of Comex silver, Shanghai silver futures, and silver T + D have changed, and the inventories of LBMA, Comex, and Shanghai silver futures have also been adjusted [4]. 3.3 Platinum - Strategy: Conservative investors should wait and see, while aggressive investors can buy on dips. Good position management and strict stop - loss and take - profit are recommended [6]. - Price: International and domestic platinum prices have increased. The NYMEX platinum active contract closed at $2627.10 per ounce, up 5.98% from the previous day and 8.75% from the previous week [7]. - Position and inventory: The position of the NYMEX platinum active contract has decreased slightly, and the inventory has also changed [7]. 3.4 Palladium - Strategy: Conservative investors should wait and see, while aggressive investors can buy low and sell high. Good position management and strict stop - loss and take - profit are recommended [9]. - Price: International and domestic palladium prices have gone up. The NYMEX palladium active contract closed at $1945.50 per ounce, up 3.79% from the previous day and 4.29% from the previous week [9]. - Position and inventory: The position of the NYMEX palladium active contract has decreased slightly, and the inventory has changed [9]. 3.5 Key Fundamental Data of Precious Metals - Monetary attribute: The Federal Reserve's interest rates, balance sheet, M2, and other indicators have changed. The US labor market, real estate market, consumption, industry, and trade also show different trends [10][12]. - Safe - haven attribute: The geopolitical risk index and VIX index are monitored, reflecting the current geopolitical situation and market volatility [12]. - Commodity attribute: The CRB commodity index and the exchange rate of the offshore RMB have changed, which have an impact on precious metals' prices [12]. 3.6 Fed's Latest Interest Rate Expectations The probability of different interest - rate ranges at each Federal Reserve meeting from 2026 to 2027 is provided, showing the market's expectations for the Fed's interest - rate decisions [14].