美国财长贝森特透露，特朗普正接近提名下一任美联储主席，已将候选人范围缩小至四人，最终决定可 能在下周公布。 欧洲议会宣布冻结对去年7月与美国达成的贸易协议的批准程序。这被视为欧盟对特朗普最新施压举措 作出的首次回应。 【黄金期货最新行情】 | 1月21日 | 收盘价（元/克） | 当日涨跌幅 | 成交量（手） | 持仓量（手） | | --- | --- | --- | --- | --- | | 沪金主力 | 1092.30 | 3.69% | 350273 | 207266 | 打开APP，查看更多高清行情>> 【基本面消息】 数据显示，1月21日上海黄金现货价格报价1087.90元/克，相较于期货主力价格（1092.30元/克）贴水4.4 元/克。 【机构观点】 金瑞期货：金银短期高位震荡不改长期向好趋势 宏观与结构性利好支撑坚挺 上一个交易日COMEX黄金期货涨1.98%报4769.10美元/盎司，COMEX白银期货涨0.19%报94.46美元/盎 司。当前地缘局势持续紧张，特别是格陵兰岛问题持续升级，美国国内方面联储新任主席提名人公布在 即，全面关税面临最高法院裁决；市场不确定性加剧。白银方面，市场 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The geopolitical and trade uncertainties continue to ferment, leading to a continuous increase in market risk - aversion demand. Precious metal prices have risen significantly, with London spot gold breaking through the $4,730 per ounce mark and London spot silver breaking through the $95 per ounce mark, both reaching new historical highs. [4] - In the short - term, due to Trump's decision to suspend new tariffs on key mineral imports and the risk - control measures introduced by the Shanghai Futures Exchange for gold and silver, price fluctuations may be relatively intense. [4] - In the long - term, the upward logic of precious metals has not reversed. The strategy should mainly focus on buying on dips or selling out - of - the - money put options. Gold prices are likely to continue to move upward in the medium - to - long - term, and long - term investors are advised to allocate by buying on dips. [4] 3. Summary by Relevant Catalogs 3.1 Price Tracking - **内外盘金银行情**: On January 20, 2026, compared with January 19, London gold spot rose 0.8% to $4,713.69 per ounce, London silver spot rose 0.5% to $94.08 per ounce, COMEX gold rose 0.9% to $4,720 per ounce, and COMEX silver rose 0.4% to $93.95 per ounce. Among domestic varieties, AU2602 rose 0.8% to 1056.94 yuan per gram, AG2602 fell 0.6% to 23,112 yuan per kilogram, AU (T + D) rose 0.8% to 1054.17 yuan per gram, and AG (T + D) fell 0.4% to 23,108 yuan per kilogram. [3] - **价差/比价情况**: From January 19 to January 20, 2026, the gold TD - SHFE active price difference was - 2.77 yuan per gram with a - 3.8% change, the silver TD - SHFE active price difference was - 4 yuan per kilogram with a - 90.0% change, the gold internal - external price difference (TD - London) was - 6.76 yuan per gram with a - 0.5% change, and the silver internal - external price difference (TD - London) was - 725 yuan per kilogram with a 29.3% change. The SHFE gold - silver ratio was 45.73 with a 1.3% change, and the COMEX gold - silver ratio was 50.24 with a 0.5% change. [3] 3.2 Position Data - **ETF持仓**: From January 15 to January 16, 2026, the gold ETF - SPDR increased by 1.01% to 1085.67 tons, and the silver ETF - SLV increased by 0.07% to 16,073.05851 tons. [3] - **COMEX非商业持仓**: For COMEX gold, from January 15 to January 16, 2026, non - commercial long positions increased by 7.92% to 296,183 contracts, non - commercial short positions decreased by 3.97% to 44,945 contracts, and non - commercial net long positions increased by 10.37% to 251,238 contracts. For COMEX silver, non - commercial long positions decreased by 0.10% to 47,337 contracts, non - commercial short positions decreased by 15.66% to 15,277 contracts, and non - commercial net long positions increased by 9.53% to 32,060 contracts. [3] 3.3 Inventory Data - **SHFE库存**: On January 20, 2026, compared with January 19, SHFE gold inventory remained unchanged at 99,990 kilograms, and SHFE silver inventory increased by 0.13% to 618,582 kilograms. [3] - **COMEX库存**: On January 16, 2026, compared with January 15, COMEX gold inventory increased by 0.01% to 36,135,901 troy ounces, and COMEX silver inventory decreased by 0.98% to 429,156,441 troy ounces. [3] 3.4 Interest Rates, Exchange Rates, and Stock Market Data - **汇率**: From January 19 to January 20, 2026, the US dollar/Chinese yuan central parity rate decreased by - 0.06% to 7.00. [3] - **美元指数及美债收益率**: From January 15 to January 16, 2026, the US dollar index increased by 0.03% to 99.37, the 2 - year US Treasury yield increased by 0.84% to 3.59%, and the 10 - year US Treasury yield increased by 1.68% to 4.24%. [3] - **其他市场指标**: The VIX increased by 0.13% to 15.86, the S&P 500 decreased by - 0.06% to 6,940.01, and NYWEX crude oil increased by 0.08% to $59.22. [3] 3.5 Market Review - On January 20, the main contract of Shanghai gold futures closed up 1.99% to 1,060.16 yuan per gram, and the main contract of Shanghai silver futures closed up 3.62% to 23,062 yuan per kilogram. [3]

来源：证券时报网 作者：赵黎昀 进入2026年后，国际贵金属价格强势上行，1月19日再度刷新历史高点。年内，国际金价最大涨幅超8%；国际银价最 大涨幅已超过30%。 对于今年贵金属市场形式，宝城期货分析，1月上旬白银较黄金上涨明显，金银比值下行明显，后半周白银逐渐走 弱，短期资金了结意愿较强。目前已处于50左右，为近14年以来的低位，这很大程度上将促使套利资金向黄金流入。 此外，短期盘面氛围走弱，黄金避险需求升温，给予金价支撑。短期可关注金银比值的向上修复。 申银万国期货认为，从宏观面来看，近期公布的经济数据显示美国通胀压力缓解，就业仍然疲软，美国2025年12月核 心CPI反弹幅度低于预期。美联储降息预期强化，全球同步处于降息周期，宽松的流动性环境为贵金属的上涨提供有 力支撑。对于黄金而言，美元信用动摇、央行购金等逻辑支撑依然稳固，黄金长期上行趋势有望延续。 而白银和铂金兼具金融和工业属性，除受到宏观因素驱动外，还受到供需缺口的额外支撑。当前白银供给持续紧张， 矿产供应增量受限，光伏等工业需求保持稳健增长，受价格上涨刺激，白银投资需求活跃。铂金供应同样面临制约， 随着混合动力汽车的普及，铂金的尾气催化剂需求 ...

Core Viewpoint - The Guotou Ruijin Silver Futures Fund experienced significant growth in its scale during Q4 2025, despite restrictions on large subscriptions, with C-class shares seeing over 100% growth in a single quarter [1][4]. Fund Performance - The fund's total net asset value reached 18.9 billion yuan by the end of Q4, marking an increase of over 180% compared to 6.6 billion yuan at the end of Q3 [4]. - A-class shares saw subscriptions of approximately 3.58 billion units in Q4, with a total of 5.14 billion units by the end of the reporting period, despite 1.91 billion units being redeemed [2][4]. - C-class shares surged from 1.85 billion units at the beginning of the period to 4.22 billion units by the end, with subscriptions reaching 6.29 billion units and redemptions of 3.91 billion units [2][4]. Financial Metrics - The realized income for A-class shares was approximately 1.19 billion yuan, while C-class shares reported about 886.88 million yuan [5]. - The profit for A-class shares was around 3.03 billion yuan, and for C-class shares, it was approximately 2.49 billion yuan [5]. - The net asset value per share for A-class was 2.0320 yuan and for C-class was 2.0143 yuan at the end of the reporting period [5]. Performance Comparison - Over the past three months, A-class shares had a net value growth rate of 62.43%, underperforming the benchmark return of 64.75% by 2.32 percentage points [5]. - In the past three years, A-class shares achieved a net value growth rate of 177.98%, while the benchmark return was 214.58%, resulting in an underperformance of 36.60 percentage points [6]. - Over five years, A-class shares had a net value growth rate of 112.77%, compared to the benchmark return of 185.72%, leading to an underperformance of 72.95 percentage points [6]. Market Trends - Other thematic funds in the non-ferrous sector also saw significant growth in Q4, such as the Wanji Zhongzheng Industrial Non-ferrous Metals Theme ETF, which had total subscriptions exceeding 4.4 billion units [8]. - The market for precious metals, particularly silver, has been influenced by rising spot leasing rates and reduced COMEX deliverable inventories, leading to a "short squeeze" in the futures market [11]. - The outlook for 2026 suggests a potential "rate cut + fiscal expansion" cycle, which may boost the prices of precious metals due to increased government debt pressures and a weakening dollar [11].

02 香港黄金交易所权威榜：五家优质平台大赏 2026-01-21 09:57:06 作者：狼叫兽 随着2026年全球经济格局持续动荡，通胀压力与地缘不确定性交织，黄金作为传统避险资产的热度持续攀升。香港，作为亚洲 金融枢纽与全球黄金交易的重要中心，凭借其高度开放的市场、与国际接轨的监管体系以及成熟的金融基础设施，成为全球投 资者布局现货黄金的首选地之一。对于刚踏入贵金属投资领域的新手来说，如何选择一个安全、正规且服务优质的交易平台至 关重要。本文将基于香港黄金交易所（HKGX）的监管背景，为您介绍五家优质现货黄金交易平台。 01 香港黄金交易所：黄金交易的"安全密码" 香港黄金交易所（HKGX）作为香港唯一的现货黄金及白银交易所，于2025年1月1日全面接替拥有百余年历史的香港金银业贸 易场的所有业务，是亚太地区最具权威性的黄金交易所。交易所实行严格的会员分级管理制度，所有行员均须接受持续的合规 审查与资金监管，为投资者的交易筑起一道坚实的安全防线。 N0.1 领峰贵金属 领峰贵金属自2011年成立以来，始终专注于现货黄金/白银等贵金属电子交易服务，是香港黄金交易所AA类145号行员。十多年 以来，平台始终 ...

中国银河证券指出，在美元流动性边际宽松与全球地缘冲突加剧争夺关键战略资源的情况下，预计黄 金、白银等贵金属价格仍将上涨。 华源证券表示，央行增储方面，根据世界黄金协会，2025 年各国央行继续加大购买力度，展望2026 年，央行持续的战略购买和潜在的新投资进入者（例如中国的保险公司或印度的养老基金）也可能进一 步支撑金价的积极趋势。 费率方面，上海金ETF（159830）管理费率0.25%，基金托管费率为0.05%，均低于同标的产品平均水 平，同时该ETF支持T+0交易。该ETF还配置了场外联接基金（联接A：014661，联接C：014662）。 消息面上，据中证报，瑞银贵金属策略师Joni Teves日前在接受采访时表示，多元化配置需求是本轮金 价上行的核心驱动力，机构投资者、零售投资者及各国央行均在增持黄金以应对宏观不确定性。她预计 金价上半年仍有上攻动能，若市场对美联储独立性的担忧持续升温，金价在上半年有望冲击5000美元/ 盎司关口。 1月21日早盘，现货黄金历史首次升破4800美元/盎司整数关口，现涨0.75%，本月涨幅超10%。 相关ETF方面，上海黄金交易所黄金T+D昨日（1月20日）收涨0.7 ...

Group 1 - Hunan Silver has experienced a significant increase in stock performance, achieving three consecutive trading limits within six days [1] - The stock reached a trading limit at 9:50 AM today, with a transaction volume of 3.262 billion yuan and a turnover rate of 10.51% [1] - The rise in international gold prices due to escalating geopolitical tensions has led to increased activity in the precious metals sector [1] Group 2 - Institutional interest in Hunan Silver has grown, with a net purchase of 80.83 million yuan by institutions on January 20 [1] - This increased institutional buying is likely to further influence market sentiment regarding the stock [1]

Core Viewpoint - The article discusses the recent surge in precious metal prices, particularly gold and silver, driven by geopolitical tensions and macroeconomic factors, while also highlighting regulatory measures taken by exchanges to manage market volatility [3][10][11]. Price Surge - On January 20, gold prices reached $4,700, with COMEX gold hitting a record high of $4,752 per ounce, while silver surpassed $95 per ounce [3]. - Domestic precious metal prices also rose, with Shanghai gold futures reaching 1,073 CNY per gram, accumulating over 8% increase for the year [3]. Regulatory Measures - In response to the price surge, the Shanghai Futures Exchange adjusted margin requirements and price limits for various metal futures, including gold and silver [4][6]. - The margin ratios for gold and silver futures were adjusted to a range of 15%-17% [6]. Market Dynamics - The increase in precious metal prices is attributed to multiple factors, including heightened geopolitical tensions and expectations of monetary easing by the Federal Reserve [10]. - Analysts from major financial institutions have raised their gold price forecasts, with predictions suggesting gold could exceed $6,000 per ounce in the long term [11][12]. Risk Considerations - Despite the bullish outlook, there are concerns about overbought conditions in the gold and silver markets, which could lead to increased volatility [13]. - Analysts emphasize the importance of risk management and rational investment strategies in light of the current market dynamics [8][13].

1月20日，黄金期现货价格双双冲上4700美元。 1月20日，黄金期现货价格双双冲上4700美元，COMEX黄金一度涨至4752美元/盎司，再创历史新高。 白银更是冲破每盎司95美元，向100美元迈进。 国内贵金属价格跟随大涨，沪金期货冲上1073元/克，年内累积涨幅已超8%；沪银期货日内最高冲上 23690元/千克，20日晚夜盘高位回落，截至发稿报23009元/千克。 在贵金属涨势再起之际，交易所紧急出手降温。 1月20日晚，上海期货交易所（下称"上期所"）发布通知，集中调整了铜、铝、黄金、白银期货相关合 约的交易保证金比例和涨跌停板幅度。其中，铜、铝期货为今年以来首次调整风控参数。 上海黄金交易所于1月12日发布通知称，近期受多重因素影响，贵金属价格波动显著加剧，不确定性持 续上升。并提示各会员单位密切关注市场行情变化，投资者做好风险防范工作，合理控制仓位，理性投 资。 国信期货首席分析师顾冯达表示，此举是在近阶段国际金属价格高波动且临近春节长假的敏感时点，国 内期货交易所强化市场监管、防范系统性风险的针对性举措，旨在引导市场理性参与，维护交易秩序稳 定。 高波动趋势延续，超买风险累积 市场面上，多重因素 ...

Group 1: Precious Metals Market - Gold prices reached a historical high of $4,694 per ounce, while silver peaked at $94.7295 per ounce due to geopolitical tensions [1][5] - The situation surrounding President Trump's attempt to acquire Greenland has raised concerns about a potential trade war between the US and Europe, driving demand for safe-haven assets [1][8] - The ongoing macroeconomic and geopolitical instability has made investors reliant on financial assets uneasy, further supporting the upward trend in precious metal prices [8] Group 2: Oil Market Dynamics - Oil prices are under pressure due to signs of oversupply, with some Middle Eastern crude spot prices declining as OPEC+ countries increase production [9] - The International Energy Agency is set to release a market analysis report, which may indicate severe oversupply in the oil market this year, potentially leading to further declines in oil prices [9] - Despite the general oversupply, certain regions are experiencing supply tightness, particularly in the Mediterranean due to issues with the Black Sea and Kazakhstan's giant Tengiz oil field, which may provide some support against downward price pressure [9]