来源：滚动播报 受投资者大规模从外汇及主权债券市场转向金属市场的推动，铜价攀升至每吨 13,000 美元关口附近， 其他金属价格亦同步上涨。伦敦金属交易所数据显示，铜价涨幅最高达 1.8%，镍、锡涨幅更是超 3%。 美国总统唐纳德・特朗普对地缘政治格局的重塑以及对美联储的再度抨击，正促使市场涌入避险资产。 通常情况下，这类避险行为主要利好黄金、白银，但近期其影响已蔓延至基本金属领域。这进一步为铜 价上涨添砖加瓦。自去年年中以来，受大型铜矿供应中断、电气化进程催生的需求激增，以及美国可能 加征关税前铜出口量飙升等因素影响，铜价便一路高歌猛进。 ...

摘要北京时间周五（1月23日）欧洲时段，美元指数小幅上涨，交投于98.355附近，金价目前交投于 4913.14美元/盎司，跌幅0.44%，最高触及4967.01美元/盎司，最低触及4901.49美元/盎司。美国总统特 朗普在格陵兰问题上态度转变令地缘紧张局势缓和，避险买盘部分消退，金价承压下行。 北京时间周五（1月23日）欧洲时段，美元指数小幅上涨，交投于98.355附近，金价目前交投于4913.14 美元/盎司，跌幅0.44%，最高触及4967.01美元/盎司，最低触及4901.49美元/盎司。美国总统特朗普在格 陵兰问题上态度转变令地缘紧张局势缓和，避险买盘部分消退，金价承压下行。 今日黄金价格最新查询（2026年1月22日） | 名称 | 最新价 | 单位 | | --- | --- | --- | | 现货黄金 | 4913.14 | 美元/盎司 | | 黄金t+d | 1110.20 | 元/克 | | 纸黄金 | 1099.53 | 元/克 | | 沪金主力 | 1115.64 | 元/克 | 【基本面解析】 在全球经济格局动态演变中，特朗普政府的外交调整成为市场情绪的关键变量——其撤销对八个欧 ...

Core Viewpoint - The article discusses the recent surge in gold prices, which have reached historical highs, driven by geopolitical tensions and a weakening US dollar, while also highlighting the potential for further increases in gold prices due to changing market dynamics and investor sentiment [1][4][5]. Group 1: Gold Price Surge - Gold prices have reached a record high of over $4,960 per ounce, with a potential weekly increase of over 7% [4][9]. - The price of gold has increased by 15% since the beginning of the year, influenced by geopolitical risks and criticism of the Federal Reserve by President Trump [4][9]. - The weakening of the US dollar, which has dropped by 0.8% this week, has made gold more affordable for buyers [4][9]. Group 2: Institutional Investment Trends - Large institutional investors, such as pension funds and sovereign wealth funds, are increasing their allocation to non-correlated assets like gold to hedge against risks in a high-valuation global stock market and low bond yields [4][9]. - Goldman Sachs has raised its year-end gold price forecast from $4,900 to $5,400 per ounce, citing increased demand from private investors and central banks [5][10]. Group 3: Market Sentiment and Future Outlook - Investor optimism is driving short-term price increases, but sudden shifts in market sentiment due to global events could reverse this trend [5][11]. - The market is currently experiencing overbought conditions, indicating a potential for price corrections, and investors are advised to wait for pullback opportunities [5][11]. - The core macroeconomic logic driving gold prices upward remains unchanged and may even strengthen, suggesting a high probability of new record highs after necessary adjustments [6][11].

Core Viewpoint - International gold prices have been rising since the beginning of the year, nearing the $5000 mark, driven by geopolitical uncertainties and strong demand for gold as a safe-haven asset [1][3][4]. Group 1: Gold Price Trends - As of January 23, the London spot gold price exceeded $4960 per ounce, marking a nearly 15% increase within the month [1]. - The Shanghai Gold Exchange's spot gold price and the main gold futures contract on the Shanghai Futures Exchange both surpassed 1110 yuan per gram on January 23, reaching new highs [3]. - Several gold jewelry brands reported prices for pure gold jewelry exceeding 1500 yuan per gram, with some reaching 1548 yuan, an increase of over 50 yuan from the previous day [3]. Group 2: Influencing Factors - Geopolitical uncertainties, particularly actions by U.S. President Trump regarding Venezuela, Iran, and other international issues, are contributing to the long-term support for gold prices [3]. - Fluctuations in the U.S. dollar and U.S. Treasury yields are increasing the demand for gold as a safe-haven asset [3]. - Analysts predict that gold prices may rise further due to factors such as expectations of U.S. Federal Reserve interest rate cuts and ongoing geopolitical uncertainties [4]. Group 3: Investment Products - In response to rising gold prices, structured deposits linked to gold have become popular investment options, with several listed companies announcing subscriptions [5]. - Major banks have introduced structured deposits linked to gold, with some experiencing high demand and limited availability [5]. - Despite the strong gold price trend, the overall yield of these structured deposits is not particularly high, with most products offering annualized returns not exceeding 2% [5][6]. Group 4: Structured Deposit Details - An example of a structured deposit product from a bank offers a yield ranging from 0.5% to 3.2%, depending on the performance of gold prices during the observation period [6]. - The product's maximum yield is contingent on gold prices not exceeding a 6% increase; otherwise, the yield is capped at 1.7% [6]. - Investors are advised to consider the conditions for achieving the highest yields and the implications of the minimum yield in case of unfavorable price movements [7].

除黄金以外，截至1月21日14时25分，伦敦银现报94.853美元/盎司，日内涨0.31%，年初至今涨幅超过30%，超过现货黄金表现；COMEX白银报 94.790美元/盎司，日内涨0.16%，年内涨幅同样超过30%。 瞿瑞表示， 白银涨幅超过黄金，一方面源于白银被列入美国关键矿产清单后，其战略资源和工业属性共同驱动，另一方面则是 银价弹性高于金 价，利好因素支撑下，银价上涨幅度更大。 国内黄金品牌金饰价格方面，截至记者发稿，周生生官网发布数据显示，足金饰品报 1495元/克，较1月20日1454元/克涨41元/克。老凤祥上海会 员中心小程序发布数据显示，足金饰品报 1498元/克，较1月20日1456元/克涨42元/克。老庙黄金官网发布数据显示，足金饰品报 1493元/克，较1 月20日1455元/克涨38元/克。中国黄金足金饰品价格突破1500元，来到 1506元/克。 瞿瑞判断，今年国际金价仍处于上涨趋势，仍会延续2025年以来的强势。具体来看， 一是美国财政风险仍将对金价构成主要支撑。当前美国债务 风险持续上升，主因美国政府推行的经济、财政政策将加重联邦政府债务负担，加之此前美国政府停摆也造成了一定损 ...

格隆汇1月23日｜受美元走软和投资者普遍抛售货币和主权债券的影响，铜价攀升至每吨13,000美元附 近，与其他金属价格牵手上涨。在伦敦金属交易所，作为工业金属的铜价格一度上涨1.4%，镍和锡价 格也大幅上涨。美国总统特朗普对地缘政治格局的重塑以及对美联储的再次抨击，正刺激投资者寻求避 险资产。虽然这通常只会利好黄金和白银，但近期这种影响已波及基本金属。尽管基准铜价上涨，但在 伦敦金属交易所，不同合约之间的价差却持续缩小。这是因为运往美国和亚洲仓库的货物有助于缓解本 周早些时候买家所面临的巨大压力。截至周四，现货铜的价格较LME三个月期铜折价82.84美元/吨，呈 现正价差（contango）模式，表明供应状况正在改善。 来源：格隆汇APP ...

Core Viewpoint - The years 2024 and 2025 are expected to be "golden years" for gold, with COMEX gold prices projected to rise by 20.17% in 2024 and further increase by 55.51% in 2025. However, by 2026, the focus may shift towards non-ferrous metals as economic conditions change [1][2]. Group 1: Gold Market Analysis - The rise in gold prices during 2024-2025 is attributed to a combination of factors: a slowing global economy, high inflation leading to sustained high interest rates by the Federal Reserve, and increased gold purchases by central banks, with 95% of surveyed central banks planning to increase their gold reserves [2]. - The demand for gold as a safe-haven asset and inflation hedge has surged, especially with expectations of interest rate cuts and a weakening dollar, contributing to a bullish gold market [2]. Group 2: Shift to Non-Ferrous Metals - As the global economy begins to recover and liquidity enters the real economy, the market sentiment is shifting from "defensive" to "growth-oriented," indicating a potential focus on non-ferrous metals like copper, aluminum, lithium, and rare earths [3][4]. - The non-ferrous metals sector is seen as a representative of economic growth, with expectations of significant returns as the market transitions from traditional safe-haven assets [4]. Group 3: Metal Price Projections - Precious metals, particularly gold, have recently surpassed $4800 per ounce, driven by geopolitical risks and a restructuring of the international economic landscape, suggesting a continued strong performance [5]. - Industrial metals are expected to see a shift from surplus to shortage, particularly in copper, due to limited supply and increased demand from infrastructure projects and energy transitions [6]. - Energy metals like lithium and cobalt are projected to benefit from rising demand in battery storage and supply disruptions, with prices expected to remain elevated [6]. Group 4: Investment Strategies - For investors seeking stable opportunities aligned with economic recovery, focusing on industrial metals such as copper and aluminum is recommended, as their performance is closely tied to macroeconomic conditions [6]. - For those with a higher risk tolerance looking for long-term growth in the high-tech and renewable energy sectors, investments in energy metals like lithium and cobalt are suggested [7]. - Investors prioritizing risk defense and uncertainty management should consider funds focused on precious metals like gold, which offer a more straightforward safe-haven attribute [7].

Core Insights - Domestic gold price reached 1104.52 CNY per gram, up 1.53% [1] - International gold price reported at 4960.0 USD per ounce, up 0.95% [2] Group 1: Market Dynamics - Gold price surpassed historical high, driven by a weakening dollar; spot gold reached 4955 USD per ounce, with a weekly increase of nearly 8% [3] - Strong resilience in the U.S. job market and consumer sector enhances gold's appeal as a safe-haven asset [3] Group 2: Long-term Outlook - Goldman Sachs raised its gold price forecast for December 2026 from 4900 USD to 5400 USD, citing diversification in gold holdings to hedge global policy risks [4] - Central banks are expected to purchase an average of 60 tons of gold monthly in 2026, with a stable demand for gold ETFs due to anticipated Fed rate cuts [4] - The current gold price increase is supported by weakening dollar credit and geopolitical risks, alongside a trend of "buying gold instead of U.S. debt" among multiple countries [4]

欧洲三大股指全线收涨，德国DAX指数涨1.2%报24856.47点，法国CAC40指数涨0.99%报8148.89点，英 国富时100指数涨0.12%报10150.05点。国内期货夜盘多数上涨，合成橡胶涨停，苯乙烯、20号胶等品种 涨超2%，塑料涨超1%，工业品板块整体表现活跃。 地缘政治因素成为影响市场的重要变量。格陵兰岛自治政府总理延斯-弗雷德里克·尼尔森在努克举行的 新闻发布会上表示："格陵兰岛选择丹麦王国，选择欧盟"，并指出"盟友的支持至关重要"。 乌克兰总统泽连斯基在达沃斯论坛上称，乌克兰具备保护格陵兰岛的能力，"我们知道如何在那里作 战，如果我们是北约成员国，就能解决这个问题，但我们不是"。 1月23日，美股三大指数于前一交易日收盘集体上涨，道琼斯指数涨0.63%，纳斯达克指数涨0.91%，标 普500指数涨0.55%。大型科技股多数走高，Meta收涨5.66%，特斯拉因马斯克宣布美国得州无人驾驶出 租车RoboTaxi取消安全监督员涨超4%。热门中概股表现亮眼，纳斯达克中国金龙指数收涨1.58%，阿里 巴巴涨超5%，哔哩哔哩涨超4%，理想汽车、京东涨超3%。同时，黄金、白银齐创历史新高，纽约期金 ...

2025年1月19日，全球金融市场见证了一场历史性的"金银盛宴"：现货黄金以4690美元/盎司刷新纪录，白银单日暴涨近5%逼近95美元/盎司，期货市场同 步共振，国内足金首饰价格集体跳涨至1450元/克以上。这场突如其来的狂飙，不仅让投资者瞠目结舌，更将"避险资产"的逻辑推向了新的维度。本文将 穿透表象，剖析这场狂欢背后的地缘推手、市场博弈与未来风险，为投资者提供理性视角。 一、导火索：特朗普的"关税核弹"与地缘裂变 此次金银暴涨的直接催化剂，是美国对欧洲八国加征关税的威胁。当地时间1月17日，特朗普在社交平台宣布，自2026年2月起对丹麦、挪威、德国等国出 口至美国的商品加征10%关税，若格陵兰岛收购争端持续，税率将升至25%。这一"关税+领土"的激进组合拳，瞬间点燃了市场恐慌。 1. 地缘逻辑：霸权衰落与秩序重构 特朗普的"关税牌"并非孤立事件，而是美国全球战略收缩的缩影。从白宫月初"不惜动武"收购格陵兰岛，到如今以关税施压，暴露了美国试图通过单边主 义维持霸权的焦虑。然而，欧洲集体反对的强硬态度，标志着美式霸权已遭遇实质性反制。这种权力真空的填补过程，必然伴随地缘摩擦升级，而金银作 为"无国界货币"，自 ...