Core Viewpoint - The COMEX gold inventory has shown a slight increase, reflecting ongoing market dynamics influenced by geopolitical tensions and trade frictions, which are driving safe-haven demand for gold [1][2]. Group 1: COMEX Gold Inventory Data - As of January 21, 2026, COMEX gold inventory recorded 1124.17 tons, an increase of 0.22 tons from the previous trading day [2]. - On January 20, 2026, the COMEX gold inventory was 1123.95 tons, with no change reported [2]. Group 2: Gold Price Movement - On January 20, 2026, COMEX gold closed at $4830.70 per ounce, up 0.22%, with an intraday high of $4837.70 and a low of $4772.70 [1][2]. - The previous trading day, January 21, 2026, saw gold prices reach a high of $4771.50 and a low of $4665.40, closing at $4762.80 per ounce, reflecting a 1.84% increase [1]. Group 3: Market Influences - Geopolitical conflicts and trade tensions are driving increased safe-haven sentiment, leading global institutions to raise their price forecasts and support gold prices through early capital allocation [2]. - Recent announcements from former President Trump regarding Greenland and trade tariffs have positively impacted U.S. stock, bond, and currency markets [2]. - The European Parliament has postponed the vote on the U.S.-EU trade agreement, indicating ongoing trade negotiations [2].

美国总统特朗普在瑞士达沃斯举行的世界经济论坛上发表讲话时表示，不会使用武力夺取格陵兰岛。此 前特朗普曾在几周前称不排除动用军事力量夺取该岛，而此番表态缓解了市场部分避险情绪。 去年1月20日，美国总统特朗普签署行政命令，宣布美国退出世卫组织，联合国于同年1月22日收到这一 通知。根据世卫组织章程，成员国在提交退出申请一年后方可正式退出。今天，美国正式向联合国提交 退出世卫组织申请满一年，这意味着美国在程序上已正式退出世卫组织。世卫组织发言人林德迈尔日前 明确表示，美国有权退出，但前提是必须结清此前拖欠的全部会费。目前，美国尚未支付2024年和2025 年度应缴款项，两年合计约2.6亿美元。该问题已被正式列入即将召开的世卫组织执行委员会会议议 程。 今日周四(1月22日)亚盘时段，纽约金最新价报4784.50美元 / 盎司，较昨日收盘价 4836.20美元 / 盎司大 幅下跌51.70美元，跌幅高达1.05%;其今日开盘价 4836.20美元 / 盎司，盘中最高冲至 4837.70美元 / 盎 司，最低回落至 4772.70美元 / 盎司。 打开APP，查看更多高清行情>> 【要闻速递】 本周金价和银价延续创纪 ...

地缘政治风险并未根本消除，包括中东局势、全球贸易体系重构等不确定性仍可能随时提振避险情绪，黄金作为非信用资产的价值依然突出。 短期内，金价走势可能受经济数据影响。投资者正密切关注即将公布的美国第三季度GDP终值、每周初请失业金人数及核心PCE物价指数。 若GDP数据表现疲软或就业市场出现松动迹象，可能加剧市场对美国经济放缓的担忧，从而施压美元，并为黄金带来上行动力。尤其核心PCE作为美联储重 视的通胀指标，若读数低于预期，可能强化市场对美联储未来维持宽松立场的预期，进一步支持金价中长期看涨逻辑。 近期黄金持续走强，主要受多重因素支撑：中美贸易关系不确定性延续、全球多地地缘政治局势紧张、以及美国与主要经济体之间的经济政策博弈，均促使 投资者将黄金视为重要的避险配置。然而，特朗普此次释放的关税缓和信号，暂时抑制了市场的避险需求，令金价出现技术性调整。若后续美欧间达成更具 体的协议，避免相互加征关税，黄金可能继续面临阶段性压力。 从中长期视角看，黄金的牛市基础并未动摇。全球主要央行陆续进入降息周期，市场对宽松货币环境的预期持续存在，实际利率下行趋势有望延续，这对黄 金构成根本性支撑。此外，各国央行持续增持黄金储备， ...

新华财经纽约1月21日电（记者徐静）纽约商品交易所黄金期货市场交投最活跃的2026年2月黄金期价21 日上涨1.48%，收于每盎司4836.20美元。 金价当日稳步上涨，但已从隔夜新高回落。美国总统特朗普在瑞士达沃斯世界经济论坛上发表讲话时表 示，他不会动用武力夺取格陵兰岛。此外，特朗普21日在瑞士世界经济论坛期间与北约秘书长马克·吕 特会晤后表示，双方已就格陵兰岛未来协议达成"框架"，美国不会对欧洲盟友加征关税。特朗普此番表 态缓解了市场的避险情绪。 短期期货交易者获利回吐则令白银价格走弱。 受格陵兰危机和日本政府债务危机提振，本周市场避险需求强劲，黄金、白银价格延续了此前的涨势。 纽约商品交易所2月黄金期货价格隔夜触及每盎司4891.10美元历史新高；3月白银期货价格20日也创下 每盎司95.78美元的新高。各国央行有望进一步支撑黄金价格，波兰国家银行已批准增购150吨黄金计 划，玻利维亚央行也已恢复购买黄金以补充外汇储备。 全球债券交易员正密切关注日本国债市场。日本国债市场波动性急剧上升可能蔓延至其他市场，迫使一 些投资者降低投资组合的风险承受能力。 有市场分析人士认为，在机构资本入场之前，黄金牛市可能 ...

1月22日，昨日周三我们认为，特朗普谋划夺取格陵兰岛，且不给岛就对欧洲多国加征关税，格陵兰岛 风波持续升级，令市场避险情绪快速升温，支撑黄金价格上涨，短期技术面也显示，黄金存在继续冲高 的可能，因此操作上建议大家，下方支撑关注4737美元，其次4715美元，上方压力关注4766美元，若黄 金向上突破再创新高，关注4800美元整数位置。 从之后的走势看，周三亚盘开盘后，黄金小幅回落至4657美元后，很快企稳突破4766美元，继续刷新历 史高位，最高涨至4888美元，逼近4900美元整数位置，遇阻后黄金回落4832美元企稳，美盘开盘时反弹 4880美元遇阻，此后黄金震荡回落，盘中一度跳水急跌近100美元，最低跌至4756美元，回吐日内全部 涨幅，不过金价很快企稳反抽，收盘前重回4800美元上方。总体来看，黄金再创历史新高，比我们的看 涨预期表现更加强势。 Wolfinance星级分析师认为，黄金在本周连续三个交易日上涨，不断创造新的历史高位，短期表现十分 强势，主要因一场围绕格陵兰岛控制权的博弈，令跨大西洋贸易紧张，同时造成全球金融市场剧烈波 动。美国总统特朗普推进收购格陵兰岛的计划，遭到了欧洲国家的拒绝，特朗普 ...

Group 1 - The core viewpoint indicates that gold is currently in a bullish trend, but there is a potential for a significant downward adjustment, with a recent high of 4890 and a low of 4755, reflecting a drop of nearly 135 USD [2][4] - The recent upward movement in gold prices was driven by market stimuli, but as these stimuli fade, there is a risk of a sharp decline, which has already begun with a drop of nearly 150 USD [4] - Technical analysis suggests that a major decline in gold prices is imminent, with the daily chart indicating a peak formation that requires breaking below the 5 and 10-day moving averages to confirm a significant drop [4][5] Group 2 - The support levels for gold are identified at 4730 and 4650, with 4650 being a critical point for the current bullish trend [5] - Domestic gold prices have seen a decline from a high of 1095 to around 1070, emphasizing the need for caution as the market remains unstable [5] - International silver prices have fallen more than expected, with a recent low of 90, and further adjustments are anticipated, with support levels at 90 and 86 [5][6] Group 3 - Domestic silver has also experienced a downward adjustment, with the Shanghai silver contract falling to around 22500, aligning with previous expectations [6] - The technical outlook for silver suggests a continued decline, with key support levels at 22500 and 21500, indicating a cautious approach to buying [6]

1月20日，美国市场遭遇"股债汇三杀"：标普500指数重挫2.1%，恐慌指数VIX飙升至去年11月以来新 高，长期美债收益率创9月初以来峰值，美元指数单日跌0.51%。 东方金诚白雪分析，主因是格陵兰岛关税政策及欧洲反制表态推升美欧地缘贸易风险溢价，叠加机构减 持美债、日债波动外溢，共同压低风险偏好，推高美债收益率并打压美元美股。浙商证券（601878）林 成炜指出，美国流动性已处紧平衡(商业银行准备金占GDP约9%)，市场脆弱性上升，外部冲击易引发负 向反馈。 摘要今日周四(1月22日)亚盘时段，现货黄金目前交投于4755.57美元附近，截至发稿，现货黄金暂报 4792.92美元/盎司，下跌0.78%，最高触及4832.94美元/盎司，最低下探4772.19美元/盎司。目前来看， 现货黄金短线偏向震荡走势。 今日周四(1月22日)亚盘时段，现货黄金目前交投于4755.57美元附近，截至发稿，现货黄金暂报4792.92 美元/盎司，下跌0.78%，最高触及4832.94美元/盎司，最低下探4772.19美元/盎司。目前来看，现货黄金 短线偏向震荡走势。 【要闻速递】 全球市场连锁反应：多国国债遭抛售，欧亚主要 ...

Group 1 - Gold concept stocks declined, with Shandong Gold, Zhongjin Gold, Chifeng Gold, and Zhaojin Mining falling over 4% [1] - Related gold ETFs dropped more than 3% due to market influences [1] Group 2 - Specific gold stock ETFs experienced notable declines, with the following changes: - ETF code 159321 decreased by 3.77% to a price of 1.912 - ETF code 517400 decreased by 3.76% to a price of 1.971 - ETF code 517520 decreased by 3.55% to a price of 2.499 - ETF code 159315 decreased by 3.42% to a price of 2.031 - ETF code 159322 decreased by 3.40% to a price of 2.015 - ETF code 159562 decreased by 3.10% to a price of 2.720 [2] Group 3 - Market sentiment shifted as former President Trump announced a framework for an agreement regarding Greenland with NATO Secretary General Stoltenberg, leading to a retreat in safe-haven demand and a pullback in gold prices from recent highs [1]

Group 1 - Gold stocks experienced significant declines, with Chifeng Jilong Gold Mining (06693) down 4.32% to HKD 35.42, Lingbao Gold Company (03330) down 3.65% to HKD 23.78, Tongguan Gold (00340) down 3.17% to HKD 3.36, and Zijin Mining (02899) down 3.47% to HKD 39.5 [1] - The decline in gold prices is attributed to a easing of risk aversion, leading to a high-level correction in precious metal prices. On January 22, spot gold and silver prices both fell, with spot gold dropping below USD 4780 per ounce and spot silver reaching a low of USD 90.781 per ounce [1] - According to CITIC Securities, in the short term, the U.S. AI sector is expected to continue growing until 2026, leading to a brief period of capital expenditure expansion globally. It is anticipated that gold prices may be weaker in 2026 compared to 2025, while copper is expected to perform well [1]

宏观面：货币政策与避险情绪双重加持 政策扰动则成为短期波动的"放大器"。1月15日美国公布关键矿物进口调查公告，虽暂不对白银加征关 税，但未来可能采取谈判调整进口量、设定最低进口价等措施，引发市场恐慌性抛盘，导致白银大幅跳 水；而此前市场对关税豁免的预期也曾短暂提振价格，政策不确定性加剧了多空博弈。 美联储降息预期与美元走弱为白银提供金融属性支撑。美国通胀压力缓和、劳动力市场疲软，市场对美 联储3月开启降息周期的预期持续强化，降息周期压低实际利率，降低白银这类无息资产的持有机会成 本，同时美元走弱推高以美元计价的银价。此外，全球地缘政治冲突升级，中东等地缘风险加剧市场避 险情绪，白银因兼具工业与避险属性，吸引资金流入但弹性高于黄金。 ...