股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 特朗普周三称，与北约秘书长马克·吕特进行的一次非常富有成效的会谈，已经初步搭建了关于格陵兰 岛乃至整个北极地区的未来协议框架。如果该方案最终达成，将对美国及所有北约成员国都是一个重大 利好。基于这一理解，将不会执行原定于2月1日生效的关税。 | 代码 | 名称 | | 涨幅% ↑ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 300139 | 晓程科技 | 1 | -5.84 | 120亿 | 43.81 | | 601069 | 西部黄金 | 1 | -5.81 | 303亿 | 24.66 | | 002237 | 恒邦股份 | 报 | -5.49 | 229亿 | 19.37 | | 6009888 | 赤峰黄金 | 1 | -4.74 | 695亿 | 17.06 | | 600547 | 山东黄金 | 1 | -4.66 | 2262亿 | 26.76 | | 000506 | 招金黄金 | 1 | -4.55 | 171亿 | 41.27 | | 000603 | ...

Core Viewpoint - The article discusses the recent geopolitical tensions surrounding Greenland and its impact on global markets, particularly the U.S. stock market, which experienced significant declines. It highlights the potential for gold to become a safe haven asset amid these uncertainties [4][5][14]. Market Reactions - On January 20, 2026, the S&P 500 index fell by 2.1%, erasing all gains for the year, as geopolitical tensions escalated due to U.S. President Trump's ambitions regarding Greenland [5]. - The VIX, a measure of market volatility, reached its highest level since November of the previous year, while U.S. long-term Treasury yields rose to a four-month high [5]. - The dollar weakened against most major currencies, and Bitcoin saw a significant drop, while gold prices hit a historical high, surpassing $4,700 [5][10]. U.S. Trade Policy and Its Implications - President Trump announced a 10% tariff on imports from eight European countries, which could lead to a 0.1% to 0.2% decline in the actual GDP of the affected nations [7]. - This move has prompted global investors to consider reducing their exposure to U.S. assets, reflecting a "Sell America" sentiment [7][8]. - Goldman Sachs does not anticipate a broad beta adjustment in the U.S. market but expects a continued rotation trend, favoring AI-enabled and productivity-enhancing stocks over software stocks [8]. Gold as a Safe Haven - Global macro fund managers suggest that gold is the only asset that will benefit in the short term, potentially accelerating the process of de-dollarization [9]. - Analysts predict that gold could surpass $5,000 in 2026, driven by geopolitical tensions and the potential for a rebalancing of dollar assets [10]. - The geopolitical significance of Greenland, with its rich mineral resources, is seen as a strategic asset for the U.S. in breaking China's rare earth monopoly [10][11]. European Response to U.S. Tariffs - The European Union is preparing to respond to Trump's tariffs, with potential measures including suspending the EU-U.S. trade agreement and imposing counter-tariffs on U.S. goods [15]. - The EU's response is expected to be gradual, allowing for negotiation time, with initial steps likely to include suspending the trade agreement before implementing countermeasures [15].

Core Viewpoint - The domestic gold market has experienced a price adjustment after a period of continuous increase, with international gold prices retreating from a historical high of $4636 per ounce to around $4595, indicating a significant market shift [1][3]. Price Adjustments - The prices of brand jewelry gold have adjusted, with notable reductions: Chow Tai Fook's price for 999 gold dropped to 1315 CNY per gram, Lao Feng Xiang to 1312 CNY, and Chow Sang Sang to 1308 CNY [3]. - Investment gold bar prices are more directly affected, with Industrial and Commercial Bank of China quoting 1047.57 CNY per gram, Construction Bank at 1046 CNY, and Agricultural Bank at 1048.63 CNY [3]. Market Dynamics - The market correction is attributed to profit-taking by investors at historical highs, leading to selling pressure. The prevalence of algorithmic trading has intensified price volatility, triggering stop-loss orders when gold prices breach key technical levels [3]. - The recent surge in gold prices was driven by geopolitical risks, particularly U.S. President Trump's threats regarding tariffs on European countries, which heightened global market risk aversion and increased demand for safe-haven assets like gold [3][4]. Long-term Support Factors - The Federal Reserve's policy expectations provide long-term support for gold prices, with market consensus anticipating at least two interest rate cuts within the year, enhancing gold's investment appeal [4]. - Gold prices have seen a cumulative increase of over 64% in 2025, with further gains expected in 2026 due to ongoing geopolitical tensions and economic uncertainties [4]. Regional Price Variations - Despite a general decline in base gold prices, the final prices consumers pay vary significantly due to "processing fees," which can account for 20% to 30% of the total price depending on the complexity of the jewelry design [6]. - There are notable geographical price disparities, with first-tier cities maintaining higher prices (1300-1315 CNY per gram) compared to lower prices in second and third-tier cities. In Hainan, prices can drop to 1180-1185 CNY per gram due to tax policies, while in Lhasa, prices can soar to 1470-1475 CNY per gram [7]. Market Sentiment and Future Outlook - The market is currently experiencing uncertainty, with gold prices seeking support around $4575 per ounce. The upcoming statements from Federal Reserve officials and any new geopolitical developments could significantly impact market sentiment and gold prices [8][10]. - The Chicago Mercantile Exchange has raised margin requirements for gold futures, which may force leveraged traders to liquidate positions, potentially amplifying short-term price declines [10]. - Central banks globally have been increasing gold reserves, with a reported net purchase of 297 tons from January to November 2025, reinforcing long-term demand for gold and supporting its price [10]. Investment Considerations - The recent surge in gold prices has raised questions about its status as a safe haven in the context of rising digital currencies and evolving asset forms. The historical bull market in gold has been fueled by various economic challenges and shifts in global confidence [11]. - Some institutions have raised concerns about current gold price valuations, indicating that the price has reached historically high levels relative to M2 money supply, suggesting potential overvaluation [13]. - Technically, gold is currently testing the critical support level at $4600, with the historical peak of $4720 serving as a resistance point. The market is poised for potential volatility as it awaits key signals that could drive significant price movements [13].

国际黄金价格自1月初回落至4340美元/盎司关口后，随着一系列刺激影响开始重新强势上涨，截至1月 21日盘中最高触及4891.1美元/盎司的历史极值，不到20天内累计涨幅达12.7%。 国内黄金期货主合约价格在今天盘中也大4.61%一举1100元/克大关。 股市方面，今天黄金股掀起涨停潮，招金黄金、白银有色、赤峰黄金、四川黄金等超十只黄金股集体封 板涨停。 作者 | 哥吉拉 数据支持 | 勾股大数据（www.gogudata.com） 2026年开年以来，国际黄金市场迎来超预期的强势行情。 黄金大牛市下，黄金股ETF(159562)今日涨5.73%，今年以来的近13个交易日累计涨25.82%，净值续创 历史新高。 随着金价不断"破百"，之前还被市场认为高不可攀的5000美元/大关也近在咫尺，机构们开始频频上调 对目标价，又给市场带来了更多的看涨信心。 01 地缘冲突升级， 黄金资产成为最强避风港 这轮黄金大涨并非单一因素驱动，而是地缘风险、货币政策、央行配置与美元信用重构多重力量交织的 结果，共同铸就了这场贵金属盛宴。 其中，近期地缘冲突升级，刺激避险资金"疯狂涌入"是首要因素。 最近，美国总统特朗普以国家安 ...

近期，在全球宏观经济预期及地缘政治局势影响下，黄金作为传统避险资产，其金融属性与货币属性再 度成为市场焦点。A股黄金板块集体走强，白银有色、招金矿业、四川黄金、西部黄金、晓程科技领 涨，板块相关企业整理如下： 白银有色（601212.SH） 招金矿业（000506.SZ） 最新股价：18.26元 日涨幅：+5.01% 亮点：旗下控股斐济瓦图科拉金矿，该矿拥有探明、控制及推断的黄金资源禀赋突出。 四川黄金（001337.SZ） 最新股价：31.80元 日涨幅：+4.58% 亮点：专注于四川省最大的在产金矿——梭罗沟金矿，采矿权范围内保有黄金资源量达28.13吨，是区 域性的黄金采选龙头。 最新股价：8.57元 日涨幅：+9.99% 亮点：国内大型有色金属及贵金属企业，除境内矿山外，通过境外子公司掌控大量黄金资源。 湖南白银（002716.SZ） 最新股价：4.93元 日涨幅：+3.57% 西部黄金（601069.SH） 最新股价：15.72元 日涨幅：+6.22% 亮点：新疆黄金龙头，拥有完整产业链，通过收购卡特巴阿苏金矿，显著增加黄金资源量，资源前景广 阔。 晓程科技（300139.SZ） 最新股价：17.5 ...

1月21日，在全球金融格局剧烈波动的当下，FPG财盛国际认为，黄金作为避险资产的王者地位正因地 缘政治的高度不确定性而得到前所未有的巩固。随着宏观风险的不断叠加，金价向每盎司 5000 美元大 关冲刺的速度显著快于此前市场预期，这意味着投资者需要重新校准对 2026 年贵金属市场的盈利边 界。 目前，支撑金价的核心动能主要源于多维度的不确定性。FPG财盛国际表示，特朗普政府针对格陵兰岛 提出的关税计划，以及全球市场对美联储政策独立性的高度疑虑，共同构成了金价上涨的坚实支撑。事 实数据表示，金价目前已站稳 4700 美元高位，距离 5000 美元的心理关口仅余 320 美元的空间。鉴于当 前这种持续的避险情绪，一旦金价有效突破并站稳 5000 美元，更高维度的目标位将随之打开。 1月21日，在全球金融格局剧烈波动的当下，FPG财盛国际认为，黄金作为避险资产的王者地位正因地 缘政治的高度不确定性而得到前所未有的巩固。随着宏观风险的不断叠加，金价向每盎司 5000 美元大 关冲刺的速度显著快于此前市场预期，这意味着投资者需要重新校准对 2026 年贵金属市场的盈利边 界。 目前，支撑金价的核心动能主要源于多维度的不 ...

本报（chinatimes.net.cn）记者谢碧鹭 北京报道 2026年开年以来，全球贵金属市场迎来"开门红"行情，黄金价格势如破竹，带动白银及相关板块同步走 强，成为全球资本市场中最耀眼的主线之一。1月21日，伦敦现货黄金迎来历史性时刻，盘中首次站上 4800美元/盎司整数关口，创下历史新高，1月以来累计涨幅已突破10%，远超同期全球主要股指表现。 值得关注的是，贵金属价格的持续走强，直接传导至A股市场，贵金属板块迎来估值修复与业绩预期双 重驱动的上涨行情。多家上市公司股价大幅攀升，龙头个股表现尤为亮眼，部分企业更是借着行业东风 加速资产整合。 多名分析人士认为，从市场驱动因素来看，本次贵金属上涨并非单一因素作用，而是地缘政治冲突、美 元信用弱化、全球央行购金潮等多重利好共振的结果。短期来看，避险情绪与资金流入仍将为贵金属价 格提供支撑；长期而言，去美元化趋势与全球经济不确定性，正重塑贵金属的资产配置价值。 创近五年同期最强表现 2026年开年，贵金属市场呈现出"黄金领涨、白银跟涨"的强劲态势，价格涨幅与上涨速度均超出市场预 期。 黄金作为核心避险资产，开启了单边上行通道，从年初的4330美元/盎司左右起 ...

Core Viewpoint - The international gold price has surged to a historic high of $4,883 per ounce, driven by geopolitical tensions and trade conflicts, particularly related to the Greenland dispute and U.S. tariffs on European countries [2][3][4]. Geopolitical Factors - The escalation of geopolitical risks, particularly the U.S. imposing tariffs on goods from eight European countries, has heightened market anxiety, contributing to the rise in gold prices [3][4]. - The relationship between the U.S. and Europe is deteriorating due to the Greenland issue, with potential for a significant trade war reminiscent of 2018 [3][4]. Economic Indicators - The U.S. economic indicators show a decline in the credibility of the Federal Reserve, with concerns over its independence and the impact of tariffs on inflation [6][7]. - Recent inflation data indicates a CPI of 2.7% year-on-year, with core CPI at 2.6%, both slightly below market expectations, suggesting a potential easing of inflationary pressures [6]. Central Bank Actions - Central banks globally are increasing their gold reserves, with Poland planning to purchase up to 150 tons of gold, which would elevate its status among the top ten countries in gold reserves [9][10]. - The World Gold Council reports that global central bank net gold purchases are expected to remain strong, with estimates of around 800-850 tons for the year, despite a decrease from previous highs [10]. Market Sentiment and Predictions - Analysts predict that gold prices may continue to rise, with some forecasting a target of $5,000 per ounce by 2026, driven by ongoing geopolitical tensions and economic uncertainties [10][11]. - The market is advised to adopt a defensive strategy, focusing on diversified investments to mitigate risks associated with potential volatility in gold prices [8][9].

1月21日：上交易日周二（1月20日）：国际黄金继续反弹，强势拉升收涨，白宫就格陵兰岛的未来向欧 洲发出威胁，再度引发抛售美国交易，引发对避险资产的抢购，导致美元指数大幅回落收跌，推动金价 继续走强突破新高，并收至日图上升趋势线通道之上，这暗示多头进一步向上突破，再度打开牛市空 间，那么后市将继续上行，等待触及5000美元目标或更高位置。 具体走势上，金价自亚市开于4668.63美元/盎司，先行偏弱走低录得日内低点4659.45美元，之后反弹回 升突破4700美元关口，欧盘时段横盘于4710美元上方，美盘开盘震荡上行，一直延续到盘尾录得日内高 点4766.01美元，最终收于4763.23美元，日振幅106.56美元，收涨94.6美元，涨幅2.03%。 展望今日周三（1月21日）：国际黄金开盘延续昨日多头动力继续表现走强，美元指数虽早盘止跌表 现，但昨日的回落已使其处于阻力下方，空头占据优势，另外，月图走势仍处于布林带下行通道，且短 期走势前景仍偏弱，故此日内止跌对于金价限制有限，金价仍维持看涨不变。 日内可留意美国12月成屋签约销售指数月率和美国10月营建支出月率等数据，市场预期整体偏向利好金 价，故此，日内 ...

Core Viewpoint - Spot gold has reached a historic high of $4,800 per ounce, with a current price of $4,835.07 per ounce, reflecting a 1.51% increase [2]. Group 1: Gold Price and Market Trends - The increase in geopolitical risks has led both governments and individual investors to allocate more resources to safe-haven assets like gold, suggesting a continued upward trend in gold prices in the medium to long term [2]. - Aakash Doshi, head of gold strategy at State Street Global Advisors, indicates that the possibility of gold prices surpassing $5,000 per ounce by 2026 is becoming more plausible [2]. Group 2: Central Bank Gold Reserves - As of December 2025, China's central bank has increased its gold reserves by 30,000 ounces to a total of 7,415,000 ounces, marking the 14th consecutive month of gold accumulation [3][5]. - The proportion of gold reserves held by China's central bank relative to its foreign exchange reserves has risen to 9.51%, an increase of 3.54 percentage points from the previous year, setting a new historical high, although still below the global average [3]. - The total increase in gold reserves for the year 2025 was 860,000 ounces [3][5].