2 2017 投资咨询业务资格:证监许可【2012】31号 贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2026/1/5 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 贵金属与新能源研究中心 白素娜 | | 从业资格号:F3023916 | | | | | 内外盘金 | 日期 | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2602 | AG2602 | AU (T+D) | AG (T+D) | | 银15点价 | | (美元/盎司) | (美元/盎司) | (美元/盎司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 格跟踪 | 2025/12/31 | 4329.08 | 71.93 | 4340. 70 | 71. 54 | 977.56 | 17103.00 | 976. 77 | 17080.00 | | (本表数 | | | | | | | | | | | 据 ...

贵金属周报 2026 年 1 月 5 日 海外监管加码，贵金属剧烈波动 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 敬请参阅最后一页免责声明 1 / 11 ⚫ 元旦假期前三个交易日，贵金属价格出现大幅回调，主要 是由于国内外交易所持续加码监管所致，特别是CME在12 月29日上调金属保证金后，在30再次宣布上调黄金、白银、 铂金及钯金合约的保证金后，COMEX白银期货从82美元/盎 司以上的历史新高大幅回落，其他贵金属也纷纷出现回 调。在国内元旦假期间，外盘金银价格维持高位震荡，铂、 钯价格出现一定的反弹。 ⚫ 美联储12月例会纪要凸显观点分化。纪要显示，多数官员 认为，若未来通胀如期回落，则进一步降息是合适的，但 在降息时点及幅度上，部分官员支持暂停降息。 ...

知识图强,求实奉献,客户至上,合作共赢 广发期货有限公司提醒广大投资者:期市有风险 入市需谨慎! axes 注微信公众 | 贵金属期现日报 | 投资咨询业务资格:证监许可【2011】1292号 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2026年1月5日 | | | | | tH lles | Z0016628 | | 国内期货收盘价 | | | | | | | | 面积 | | 12月31日 | 12月30日 | 旅跌 | 旅跌幅 | 单位 | | AU2602合约 | | 977.56 | 984.84 | -7.28 | -0.74% | 元/完 | | AG2602合约 | | 17074 | 18140 | -1066 | -5.88% | 元/十兄 | | PT2606合约 | | 527.25 | 589.85 | -62.60 | -10.61% | | | PD2606合约 | | 425.20 | 447.45 | -22.25 | -4.97% | 元/克 | | 外盘期货收盘价 | | | | | | | | 品 ...

Group 1: Market Dynamics - The precious metals market experienced significant volatility, with silver rising nearly 150% and gold surpassing $4,300 per ounce, marking the strongest annual performance since 1979 and indicating a systemic loss of confidence in the global monetary system centered around the US dollar [1] - The US dollar index (DXY) fell over 9% in 2025, with a 10.6% drop in the first half of the year, representing the worst performance since the collapse of the Bretton Woods system in 1973 [2] Group 2: Monetary Policy and Dollar Credibility - The decline in the dollar's purchasing power is driven by a collapse in the credibility of the Federal Reserve's policies, with three interest rate cuts since September 2025, bringing the federal funds rate down to 3.5%-3.75% [3] - There are concerns about the politicization of monetary policy under the Trump administration, which could lead to a repeat of the 1970s "Great Inflation" scenario, where a lack of discipline in monetary policy resulted in a collapse of dollar credibility and a 2,300% increase in gold prices over a decade [3] Group 3: De-dollarization Trends - Central banks globally are significantly increasing their gold reserves, with emerging economies like China, India, Turkey, and Russia leading the charge, indicating a strategic shift away from the dollar [4] - Geopolitical tensions, such as the Ukraine conflict, have heightened awareness of the risks associated with over-reliance on dollar assets, prompting a reassessment of the dollar's safety [4] Group 4: Gold and Silver as Strategic Assets - Gold's status as a non-sanctionable and non-freezable ultimate settlement asset has been elevated, while the internationalization of the renminbi is creating a parallel payment system, enhancing gold's role as a neutral medium of exchange [5] - Silver's price surge reflects both its financial attributes and a surge in industrial demand, particularly driven by its role in the electrification and green transition [7][8] Group 5: Structural Changes in Precious Metal Demand - The buying structure for precious metals has fundamentally shifted, with central bank purchases, private accumulation, and industrial demand providing stronger support compared to the past decade dominated by ETFs and futures [9] - The disconnect between "paper gold" and "physical gold" indicates a growing preference for tangible assets over financial derivatives, reflecting a loss of confidence in dollar-denominated financial assets [9] Group 6: Historical Context and Future Outlook - Current market conditions are often compared to the 1979-1980 gold bull market, but a more accurate reference may be the 1971-1974 period following the Nixon shock, where gold prices rose nearly 400% amid a vacuum in monetary order [10] - The ongoing rise in precious metals is not merely speculative but represents a collective vote of global capital against the dollar-centric monetary logic, signaling an irreversible loss of confidence in the existing unipolar currency system [10][11]

金银周报 国泰君安期货研究所 有色及贵金属 刘雨萱投资咨询从业资格号：Z0020476 日期：2026年1月4日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 黄金：地缘政治刺激避险情绪；白银：高位回落，资金止盈离场 数据来源：Wind、国泰君安期货研究所 2 ◆ 本周伦敦金回落-2.85%，伦敦银回升2.82%。金银比从前周的64回落至58.37，10年期TIPS回升至1.94%，10年期名义利率回落至4.19% （2年期3.47%），美元指数录得98.45。 ◆ 假期前贵金属板块剧烈调整，年末和元旦前止盈盘大量离场，铂钯作为贵金属板块风险偏好的风向标，连续跌停也带崩白银表现。整体上我 们认为：1、现在盘面明显感觉到资金从贵金属撤退，做高切低。2、白银抢跑结束，后续继续上涨需要等待现实紧缺兑现，主要靠伦敦和中 国市场。3、白银会先降波，高位搭建震荡平台，等待后续20%的涨幅。 ◆ 然而理性来看，白银在26年的逻辑我们认为依旧未变。白银更大上涨风险在2 ...

金银周报 国泰君安期货研究所 有色及贵金属 刘雨萱投资咨询从业资格号：Z0020476 日期：2026年1月4日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 黄金：地缘政治刺激避险情绪；白银：高位回落，资金止盈离场 强弱分析：黄金偏强、白银偏强 价格区间：975-1050元/克、16500-19500元/千克 Special report on Guotai Junan Futures 数据来源：Wind、国泰君安期货研究所 2 ◆ 本周伦敦金回落-2.85%，伦敦银回升2.82%。金银比从前周的64回落至58.37，10年期TIPS回升至1.94%，10年期名义利率回落至4.19% （2年期3.47%），美元指数录得98.45。 ◆ 假期前贵金属板块剧烈调整，年末和元旦前止盈盘大量离场，铂钯作为贵金属板块风险偏好的风向标，连续跌停也带崩白银表现。整体上我 们认为：1、现在盘面明显感觉到资金从贵金属撤退，做高切低。2、白银抢跑结束，后续继续上涨需要等 ...

2025 年，在金融市场"贵金属"无疑是这场盛宴中最耀眼的明星。社交平台上，有位网友投资者靠投资黄金狂赚近 70 万元！ 地缘政治的紧张局势也为贵金属市场的火爆添了一把火。中东和俄乌地区的地缘政治冲突持续不断，这些地区的不稳定因素如同高悬在全球经济头顶的达 摩克利斯之剑，让投资者们忧心忡忡。在这种充满不确定性的环境下，投资者们纷纷寻求避险资产，以保护自己的财富。而黄金，作为传统的避险资产， 自然成为了投资者们的首选。当冲突爆发时，市场的避险情绪急剧升温，对黄金的需求也随之大幅增加。就像在暴风雨中，人们纷纷寻找避风港，黄金就 如同那坚固的港湾，吸引着投资者们的资金涌入，从而推动了黄金价格的上涨 。 全球央行的购金热潮也是推动贵金属价格上涨的重要力量。近年来，各国央行纷纷增加黄金储备，这一趋势在 2025 年尤为明显。据世界黄金协会发布的 2025 年三季度《全球黄金需求趋势报告》显示，尽管金价处于创纪录高位，三季度全球央行依然加快了购金步伐，净购金量总计 220 吨，较二季度增长 28%，较上年同比增长 10%；前三季度全球央行净购金总量达 634 吨，虽低于过去三年的异常高位数值，但仍显著高于 2022 年之 ...

回顾过去一年的投资，林岳（化名）很庆幸自己重仓了黄金。 从去年初就开始断断续续买进黄金的他，一年下来，购买了包括实物黄金在内的各种黄金投资近50万元。随着黄金价格暴涨，林岳有了十几万的收 益，"庆幸自己坚定看好了黄金的涨势。" 不仅是黄金，2025年堪称贵金属"史诗级一年"，国际金银均创1979年以来最大年度涨幅。新年伊始，投资黄金白银是不是好的选择？又有什么需要注意的 方面？ 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 本文转自【潮新闻】； 贵金属新年开门红 1月2日，贵金属集体迎来开门红。 Wind数据显示，现货黄金一度涨近2%，突破4400美元/盎司，收盘报4332.505美元/盎司，涨0.33%。现货白银日内涨幅一度扩大至4.17%，触及74美元/盎 司，收盘报72.824美元/盎司，涨1.74%。此外，现货铂金、现货钯金纷纷走高，涨超3%与1.5%。 2025年，黄金白银成了不少人的重要投资选项。郑欣（化名）看着白银与黄金的价格越涨越高，也在年底买进了白银基金与黄金的积存金，虽然赚得不 多，但也有了一些盈利。 "其实很早就买进了一些'纸黄金'，很后悔没有坚定地长期持有。价格涨了 ...

在安徽地区，黄金和铂金的价格也有所不同，合肥金至尊金店的黄金价格为1361元/克，铂金价格为871元/克，芜湖菜百首饰金店的黄金价格较低，为1342 元/克，铂金价格为705元/克，蚌埠的中国黄金店面同样提供了基础与零售两种价格，分别为977元/克和993元/克。 贵金属市场最新价格及纯度信息 黄金回收：972元/克，99.90%纯度 2026年1月1日，黄金价格突然下跌，让不少投资者措手不及，国际金价跌到了每盎司4361美元，国内金店也纷纷调价，周大福的项链现在每克1363元，周生 生稍微便宜点，每克1355元，老凤祥也降到每克1363元，一些小城市的金店更实惠，铜陵的菜百首饰和中国黄金，每克只要1342元。 福州的中国黄金店面黄金的基础价格为977元/克，零售价稍高，达到993元/克，厦门周大生金店的黄金价格较高，为1363元/克，铂金价格是849元/克。 泉州水贝黄金的黄金价格为1122元/克，铂金价格相对较低，为545元/克，莆田潮宏基金店的黄金和铂金价格与厦门周大生相近，分别为1363元/克和849元/ 克，漳州周六福金店的黄金价格略低于莆田，为1348元/克，铂金价格为819元/克。 中信期货的小 ...

Group 1: Gold Market Outlook - The People's Bank of China has increased its gold reserves to 74.12 million ounces as of November 2025, marking a continuous increase for 13 months [1] - The Federal Reserve has cut interest rates by a total of 75 basis points since September 2025, with expectations of two more cuts in 2026, which may support gold prices [1] - Experts predict that gold prices may stabilize at around $5,000 per ounce in 2026, with potential to rise to $6,000 if geopolitical tensions worsen or if the Fed accelerates rate cuts [1] Group 2: Silver Market Dynamics - The global silver market is expected to face a structural supply deficit of approximately 9.5 million ounces in 2025, continuing a five-year trend of supply shortages [2] - Silver prices have shown high volatility, recently reaching a record high of $83 per ounce before retreating below $80, reflecting a more elastic price response compared to gold [2] - The demand for silver is bolstered by its industrial applications, particularly in the photovoltaic sector, where annual consumption exceeds 200 million ounces [2] Group 3: Deposit Rate Trends - Deposit rates for fixed-term savings have entered a "1" digit era, with significant declines in high-interest products like large-denomination certificates of deposit [3] - The trend of declining deposit rates is expected to continue due to a loose monetary policy aimed at stabilizing economic growth and reducing financing costs [3] - The likelihood of deposit rates increasing in 2026 is low, with expectations of stability or slight declines instead [3] Group 4: Investment Opportunities - Industrial metals such as copper and aluminum are expected to see demand growth driven by sectors like renewable energy and automotive lightweighting [4] - The storage chip industry is highlighted as a significant investment opportunity in 2026, with a potential "super cycle" driven by AI advancements [4] - Investors are advised to consider ETFs related to chips or semiconductors for diversified exposure to the industry [4] Group 5: Risk Management in Investment - Experts emphasize the importance of risk management in asset allocation for 2026, given the increased geopolitical risks and market volatility [5] - Investment strategies should focus on long-term, stable asset allocation rather than high-leverage, high-volatility opportunities [5] - A "barbell strategy" is recommended, balancing high-dividend assets for stable cash flow with investments in technology growth funds during market corrections [6]