高盛最新研报将2026年底黄金价格预测从4900美元/盎司上调至5400美元/盎司，原因是私人投资者与各 国央行的黄金需求持续攀升。高盛预计，2026年各国央行每月将增持60吨黄金，叠加美联储降息的背 景，黄金ETF的配置规模也将同步增加，进一步推动黄金估值走高。 人民财讯1月26日电，上周美元指数大幅下挫，黄金、白银等贵金属同步迎来大涨，其中黄金涨幅达 8.4%，白银涨幅更是升至14.4%。此前被市场视作高不可攀的5000美元/盎司关口如今近在咫尺，各大机 构也纷纷上调黄金目标价。 ...

2026年1月25日，国际黄金市场延续强势，现货黄金价格盘中一度突破4960美元/盎司，截至发稿报收4986.5美元/盎司，距离5000美元大关仅一步之遥。受美 元走软及亚太股市资金轮动推动，国内黄金市场同步高开，上海黄金交易所Au9999现货价报1124.0元/克，较昨日上涨5.15元，涨幅0.46%，市场分析人士指 出，当前金价走势与2019年牛市启动前的"高位震荡、蓄力突破"特征高度相似。 美元疲软助推金价，人民币折算价跟涨 周五亚洲交易时段，美元指数延续跌势，为以美元计价的大宗商品提供上涨动能。现货黄金最高触及4986.5美元/盎司，白银亦跟随上涨触及99美元关口。 国内金价通过人民币折算紧随其后，Au9999盘中最高触及1118.27元，最低1100.25元，Zaner Metals高级策略师Peter Grant预测，若美元持续贬值，黄金有望 在短期内突破5000美元/盎司。 各地品牌金店零售价 深圳地区：作为批发源头，周大福与周生生金饰约1550元/克，但投资属性更强。 以25克周大福黄金为例，今日总价约48550元（不含工费），较去年同期显著上涨。 批发与投资渠道 对于投资需求，深圳水贝市场仍 ...

Core Insights - The surge in gold prices, nearing $5000 per ounce, has led to a significant increase in demand for gold-related financial products from banks, which are responding to the pressure of maturing deposits [1][3][8] Group 1: Gold Price Trends - London gold prices have seen a dramatic rise, with a maximum price of $4990.17 per ounce, marking a 64.56% increase in 2025 and over 15% in 2026 [3] - The ongoing bullish trend in gold prices is driving banks to rapidly launch gold-related financial products [3][8] Group 2: Bank Product Offerings - Multiple banks, including Bank of China, China Merchants Bank, and others, are launching gold structured deposits with investment thresholds starting at 10,000 yuan and annualized returns ranging from 0.5% to 3.55% [3][4] - Banks are diversifying their product strategies, with some offering both bullish and bearish structured products to cater to different investor sentiments [4][5] Group 3: Investor Strategies - Investors are advised to choose structured deposits for capital safety and potential returns, while "gold+" products, which do not guarantee capital protection, are suitable for those willing to accept higher risks for potentially greater returns [7] - The current market environment suggests that conservative investors should prioritize structured deposits, while more aggressive investors may consider "gold+" products as part of their asset allocation [7] Group 4: Market Dynamics and Future Outlook - The current surge in gold-related products is not only a response to rising gold prices but also a strategic move by banks to manage the impending maturity of a significant volume of fixed-term deposits, estimated at 45-50 trillion yuan in 2026 [8][9] - The sustainability of this "investment feast" will depend on future gold price movements, with potential adjustments in product design to mitigate risks if prices stabilize or decline [9]

Group 1: Gold Market Dynamics - International gold prices are experiencing fluctuations, leading to adjustments in domestic high-end jewelry brand prices, with Chow Tai Fook quoting 1455 CNY/gram, Lao Feng Xiang at 1456 CNY/gram, and others around 1453 CNY/gram for gold [1] - Platinum prices remain high at around 940 CNY/gram, while discounts on gold jewelry are increasing, reflecting a cautious consumer sentiment and a relatively quiet market [1] Group 2: RMB Gold Prices - The Shanghai Gold Exchange reports the RMB-denominated gold spot price at 1047.60 CNY/gram, a slight increase of 2.33 CNY or 0.223% from the previous day, with a trading range between 1042.74 CNY and 1048.50 CNY [6] - Retail prices for gold jewelry or bars are higher than the exchange prices due to additional costs such as design and processing, influenced by international market fluctuations, exchange rates, and domestic supply and demand [6] Group 3: Financial Institutions Gold Bar Prices - Various financial institutions have set their gold bar prices, with China Construction Bank at 1050.74 CNY/gram, Industrial and Commercial Bank at 1050.58 CNY/gram, and others ranging from 1049.2 CNY to 1096.5 CNY per gram [7][8][9][10][11][12][13] Group 4: Wholesale and Retail Price Differences - The wholesale price for gold in Shui Bei is approximately 1203 CNY/gram, with significant price differences compared to retail prices, which can be attributed to store rent, operational costs, and brand premiums [14] - The pricing structure for jewelry includes "gold value + processing fee + brand premium," indicating a need for consumers to be aware of the price alignment with base gold prices when investing [14] Group 5: Domestic Gold Price Trends and Market Analysis - Current gold prices are reported at 1047.00 CNY/gram, with a slight increase of 0.11%, while platinum prices are at 606.79 CNY/gram, reflecting a 0.72% increase [15] - Despite rising gold prices, consumer purchasing enthusiasm is declining, with a reported 7.95% year-on-year decrease in gold consumption and a 32.50% drop in gold jewelry consumption in the first three quarters of 2025 [15] Group 6: Retail Strategies and Market Outlook - Brands are adopting strategies like trade-in programs to lower consumer purchase barriers, while research indicates that retailers need to enhance profit margins per gram of gold jewelry and optimize product offerings [16] - The technical structure of gold prices remains in an upward channel, but with weakening momentum, influenced by a strong dollar and rising real interest rates, which increase the opportunity cost of holding gold [17]

Core Viewpoint - The recent surge in gold prices, reaching $4,963 in London, is driven by long-term capital and policy expectations rather than short-term speculation, indicating a robust fundamental backdrop for gold [1] Monetary Policy - The Federal Reserve is expected to hold an FOMC meeting on January 29, with market consensus predicting 2 to 3 rate cuts by 2026, leading to a weaker dollar and reduced opportunity cost for holding gold [1] - Historically, gold prices tend to rise ahead of a Fed policy shift, and this trend appears to be repeating [1] Geopolitical Risks - Ongoing geopolitical tensions, including conflicts in the Middle East and Arctic, are fueling demand for gold as a safe-haven asset, with institutions raising their price targets, such as Goldman Sachs predicting $5,400 [3] - The combination of central bank purchases, expectations of monetary easing, and heightened risk aversion historically leads to significant gold price increases [3] Short-term Market Dynamics - Gold prices are likely to test the $5,000 psychological barrier before the FOMC meeting, with potential minor corrections expected between 1% to 3% [5] - Suggested support levels for gold are between $4,850 to $4,900, with corresponding domestic prices at 1,090 to 1,100 yuan per gram [5] Investment Strategies - Investors are advised to adopt a strategic approach to buying gold, suggesting phased purchases rather than waiting for perfect timing, which may lead to missed opportunities [5] - For conservative investors, a 5% to 10% allocation to gold in their portfolio is recommended as a risk management strategy [8] Institutional Insights - Goldman Sachs' price target of $5,400 reflects research expectations, but investors should treat institutional targets as references rather than absolute predictions [12] - The current gold price movement is a result of coordinated actions from central banks, monetary policies, and geopolitical risks, creating a favorable environment for gold [14] Market Outlook - The short-term market may present opportunities, especially during minor corrections, while the medium-term outlook depends on central bank actions and the Fed's policy trajectory [15] - Continued central bank purchases and sustained geopolitical risks could lead to further increases in gold prices, benefiting both physical asset allocation and financial hedging tools [15]

伴随伦敦金现价格剑指5000美元/盎司关口，黄金市场持续升温，银行黄金类产品顺势成为"吸金王"。从黄金结构性存款的密集推出与热销，到"黄金+"理财 产品的多元布局，银行业在抢抓市场热点的同时，也在积极应对"天量"定存到期压力。分析人士表示，这场产品"热销盛宴"背后，本质是市场情绪与银行经 营策略的共振，此举既能满足投资者避险与增值的复合需求，也能帮助银行扩大资产管理规模并优化收入结构。 在金价持续升温的背景下，银行业火速发力黄金相关金融衍生产品。1月25日，北京商报记者梳理发现，近期中国银行、交通银行、民生银行、华夏银行、 招商银行等多家机构均在密集推出黄金结构性存款。综合来看，此类产品多为1万元起投，期限较短，预期年化收益率普遍介于0.5%至3.55%之间。 以华夏银行为例，其"慧盈"系列黄金结构性存款热销态势显著。1月25日下午北京商报记者查询发现，该行该系列结构性存款目前仅余2款在售，均挂钩上海 黄金交易所黄金现货价格，期限分别为21天、22天，认购起点1万元，预计年化最高收益1.90%，且均为保本浮动收益型。值得一提的是，北京商报记者注 意到，当日上午仍可认购的"慧盈2441号三层看涨AU9999"产 ...

金价"坐火箭"：单周暴涨8%，2008年后最猛行情来袭！ 1月25日，黄金市场彻底沸腾！本周国际金价累 计涨幅超8%，创下2008年金融危机以来最佳单周表现。纽约期货黄金价格冲上5020.83美元/盎司，伦敦 现货黄金紧随其后，报4986.02美元/盎司，中国上海黄金交易所价格也站稳1115.50元/克高位。这场"黄 金盛宴"背后，是美元指数的全面溃败——美市盘中，美元指数DXY失守98关口，过去两周累计跌幅超 3%，为金价狂飙提供直接推力。 美元崩跌+地缘动荡：黄金为何成为"避险王者"？ 金价此轮暴涨，本 质是市场对政治经济不确定性的"投票"。 美元走弱：美联储加息周期接近尾声，降息预期升温，美元 资产吸引力下降，资金加速流向黄金； 地缘冲突：全球局部战争风险持续，黄金作为"无国籍货币"的 避险属性被彻底激活； 央行购金潮：2025年全球央行净购金超1000吨，2026年增持势头不减，直接托 底金价。 正如市场分析师所言："当美元和国债不再安全，黄金就是最后的'保险单'。" 短线操作指 南：回落低多为主，但警惕两大"黑天鹅"！ 当前黄金多头气势如虹，技术面呈现典型"牛市特征"： 均 线多头排列：5日、10日 ...

（文章来源：第一财经） 随着国际金价持续走强，与黄金相关标的挂钩的银行结构性存款产品正在悄然走热。近期，包括国有大 行、股份行及外资银行均密集推出此类产品，部分热门产品甚至出现"一上架即售罄"的景象。调研发 现，这类产品普遍具备万元起步、期限灵活、收益分档等特点。既有挂钩黄金价格的常规产品，也有挂 钩矿业公司股票、预期收益上限可达12%的复杂结构产品。Choice数据显示，今年以来，上市公司相关 认购金额已达17.28亿元。 ...

2026.01. 25 本文字数：3430，阅读时长大约6分钟 作者 | 第一财经 王方然 金价持续攀升，1月23日，伦敦金现盘中最高突破4990美元/盎司，创下历史新高。 随着国际金价持续走强，与黄金相关标的挂钩的银行结构性存款产品正在悄然走热。近期，包括国有 大行、股份行及外资银行均密集推出此类产品，部分热门产品甚至出现"一上架即售罄"的景象。 第一财经调研发现，这类产品普遍具备万元起步、期限灵活、收益分档等特点。既有挂钩黄金价格的 常规产品，也有挂钩矿业公司股票、预期收益上限可达12%的复杂结构产品。在定期存款集中到期、 金价预期持续看强的背景下，从普通投资者到上市公司都对此表现出浓厚兴趣。Choice数据显示， 今年以来，上市公司相关认购金额已达17.28亿元。 据第一财经不完全统计，2026年以来，包括交通银行、中国银行、招商银行、民生银行、华夏银行 等多家银行纷纷推出此类产品。这些产品起购门槛多超过1万元，期限大多在半年以内，预期年化收 益率普遍介于0.05%至4%之间。外资银行也在加快布局，渣打银行、汇丰银行、星展银行等亦推出 类似产品，部分产品期限更长，预期收益率上限可达10%以上。目前市场上 ...

金价持续攀升，1月23日，伦敦金现盘中最高突破4990美元/盎司，创下历史新高。 随着国际金价持续走强，与黄金相关标的挂钩的银行结构性存款产品正在悄然走热。近期，包括国有大行、股份行及 外资银行均密集推出此类产品，部分热门产品甚至出现"一上架即售罄"的景象。 第一财经调研发现，这类产品普遍具备万元起步、期限灵活、收益分档等特点。既有挂钩黄金价格的常规产品，也有 挂钩矿业公司股票、预期收益上限可达12%的复杂结构产品。在定期存款集中到期、金价预期持续看强的背景下，从 普通投资者到上市公司都对此表现出浓厚兴趣。Choice数据显示，今年以来，上市公司相关认购金额已达17.28亿元。 然而，看似美好的收益背后却暗藏玄机。不同产品在挂钩标的、收益结构设计上千差万别，实际获得高收益的概率也 大相径庭。投资者在追逐黄金热的同时，更需要冷静审视产品条款中的收益实现条件和潜在风险。 挂钩黄金的结构性存款受热捧 近期金价持续上涨，带动挂钩黄金的银行结构性存款产品迅速走红。结构性存款通常被视为"存款+金融衍生品"的组 合型产品，其本金一般投向存款等低风险资产，收益部分则用于投资衍生品，以争取更高回报。 据第一财经不完全统计，20 ...