而更深层理解黄金上涨，在于美元价格下跌背后的信用失守，美联储独立性风险、美国财政赤字扩大、 政治极化加剧等多重问题，不断侵蚀着美元的全球信用基础，让市场对美元的长期购买力充满担忧。 当美元的信用受到质疑，黄金作为终极避险资产的属性便被激活，成为全球资金规避不确定性的首选， 大量避险资金的持续涌入，为金价上涨注入了强劲动力。 与此同时，全球央行的战略性购金行为，更是为金价筑牢了坚实的底部支撑，包括中国在内的多国央行 持续增持黄金，中国央行更是实现连续14个月加码，释放了积极信号，让黄金的长期需求有了稳定保 障，也让市场对金价走势充满信心。 现阶段，市场对金价走势的分歧，本质在于短期波动与长期趋势的不同判断，而主流机构的集体看多， 更印证了此轮金价上涨的周期属性。不少机构将黄金目标价上调至5700—6000美元/盎司，甚至有机构 喊出6600美元/盎司的预期，也进一步助推了市场的看多情绪。 连日来，"金价是否太高"成为市场热议的核心话题。 在突破5000美元/盎司重大关口后，现货黄金狂飙走势并未停歇。 1月28日，伦敦金现刷新5311美元/盎司的历史新高，开年至今已累计上涨超22%。主流金饰品价格突破 1600元 ...

1月28日午后，现货黄金涨破5300美元/盎司，续创新高。截至发稿报5295.07美元/盎司，涨超2%。今年以来，现货黄金价格累计涨幅已超22%。 在国内市场上，A股黄金概念股集体暴涨，个股掀起涨停潮。截至收盘，飞南资源、晓程科技20cm涨停，中国黄金、招金黄金、湖南黄金、四川黄金等超 30股涨停。 国投白银LOF(161226) 已收盘 01-28 15:00:00 额 28.17亿 换手 16.95% IOPV 0.0000 4.17 10.01% 量 609.96万 折价 0.00% 净值 3.189 0.434 分时 五日 日K 月K 更多』 ◎ 4.770 10.01% 五档 明细 显示金额= 0 0 4.336 0.00% 0 0 0 16.1万 4.770 3.902 -10.01% 09:30 11:30/13:00 15:00 1.1.0% 1, 760 国投白银LOF涨停，成交额逾28亿元，本月累计涨幅近112%。易方达黄金主题LOF一度涨超9%，目前涨幅缩小至7%，成交额逾8亿元。 东吴期货表示，黄金白银强势上行。一方面，美国总统特朗普昨晚的言论使得美元地位进一步下降，大幅提升了黄金的吸 ...

见证历史！现货黄金价格一日内突破5200美元、5300美元两大整数关口。 国内期货市场方面，1月28日沪金主力合约收涨3.58%。 A股市场方面，黄金、有色金属板块1月28日掀涨停潮。Wind数据显示，截至收盘，贵金属指数大涨6.76%，晓程科技（300139）、浩通科技 （301026）、常铝股份（002160）、锌业股份（000751）、白银有色（601212）、罗平锌电（002114）等超30股涨停或涨超10%。 | < ロ | | | 工 | | | | | --- | --- | --- | --- | --- | --- | --- | | 01-28 15:00:04 | | | | | | | | 229091.42 昨收 | | | 214587.64 | 成交额 | | 818亿 | | 14503.77 6.76% | | 今开 | 219544.19 | 成交量 | 22.8亿 | | | 上 涨 | 16 | ਜ | 0 | 下 跌 | | 1 | | 最高价 | 229749.30 | 市留学 | 32.8 | 近20日 | 44.24% | | | 最低价 | 217200.18 ...

【基本面消息】 宝城期货：特朗普讲话引发美元跳水 夜盘上演V型反转！金银尾盘强势拉升 数据显示，1月28日上海黄金现货价格报价1185.00元/克，相较于期货主力价格（1186.20元/克）贴水1.2 元/克。 【黄金期货最新行情】 根据美国普查局最新数据，由于移民大幅放缓，去年美国人口增长明显降温。数据显示，截至2025年7 月1日的一年里，美国人口仅增加180万人，增幅为0.5%，总人口接近3.42亿。这是自2021年以来最慢的 增长速度，既反映出移居美国的移民减少，也反映出离开美国的人数增多。 | 1月28日 | 收盘价（元/克） | 当日涨跌幅 | 成交量（手） | 持仓量（手） | | --- | --- | --- | --- | --- | | 沪金主力 | 1186.20 | 1.52% | 430617 | 222473 | 花旗发布最新年度商品展望报告称，黄金已从"成本定价"转向由财富再配置与供给刚性决定，在牛市情 景下或上探6000美元/盎司。德意志银行认为，美元走弱、供需结构性失衡以及地缘政治风险将大概率 在今年推升黄金涨至6000美元/盎司。 打开APP，查看更多高清行情>> 【机构 ...

除了地缘政治因素，经济层面的动荡同样为黄金提供了强大支撑。美国政府再度面临部分停摆的风险，成为市场关注的焦点。1月30日是联邦拨款截止日 期，共和党和民主党围绕国土安全部预算的激烈博弈已进入白热化阶段。争议主要源于特朗普推行的强硬移民措施，在明尼苏达州发生第二名美国公民被联 邦移民官枪击身亡的事件后，民主党要求剥离国土安全部拨款或限制其执法权力，否则拒绝通过预算。这一分歧不仅威胁到多个联邦机构的正常运转，还可 能引发更广泛的经济连锁反应。参议院共和党领袖图恩表示，国会两党正与白宫展开紧急谈判，但若无法及时妥协，政府停摆将从月底起成为现实，这将进 一步打击投资者信心。 与此同时，美元的持续贬值成为黄金上涨的直接催化剂。周二，美元指数下跌1.33%至95.75，盘中触及95.57的四年低点。这一跌势部分源于特朗普的最新 言论，他公开表示不担心美元贬值，甚至声称可以让美元像"悠悠球"一样涨跌，并批评日本试图贬值本国货币。这些言论引发市场恐慌，导致美元加速走 弱。特朗普还宣布计划对韩国进口商品征收25%的新关税，并威胁如果加拿大推进与亚洲大国的贸易协议，将对加拿大输美商品征收100%关税。这些政策 举措加剧了全球贸易 ...

Core Viewpoint - The global gold market is experiencing a significant surge, with gold prices reaching new historical highs, leading to accelerated net inflows into gold-themed ETFs, particularly gold stock ETFs, which are showing a more pronounced "capital attraction" trend [1][2]. Group 1: Gold Themed ETFs - The net inflow of funds into gold-themed ETFs has accelerated this year, with a notable distinction between commodity gold ETFs and gold stock ETFs, the latter showing a more significant capital attraction [2]. - As of January 27, the total scale of 14 commodity gold ETFs reached 314.14 billion yuan, a 29.71% increase from the end of last year [2]. - The total net inflow of funds into commodity gold ETFs this year has reached 27.02 billion yuan, which is nearly a quarter of the total net inflow for the entire previous year [2][3]. Group 2: Gold Stock ETFs - The six gold stock ETFs have a combined scale of 29.09 billion yuan, representing an increase of over 75% from the end of last year [2]. - The net inflow of funds into gold stock ETFs has exceeded 5.63 billion yuan this year, surpassing one-third of the total net inflow for the previous year [3]. - Among the gold stock ETFs, one has reached a scale of over 10 billion yuan, with the latest scale of Yongying's gold stock ETF at 19.46 billion yuan, a more than 50% increase from the end of last year [3]. Group 3: Performance Comparison - Gold stock ETFs have shown higher yield elasticity, with a cumulative net value growth rate exceeding 35% this year, compared to around 17% for commodity gold ETFs [4]. - Over the past year, gold stock ETFs have seen a cumulative net value increase of over 140%, significantly outperforming commodity gold ETFs [4]. Group 4: Market Outlook - The investment value of gold assets is gaining recognition due to global geopolitical uncertainties and expectations of a rate cut cycle in 2026, which could support demand for gold [5]. - The overall performance of gold stocks is meeting expectations, with potential for continued investment opportunities in 2026 [5].

Core Viewpoint - International gold prices have surged recently, reaching a peak of $5,107 per ounce, followed by significant fluctuations exceeding $100, indicating a volatile market environment driven by various economic factors [1][2][5]. Group 1: Gold Price Trends - On January 26, the COMEX gold futures price briefly surpassed $5,107 but closed at $5,004.8 per ounce, marking an approximate 18% increase for the month, potentially the largest monthly gain in over 40 years [2]. - The rise in international gold prices has led to an increase in domestic gold jewelry prices, with several brands reporting prices exceeding 1,570 yuan per gram [2]. Group 2: Risk Assessment in Banking - In response to rising gold prices, several commercial banks in China have increased risk assessment requirements for gold accumulation products, effective from 2026 [4]. - Agricultural Bank of China and Industrial and Commercial Bank of China have announced new risk assessment protocols for personal clients engaging in gold accumulation transactions [4]. Group 3: Drivers of Gold Price Increase - The rapid increase in gold prices is attributed to declining confidence in the US dollar and a shift in the global monetary system, with analysts suggesting that the $5,000 per ounce mark may not pose a significant barrier to further increases [5]. - The current surge in gold prices reflects heightened global demand for safe-haven assets amid various geopolitical and economic uncertainties, including the COVID-19 pandemic and the Russia-Ukraine conflict [6]. Group 4: Investment Recommendations - Experts recommend that individual investors prioritize rational asset allocation, suggesting the use of low-leverage tools like gold ETFs and maintaining gold holdings at 5%-10% of liquid assets [8]. - Regulatory bodies are encouraged to enhance market oversight to mitigate speculative trading behaviors and promote long-term investment strategies [8]. Group 5: Other Precious Metals - Silver prices have also seen significant increases, with a reported rise of over 50% this year, driven by supply-demand imbalances, particularly in sectors like photovoltaics and electric vehicles [10]. - Platinum and palladium have experienced price increases, with platinum reaching a historical high of $2,797.73 per ounce, as investment demand continues to grow amid supply shortages [10].

黄金价格狂飙，最慌的不是散户，而是德国。 1236吨黄金，价值超千亿美元、相当于德国GDP近2%的"压箱底"财富，正锁在美国纽约的地下金库 里，想看一眼都被拒绝。 如今，德国议员集体要求立刻运回黄金，瑞典、丹麦等国养老基金开始大规模抛售美债，一场席卷欧洲 的对美资产"不信任潮"正汹涌而来。 这早已不是简单的资产搬家，而是全球对美国金融信任的致命崩塌，其影响将深刻波及每一个普通人。 二战后，德国将大量黄金存于美国，本是为了远离苏联威胁、利用纽约的金融中心地位。那个位于地下 24米、有着90吨钢门的金库，曾是"绝对安全"的象征。 德国的焦虑绝非个例，不信任情绪已如瘟疫般在欧洲蔓延。 今年1月，瑞典最大的私人养老基金阿莱克塔率先发难，宣布抛售其持有的七到八成美债，规模达上百 亿美元。 紧接着，丹麦两家大型养老基金火速跟进，直言要"尽快摆脱对美国的依赖"，担心特朗普政府可能突然 对丹麦金融业下狠手。 然而，时移世易，曾经的保险箱如今成了德国的心头大患。自2013年起，德国就开始艰难地运回黄金， 但近十年过去，仍有1236吨滞留美国，占比高达其黄金储备的37%。 更让德国不安的是，其央行多次提出清点核查自家黄金的请求， ...

Group 1 - The core viewpoint of the news highlights the significant rise in the stock price of Chifeng Gold, which reached 46.86 yuan with a 10.00% increase, resulting in a total market capitalization of 89.053 billion yuan and a trading volume of 6.158 billion yuan, reflecting a turnover rate of 8.11% [1] - Market speculation around Chifeng Gold is driven by multiple favorable factors, including the continuous rise in international gold prices, which has increased overall attention on the gold sector [1] - Chifeng Gold has disclosed a performance forecast for 2025, expecting a net profit attributable to shareholders of 3 billion to 3.2 billion yuan, representing a year-on-year growth of 70% to 81%, primarily due to stable gold production and rising sales prices [1] Group 2 - The international spot gold price has repeatedly set historical records, with global institutions continuously raising their gold price forecasts [1] - Central banks and sovereign wealth funds are increasing their gold holdings, further enhancing the demand for gold as an asset allocation choice [1] - Uncertainties in geopolitical situations, the global trend of de-dollarization, and concerns over the credibility of fiat currencies are collectively driving up the demand for gold assets [1]

责任编辑：陈平 1月28日，在全球金融市场的剧烈波动中，黄金无疑成为了2026年初最耀眼的明星。一夜之间，国际金 价狂涨接近200点，以势如破竹之势接连攻克5100美元/盎司、5200美元/盎司两大关键关口，不断刷新 历史新高，用实际走势诠释了"一路北上"的强势格局。对于当前的黄金行情，任何试图预判顶部的想法 都显得苍白无力，趋势的力量已然形成，且短期内未见任何掉头迹象。从盘面表现来看，黄金的上涨并 非短期情绪炒作的脉冲式行情，而是有坚实资金支撑的阶梯式攀升。数据显示，1月28日伦敦现货黄金 价格最高达到5247.628美元/盎司，COMEX金价最高触及5238.6美元/盎司，国内沪金主力合约同步刷新 历史高点，早盘最高报1181.8元/克，国内品牌金饰价格也顺势站上1600元/克大关，老凤祥、潮宏基等 品牌足金零售价均突破1610元/克。与此同时，A股贵金属板块同步走强，Wind贵金属指数大涨近6%， 多只黄金股强势涨停，市场做多热情可见一斑。 推动黄金持续走强的核心逻辑的多重共振。一方面，全球地缘局势持续紧张，格陵兰岛问题升级、美国 国内政策不确定性加剧等因素，不断推升市场避险情绪，黄金作为传统避险资产的 ...