Report Title - "Hualian Futures Gold Weekly Report: Short-term High-level Volatility, Long-term Upward Logic Remains Unchanged" [1] Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - In 2025, the price increases of the London Gold and Shanghai Gold indexes were 70.63% and 64.56% respectively; in the first week of 2026, they were 3.69% and 3.96% respectively [7][29] - Inflation data has shown a downward trend, with the US core CPI in November rising at the slowest pace since early 2021, which is favorable for the Fed to cut interest rates [7][33] - US Treasury yields have been fluctuating downward, and real interest rates rose slightly in November [7][38][43] - The global gold supply and demand were in a loose state in 2024, while the domestic supply and demand were in a tight balance. In 2025, investment demand increased significantly both globally and domestically [7][56] - The US economy showed mixed signals, with non - farm employment slightly lower than expected but the unemployment rate falling unexpectedly [7][50] - It is expected that the Fed will cut interest rates twice in 2026, and factors such as the decline in the global US dollar reserve ratio and the increase in the US fiscal deficit are favorable for the long - term rise of gold prices. It is recommended to hold long positions in gold in the medium term and set stop - profits in the short term [11] Summary by Directory 1. Weekly Views and Strategies Fundamental Views - Gold price trends: In 2025, the London Gold and Shanghai Gold indexes had significant increases, and they also rose in the first week of 2026 [7][29] - Inflation situation: CPI and PCE peaked in June 2022 and then declined. Core inflation has been relatively stable, and the slow rise of the core CPI in November is conducive to interest rate cuts [7][33] - Interest rate trends: US medium - term Treasury yields have been fluctuating downward since mid - to late October 2023, and real interest rates rose in November [7][38][43] - Supply and demand: The global gold supply and demand were loose in 2024, and the domestic supply and demand were in a tight balance. Investment demand increased significantly in 2025, and domestic jewelry demand may continue to decline in 2026 [7][56] - US economic data: The non - farm employment growth in December was lower than expected, but the unemployment rate was lower than expected. The average hourly wage growth of non - farm employees continued to decline [7][50] Strategy Views and Outlook - Outlook: Gold futures contracts were in a high - level volatile state last week. The Fed's potential interest rate cuts in 2026, the decline in the global US dollar reserve ratio, and the increase in the US fiscal deficit are all favorable for gold prices. It is expected that gold will maintain an upward trend in the first half of 2026 [11] - Operation suggestions: Hold long positions in gold in the medium term and set stop - profits in the short term. For options, take profits on call options and then observe [11] 2. Spot and Futures Markets - Last week, gold prices were in a high - level volatile state, with the London Gold and Shanghai Gold indexes rising in 2025 and the first week of 2026 [23][29] 3. Inflation and Interest Rates - Inflation: CPI and PCE peaked in June 2022 and then declined. Core inflation has been stable, and the slow rise of the core CPI in November is conducive to the Fed's interest rate cuts [33] - Interest rates: US medium - term Treasury yields have been fluctuating downward since mid - to late October 2023, and real interest rates rose in November [38][43] 4. US Economy - GDP: The US GDP increased by 2.33% year - on - year in the third quarter of 2025, up from 2.08% in the second quarter [46] - PMI: The ISM manufacturing PMI in December 2025 continued to decline, while the non - manufacturing PMI continued to strengthen [46] - Non - farm employment: The non - farm employment growth in December was lower than expected, but the unemployment rate was lower than expected. The average hourly wage growth of non - farm employees continued to decline [50] 5. Gold Supply and Demand Balance Sheet - Global: The supply and demand were in a loose state in 2024 due to inventory increases, and central bank gold purchases remained above 1000 tons. Investment demand increased significantly in 2025 [56] - Domestic: The supply and demand were in a tight balance in 2024, and investment demand increased significantly in 2025. Domestic jewelry demand may continue to decline in 2026 due to the new gold tax policy [56] 6. Exchange Rate and US Dollar Index - Not elaborated on specific trends and impacts in the provided content 7. Gold Domestic - International Price Spread - The price spread between the domestic and international gold markets is within a reasonable range, but no specific data or analysis is provided [87] 8. Gold Basis - Not mentioned in the provided content 9. Gold - Silver - Oil Ratio - Not elaborated on specific trends and impacts in the provided content

Core Insights - The domestic gold market is experiencing a new wave of price fluctuations, with major brands like Chow Tai Fook and Chow Sang Sang exceeding 1400 RMB per gram, while China Gold maintains a lower price advantage at 1011.5 RMB per gram [2] - There is a significant price differentiation among gold brands, reflecting a dual nature of gold as both a consumer "hard currency" and an investment "safe-haven asset" [2] - Historical data shows that gold has a strong long-term appreciation attribute, making it an essential stabilizer in household asset allocation [3] Price Trends - Major gold brands are priced between 1406-1410 RMB per gram, up over 8% since the beginning of the year, while price-sensitive brands like China Gold are priced between 1011.5-1209 RMB per gram [2] - The average price of gold is projected to remain between 2100-2300 USD per ounce in 2026, supported by ongoing central bank purchases and geopolitical risks [7] Investment Behavior - There is a noticeable increase in inquiries about gold bar investments, particularly among younger consumers who prefer smaller denominations [2] - Analysts recommend allocating 10%-15% of assets to gold, especially for risk-averse investors, as it can effectively hedge against stock and real estate market fluctuations [3] Trading Strategies - Short-term traders are capitalizing on T+0 trading mechanisms and daily fluctuations, with some achieving over 5% profits through intraday operations [4] - However, short-term trading carries significant risks, with 85% of retail investors ultimately losing money [4] Investment Guidance - Experts suggest prioritizing asset allocation by using gold as a safety net, recommending methods like gold ETFs and systematic investment plans to mitigate price volatility [5] - For consumers with gifting needs, participating in "old-for-new" programs can satisfy both consumption and asset preservation [5] - Short-term traders should set strict stop-loss limits and monitor key economic indicators that influence gold prices [5] Cautionary Notes - Investors should verify whether lower-priced brands are members of the Shanghai Gold Exchange to avoid purchasing non-investment products [6]

Core Viewpoint - The international gold price continues to rise amid geopolitical turmoil, with significant increases in both gold and silver futures prices, driven by ongoing market demand for safe-haven assets [1]. Group 1: Gold Price Trends - As of January 9, 2026, gold futures for February delivery were priced at $4500.90 per ounce, up 0.90%, while silver futures for March delivery were at $79.341 per ounce, reflecting a 5.59% increase [1]. - The main gold futures contract on the New York Mercantile Exchange saw a weekly increase of 3.96% [1]. - Domestic gold jewelry prices have also risen, with some brands reporting prices exceeding 1400 yuan per gram [1]. Group 2: Banking Adjustments - Major Chinese banks, including Bank of China and Industrial and Commercial Bank of China (ICBC), have issued warnings and adjusted rules regarding gold trading to alert investors to increased risks [2]. - ICBC announced an increase in the minimum investment amount for its gold accumulation business from 1000 yuan to 1100 yuan, effective January 8, 2026 [6]. - The bank will also adjust the risk rating for personal customers purchasing gold accumulation, requiring a risk assessment to achieve a C3-balanced rating or higher for new accounts or investment plans [9]. Group 3: Investment Products - Several banks have launched structured deposit products linked to gold, offering flexible terms and a combination of principal protection and variable returns to attract investors [15]. - Jiangsu Bank introduced structured deposits with terms of 3 and 6 months, with minimum investment amounts of 10,000 yuan and expected annualized returns of 1% to 2.09% [15]. - DBS Bank has also entered the market with a 12-month bullish gold structured deposit, offering annualized returns of 1.5% to 4% with a minimum subscription of $10,000 [16].

黄金多头刹车，跳水回落后。再次上演V型反转，漫步回升调整后。昨天再次反弹60美金，涨破4500的 关口，再战4550，以及历史新高。 那么继续看涨4550的历史高位，再次突破，新高看4600，不猜顶。 当然了，下方再次调整。 那么或再探4482的位置，关注二次反弹。 双支撑，继续看涨挑战4550的位置。 下方若持续回调，下方跌破了4482，继续看向4431的支撑。 下周的走势 昨天加速冲高回落，收盘4509的位置。 再次重返4500上方，强势之下。 下周继续看涨为主，上方续涨。 黄金连涨2个月，一路长途跋涉，修复跌幅后，冲高跳水收官。到本月，再次回升模式，不断修复跌 幅。多头重启，再次上破，看向历史新高，不猜顶。当然了，下方再次大幅调整，可看向4400的关口。 昨天主要因素： 同时对于仓位风险的把控能力，做到足够的低的风险，实现最大化的盈利的机会，这个是每个投资者必 要的基础。最快的实现盈利的方式，就是跟随真正的高手，他怎么做，你怎么做就可以了。 我们8位数黄金团队，实操十多年能够实现稳健的85%甚至更高的准确率。同时，最低的风险，实现盈 利最大化，平均每单看到6-20个点的比较大获利空间。 操作方面，黄金大 ...

招商银行（600036）则推出"点金"系列产品，期限覆盖7天至181天，其中"点金看涨三层区间周周存"产 品于1月9日起售，根据黄金价格突破波动区间的情况，提供1%/1.27%/1.47%的预期到期年化收益率。 外资银行亦积极参与，如星展银行推出12个月期看涨黄金结构性存款，年化收益为1.5%/4%，最低认购 金额为1万美元。 近期，受市场避险情绪影响，黄金投资持续受到关注。多家中外资银行顺势推出挂钩黄金的结构性存款 产品，以灵活期限及"保本+收益浮动"的特点吸引投资者。 从产品类型看，江苏银行（600919）近期推出了3个月与6个月两款挂钩黄金的结构性存款，起存金额均 为1万元，预期年化收益率分别为1%/1.89%/2.09%。 ...

Core Insights - The price of spot gold reached a historic high of $4,379.96 per ounce in October 2025, with HSBC raising its gold price forecast for the first half of 2026 to $5,000 [1] - The current market conditions present both opportunities and challenges for gold investors, emphasizing the importance of selecting the right investment method and platform [1] Investment Channels - Various gold investment methods exist, including physical gold, paper gold, gold ETFs, and gold futures, each with its own characteristics and limitations [1] - Physical gold is reliable but poses challenges in storage and liquidity; gold ETFs are suitable for long-term holding but lack trading flexibility; gold futures offer strategic possibilities but require professional knowledge and capital [1] - For investors seeking flexibility and liquidity, contracts for difference (CFDs) in spot gold trading allow for 24-hour trading and dual-direction operations [1] Trading Platforms - The choice of trading platform is crucial, impacting fund security, order execution, and overall investment experience [1] - Technical stability is vital, as the speed of data transmission and order execution can significantly affect trading outcomes during volatile market conditions [1] Regulatory Compliance and Market Dynamics - A compliant platform like Giant Gold, a member of the Hong Kong Gold Exchange, has a strong regulatory background and operates over 20 data centers globally, achieving 99.8% of orders executed in under 14 milliseconds [2] - The increasing uncertainty in the global economy highlights gold's safe-haven attributes, driven by geopolitical tensions, high global debt, and changes in major central bank monetary policies [2] - Central banks have purchased over 1,000 tons of gold for the third consecutive year, setting a historical record and providing strong support for gold's long-term value [2] Technological Innovations - Leading platforms are addressing traditional issues in precious metal trading, such as cumbersome processes and fund security, through technological innovations [2] - For instance, Giant Gold has developed an AI-powered gold assistant to enhance customer experience, ensures complete segregation of client funds from operational funds, and offers 24/7 one-on-one customer service to simplify processes [2] Conclusion - While gold prices may fluctuate, professional platform services and reliable fund security are essential for investors to navigate market uncertainties [3]

Core Viewpoint - Gold prices have continued to rise, with COMEX gold futures increasing by 1.29% to $4518.4 per ounce, marking a weekly increase of 4.34% as of January 9, 2026, raising concerns about trading risks in the gold market [1] Group 1: Gold Price Trends - Gold prices have surpassed the $4500 mark, indicating a sustained upward trend since early 2026 [1] - The increase in gold prices has led to heightened trading risks, prompting major banks to issue warnings and adjust trading rules [1] Group 2: Warnings from Financial Institutions - Bank of China has alerted the public about illegal trading platforms that promote "gold investment" and "gold pre-pricing," which are essentially scams disguised as investment opportunities [2] - These platforms often promise low entry barriers and high returns, misleading users into believing they are investing in gold when they are actually gambling [2] - The Bank of China emphasizes that such activities are illegal and participants may face legal consequences [2] Group 3: Changes in Investment Policies - Industrial and Commercial Bank of China (ICBC) has raised the minimum investment amount for its gold accumulation business from 1000 yuan to 1100 yuan, effective January 8, 2026 [5] - ICBC will also require personal customers to undergo a risk assessment to qualify for gold accumulation services, raising the risk rating requirement from C1 to C3 [6] - This adjustment reflects the bank's response to the increased volatility in gold prices and aims to ensure that investors have an appropriate risk tolerance [7]

Core Viewpoint - The rising gold prices have led to an increase in gold investment schemes, particularly targeting middle-aged and elderly consumers, but these schemes are often fraudulent and resemble Ponzi schemes [2][3][6] Group 1: Investment Schemes - Many gold stores are introducing services like "gold custody" and "value repurchase" to attract consumers looking for asset preservation and appreciation [2] - These schemes often involve selling gold at inflated prices, promising high returns and buyback guarantees, creating a false sense of security for investors [4][6] Group 2: Consumer Warnings - The provincial consumer association has issued warnings about these investment schemes, highlighting their potential to be illegal fundraising or Ponzi schemes [3][6] - Complaints have surged, with a 30% increase in inquiries and rising issues related to unfulfilled buyback promises and high fees that diminish returns [5] Group 3: Fraudulent Practices - The business model of these schemes is unsustainable, relying on new investors' funds to pay returns to earlier investors, which can lead to a collapse when new investments dry up [6] - Many businesses lack sufficient gold reserves, and claims of "professional storage" are often misleading, with some using substandard gold to fulfill obligations [6] Group 4: Consumer Protection Measures - The consumer association recommends verifying market prices, avoiding custody services, and ensuring transactions are conducted through reputable channels [7] - It emphasizes the importance of checking the legitimacy of businesses and being cautious of high-return promises that contradict market principles [7][8]

中经记者 慈玉鹏 北京报道 2026年1月，多家银行发布挂钩黄金相关标的的结构性存款产品，年化收益率最高一度触及4.5%。 《中国经营报》记者采访了解到，投资挂钩黄金相关标的的结构性存款产品，需要注意评估其高收益触 发条件是否合理；同时，产品若以美元计价，购买前必须考虑汇率风险。 高收益率产品陆续推出 近期，多家银行发布挂钩黄金相关标的的结构性存款产品。 购买挂钩黄金的结构性存款投资人需要注意风险。 尊彩黄金产业研究院院长吴龙告诉记者，首先，市场风险是核心，黄金价格波动直接影响收益实现，例 如部分产品中设定若金价未达预期，投资者仅能获得较低年化收益。其次，部分产品流动性风险因产品 期限较长，提前赎回可能面临罚息或本金损失。最后，挂钩标的复杂性带来额外风险，例如部分产品并 非直接挂钩黄金现货，而是金矿公司股票，其表现受企业运营和股市波动双重影响，投资者需充分理解 条款以避免误判。 金融监管专家周毅钦告诉记者，投资者购买挂钩黄金相关标的的结构性存款，收益多为"区间型"或"触 发型"，若金价在观察区间内未达到约定条件，只能拿保底收益，弹性收益往往需要金价有较大幅度的 上涨才能实现。所以不能被其高收益所迷惑，还是要评 ...

Core Insights - The price of the "Sheng Sheng You Xi" series pearl four-leaf clover necklace from Chow Sang Sang's Tmall flagship store increased by 15,200 yuan overnight, reaching a new price of 136,000 yuan, influenced by rising gold prices and increased material costs [1][4][8] - The necklace was temporarily taken down from the store due to sold-out inventory but was later re-listed with only one piece available, indicating high demand and limited supply [4][8] Price Adjustments - Chow Sang Sang's customer service indicated that price adjustments are made periodically based on the rising costs of materials, design fees, and patent fees, alongside the fluctuating gold prices [1][3] - The gold price at Chow Sang Sang's physical store reached a new high of 1,408 yuan per gram, with a 14-gram gold necklace seeing a price increase of over 100 yuan from the previous day [8][10] Market Trends - The demand for gold jewelry remains strong, driven by investment needs and wedding preparations, despite the rising prices [10] - Other brands, such as Chow Tai Fook, reported similar trends, with gold bar prices reaching 1,233 yuan per gram and a significant price increase of 2,800 yuan for a 200-gram gold bar on the same day [10]