4700美元、4800美元，眼看就要4900美元。近几个交易日，黄金价格每天都在创新高。今天，沪金主力 合约强势突破1100元整数关口，日内涨超4%，本月累计上涨超10%。多家品牌金饰价格逼近1500元， 其中，周生生足金饰品今天报1495元/克，较前一天上涨41元。老凤祥报1498元/克，较前一天上涨42 元。近1年涨幅领跑同类的有色矿业ETF招商全天走强，成份股湖南白银、西部黄金涨停。消息面上， 当地时间1月20日，波兰央行宣布将购买150吨黄金。该行行长表示，黄金是一种零信用风险的资产，高 额黄金储备有助于提升波兰经济的稳定性。贵金属价格狂飙之际，1月20日，上期所发布通知，调整 铜、铝、黄金、白银等期货相关合约交易保证金比例和涨跌停板幅度。机构指出，从短期看，受地缘局 势扰动，金价大概率维持偏强震荡。中长期需重点防范避险溢价褪去后的估值回归风险。 4700美元、4800美元，眼看就要4900美元。近几个交易日，黄金价格每天都在创新高。今天，沪金主力 合约强势突破1100元整数关口，日内涨超4%，本月累计上涨超10%。多家品牌金饰价格逼近1500元， 其中，周生生足金饰品今天报1495元/克，较前一天上 ...

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints of the Report - The future market may focus on the impact of US economic data on Fed policy expectations and geopolitical disturbances. If the impact of news weakens, the market will maintain a relatively strong shock. The short - term uncertainty of the market is high. Gold can maintain a light - long position above $4300 or sell out - of - the - money put options to earn time value [1] - For silver, due to the intensification of global inventory shortages and the large - scale increase of spot by institutional long - funds through ETFs and physical delivery, the price is running strongly, and the price center is expected to move up continuously. However, rising raw material costs may suppress industrial demand. After the impact of the global commodity index rebalancing is basically digested, it is recommended to hold long - positions above $75 and operate cautiously on one side under high - volatility risks [1] - Platinum and palladium have a strong macro and supply - demand fundamentals, and the price is still undervalued compared with gold. Driven by funds, their value is being reshaped, and they are expected to continue to rise in the medium and long - term. In the short - term, market speculation has weakened and fluctuations have narrowed. But with the strong external market, it is recommended to buy platinum and palladium lightly on dips near the 20 - day moving average [1] 3. Summary According to the Catalog Domestic Futures Closing Prices - The AU2602 contract closed at 1026.28 yuan/gram on January 12, up 1.97% from January 9; the AG2604 contract closed at 20945 yuan/kilogram, up 11.82%; the PT2606 contract closed at 622.80 yuan/gram, up 3.83%; the PD2606 contract closed at 499.05 yuan/gram, up 1.21% [1] Foreign Futures Closing Prices - The COMEX gold主力 contract closed at $4518.40 per ounce on January 12, up 2.00% from January 9; the COMEX silver主力 contract had a certain increase; the NYMEX platinum主力 contract closed at $2361.30 per ounce, up 3.67%; the NYMEX palladium主力 contract closed at $1911.50 per ounce, up 2.00% [1] Spot Prices - London gold was at $4509.02 per ounce, up 1.99%; London silver was at a price with a 6.54% increase; spot platinum was at $2374.00 per ounce, up 4.03%; spot palladium was at $1851.00 per ounce, up 0.98%; the Shanghai Gold Exchange's gold T + D was at 1022.12 yuan/gram, up 1.91%; the Shanghai Gold Exchange's silver T + D was at 20902 yuan/kilogram, up 11.42%; the Shanghai Gold Exchange's platinum 9995 was at 613 yuan/gram, up 3.39% [1] Basis - The basis of gold TD - Shanghai gold主力 was - 4.16 with a certain historical 1 - year quantile; the basis of silver TD - Shanghai silver主力 was - 43; the basis of London gold - COMEX gold was - 10.24; the basis of London silver - COMEX silver was - 0.14 [1] Ratio of Precious Metals - The COMEX gold/silver ratio was 54.12, down 4.43%; the Shanghai Futures Exchange gold/silver ratio was 53.73, down 8.81%; the NYMEX platinum/palladium ratio was 1.24, up 1.63%; the Guangzhou Futures Exchange platinum/palladium ratio was 1.23, up 2.59% [1] Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.19%, up 0.2%; the 2 - year US Treasury yield was 3.54%, unchanged; the 10 - year TIPS Treasury yield was 1.90%, unchanged; the US dollar index was 98.89, down 0.24%; the offshore RMB exchange rate was 6.9687, down 0.10% [1] Inventory and Position - The Shanghai Futures Exchange's gold inventory was 97,653 kilograms, unchanged; the Shanghai Futures Exchange's silver inventory was 649,643 kilograms, up 4.74%; the COMEX gold inventory was 36,311,918 ounces, unchanged; the COMEX silver inventory decreased by 0.51%; the COMEX gold registered warehouse receipts decreased by 0.52%; the COMEX silver registered warehouse receipts decreased by 1.23%; the SPDR gold ETF position increased by 0.59%; the SLV silver ETF position increased by 0.24% [1]