Core Viewpoint - The precious metals market is experiencing significant volatility, with both gold and silver prices sharply declining after a period of rapid increases, indicating a shift driven by emotional and speculative trading rather than fundamental factors [2][5][9]. Group 1: Market Performance - As of the latest report, spot silver has fallen below $75 per ounce, down over 11%, while spot gold has opened lower at $4,703 per ounce, hitting a low of $4,583 during trading [2]. - The domestic market mirrored the international precious metals market's dramatic decline, with major commodities like silver, palladium, and platinum experiencing trading halts, and gold dropping by 11.68% [2]. - A-share market saw significant losses in precious metals and non-ferrous sectors, with stocks like Zhongjin Gold and Sichuan Gold hitting trading limits [2]. Group 2: Regulatory Actions - The Shanghai Gold Exchange issued an urgent notice to adjust margin levels and price fluctuation limits for silver contracts due to high volatility, increasing the margin from 20% to 26% and the fluctuation limit from 19% to 25% [3]. - Exchanges have raised margin requirements and implemented trading restrictions to curb speculative trading, with the Shanghai Futures Exchange increasing margin ratios and limiting daily positions for silver futures [4][5]. Group 3: Market Sentiment and Predictions - Analysts note a divergence in expectations among institutions regarding precious metals, with recent price movements reflecting a mix of speculative behavior and cautious institutional sentiment [6][8]. - Despite the recent volatility, some institutions maintain a long-term bullish outlook on precious metals, predicting gold could reach $6,000 per ounce and silver $120 per ounce by 2026, driven by monetary attributes and ongoing demand [9].

记者丨郭聪聪 编辑丨周炎炎 在本周一（1月26日）早盘突破每盎司5000美元心理关口后，现货黄金涨势不止。 截至1月28日20时左右，现货黄金报价报5260美元/盎司，单日涨幅1.52%，今日盘中更首次突破5300美元/盎司，再度刷新历史纪录。 | | 国际贵金属 | | | | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | | 伦敦金现 | 5260.460 | 78.712 | 1.52% | | 伦敦银现 | 112.439 | 0.531 | 0.47% | | COMEX黄金 | 5254.8d | 172.2 | 3.39% | | COMEX白银 | 111.890d | 5.933 | 5.60% | | 伦敦金(人民币/克) | 1174.7424 | 17.5600 | 1.52% | | 伦敦银(人民币/千克) | 25109.8006 | 118.6270 | 0.47% | 图/AI 价格上涨的背后，是结构性的驱动力在发挥作用。长江商学院会计与金融学教授、投资研究中心主任刘劲分析指出，本轮黄金上涨折射出全球投资者对国际 政治经济环境高度 ...