Core Viewpoint - Silver prices have significantly dropped, erasing gains from the previous two days, indicating a search for a bottom after a historic plunge. Gold prices have also declined [1][2]. Group 1: Price Movements - On Thursday, silver prices fell by 15%, having briefly risen above $90 earlier in the Asian session. Gold experienced a fluctuation, with a drop of 3.2% [1][2]. - As of 10:58 AM Singapore time, spot gold decreased by 2.5% to $4,839.45 per ounce, while silver fell by 14% to $75.8875 per ounce [1][2]. Group 2: Market Drivers - The surge in precious metals last month was driven by speculative fervor, geopolitical turmoil, and concerns regarding the independence of the Federal Reserve. However, this upward trend abruptly ended last week [1][2]. - Silver faced its largest single-day decline, while gold recorded its biggest drop since 2013 [1][2].

Core Viewpoint - Gold prices have rebounded above $5,000 per ounce for the second consecutive day as investors buy on dips following a historic drop from record highs [1][10] Group 1: Price Movements - On Wednesday, gold prices rose by 2.9%, following a previous day's increase of over 6% [1] - Despite being more than $500 below the previous record high, gold has maintained a year-to-date increase of approximately 17% [1] - Silver prices also experienced an upward trend [1] Group 2: Market Dynamics - The forced sell-off in precious metals may have ended, according to Daniel Ghali, a senior commodity strategist at TD Securities [3][7] - Recent volatility has led retail investors to remain cautious, reducing a significant buyer group [3] - The surge in precious metal prices last month was driven by speculative momentum, geopolitical tensions, and concerns over the independence of the Federal Reserve [8] Group 3: Investor Behavior - Chinese and Western retail investors have built substantial positions in precious metals, with a surge in leveraged trading and call options further fueling the market [8] - A sudden crash during Asian trading hours last Friday continued into the early part of this week [8] - Bloomberg data indicated that four major gold ETFs in mainland China experienced a combined outflow of nearly $1 billion on Tuesday, marking the largest single-day outflow [8] Group 4: Future Outlook - Despite recent price drops, the fundamentals supporting gold's rise to historical highs remain intact [4] - Deutsche Bank reiterated its forecast for gold prices to rebound to $6,000 per ounce [9] - Goldman Sachs noted a "significant upside risk" to its year-end gold price forecast of $5,400 [9] - Bank of America stated that volatility in precious metal prices will likely remain high [10]

来源：西安晚报 近段时间，黄金价格不断波动。 2月4日，现货黄金重新站上5000美元大关，一度涨超2%。国内金饰价格方面，周生生足金饰品报1600 元/克，较前一日1498元/克涨102元。 | < ω | 匿日美价 | | | (0) | | --- | --- | --- | --- | --- | | 中国大陆金价(每克) | | | 2026-02-04 09:15:00 | | | | 英H | | 换金价 | | | 足金饰品 | | ¥ 1600 | ¥1361 | | | 950铂金饰品 | | ¥ 899 | ¥721 | | | 生生金宝价 | | ¥ 1398 | | | 记者在杭州白马珠宝市场看到，不少市民来此选购黄金饰品，咨询价格。 一位女顾客表示，她2016年毕业起就开始买黄金，那个时候金价才每克两三百元，她看好黄金的长期保 值特性，因为货币长期易贬值，"高中政治老师第一课就说了，黄金具备稀缺性，可对冲货币贬值风 险"。 专家：黄金连续多日的暴跌 2月3日下午，上海黄金交易所发布《关于调整黄金部分合约保证金水平和涨跌停板的通知》，根据《上 海黄金交易所风险控制管理办法》的有关规定， ...

Core Viewpoint - Gold prices have rebounded for the second consecutive day, surpassing the $5,000 per ounce mark, following a significant drop from historical highs, attracting bargain hunters [1][5]. Group 1: Market Dynamics - The increase in gold prices is driven by a recovery in market risk appetite and a weakening dollar, with spot gold rising by as much as 2.9% on Wednesday, following a previous day's increase of over 6% [1][5]. - Currently, gold prices are approximately 10% lower than the historical peak reached on January 29, but have still seen a year-to-date increase of around 17%, with silver prices also rising [1][5]. Group 2: Investor Sentiment - Daniel Ghali, a senior commodity strategist at TD Securities, indicated that passive selling of precious metals may be nearing its end, although recent volatility has led retail investors to adopt a wait-and-see approach, potentially reducing buying power [3][7]. - Significant inflows into leveraged exchange-traded funds and a surge in call option purchases have contributed to the price increase, but a sudden crash in precious metal prices occurred last week, with silver experiencing its largest single-day drop in history and gold its largest drop since 2013 [3][7]. Group 3: ETF Activity - Bloomberg data shows that the four largest gold ETFs in mainland China experienced a record outflow of nearly $1 billion on Tuesday, reflecting a sharp decline in investor confidence, despite having recorded record inflows just a week prior [3][7]. Group 4: Future Price Expectations - Several banks remain optimistic about the rebound in gold prices, with Deutsche Bank maintaining a forecast of $6,000 per ounce, while Goldman Sachs analysts suggest a year-end price of $5,400 with "significant upside risk" [4][8]. - Bank of America noted that volatility in precious metals is expected to remain high, with a more stable long-term investment rationale for gold compared to silver, despite potential impacts on holdings due to high prices and market turmoil [4][9]. Group 5: Geopolitical Factors - Gold prices continue to be supported by geopolitical tensions, particularly following the U.S. Navy's downing of an Iranian drone, which has escalated U.S.-Iran relations, although President Trump has reiterated that diplomatic negotiations are ongoing [5][9].

刚刚，贵金属价格反弹！ 在经历了前两个交易日的暴跌之后，黄金、白银价格今日（2月3日）迎来反弹行情。截至券商中国记者发稿 时，现货黄金涨5.90%，报4934美元/盎司；现货白银涨10.50%，价格报87.44美元/盎司。 Pepperstone集团市场策略师艾哈迈德·阿西里表示，"支撑当前黄金的基本面因素，与上周五回调前的情况基本 保持一致。尽管如此，由于市场仍在消化近期的剧烈波动并重新评估风险偏好，短期内波动性可能持续高 企。" 上周五及本周一，贵金属价格从令资深交易员都感到震惊的历史高位暴跌。上个月，本已火热的涨势进一步加 速，投资者因担忧地缘政治动荡、货币贬值以及对美联储独立性的威胁而大举买入黄金和白银，但这一趋势在 上周五发生逆转，主要因美元反弹。截至周一收盘，金价较1月29日创下的每盎司5595.47美元历史高点下跌了 17%，而银价则较高点重挫逾三分之一。 2月3日午后，黄金、白银价格大幅拉升。截至券商中国记者发稿，现货黄金涨近6%，重新站上4900美元/盎 司；现货白银涨超10%，价格突破87美元/盎司。 当天，A股部分黄金概念股迎来反弹。截至今日收盘，晓程科技涨超18%，湖南黄金、菜百股份涨 ...

智通财经获悉，黄金价格上涨，收复了此前一轮破纪录涨势戛然而止的部分失地。此前，金价在短短两天内下跌了 13%。白银价格也出现上涨。此前，金价在两个交易日内下跌了13%。 现货黄金一度上涨2.9%，接近每盎司4800美元，此前一个交易日下跌近5%，延续了上周五十多年来的最大跌幅。白银 一度上涨5.1%，突破每盎司83美元，此前周一下跌7%，并在1月30日创下盘中历史新低。 上个月贵金属价格飙升至历史新高，其迅猛上涨甚至令经验丰富的交易员都感到意外。由于市场对地缘政治动荡、货 币贬值以及美联储独立性受到威胁的担忧再度升温，投资者纷纷涌入黄金和白银市场。中国投资者的买盘更是推高了 这波涨势，但随着美元在上周五反弹，市场风向随即逆转。 中国投资者逢低买入的程度将对市场走向起到关键作用。上周末，买家涌入中国最大的金银交易市场深圳，在农历新 年到来之前囤积黄金首饰和金条。中国市场将于2月16日起休市一周多，以庆祝农历新年。 一些银行也看好黄金价格回升，德意志银行周一在一份报告中表示，它仍然坚持此前对金价上涨至每盎司 6000 美元的 预测。 截至发稿，黄金价格上涨2.85%，至每盎司4792.97美元。白银价格上涨4.4 ...

1月30日，ATFX：在经历了近两周的首次下跌后，黄金价格恢复上涨，地缘政治动荡以及对主权债券和 货币的抛售推动金价创下历史新高。周四的贵金属价格经历了大幅震荡， 黄金刷新高位后一度较高位 一度大跌400美元；白银盘中一度跌超10美元后收复部分失地，不过金价仍有望创下1980年代以来最佳 月度表现。 ▲ATFX图 专题：ATFX外汇专栏投稿 今年以来，黄金价格已上涨超过四分之一，白银价格上涨超过60%，这主要得益于特朗普颠覆国际秩序 以及对美联储独立性的威胁。此前，美国对包括欧洲国家、加拿大和韩国在内的长期盟友发出了一系列 关税威胁，导致地缘政治紧张局势持续高涨。此外，货币贬值贸易的复苏也进一步推高了金价。 1月30日，ATFX：在经历了近两周的首次下跌后，黄金价格恢复上涨，地缘政治动荡以及对主权债券和 货币的抛售推动金价创下历史新高。周四的贵金属价格经历了大幅震荡， 黄金刷新高位后一度较高位 一度大跌400美元；白银盘中一度跌超10美元后收复部分失地，不过金价仍有望创下1980年代以来最佳 月度表现。 由于对地缘政治紧张的担忧促使投资者将资金从货币和主权债券转向硬资产，上周资金管理者将对黄金 的多头押注增加 ...

挪威央行投资管理公司说，该基金2025年在股权投资方面的回报率为19.3%，固定收益投资回报率为5.4%，未上市房地产投资回报率为4.4%，未上市的可再 生能源基础设施投资回报率为18.1%。 截至2025年底，该基金71.3%的资产配置于股权投资，26.5%配置于债券产品。 随着欧美关系近期因美国总统特朗普威胁夺取格陵兰岛等事件趋于紧张，北欧不少大型投资机构越发担心持有美国资产的风险。本月以来，瑞典、丹麦的一 些养老基金表示已经或正在出售所持美国国债。在这一背景下，挪威主权财富基金超过半数资产配置在美国的情况引发关注。据报道，本周，一个挪威政府 任命的专家组建议该基金为地缘政治动荡加剧作好准备。（郭倩） 新华财经北京1月29日电受科技股上涨等因素推动，全球最大主权财富基金——挪威主权财富基金2025年投资收益达到2.36万亿挪威克朗（约合2465亿美 元），年投资回报率为15.1%。 管理该基金的挪威央行投资管理公司首席执行官尼古拉·坦根29日在声明中说："科技、金融和基础材料板块的股票表现突出，为整体回报作出重大贡献。" 这是位于挪威首都奥斯陆的挪威央行（2023年6月22日摄）。新华社发（陈雅琴摄） 据 ...

Core Insights - The Norwegian Sovereign Wealth Fund achieved a 15.1% annual return in 2025, driven by strong performances in technology and financial sectors, continuing its reliance on large tech stocks [1] - The fund, managed by the Norwegian Central Bank Investment Management (NBIM), reported a stock investment return of 19.3%, with other asset classes also showing growth [1] - Despite solid overall performance, the fund lagged its benchmark index by 28 basis points [1] Group 1: Performance Highlights - Large tech stocks have consistently dominated the fund's performance in recent quarters, with NBIM holding approximately 1.5% of listed shares in around 7,200 companies globally [2] - The fund's largest holdings include major U.S. tech giants such as Nvidia, Apple, Microsoft, Alphabet, and Amazon [2] - Other asset classes also recorded positive returns, with fixed income investments yielding 5.4% and private real estate investments returning 4.4% [2] - The most notable performance came from private renewable energy infrastructure investments, which achieved a return rate of 18.1% [2] Group 2: Geographical Concentration Concerns - Over half of the fund's assets are concentrated in the U.S., primarily in stocks and bonds, raising concerns among experts due to recent geopolitical tensions [3] - An expert panel appointed by the government has recommended that the fund prepare for increasing geopolitical instability, particularly in light of recent comments from former President Trump regarding Greenland [3] - The expert panel advised against limiting the fund's investment scope, suggesting that NBIM should maintain its global and diversified investment strategy while addressing geopolitical risks [3]

国际黄金期货价格和现货价格29日再创新高，盘中突破每盎司5500美元。 三天时间，黄金期货价格上涨300美元，屡创历史纪录。 2026年开年不足一个月，金价涨幅已超20%，银价更是涨超60%。这轮如脱缰野马般价格狂飙的背后， 是"货币贬值交易"的集中爆发。 第三，除了美元资产外，近期日本国债市场也遭遇大规模抛售，显示出投资者对日本政府高额财政支出 和债务货币化的抗拒。日本国债市场的波动与美债吸引力下滑形成呼应，凸显全球资金正在同步撤离主 权债市场，对法定货币体系的信心出现集体动摇。 华尔街一黄金投资策略师表示："金价是市场信心的反面。"在货币、债务和地缘政治不确定性没有明显 缓解之前，黄金可能将持续受到投资者的青睐。 来源：央视新闻、央视财经 本轮"货币贬值交易"究竟是如何爆发，并成为推动金价大涨的核心推手？分析人士认为，背后主要有三 大关键因素。 第一，地缘政治动荡，关税威胁不断升级。美国总统特朗普近期接连释放强硬贸易政策信号，关税工具 的频繁使用，不仅推升了美国本土的潜在通胀风险，更让市场对全球贸易秩序稳定性和政策可预期性的 信心受挫，黄金作为传统避险资产和风险对冲工具的配置需求随之显著攀升。 第二，市场 ...