东方金诚首席宏观分析师王青表示，伴随美联储持续降息，全球地缘政治风险居高不下，近期国际金价 延续快速上涨势头。近期央行继续增持黄金，主要原因是美国新政府上台后，全球政治、经济形势出现 新变化，国际金价有可能在相当长一段时间内易涨难跌。这意味着从控制成本角度出发暂停增持黄金的 必要性下降，而从优化国际储备结构角度增持黄金的必要性上升。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 1月8日，COMEX黄金期货价格早盘跳水后震荡拉升，目前交投于4458美元附近，黄金有色相关产品涨 跌分化，截至10:00，黄金ETF华夏(518850)涨0.26%，黄金股ETF（159562）涨0.39%，有色金属ETF基 金(516650)盘中转跌0.34%。 我国外汇局公布数据显示，截至2025年12月末，我国黄金储备规模7415万盎司，环比增加3万盎司，为 连续第14个月增加。 ...

中国期货每日简报 桂晨曦 Gui Chenxi 从业资格号 Qualification No：F3023159 投资咨询号 Consulting No.：Z0013632 CITIC Futures International Service Platform：https://internationalservice.citicsf.com Investment consulting business qualification：CSRC License [2012] No. 669 投资咨询业务资格：证监许可【2012】669 号 中 信 期 货 国 际 化 研 究 | 中 信 期 货 研 究 所 International 2024-10-09 中信期货国际化研究 | CITIC Futures International Research 2026/01/08 China Futures Daily Note 摘要 Abstract Macro News: The PBOC has increased its gold holdings for the 14th consecutive month. F ...

来源：中国黄金网 12月22日，伦敦现货金价强势拉涨，于12:55左右首次突破4400美元/盎司历史关口，再创历史纪录。截至发稿时，伦敦金盘中高点4428.9美元/盎司。周大 福、老凤祥等主流金店零售金价同步上调，周大福报1368元/克，单日涨幅0.59%。 对于年内金价强劲上涨，东吴证券首席经济学家芦哲此前表示，是多重引擎共振效应的结果。一是全球央行延续2022年以来的购金趋势，这也是2022年以 来黄金牛市最坚实的基础；二是地缘政治风险和代关税政策带来较大不确定性；三是金融市场对美联储降息周期与债务问题的重定价。 川财证券陈雳认为，2026年国际金价中枢或上移至4500~5000美元/盎司，极端情景可能突破5200美元/盎司，降息深化、地缘风险、央行增持为主要驱 动；风险点在于美国经济软着陆超预期或通胀反弹致降息暂停。中国外汇投资研究院李钢提示，国际金价对政策预期与风险情绪敏感，波动放大，普通投 资者不宜追涨重仓介入。 消息面上，市场对美联储2026年降息的预期持续升温，以及随着圣诞假期和新年假期的临近，地缘不确定性增加，为国际金价提供支撑。 ...

黄金市场分析：央行增持夯实中长期支撑，短期震荡静待美联储指引 亚洲主要经济体央行持续增持黄金的动作，正为金价筑牢中长期上涨基石。在市场利率预期与美元走势的双向博弈下，黄金短期大概率维持震荡偏强的运 行格局。央行购金潮的延续，进一步强化了黄金的长期配置属性，不过短期内行情走向仍需锚定美国经济数据的披露节奏。 从日线级别技术面观察，XAU/USD 始终徘徊于多头通道上沿区域，K线形态依托5日与10日均线稳健运行，这一特征直观反映出短线买盘力量的韧性。 尽管MACD动能柱呈现缩量回落态势，但指标整体仍处于零轴上方，预示当前多头趋势结构并未发生实质性破坏。需要注意的是，上方 4215—4230美元 区间形成了显著的压力带，K线多次上攻均在此遇阻回落，背后折射出资金正处于观望状态，静待美联储议息会议释放的政策指引信号。 若后续利好因素持续累积，金价有望突破该压力区间打开上行空间；反之，短线行情则可能下探20日均线，寻求新的支撑位企稳。本周市场的核心焦点， 无疑是美联储会议对未来利率路径的明确表态。若降息预期相关表述偏向鸽派，金价将顺势上攻测试上方关键压力；而一旦美联储对经济基本面释放乐观 信号，美元或迎来短线提振，进而 ...

人民财讯12月7日电，中国人民银行数据显示，中国11月末黄金储备报7412万盎司，环比增加3万盎司， 为连续第13个月增持黄金。 ...

周五亚洲盘面，黄金依旧守在 4080 美元附近，整体波动幅度有限。市场节奏仍围绕美联储 12 月会议展 开，而隔夜发布的美国就业数据显著超过预期，使原本快速聚集的降息预期明显回落。美元因此获得支 撑，黄金的反弹势头再次受阻。 最新公布的 9 月非农录得增加 11.9 万人，远超市场先前预估的 5 万人；与此同时，8 月就业数据被下修 为减少 4000 人，失业率也从 4.3% 升至 4.4%。由于政府停摆造成的延后统计，使得这份报告在发布时 间上更具突发性，投资者也因此重新审视美国劳动力市场的韧性与后续政策空间。 尽管利率预期重新转向令黄金承压，但下方的支撑力量依然稳固。避险资金在全球宏观风险未完全消散 的背景下持续流入，同时央行增持步伐并未放慢。数据显示，中国人民银行 9 月增持黄金 1.2 吨，并在 10 月实现连续第 12 个月增储。随着美国 PMI 初值及消费者信心指数将在晚间公布，市场情绪可能再 度切换，金价短线节奏将继续受数据牵引。 黄金目前在 4080—4100 区间内反复整理。更强劲的就业数据压缩了市场降息预期，而美联储内部持续 存在的分歧也限制了金价上行空间。不过，避险资金与央行持续增持为下 ...

Group 1: Gold Price Movement - As of November 7, the spot gold price increased to $4010.78 per ounce, reflecting a daily rise of 0.85% [1] - The New York futures gold price reached $4013.1 per ounce, with a daily increase of 0.66% [2] Group 2: Domestic Gold Jewelry Price Adjustments - On November 7, domestic gold jewelry prices were generally raised slightly, with notable increases from various brands [3][4] - For instance, Chow Tai Fook's price was set at 1268 CNY per gram, while other brands like Chow Sang Sang and Luk Fook Jewelry also saw price hikes [4] Group 3: Central Bank Gold Reserves - The People's Bank of China reported that as of the end of October, the country's gold reserves stood at 74.09 million ounces (approximately 2304.457 tons), marking an increase of 30,000 ounces (about 0.93 tons) [5] - This increase represents the 12th consecutive month of gold accumulation by the central bank [5] Group 4: Global Gold ETF Trends - The World Gold Council indicated that global gold ETFs experienced a net inflow of $8.2 billion in October, leading to a 6% increase in total assets under management, reaching a record high of $503 billion [8] - The average daily trading volume in the gold market surged to $561 billion in October, a 45% increase compared to previous periods [8] Group 5: Market Dynamics and Tax Policy Impact - Following the adjustment of gold tax policies, the price spread in the Shenzhen Shui Bei gold market expanded to over 100 CNY per gram, compared to just 27 CNY six months prior [9][12] - The new tax policy has led to a cautious market environment, with many retailers reporting a decline in actual sales as customers adopt a wait-and-see approach [14]

Core Viewpoint - The Bank of Korea is considering increasing its gold reserves for the first time since 2013, reflecting a global trend among central banks to boost gold holdings, which has driven gold prices to historic highs [1] Group 1: Gold Price Trends - Gold prices recently surged to over $4,380 per ounce, marking a historic high, driven by expectations of interest rate cuts by the Federal Reserve [1] - Despite a slight pullback, gold prices have still increased by over 50% year-to-date [1] Group 2: Central Bank Actions - The Bank of Korea previously purchased gold between 2011 and 2013 but faced domestic criticism as gold prices subsequently fell for several years, leading to no further increases in reserves [1] - The Bank of Korea stores its gold reserves in London to enhance liquidity [1] Group 3: Global Central Bank Strategies - Other central banks, such as the Philippines, are considering reducing their gold reserves due to high proportions [1] - China is actively encouraging foreign central banks to store their gold reserves within its borders to strengthen its position in the global gold market [1]

Core Insights - Central banks are accumulating gold at an unprecedented pace, with an annualized purchase volume reaching 830 tons, indicating a trend of continuous buying for the fourth consecutive year [1] - The year 2025 is projected to mark the 16th consecutive year of net gold accumulation by central banks, reversing the trend of selling that persisted before 2010 [1] Group 1 - The annualized gold purchase volume by central banks has reached 830 tons [1] - Central banks are expected to continue their buying streak, with 2025 potentially being the 16th year of net gold accumulation [1] - The trend of central banks buying gold contrasts sharply with the previous decade when they were net sellers [1]

Group 1 - Gold stocks experienced a collective rebound in early trading, with notable increases in share prices: Zhaojin Mining rose by 4.91% to HKD 32.02, Zijin Mining increased by 3.33% to HKD 33.56, Shandong Gold rose by 2.35% to HKD 36.56, Lingbao Gold increased by 2.18% to HKD 19.22, and Chifeng Jilong Gold rose by 1.81% to HKD 30.3 [3] - The surge in gold prices was driven by ongoing concerns over a potential U.S. government shutdown, leading to increased market expectations for a Federal Reserve rate cut and central banks globally increasing their gold holdings [3] - As of the close, the December gold futures price on the New York Mercantile Exchange reached USD 4,359.4 per ounce, marking a 3.47% increase [3] Group 2 - HSBC's recent commodity outlook report indicates that the upward momentum for gold is expected to continue until 2026, supported by strong gold purchases from central banks, ongoing fiscal concerns in the U.S., and expectations for further monetary easing [3] - The target price for gold set by HSBC is USD 5,000 per ounce, reflecting the anticipated sustained demand and market conditions [3]