1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The future market will be more affected by geopolitical situations. Pay attention to the Fed's decision early on Thursday. In the short - term, due to the combination of news and capital sentiment, the market will maintain a relatively strong and volatile trend. For gold, take profit on long positions when the price is high, and for single - side trading, buy at - the - money or slightly out - of - the - money call options instead of going long [1]. - For silver, the rising raw material cost may accelerate the replacement of silver with other metals by enterprises, suppressing industrial demand. However, new demand in fields such as AI is expected to support the bullish view on silver prices. Regulatory restrictions have cooled speculative sentiment, and ETF holdings have continued to decline. But due to capital fluctuations, silver prices may still experience sharp intraday declines and fluctuations. It is recommended to pay attention to risk - control measures of exchanges and maintain the idea of going long on dips [1]. - For platinum and palladium, supported by their macro - financial attributes and the tight supply pattern, their prices are linked to the rise of gold, and the price center continues to rise. However, the easing of the supply shortage in the London spot market may limit the upside space. The supply - demand factors boost the futures of palladium, with an expected high - opening and then a decline. It is advisable to go long at low prices [1]. 3. Summary According to Relevant Catalogs 3.1 Domestic Futures Closing Prices - AU2604 contract: The closing price on January 28 was 1186.20 yuan/gram, up 37.82 yuan or 3.29% from January 27 [1]. - AG2604 contract: The closing price on January 28 was 29219 yuan/kilogram, up 3.25% from January 27 [1]. - PT2606 contract: The closing price on January 28 was 694.80, down 10.90 or - 1.54% from January 27 [1]. - PD2606 contract: The closing price on January 28 was 504.00 yuan/gram, down 19.00 or - 3.63% from January 27 [1]. 3.2 Foreign Futures Closing Prices - COMEX gold主力合约: The closing price on January 28 was 5411.00, up 231.40 or 4.47% from January 27 [1]. - COMEX silver主力合约: The closing price on January 28 was 116.62, up 4.28 or 3.81% from January 27 [1]. - NYMEX platinum主力合约: The closing price on January 28 was 2705.10 dollars/ounce, up 60.00 or 2.27% from January 27 [1]. - NYMEX palladium主力合约: The closing price on January 28 was 2095.50, up 145.00 or 7.43% from January 27 [1]. 3.3 Spot Prices - London gold: The current price was 5413.81, up 233.58 or 4.51% from the previous value [1]. - London silver: The current price was 116.61 dollars/ounce, up 4.70 or 4.20% from the previous value [1]. - Spot platinum: The current price was 2407.00, down 243.00 or - 9.17% from the previous value [1]. - Spot palladium: The current price was 2014.00, up 34.00 or 1.72% from the previous value [1]. - Shanghai Gold Exchange gold T + D: The current price was 1184.04 yuan/gram, up 41.15 or 3.60% from the previous value [1]. - Shanghai Gold Exchange silver T + D: The current price was 29310 yuan/kilogram, up 578 or 2.01% from the previous value [1]. - Shanghai Gold Exchange platinum 9995: The current price was 670 yuan/gram, down 15 or - 2.22% from the previous value [1]. 3.4 Basis - Gold TD - Shanghai gold main contract: The current value was - 2.16, up 3.33 from the previous value, with a 1 - year historical quantile of 46.10% [1]. - Silver TD - Shanghai silver main contract: The current value was 91, down 341 from the previous value, with a 1 - year historical quantile of 60.60% [1]. - London gold - COMEX gold: The current value was 5.08, up 6.87 from the previous value, with a 1 - year historical quantile of 99.60% [1]. - London silver - COMEX silver: The current value was - 0.02, down 0.10 from the previous value, with a 1 - year historical quantile of 69.00% [1]. 3.5 Price Ratios - COMEX gold/silver: The current value was 46.40, up 0.29 or 0.64% from the previous value [1]. - Shanghai Futures Exchange gold/silver: The current value was 40.60, up 0.02 or 0.04% from the previous value [1]. - NYMEX palladium/platinum: The current value was 1.29, down 0.07 or - 4.81% from the previous value [1]. - Guangzhou Futures Exchange platinum/palladium: The current value was 1.38, up 0.03 or 2.17% from the previous value [1]. 3.6 Interest Rates and Exchange Rates - 10 - year US Treasury yield: The current value was 4.26%, up 0.02 or 0.5% from the previous day [1]. - 2 - year US Treasury yield: The current value was 3.56%, up 0.03 or 0.8% from the previous day [1]. - 10 - year TIPS Treasury yield: The current value was 1.90%, unchanged from the previous day [1]. - US dollar index: The current value was 96.35, up 0.58 or 0.61% from the previous day [1]. - Offshore RMB exchange rate: The current value was 6.9434, up 0.0098 or 0.14% from the previous day [1]. 3.7 Inventory and Positions - Shanghai Futures Exchange gold inventory: The current value was 103029, unchanged from the previous value [1]. - Shanghai Futures Exchange silver inventory: The current value was 208368, down 35876 or - 6.59% from the previous value [1]. - COMEX gold inventory: The current value was 35877200, down 64302 or - 0.18% from the previous value [1]. - COMEX silver inventory: The current value was 411684635, down 3461662 or - 0.83% from the previous value [1]. - COMEX gold registered warrants: The current value was 18833072, unchanged from the previous value [1]. - COMEX silver registered warrants: The current value was 107674552, down 4734690 or - 4.21% from the previous value [1]. - SPDR gold ETF position: The current value was 1090, up 2.58 or 0.24% from the previous value [1]. - SLV silver ETF position: The current value was 15636, down 211.43 or - 1.33% from the previous value [1].

Core Viewpoint - Federal Reserve Governor Waller opposes the current Fed decision and supports a 25 basis point rate cut, with his chances of being nominated as Fed Chair increasing from 8% to 15% according to prediction site Kalshi [1] Group 1 - Waller's opposition to the Fed's current decision indicates a potential shift in monetary policy direction [1] - The prediction of Waller's nomination chances rising from 8% to 15% suggests increased market speculation regarding future leadership at the Federal Reserve [1]

Core Viewpoint - The recent comments by Trump have led to a significant drop in the US dollar index, reaching a near four-year low, which in turn has boosted gold prices, indicating a strong bullish outlook for gold in the near future [1][3]. Market Performance - On January 27, gold opened at $5012.88 per ounce, recorded a low of $5012.58, and then surged nearly $100 to a high of $5189.94, closing at $5180.86, marking a daily increase of $167.98 or 3.35% [3]. - The following day, January 28, gold prices showed signs of weakness due to profit-taking and a slight recovery in the dollar index, with expectations of the Federal Reserve maintaining interest rates, which limited bullish momentum [3]. Federal Reserve Impact - The upcoming press conference by Fed Chair Powell is expected to express hawkish views on pausing rate cuts, but this is unlikely to reverse the current bullish trend for gold, as multiple factors support gold prices, including geopolitical risks and economic policy uncertainties [5]. - The long-term outlook for gold remains positive, with potential price targets of $5500 to $6000 in the short term and a bold prediction of reaching $10,000 by 2030 [5]. Technical Analysis - Monthly analysis shows that gold has rebounded strongly after touching trendline support in December, continuing to set new highs and moving outside the Bollinger Bands, indicating a bullish trend [7]. - Weekly performance indicates that gold remains strong, trading above the upper Bollinger Band, with any potential pullbacks seen as buying opportunities [8]. - Daily charts confirm a stable upward trend, with gold maintaining its position above the 5-day moving average, suggesting continued bullish momentum [9]. Price Levels - Key support levels for gold are identified at $5150 or $5110, while resistance levels are at $5222 or $5280 [10].

Group 1: Investment Ratings - No investment rating for the industry is provided in the report. Group 2: Core Views - Future market is more affected by geopolitical situation, and attention should be paid to the Fed's decision early on Thursday. In general, the short - term market is affected by news and capital sentiment, and the market maintains a relatively strong volatile trend. Gold long positions should take the opportunity to take profits at high prices, and one - sided trading can buy out - of - the - money call options instead of long positions [1]. - For silver, rising raw material costs may accelerate enterprises to replace silver with other metals, suppressing industrial demand, while new demand in fields such as AI is expected to support the silver price. Regulatory restrictions have cooled speculative sentiment, and ETF holdings have continued to decline. Short - term silver prices may still experience large - scale fluctuations, and it is recommended to pay attention to risk control measures of exchanges and maintain the idea of buying on dips with light positions [1]. - Platinum and palladium are supported by their macro - financial attributes and tight supply patterns, and their prices are linked to the rise of gold, with the price center continuously rising. However, the easing of supply tightness in the London spot market may limit the upside space, and it is recommended to buy on dips and sell on rallies within a day [1]. Group 3: Summary by Relevant Catalogs 1. Domestic Futures Closing Prices - On January 27, the AU2604 contract closed at 1148.38 yuan/gram, up 0.44% from the previous day; the AG2604 contract closed at 28300 yuan/kilogram, up 4.02%; the PT2606 contract closed at 705.70 yuan/gram, down 5.24%; the PD2606 contract closed at 523.00 yuan, down 2.21% [1]. 2. Foreign Futures Closing Prices - On January 27, the COMEX gold主力 contract closed at 5179.60, up 3.49%; the COMEX白银主力 contract closed at 112.35, up 8.14%; the NYMEX铂金主力 contract closed at 2645.10, up 2.70%; the NYMEX palladium主力 contract closed at 1950.50, down 2.11% [1]. 3. Spot Prices - The current price of London gold is 5180.23, up 3.40%; London silver is 111.91, up 7.73%; spot platinum is 2642.50, down 5.99%; spot palladium is 1932.00, down 7.65%. The Shanghai Gold Exchange's gold T + D is 1142.89 yuan/gram, down 0.12%; silver T + D is 28732 yuan/kilogram, up 4.43%; platinum 9995 is 751 yuan/gram, down 6.48% [1]. 4. Basis - The current value of gold TD - Shanghai gold主力 is - 5.49, down 6.43% from the previous day, with a 1 - year historical quantile of 46.10%; silver TD - Shanghai silver主力 is 432, up 126, with a 1 - year historical quantile of 60.60%; London gold - COMEX gold is 5.08, up 6.87, with a 1 - year historical quantile of 99.60%; London silver - COMEX silver is - 0.02, down 0.10, with a 1 - year historical quantile of 69.00% [1]. 5. Price Ratios - The current value of COMEX gold/silver is 46.10, down 4.30%; the Shanghai Futures Exchange's gold/silver is 40.58, down 3.44%; NYMEX platinum/palladium is 1.36, up 4.91%; the Guangzhou Futures Exchange's platinum/palladium is 1.35, down 3.10% [1]. 6. Interest Rates and Exchange Rates - The 10 - year US Treasury yield is 4.24, up 0.5%; the 2 - year US Treasury yield is 3.53, down 0.8%; the 10 - year TIPS Treasury yield is 1.90, unchanged; the US dollar index is 95.77, down 1.32%; the offshore RMB exchange rate is 6.9336, down 0.22% [1]. 7. Inventory and Positions - The Shanghai Futures Exchange's gold inventory is 103029, unchanged; silver inventory is 544244 (in ten - grams), down 5.15%; COMEX gold inventory is 35941502, unchanged; COMEX silver inventory is 415146297, down 0.02%; COMEX gold registered warehouse receipts are 18847080 ounces, up 0.01%; COMEX silver registered warehouse receipts are 113269767, down 0.87%; SPRD gold ETF holdings are 1087, up 0.08%; SLV silver ETF holdings are 15848, down 0.79% [1].

Core Viewpoint - The 10-year U.S. Treasury yield has slightly increased to approximately 4.23% as investors await the Federal Reserve's decision and economic data, with market expectations indicating two rate cuts by the end of the year according to the CME FedWatch tool [1] Group 1 - The 10-year U.S. Treasury yield is currently around 4.23% [1] - Investors are closely monitoring upcoming Federal Reserve decisions and economic data [1] - Market pricing suggests that there will be two interest rate cuts before the end of the year [1]

Core Viewpoint - The yield on the US 10-year Treasury bond has slightly increased to approximately 4.23% as investors await the Federal Reserve's decision and economic data, with market pricing indicating two rate cuts by the end of the year according to the CME FedWatch tool [1]. Group 1 - The US 10-year Treasury yield has risen to around 4.23% [1] - Investors are anticipating the Federal Reserve's decision and upcoming economic data [1] - Market expectations suggest two interest rate cuts may occur before the end of the year [1]

Group 1 - The price of spot gold has surged, breaking through $4,350 per ounce, nearing historical highs, although it experienced a short-term decline afterward [1] - Brand gold jewelry prices have also risen significantly, with Lao Miao gold reaching ¥1,352 per gram, Chow Sang Sang at ¥1,351 per gram, and Chow Tai Fook at ¥1,348 per gram, all surpassing ¥1,350 per gram [3] Group 2 - The recent upward momentum in gold prices is driven by the Federal Reserve's less hawkish stance than market expectations, alongside strong bets on future easing policies. Additionally, the decline in the US dollar and lower US Treasury yields have positively impacted gold [5] - The World Gold Council forecasts that gold prices will continue to be influenced by ongoing geopolitical economic uncertainties, with potential for "surprises" in 2026. If economic growth slows and interest rates decline further, gold may see moderate increases, while in more severe economic downturns characterized by rising global risks, gold could perform strongly [5] - Goldman Sachs analysts predict significant upside potential for gold prices, forecasting $4,900 per ounce by the end of 2026. They expect central bank gold purchases to average 80 tons in 2025 and 70 tons in 2026, with emerging market central banks likely to continue diversifying reserves from the dollar to gold [5]

Group 1 - The Federal Reserve's decision to cut interest rates by 25 basis points was widely anticipated, but internal divisions among FOMC members are increasing, diminishing the reference value of the median forecast for future rate cuts [1] - There were three dissenting votes in the recent decision, with two members advocating for no change in rates and one member calling for a 50 basis point cut, highlighting the growing political influence on monetary policy [1] - Former President Donald Trump indicated that the rate cut should have been larger and suggested he may soon announce a new Fed chair to ensure a more dovish approach [1] Group 2 - Despite the Fed's divided stance, the market reacted positively, with U.S. Treasury yields falling and the S&P 500 index rising, particularly small-cap stocks which reached a historical high [3] - The U.S. dollar fell below a key Fibonacci level, indicating a return to a mid-term bearish trend, while gold and silver prices increased, with silver reaching a historical high due to the weaker dollar and declining yields [3] - Looking ahead, regardless of who succeeds Jerome Powell as Fed chair, the Fed may enter a "wait-and-see" period for at least six months, with expectations for the next rate cut not before June 2026 [4] Group 3 - Oracle's earnings report dampened market enthusiasm following the Fed's decision, indicating a swift reversal of the optimism that had emerged [5]

Group 1 - SoftBank Group's stock price experienced a decline of up to 8.4%, marking the largest drop since November 25 [1] - Asian analysts interpreted the Federal Reserve's decision as "not so hawkish," which is seen as favorable for Asian markets [1]

Group 1 - The core viewpoint is that comments from Hassett regarding the irresponsibility of preemptively setting long-term interest rate plans have cooled market expectations for aggressive rate cuts, leading to a significant drop in gold prices [2] - Russia's announcement to ban gold bar exports starting in 2026 provides psychological support for gold prices from a long-term supply perspective [2][3] Group 2 - Central banks globally, including China, have been continuously increasing gold reserves, with China having added gold for 13 consecutive months, indicating a solid foundation for gold demand in the long term [3] - Factors such as de-dollarization and geopolitical uncertainties contribute to a stable outlook for gold [3] Group 3 - The market is expected to maintain a range-bound trading pattern ahead of the Federal Reserve's decision, suggesting a cautious approach with light positions and strict risk control [4] - Resistance levels for gold are identified at 4218-4230, while support is noted at 4170, with strong support in the 4155-4163 range [5] Group 4 - A strategy is proposed for trading gold, suggesting light long positions if prices stabilize around 4170-4176, with a stop loss at 4166 and a target of 4200-4210 [6] - If gold prices break above 4230 and hold, it may signal the start of a new upward trend, warranting light long positions [7] - Conversely, if gold prices fall below 4170, a deeper short-term adjustment may occur, with risks of a decline to 4160-4150 [7]