伦敦金属交易所（LME）期铜价格周四飙升至纪录高点，并创下逾十六年最大单日涨幅。主力合约收盘大涨9.3%，报每吨14301.50美元，盘中一 度突破14400美元关口，刷新历史高位。 此轮凌厉涨势主要发生在亚洲交易时段，伦敦时间凌晨2:30起不足一小时内，铜价飙升超过5%。建发股份有色金属研究负责人分析称，此轮上 涨"完全由投机资金驱动"，考虑到时段特征，"很可能全部是投机行为"。 作为关键的工业金属，铜价自12月初以来已累计上涨约25%。当日其他基本金属亦普遍走强，LME铝价上涨1.8%，锌价上涨5%。 市场分析指出，此轮大宗商品新年涨势由多重因素共同推动，包括美元贬值、对实物资产的避险需求上升，以及地缘政治紧张局势。此外，市场 对美联储将转向更宽松货币政策的预期，也为价格上涨提供了流动性层面的支撑。 投机狂热推动交易量激增 期货市场的投机交易活动显著升温。上海期货交易所成交量激增，截至上周，2026年1月已成为其六大基本金属合约有记录以来交易最活跃的月 份。其中，铜合约在周四录得史上第二大单日成交量。 市场热度持续蔓延。上期所铜期货在夜盘开盘后进一步走高至每吨112000元人民币，此前在周四日间交易中已大 ...

山东黄金 赤峰黄金 山东黄金 赤峰黄金 招金矿业 分时图 日K线 周K线 月K线 62.02 2.36 3.96% 9.44% 6.29% 3.15% 0.00% 3.15% 6.29% 9.44% 54.03 55.91 57.78 59.66 61.54 63.41 65.29 09:30 10:30 11:30/13:00 14:00 15:00 16万 469万 922万 1375万 黄金股延续近期涨势，截至发稿，招金矿业(01818)涨2.92%，报39.54港元；赤峰黄金（600988） (06693)涨2.88%，报42.9港元；山东黄金（600547）(01787)涨2.16%，报48.14港元。 消息面上，1月28日早盘，国际现货黄金突破5200美元/盎司关口，继续创下历史新高。匈牙利央行行长 瓦尔加表示，匈牙利可能考虑提高央行储备中黄金的占比。根据世界黄金协会1月最新数据，截止2025 年11月，匈牙利黄金储备为110吨，在外汇储备中占比是25.5%。而波兰央行已在当地时间1月20日表 示，已批准一项购买多达150吨黄金的计划，此举将使波兰的黄金储备总量增加到700吨。 中信证券首席经济学 ...

智通财经1月26日讯，市场全天震荡调整，大小指数分化明显，深成指、创业板指高开低走，盘中均跌 超1%。沪深两市成交额3.25万亿，较上一个交易日放量1630亿。盘面上，市场热点较为杂乱，全市场 超3700只个股下跌。从板块来看，有色金属板块涨幅居前，其中贵金属概念领涨，四川黄金8天4板，晓 程科技、湖南黄金、盛达资源等多股涨停，紫金矿业创历史新高。油气概念走强，中国海油创历史新 高，洲际油气4天3板。化工板块震荡拉升，红宝丽、澄星股份涨停。下跌方面，商业航天再度陷入调 整，多只商业航天人气股大跌，中国卫通、中国卫星跌停。截至收盘，沪指跌0.09%，深成指跌 0.85%，创业板指跌0.91%。 板块方面 贵金属板块全天强势，湖南黄金、中金黄金、招金黄金、恒邦股份、西部黄金、四川黄金、山东黄金等 10余股涨停。消息面上，国际金价持续创下新高，现货黄金日内涨突破5100美元/盎司，纽约期金日内 涨2.26%突破5130美元/盎司。 中信证券研报认为，市场对美联储宽松货币政策的预期是推动贵金属价格上涨的最重要因素。另一方 面，全球央行购金潮的持续涌动，也成为支撑本轮黄金大牛市的核心驱动力，据中国人民银行官方储备 资产 ...

从长期走势看，本轮黄金"牛市"实则已延续较长周期。自2022年9月伦敦金现从1614美元/盎司启动以来，截至目前累计最大涨幅超215%。在历经 2023年、2024年分别全年上涨13.16%、27.23%后，2025年涨幅明显提速，全年最大涨幅一度达74.06%，最终以64.56%的涨幅收官；进入2026年， 这一涨势持续延续，"黄金牛市"神话不断刷新历史高位，年内涨幅已超17%。 北京商报讯（记者 孟凡霞 周义力）"黄金牛市"神话仍在延续。1月26日上午，伦敦金现价格冲高，首次突破5000美元/盎司关口，截至11:40，盘中 冲至5093.19美元/盎司，日内上涨超1.9%；COMEX黄金期货同步发力，盘中触及5091.5美元/盎司，日内涨超2%。A股贵金属板块同步走强，截至 午间收盘，晓程科技涨超16%，湖南黄金、招金黄金、恒邦股份、盛达资源、四川黄金、中国黄金、豫光金铅等个股涨停。 对于本轮"黄金"牛市的核心驱动原因，中信证券首席经济学家明明表示，本轮贵金属牛市成因复杂，投资者对美联储宽松货币政策的预期是推动 贵金属价格上涨的最重要因素。此外，美国经济下行压力、美国通胀黏性、逆全球化趋势再抬头风险以及全 ...

1. Report's Industry Investment Rating - No information provided about the industry investment rating 2. Core Viewpoints - The expectation of the Fed's loose monetary policy significantly rebounded after the key voting members of the Fed spoke last Friday, and the overseas interest - rate cut cycle will continue, but the further driving force will be concentrated in December. The Fed will hold its last interest - rate meeting of the year and release an economic outlook report on December 10 (local time), and Trump will probably complete the selection of the new Fed chair in late December. Currently, it is recommended to keep the bottom position in precious - metal strategies and mainly wait and see. The reference operating range for the main contract of Shanghai Gold is 896 - 940 yuan/gram, and that for the main contract of Shanghai Silver is 11367 - 12639 yuan/kilogram [3] 3. Summary by Related Catalogs 3.1 Market Quotes - Shanghai Gold rose 0.06% to 935.80 yuan/gram, Shanghai Silver fell 0.43% to 11893.00 yuan/kilogram; COMEX Gold was reported at 4062.80 dollars/ounce, COMEX Silver was reported at 49.66 dollars/ounce; the US 10 - year Treasury yield was reported at 4.06%, and the US Dollar Index was reported at 100.21. In the context of the weak performance of the US stock market, several Fed voting members "rescued the market dovishly" last Friday, which gave relatively strong short - term support to precious - metal prices [2] 3.2 Inventory Changes - As of November 21, the Shanghai Futures Exchange silver inventory decreased by 50.08 tons to 519.3 tons compared with the 17th, and the COMEX silver inventory decreased by 274.73 tons to 14329.5 tons during the same period. The current Shanghai Silver 2512 contract has a premium over the 2602 contract, indicating that the silver demand side in the domestic fourth quarter still has resilience. The COMEX silver inventory continues to decline, but the current overseas spot has not become the main driving force, and the one - month spot implied lease rate of silver has now dropped to 3.93% [3] 3.3 Data Comparison - The report provides a detailed comparison of key gold and silver data on November 21, 2025, and November 20, 2025, including closing prices, trading volumes, open interests, and inventories in different markets such as COMEX, LBMA, SHFE, and AuT + D/AgT + D, and shows the daily changes, daily percentage changes, and historical quantiles of these data [5]

Core Viewpoint - Gold prices have been influenced by trade tensions and geopolitical risks, leading to increased demand for safe-haven assets like gold [2]. Group 1: Fundamental Analysis - Trade and geopolitical risks are rising, with President Trump reigniting trade disputes, prompting investors to seek gold as a safe haven [2]. - The market perceives the easing of tensions as temporary, with high tariffs still looming on October 29 [2]. - The Middle East remains unstable, with recent peace agreements lacking concrete steps, further increasing gold's appeal as a safe asset [2]. - The Federal Reserve is expected to lower interest rates, with a 97% probability of a 25 basis point cut in October and a 100% probability in December, benefiting gold prices [2]. - The interplay between interest rates and inflation could influence the Fed's decisions, potentially strengthening gold's safe-haven demand [2]. - Key speeches from Federal Reserve officials this week may impact market expectations regarding interest rate cuts [2]. Group 2: Technical Analysis - Gold demonstrated a strong upward trend on Monday, breaking through last week's high and closing with a bullish candlestick [3]. - The moving average system indicates a clear bullish trend, with the price remaining above the 10-day moving average [3]. - Support is focused around the 5-day moving average near the 4050 level, which is crucial for maintaining the upward trend [3]. - In the four-hour timeframe, the price successfully broke above last week's high, confirming the upward trend [6]. - Key support is at the 4060 level, which has been validated as a significant "top-bottom conversion support" [6]. - Resistance levels to watch include the 4140-4145 range, with potential for further upward movement if these levels are surpassed [6].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report predicts that the price of silver will continue its strong performance. The weakening US labor market and relatively moderate inflation data, along with the influence of "Trump faction" officials on the Fed's personnel appointments and the resulting increase in interest - rate cut expectations, are significant positive factors for silver prices [1]. 3. Summary of Each Section Section 1: Labor Market Weakening and Inflation Data - The US labor market has significantly weakened. In August, the number of new non - farm employment was only 22,000, far lower than the expected 75,000 and the previous value of 79,000. From April 2024 to March 2025, the overall non - farm employment was revised down by 911,000, much higher than the market expectation. The initial jobless claims in the week of September 6, 2025, were also higher than expected [3]. - In terms of inflation data, the US PPI in August was significantly lower than expected, while the CPI was slightly higher than expected due to factors such as food, energy, and housing rent. The August PPI同比 was 2.6%, lower than the expected 3.3%, and the CPI同比 was 2.9%, in line with expectations [4]. Section 2: Fed Personnel Appointments and Interest - Rate Cut Expectations - The nomination of Stephen Milan as a Fed governor by Trump has advanced. He is likely to have the official governing qualification before the September interest - rate meeting and will participate in the vote. Trump's influence on the Fed's monetary policy is increasing, and the market expects more aggressive interest - rate cuts after the new Fed chairman takes office [8][12]. - The market expects a 93.38% probability of a 25 - basis - point interest - rate cut in the September Fed meeting and also anticipates interest - rate cuts in October and December. Historically, silver price increases are driven by expectations of the Fed's loose monetary policy, and the current situation is favorable for the rise of silver prices [12].

Group 1 - The core viewpoint of the articles indicates that the international gold price is under pressure due to reduced market risk aversion following a ceasefire agreement between Israel and Iran, with gold prices falling approximately 1.5% this week [1] - The easing of geopolitical risks has boosted market risk appetite, which continued into the trading session on Friday, supported by positive news regarding U.S.-China trade framework discussions [1] - Despite the recent decline, gold prices have increased over 25% this year, remaining close to historical highs, with geopolitical and trade uncertainties providing significant support [1] Group 2 - Global central banks are continuously increasing their gold reserves, and expectations of the Federal Reserve potentially restarting loose monetary policy are important factors supporting gold prices [2] - As a non-yielding asset, gold holds greater allocation value in a low-interest-rate environment, with current spot gold prices around $3,330 per ounce, down approximately 0.5% on the day [2] - Palladium has shown strong performance this week with a cumulative increase of about 10%, while platinum prices have continued to rise after reaching a multi-year high [2]