贵金属日报 2026-01-28 贵金属 钟俊轩 贵金属研究员 从业资格号：F03112694 交易咨询号：Z0022090 电话：0755-23375141 邮箱： zhongjunxuan@wkqh.cn 【行情资讯】 沪金跌 0.28 %，报 1142.00 元/克，沪银跌 2.42 %，报 27702.00 元/千克；COMEX 金报 5163.20 美元/盎司，COMEX 银报 111.31 美元/盎司； 美国 10 年期国债收益率报 4.24%，美元指数报 95.91 ； 美元指数持续走弱，但特朗普仍旧表示"不担心美元贬值"，这同时驱动金银价格持续走强。 特朗普暂缓对等关税后美元指数持续走弱，由 99 一线下跌至 95.5 一线。针对美元指数的下跌， 特朗普表示"美元贬值幅度并不大，表现良好"，其发言后美元进一步下跌。 今晨，CME 再度对白银、铂金及钯金的保证金进行调整，白银合约的初始保证金及维持保证金 上升至 11%（部分合约初始保证金为 12.1%）, 短期需关注白银价格的大幅波动风险。 【策略观点】 金银价格前期的强势表现，所体现的是对美元信用和美联储货币政策稳定性的担忧，其价格上 涨具备 ...

Group 1: Report General Information - Report Name: Precious Metals Daily Report 2026 - 01 - 27 [1] - Researcher: Zhong Junxuan, Precious Metals Researcher, Qualification No.: F03112694, Trading Consultation No.: Z0022090 [2] Group 2: Market Quotes - Shanghai Gold (SHFE) rose 1.49% to 1,148.14 yuan/gram, Shanghai Silver (SHFE) rose 9.93% to 29,005.00 yuan/kilogram; COMEX Gold was reported at 5,015.60 dollars/ounce, COMEX Silver was reported at 103.24 dollars/ounce; the US 10 - year Treasury yield was reported at 4.22%, and the US Dollar Index was reported at 97.07 [2] - US Q3 PCE price index quarterly -环比 annualized value was 2.8%, lower than the expected 3.5%; Q3 core PCE price index quarterly -环比 annualized value was 2.9%, in line with expectations and the previous value. The US November core PCE price index year - on - year value was 2.8%, in line with expectations. The US January S&P Global Manufacturing PMI was 51.9, lower than the expected 52; January S&P Global Services PMI was 52.5, lower than the expected 52.8; the composite PMI was 52.8, lower than the expected 53 [3] Group 3: Strategy Views - The previous strong performance of gold and silver prices reflects concerns about the US dollar credit and the stability of the Federal Reserve's monetary policy, and their price increases have a solid macro - driving force [3] - The outflow of COMEX inventory caused by the suspension of US tariffs cannot ease the tight spot situation of silver. The current volatility of silver futures is also at a historical high. In the short term, attention should be paid to the callback risk, and it is recommended to temporarily hold a wait - and - see attitude. The reference operating range of the main contract of Shanghai Gold is 1,060 - 1,150 yuan/gram, and the reference operating range of the main contract of Shanghai Silver is 23,690 - 27,000 yuan/kilogram [3] Group 4: Key Data Summary Gold - COMEX Gold: The closing price of the active contract was 5,004.80 dollars/ounce (up 0.44% from 4,983.10), trading volume was 42.18 million lots (up 54.13% from 27.37), and the position was 52.80 million lots (up 0.10% from 52.75) [5] - LBMA Gold: The closing price was 5,090.80 dollars/ounce (up 2.92% from 4,946.25), and the inventory was 1,118 tons (down 0.56% from 1,124) [5] - SHFE Gold: The closing price of the active contract was 1,143.32 yuan/gram (up 2.48% from 1,115.64), trading volume was 57.94 million lots (up 33.67% from 43.35), position was 38.08 million lots (up 3.96% from 36.63), inventory was 103.03 tons (up 1.00% from 102.01), and the settled funds were 69.664 billion yuan (inflow of 6.54% from 65.389 billion) [5] - AuT + D: The closing price was 1,144.26 yuan/gram (up 3.05% from 1,110.35), trading volume was 82.85 tons (up 52.67% from 54.27), and the position was 218.35 tons (up 4.81% from 208.32) [5] Silver - COMEX Silver: The closing price of the active contract was 103.89 dollars/ounce (up 0.61% from 103.26), the position was 15.20 million lots (up 0.33% from 15.15), and the inventory was 12,915 tons (down 0.28% from 12,952) [5] - LBMA Silver: The closing price was 109.61 dollars/ounce (up 10.71% from 99.00) [5] - SHFE Silver: The closing price of the active contract was 27,207.00 yuan/kilogram (up 8.98% from 24,965.00), trading volume was 237.63 million lots (up 29.68% from 183.24), position was 73.05 million lots (up 3.07% from 70.88), inventory was 573.81 tons (down 1.25% from 581.09), and the settled funds were 53.664 billion yuan (inflow of 12.33% from 47.774 billion) [5] - AgT + D: The closing price was 27,513.00 yuan/kilogram (up 10.10% from 24,988.00), trading volume was 702.20 tons (up 61.02% from 436.09), and the position was 3,360.232 tons (up 2.05% from 3,292.636) [5] Group 5: Price - Related Charts - Multiple charts show the relationships between precious metals prices (such as COMEX Gold, Shanghai Gold, COMEX Silver, Shanghai Silver), trading volume, open interest, and other factors over different time periods, including historical price trends, price - volume relationships, and price structures of near - and far - month contracts [10][20][25] Group 6: Internal - External Price Difference Gold - On January 26, 2026, for SHFE - COMEX, the SHFE - COMEX spread was 86.87 dollars/ounce; for SGE - LBMA, the SGE - LBMA spread was 93.56 dollars/ounce [45] Silver - On January 26, 2026, for SHFE - COMEX, the SHFE - COMEX spread was 18.68 dollars/ounce [45]