Report Industry Investment Rating - The report maintains a long - term view of a bullish trend for platinum and palladium, with a medium - to - long - term expectation of prices trending upwards in a volatile manner [2][3][4] Core View - The precious metals market sentiment was pressured, and prices significantly corrected due to Kevin Warsh's nomination as the Fed Chair and CME's increase in margin standards. As of February 2, 2026, the closing price of the GFEX platinum main contract was 552.15 yuan/gram, a decline of 16.0%, and the GFEX palladium main contract was 413.7 yuan/gram, also a 16.0% decline [1] - For platinum, although short - term factors pressure the price, the medium - to - long - term supply - demand and macro logic remain unchanged. It is recommended to wait for the price to stabilize and then consider low - buying opportunities, and also pay attention to internal - external positive arbitrage opportunities if the spread widens. The supply in South Africa has risks, and the demand in various fields is expanding [2] - For palladium, the short - term price corrected due to market sentiment cooling, and the long - term supply - demand is becoming looser, but the short - term price bottom is stable. It is advisable to wait for the market to stabilize before considering low - buying [4] Summary by Related Catalogs Platinum - **Price Movement**: The GFEX platinum main contract closed at 552.15 yuan/gram on February 2, 2026, with a 16.0% decline [1] - **Main Logic**: Kevin Warsh's nomination and CME's margin increase pressured the price. The medium - to - long - term supply - demand and macro logic remain unchanged. South Africa has supply risks, and demand in various fields is expanding [2] - **Operation Suggestion**: Short - term investors should wait and see. After the price stabilizes, consider low - buying. Also, pay attention to internal - external positive arbitrage opportunities if the spread widens [2] - **Outlook**: The price is expected to be volatile and upward - trending in the medium - to - long - term, and short - term fluctuations are affected by gold and silver trends [3] Palladium - **Price Movement**: The GFEX palladium main contract closed at 413.7 yuan/gram on February 2, 2026, with a 16.0% decline [1] - **Main Logic**: Short - term market sentiment decline led to price correction. Long - term supply - demand is becoming looser, but short - term price bottom is stable due to factors like tight spot supply [4] - **Operation Suggestion**: Wait for the market to stabilize before considering low - buying [4] - **Outlook**: The price is expected to be volatile and upward - trending in the medium - to - long - term, and short - term fluctuations are affected by gold and silver trends [4] Commodity Index - **Special Index**: The commodity index was 2420.95, down 3.75%; the commodity 20 index was 2773.66, down 4.55%; the industrial products index was 2312.70, down 2.62% on February 2, 2026 [51] Plate Index - **Non - ferrous Metals Index**: On February 2, 2026, the non - ferrous metals index was 2709.50, with a daily decline of 5.11%, a 5 - day decline of 4.88%, a 1 - month increase of 0.88%, and a year - to - date increase of 0.88% [53]

金价跌至6月以来新低！原因几何 最近黄金市场有点"冷"！6月以来，国际金价持续走弱，甚至跌至6月以来的新低，这让不少关注黄金的 投资者心头一紧。为何曾经的"避险硬通货"突然失色？我们一起来看关键原因。 金价下跌/6月新低/美联储政策/黄金市场 一、美联储鹰派信号成主因 市场分析指出，美联储的政策转向是本轮金价下跌的核心推手。6月中旬，美联储发布一份"鹰派声 明"，明确暗示最早可能在2023年进行两次加息。这一消息直接打击了黄金的投资吸引力——毕竟，加 息预期升温会推高美元和债券收益率，而黄金作为无息资产，持有成本相对上升，资金自然更倾向于撤 离。 三、国内外市场同步调整 国际市场上，6月16日至18日，国际现货黄金价格已连续3天下跌；6月19日，金价继续在3400美元/盎司 关口下方震荡，盘中最低跌至3347.20美元/盎司（伦敦现货黄金）。 国内市场同样受波及：部分品牌黄金和银行投资金条价格小幅下调；沪金主连（黄金期货主力合约）下 跌0.49%；A股贵金属板块和黄金概念板块更分别下跌1.90%、2.41%，投资者情绪明显降温。 更关键的是，美联储官员近期的表态愈发坚定。里士满联储主席巴尔金就公开表示，美联储 ...