2026年以来，国际贵金属价格波动剧烈。1月29日，COMEX黄金期货价格一度升至5626.8美元/盎司，COMEX 白银期货价格一度升至121.785美元/盎司，均创出历史最高纪录。然而，在创下历史新高后，市场突然遭遇猛烈 抛售。1月30日，COMEX黄金期货价格盘中跌幅超12%，创1980年以来最大单日跌幅；COMEX白银期货价格 盘中跌幅超35%，创历史最大单日跌幅。进入2月，贵金属价格保持高波动态势。市场人士认为，本轮贵金属价 格调整更偏向于短期交易拥挤度过高后的去杠杆过程，而非基本面趋势的系统性反转。对市场参与者而言，在 高波动常态化的市场环境中，对节奏与结构性机会的把握，将比单边趋势判断更为重要。 2025年，全球贵金属市场在宏观不确定性与流动性环境共同作用下持续走强，黄金与白银价格先后刷新历史高 位。上半年，美元信用边际收缩、地缘政治摩擦反复、美联储政策转向预期升温等因素推动避险与配置型资金 持续流入贵金属市场。下半年，随着全球经济"软着陆"预期逐步形成，白银在工业属性与金融属性共振下实现 补涨，金银比自高位区间回落，贵金属价格整体维持高斜率上行态势。2025年年末及2026年年初，贵金属市场 ...

Market Overview - The A-share market experienced a significant upward trend on February 3, with the Shanghai Composite Index closing at 4067.74 points, up 1.29%. The Shenzhen Component rose by 2.19%, the ChiNext Index increased by 1.86%, the Sci-Tech Innovation Index gained 2.44%, and the Northbound 50 Index surged by 3.27%. The total trading volume across the Shanghai and Shenzhen markets reached 25,656 billion yuan [1]. Sector Performance - Over 4,800 stocks in the market saw gains, with the photovoltaic industry chain showing strong performance, particularly in the space photovoltaic sector, where companies like Aotewei and Zerun New Energy hit the daily limit with a 20% increase [3]. - The commercial aerospace sector rebounded, with stocks such as Jieli Suojin and Aerospace Development also reaching the daily limit [3]. - The chemical sector remained active, with Wanfeng shares achieving a four-day limit increase [3]. - The precious metals concept saw localized activity, with Hunan Gold hitting the daily limit [4][5]. Precious Metals Market - The precious metals market saw a sharp rebound, with Hunan Gold achieving a remarkable 7-day, 6-limit increase. Other notable performers included Xiaocheng Technology, which rose over 18%, and Zijin Mining, which increased by over 6% [5]. - On February 3, gold prices surged, with spot gold rising over 5% to surpass $4,900 per ounce, while silver also maintained an upward trend, increasing over 8% to break through $86 per ounce [6]. - According to China Galaxy Securities, the recent decline in precious metal prices can be viewed as a market-driven cooling following a period of rapid price increases, rather than a panic exit of funds. This price correction is seen as a normal phenomenon that helps release overheated market sentiment [6]. - Guotai Junan Securities indicated that the recent significant drop in precious metal prices is a technical adjustment to the irrational increases seen since the beginning of the year, rather than the end of a long-term upward trend for gold. The decline in speculative sentiment and leverage levels is expected to support a healthier upward trend for gold in the near term [6]. Computing Power Leasing Sector - The computing power leasing sector showed continued strength, with Tianwei Vision experiencing a direct limit increase [7][8]. - Other companies in this sector, such as Wangsu Technology and Capital Online, saw increases of over 10% [8]. - The CPO concept also performed actively, with Robotech hitting a 20% limit increase, and companies like Juguang Technology, Dekeli, and Tianfu Communication rising over 10% [8]. - According to Dongwu Securities, major overseas cloud providers have begun raising prices for their services, marking the first increase in years. This trend is expected to influence domestic cloud providers to follow suit, creating investment opportunities in the AI cloud industry as demand increases [8].

记者丨金珊 李益文 2月3日，国投白银LOF今日复牌再度跌停，报4.25元，最新溢价率为88.94%。国投白银LOF2日发布公 告称，决定参考白银期货国际主要市场的价格变动幅度，对基金资产进行合理重估；国投瑞银白银 LOF2日晚间更新净值后显示，单日净值跌幅达31.5%，创公募基金单日下跌历史纪录。 国泰海通证券认为，本轮贵金属价格的大幅下跌是对年初以来非理性上涨的技术性调整，而非黄金长期 牛市的终结。短期来看，前期过热投机情绪的降温，以及资金杠杆水平的下降有助于黄金重回更健康与 稳健的上涨趋势。长期来看，在各国信任程度下降的情况下，全球仍在经历持续的货币体系重构，央行 购金仍有较大空间，黄金长期的行情仍然会延续。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 责任编辑：王珂 编辑丨江佩霞 2月3日，黄金、白银反弹，现货黄金一度重回4800美元，现货白银日内触及85美元，截至10：22，黄 金、白银涨幅均有所收窄。 | 伦敦金现 | 伦敦银现 | COMEX黄金 | | --- | --- | --- | | 4785.350 | 83.497 | 4831.9 | | +126.0 ...

记者丨金珊 李益文 编辑丨江佩霞 2月3日，黄金、白银反弹，现货黄金一度重回4800美元，现货白银日内触及85美元，截至 10:22，黄金、白银涨幅均有所收窄。 虽然金银价格有所反弹，但A股市场黄金概念股开盘仍多数下跌。其中，豫光金铅、四川黄 金、招金黄金、白银有色、盛达资源、中国黄金、湖南白银跌停，值得注意的是，豫光金 铅、盛达资源、招金黄金、四川黄金、白银有色为连续第三日跌停。 港股方面，黄金概念股集体反弹，截至发稿，招金矿业涨近2%，赤峰黄金涨超2%，紫金黄金 国际涨超3%，万国黄金集团涨超4%。 2月3日，国投白银LOF今日复牌再度跌停，报4.25元，最新溢价率为88.94%。国投白银LOF2 日发布公告称，决定参考白银期货国际主要市场的价格变动幅度，对基金资产进行合理重 估；国投瑞银白银LOF2日晚间更新净值后显示，单日净值跌幅达31.5%，创公募基金单日下 跌历史纪录。 国泰海通证券认为，本轮贵金属价格的大幅下跌是对年初以来非理性上涨的技术性调整，而 非黄金长期牛市的终结。短期来看，前期过热投机情绪的降温，以及资金杠杆水平的下降有 助于黄金重回更健康与稳健的上涨趋势。长期来看，在各国信任程度下降的 ...

消息面上，在经历"踩踏式"暴跌后，黄金、白银今早双双迎来反弹。现货黄金日内涨幅扩大至4%，报 4846.78美元/盎司；现货白银向上突破84美元/盎司，日内大涨超7%。国泰海通证券认为，本轮贵金属 价格的大幅下跌是对年初以来非理性上涨的技术性调整，而非黄金长期牛市的终结。短期来看，前期过 热投机情绪的降温，以及资金杠杆水平的下降有助于黄金重回更健康与稳健的上涨趋势。长期来看，在 各国信任程度下降的情况下，全球仍在经历持续的货币体系重构，央行购金仍有较大空间，黄金长期的 行情仍然会延续。 智通财经APP获悉，黄金股集体反弹，截至发稿，招金矿业(01818)涨5.12%，报34.9港元；赤峰黄金 (06693)涨4.74%，报36.7港元；紫金黄金国际(02259)涨4.67%，报210.8港元；万国黄金集团(03939)涨 4.26%，报13.46港元。 ...

贵金属市场还在大幅波动。 北京时间2月2日晚间，贵金属市场全线反弹，截至发稿，COMEX黄金、COMEX白银、现货钯金、 NYMEX钯均已转涨，其中，COMEX白银大涨超6%。此外，现货黄金、白银等跌幅亦大幅收窄。 近两个交易日，贵金属市场大幅回调，上周五（1月30日），现货黄金跌超9%，COMEX黄金期货跌超 8%，现货白银跌超26%，COMEX白银跌超25%，均创下历史罕见波动。 今日白天，贵金属市场继续下探。现货黄金一度跌超10%，COMEX黄金一度跌超6%，现货白银一度跌 超16%，COMEX白银一度跌超9%。其他贵金属方面，现货铂金一度跌超12%，现货钯金一度跌超8%， MYMEX铂一度跌超11%，NYMEX钯一度跌超10%。 值得注意的是，尽管COMEX黄金、COMEX白银日内转涨，但其价格仍低于上周五收盘价。此外，国 内期货市场方面，在白天十余个品种跌停后，夜盘多数期货品种低开，其中，上期所沪银期货低开低 走，一度触及跌停。 责编：万健祎 校对：杨舒欣 机构对贵金属未来走势仍多持乐观态度。光大期货认为，贵金属价格剧烈调整是对前期极端超买与过度 拥挤交易的一次"挤泡沫和降杠杆"式的强制性清算，但支 ...

Group 1 - International gold prices have declined, with London gold quoted at $4,348.8 per ounce and domestic gold prices in China falling to 977.7 yuan per gram as of January 3, 2026 [1] - Major retail brands in the gold market, such as Chow Tai Fook and Luk Fook, have adjusted their gold prices to 1,357 yuan per gram, while others like Chow Sang Sang and Lao Feng Xiang are slightly higher at 1,360 yuan per gram, indicating a limited price drop and stable market sentiment [2] - The price of gold jewelry across different cities remains in the range of 1,340 to 1,360 yuan per gram, with variations based on brand and location, and the total price of gold jewelry significantly varies with weight [3] Group 2 - The gold recycling market has experienced notable price fluctuations, with the recycling price dropping to 967 yuan per gram from nearly 1,000 yuan per gram in late December 2025, while maintaining a purity level between 99.9% and 99.999% [4] - The domestic trading market has seen about a 2% adjustment in basic gold prices and other gold categories, with platinum prices experiencing a more significant decline of over 10% in a single day, indicating a period of adjustment following previous rapid price increases [4] - The Shenzhen Shui Bei jewelry market has seen increased foot traffic due to lower gold prices, with rising interest in silver investments as silver prices have surged, leading to a supply shortage for certain investment silver bars [6]

Core Viewpoint - The precious metals market is experiencing significant volatility, with gold, silver, and platinum prices declining sharply after a period of substantial gains, driven by profit-taking and reduced geopolitical risks [6][7][11]. Price Movements - Gold prices fell by 1.50% to below $4300 per ounce, while silver dropped over 7% at one point, currently down 5.02% [1] - The main silver futures contract fell over 5%, currently down 4.27%, priced at 17074 yuan per kilogram [3] - Platinum futures saw a decline of 14%, currently priced at 527.25 yuan per gram [3] Market Dynamics - The recent surge in precious metals prices, particularly silver, saw silver futures rise from around $50 to over $80 per ounce, marking a monthly increase of approximately 150% [6] - As of last week, gold had increased by about 70% for the year, while other precious metals like platinum and palladium saw gains exceeding 100% [6] - The gold-silver ratio has dropped from a high of 120 in 2020 to around 60, indicating potential undervaluation of gold or overvaluation of silver [6] Factors Influencing Price Changes - The decline in precious metal prices is attributed to profit-taking after previous gains, reduced geopolitical risks, and increased margin requirements by major exchanges [7][9] - Financial institutions are under pressure to settle accounts by year-end, leading to selling at high prices, which has put downward pressure on prices [7] - Analysts suggest that the recent price drop is more of a technical correction rather than a fundamental shift in market dynamics [9] Future Outlook - Despite short-term volatility, the long-term outlook for precious metals remains positive, with expectations of continued demand from central banks and a potential shift towards a weaker dollar [9][10] - Predictions for gold prices in 2026 are around $5000 per ounce, driven by structural demand from central banks and anticipated interest rate cuts by the Federal Reserve [9][10] - The demand for gold from emerging market central banks is at a historical high, with significant purchases expected to continue [10] Market Sentiment - The current market is characterized by high volatility, with investors advised to be cautious about chasing prices [11][12] - The perception of gold as a hard currency is evolving, with investors reassessing its value in light of rising U.S. debt and fiscal sustainability concerns [11] - The market is increasingly influenced by investor sentiment and liquidity, making it essential for participants to monitor emotional factors alongside traditional supply and demand dynamics [12]

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints - The strong signal of the Bank of Japan's interest rate hike in December may lead to an adjustment in precious metal prices due to the expected return of "cheap money" in yen, while the weak performance of some US economic and employment data and the dovish statements of some Fed officials have increased the expectation of a Fed rate cut in December [1] - The global supply - demand of platinum is expected to be tight in 2025 - 2026, but the expectation of the Fed's rate cut in December and the Bank of Japan's rate hike may lead to an adjustment in platinum prices [1] - The global supply - demand of palladium is expected to shift from tight to loose in 2025 - 2026, and similar to platinum, the Fed and Bank of Japan's policies may cause an adjustment in palladium prices [1] 3. Summary by Related Categories 3.1 Precious Metals Market Data - **Gold**: Shanghai gold futures' closing price on 2025 - 12 - 01 was 958.27 yuan/gram, with a daily change of 10.86 and a weekly change of 17.58; COMEX gold futures' closing price was 4265.00 dollars/ounce, with a daily change of 8.60 and a weekly change of 188.30 [1] - **Silver**: Shanghai silver futures' closing price on 2025 - 12 - 01 was 13261.00 yuan/kg, with a daily change of 592.00 and a weekly change of 1129.00; COMEX silver futures' closing price was 58.45 dollars/ounce, with a daily change of 1.37 and a weekly change of 8.10 [1] 3.2 Important Information - The contraction of the US ISM manufacturing PMI in November reached the largest in four months, with employment further contracting and prices rising [1] - The Bank of Japan's governor strongly hinted at an interest rate hike in December, aiming to raise the interest rate to 0.75% [1] 3.3 Multi - and Short - Term Logic - **Gold and Silver**: The expected return of "cheap money" yen may lead to an adjustment in precious metal prices, while the Fed's possible rate cut in December provides support [1] - **Platinum**: Supply is disturbed by high mining costs, unstable power supply, and aging equipment, while demand from multiple industries is expected to rise, but price adjustments may occur due to central bank policies [1] - **Palladium**: Supply may increase due to the global vehicle scrapping cycle, while demand from the automotive sector is expected to decline, and price adjustments may also be affected by central bank policies [1] 3.4 Trading Strategies - **Platinum**: Hold previous long positions cautiously or take profits at high levels, or consider the arbitrage opportunity of "long platinum, short palladium". Pay attention to support and resistance levels for London and domestic platinum prices [1] - **Palladium**: Hold previous long positions cautiously or take profits at high levels. Pay attention to support and resistance levels for London and domestic palladium prices [1]

Report Industry Investment Rating - No relevant information provided. Core View - Multiple Fed officials' hawkish remarks have increased the uncertainty of future expectations, causing short - term adjustments in precious metal prices. However, factors such as global debt expansion, fiscal deficit, central bank gold - buying, and geopolitical risks may support precious metal prices in the medium - to - long term [1]. Summary by Relevant Catalogs 1. Market Data - **Shanghai Gold**: The closing price was 947.98 yuan/gram, with a daily change of - 10.69 yuan and a weekly change of 14.96 yuan. The trading volume was 45,922, with a daily decrease of 20,686 and a weekly decrease of 5,282. The open interest decreased by 16,690 [1]. - **Shanghai Silver**: The closing price of the futures active contract was 12,351 yuan/ten - gram, with a daily change of - 237 yuan and a weekly change of 632 yuan. The trading volume was 1,026,209, with a daily decrease of 104,492 and a weekly increase of 10,299 [1]. - **COMEX Gold Futures**: The closing price of the active contract was 4,174.50 dollars/ounce, with a daily change of 99.60 dollars and a weekly change of - 90.10 dollars. The trading volume was 332,490, with a daily increase of 30,017 and a weekly increase of 148,845 [1]. - **International Gold and Silver**: London gold spot price was 4,071.10 dollars/ounce, down 124.55 dollars from the previous day. SPDR Gold ETF holdings were 1,044 tons, an increase of 3.65 tons from the previous day [1]. 2. Important Information - Fed hawks oppose a December rate cut, and as of last Friday, the market's expectation of a December rate cut has dropped to 40%. The US will release important economic data on November 20 (September non - farm payrolls) and November 26 (Fed - preferred indicator PCB) [1]. 3. Trading Strategy - Wait for the price to fall before placing long orders. For London gold, focus on the support level around 3,850 - 3,950 dollars/ounce and the resistance level around 4,180 - 4,384 dollars/ounce. For Shanghai gold, focus on the support level around 870 - 890 yuan/gram and the resistance level around 960 - 1,000 yuan/gram [1].