Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 2 月 2 日星期一 重要事项: 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 联系方式：liuyang18036@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 COMEX 黄金期货跌 8.35%报 4907.50 美元/盎司，COMEX 白银期货跌 25.50%报 85.25 | | --- | --- | --- | --- | | | ...

Market Overview - On January 30, COMEX gold futures fell by 8.35% to $4,907.50 per ounce, while COMEX silver futures dropped by 25.50% to $85.25 per ounce[2] - The Shanghai gold main contract decreased by 9.83% to ¥1,079.28 per gram, and the Shanghai silver main contract fell by 17% to ¥24,832 per kilogram, with Shanghai silver hitting the limit down[2] Market Dynamics - The nomination of former Fed governor Waller as Fed Chair acted as a catalyst for profit-taking after a period of significant gains, leading to a crowded market and subsequent sell-off[2] - The futures market operates on margin trading; failure to meet margin calls can lead to forced liquidations, converting long positions into short positions[2] Economic Implications - Waller's stance on interest rates is seen as supportive of market stability, potentially leading to lower long-term U.S. Treasury yields, which could impact gold prices negatively[3] - Despite the recent sell-off, ongoing geopolitical risks and economic uncertainties may prevent a sustained decline in precious metals prices, keeping them above historical averages[3] Trading Adjustments - The Chicago Mercantile Exchange announced an increase in margin requirements for COMEX gold and silver futures effective February 2[3] - The Shanghai Futures Exchange will raise the price fluctuation limits and margin ratios for silver contracts starting February 3[3] Risk Management - Investors are advised to control their positions and manage risks due to the high volatility in precious metals, particularly silver, in the short term[3]