国金证券研报分析称， 金银市场将更加波谲云诡。虽然美元信用等长周期逻辑没有改变，但其背后的 资金流动，资产之间的偏好切换和杠杆交易却从未停歇。随着时间的推移，全球"黑天鹅"事件频发引起 阶段式风险偏好降低，美国再通胀压力抬头引发降息预期收紧以及AI广义成本的传导显著加快，三者 可能在某个时刻面临共振；金银的历史级别波动也可能在其他大类资产身上发生。 对于这轮"过山车"行情，上海金融与发展实验室首席专家、主任曾刚认为，"整个2月份，更可能是冲高 以后，震荡回落"。另有分析人士判断， 2月份接下来的金价更可能以震荡为主。目前只是大跌之后的 反弹而不是反转，反弹之后还可能阴跌。 基于风险考虑，该分析人士建议 投资者尽量避免持仓过节，对2月份贵金属行情需持谨慎态度。 监制：王薇薇 审核：于浩 有机构表示，当前，贵金属市场情绪仍不稳定，高波动性可能会持续一段时间。 | 现货番金 XAU 交易中 | | | | | | ラ 美元/盎司 ○ 刷新行情 | | --- | --- | --- | --- | --- | --- | --- | | 4892.09 -71.45(-1.44%) | | | | | | 2026 ...

Group 1 - The core viewpoint of the article highlights a significant drop in gold and silver prices, with silver falling over 7% to below $82 and gold dropping over 1% to below $4950 [1][2]. - The market for precious metals is experiencing widespread adjustments, with notable declines in stocks such as Hunan Silver and Xiaocheng Technology, which fell over 10% [2]. - According to a report by Guojin Securities, the gold and silver market is expected to become increasingly volatile due to factors such as changing asset preferences, leverage trading, and the impact of global black swan events [3]. Group 2 - The dollar index is reported at 97.7175, showing a slight increase of 0.0547%, while New York gold is at $4928.37, down 0.45% [2]. - The London silver price reflects a significant drop of 7.08%, indicating a broader trend of declining precious metal values [2]. - The report suggests that the interplay of inflationary pressures in the U.S. and the rapid transmission of AI-related costs could lead to a convergence of risks affecting gold and silver prices [3].

Group 1 - The article highlights a significant decline in the prices of non-ferrous metal stocks, with Tianqi Lithium Industries (002466) dropping by 12.73% to HKD 43.2, and other companies like Minmetals Resources (01208) and Jiangxi Copper (600362) also experiencing notable losses [1][1][1] - On February 5, the international precious metals market saw a downturn, with spot gold falling below USD 4,800 per ounce and spot silver experiencing a drop of 15%, falling below USD 75 [1][1][1] - Domestic commodity futures markets reflected this trend, with lithium carbonate futures hitting a daily limit down and copper futures dropping nearly 4% [1][1][1] Group 2 - According to a report from Guotai Junan Securities, the gold and silver markets are expected to become increasingly volatile, influenced by long-term factors such as the credibility of the US dollar and shifting asset preferences [1][1][1] - The report suggests that the frequency of global black swan events may lead to a temporary reduction in risk appetite, alongside rising inflationary pressures in the US that could tighten interest rate expectations [1][1][1] - It is noted that the historical volatility of gold and silver may also manifest in other major asset classes [1][1][1]