编辑｜杨锦 近日，国际金价上演了一场惊心动魄的"高台跳水"。在创下接近5600美元/盎司的历史峰值后，短短几个交易日内暴跌超过1000美元/盎司。 出品｜搜狐财经 作者｜汪梦婷 一边是金价暴跌，一边是投资者蜂拥至金店。暴跌后首个周末，位于北京西城区的菜市口百货商场内，人流反常地达到了高峰。 卖金的队伍在三楼蜿蜒成一条长龙，等候时间长达两小时，一位手持200克金条、准备"卖一半"的北京大爷坦言："也就这两天，之前没那么多人。" 在这片急切的人潮中，各自的悲欢不尽相同：一边是抵押房产all in、日赚20万的豪赌，另一边是普通人"亏一点就影响很大"的焦虑。 金价的巨震不仅搅动着全球市场，也映照着极端行情下最真实的人性博弈。 金价暴跌，金店回购排长龙 据搜狐财经在1月31日实探，当天菜百一楼购买金饰的顾客络绎不绝，有人起大早排队入场，三楼卖金的队伍更是蜿蜒数百人，需要等待两小时才能排到 号。 H ■ ty al 85 p a re l P 0 B Wester / Por / the to the light of the 1 7 at the plan operation r the rep comp 一位石景山 ...

Gold now down nearly $1,000 from peak as silver struggles following record 31% slump - MarketWatch# Gold now down nearly $1,000 from peak as silver struggles following record 31% slump## Deutsche Bank is sticking to its $6,000 gold forecastPublished: Feb. 2, 2026 at 3:58 a.m. ETShareResize---Listen(4 min)People queue inside a gold dealer in Hong Kong on January 28, 2026. A rapid rally for gold and silver continued to unwind on Monday. Photo: Peter Parks/Agence France-Presse/Getty ImagesA volatile day was se ...

The CNBC app, global market news in one place. Customizable sections and personalized alerts. Stocks tracking, interactive charts, and market insights, all in your hands.Stay connected, stay informed. Download the CNBC app today. It's Monday morning everybody.I hope you had a restful weekend. Welcome to Schoolbox Europe. I'm Steve Sedwick with Karen Cho and Ben Bulos.And these are your headlines. Commodities continue to fall aggressively. Gold and silver prices extending big losses from last week after thei ...

South African stocks tumble the most since 2020 as precious metals slide https://t.co/XA6qkPHZBc ...

2月2日，现货金银集体大跌。截至14:40，现货黄金暴跌10%，现报4404.57美元/盎司；现货白银日内跌 超15%报71.5美元/盎司，较历史高位回落50美元，接近抹去年内涨幅。国内商品期货收盘普跌，沪银、 钯、铂等十几个品种集体跌停。 金银震荡波及亚洲股市，港A股集体大跌。其中A股三大指数均跌超2%，科创50指数大跌3.88%。截至 收盘，上证指数跌2.48%，深证成指跌2.69%，创业板指跌2.46%。沪深两市成交额2.58万亿，较上一个 交易日缩量2508亿。 对于贵金属走势，中金公司最新发布的研究报告分析称，金价显然已超越单纯的基本面主导，传统的黄 金测算模型如实际利率已失效。影响更大的地缘与货币体系重构因素，目前没有具体兑现时间，短期留 给市场想象空间。投资者需警惕，黄金急涨急跌由情绪和资金驱动，节奏难以把握。 盘面上，变压器、电网设备、特高压等电力概念集体走强，亿能电力、三变科技、双杰电气等多股涨 停；白酒股走高，金徽酒、皇台酒业等封板；食品、零售等消费股表现活跃，有友食品、新华百货封 板；机器人概念午后逆势走高，模塑科技一度触及涨停；影视股走强，横店影视涨停；光模块概念反复 活跃，通鼎互联、 ...

Group 1 - The recent sell-off in metals, particularly gold, has raised questions about the sustainability of the previous rally, with significant drops observed, including a more than 5% decline in gold prices [1][2] - There is a focus on potential buying opportunities as investors, especially in China, are expected to start buying the dip in metals like gold, silver, and copper [2][3] - Trading activity in copper has reached unprecedented levels, with the Shanghai Futures Exchange experiencing its busiest month on record, indicating strong market engagement despite recent sell-offs [4] Group 2 - Long-term investment sentiment remains bullish for copper, driven by its critical role in the energy transition and electrification, despite short-term demand headwinds [5]

BREAKING:🇨🇳 China ramps up Gold & Silver purchases amid the recent market slump. https://t.co/juMrspo7Ix ...

2026年2月2日，全球贵金属市场迎来剧烈震荡，打破了此前持续数月的强劲上涨格局。近期以来，受全 球地缘政治不确定性上升、美联储持续释放降息信号、全球央行大规模增持黄金以及工业需求攀升等多 重利好因素共振，国际贵金属价格迎来历史性上涨行情，黄金价格一路高歌猛进，在1月29日创下 5598.75美元/盎司的历史峰值，COMEX黄金价格最高更是触及5626.8美元/盎司，2026年以来最大涨幅 已逼近30%;白银价格同步走强，沪银主力合约创下30444元/千克的历史新高，国际白银价格站上90美 元/盎司关口，年内涨幅超23%。市场看多情绪达到阶段性顶峰，黄金ETF、白银期货持仓量均创下历史 新高，大量资金持续流入贵金属市场，不少机构纷纷上调贵金属长期目标价，看好其避险与增值潜力。 然而，2月2日这一持续向好的态势被彻底逆转，黄金、白银价格迎来断崖式回调，单日跌幅均超3%， 成交量大幅放大，市场恐慌性抛售情绪集中释放，短期市场格局发生根本性转变，成为2026年贵金属市 场最具标志性的波动事件之一。 从当日市场具体表现来看，伦敦金现开盘报5598.75美元/盎司，开盘后便快速下挫，盘中一度跌破5400 美元/盎司关口 ...

Summary of Key Points from the Conference Call Industry and Company Overview - The conference call primarily discusses macroeconomic trends and their implications for various asset classes, including US Treasuries, Japanese equities, the US dollar, precious metals, and copper. Core Insights and Arguments 1. **Impact of JGB Sell-off on US Treasuries** - Concerns about Japanese public pensions repatriating funds from US markets due to higher Japanese yields are considered overstated. Domestic investors have not significantly increased allocations to longer-end JGBs despite perceived improvements in attractiveness throughout 2025. The potential for joint US-Japan FX intervention may lead to a short-term decline in USD/JPY [8][12][18]. 2. **Japanese Equities Outlook** - Rising long-term interest rates are not seen as a headwind for Japanese equities at this time. Japan's real interest rates remain deeply negative, maintaining accommodative financial conditions. Inexpensive valuations make Japanese equities attractive compared to global peers. The impact on mega-banks is expected to be limited due to the short duration of their JGB portfolios [12][18]. 3. **US Dollar Weakness Amid Strong Growth** - Despite stronger-than-expected US growth, risks remain skewed towards a weaker dollar due to strong ex-US data, lingering policy risks, an undervalued JPY, and rising CNY support. The risk premium in the DXY has risen to average levels seen since 'Liberation Day' [18][21]. 4. **Precious Metals Rally Potential** - Geopolitical events are driving safe-haven inflows into precious metals. Expectations of two more Fed rate cuts in 2026 should support ETF demand. Although physical demand from central banks may slow, gold's percentage in reserves is expected to rise amid declining USD dominance [23][28]. 5. **Copper Market Dynamics** - The macro backdrop for copper remains constructive due to anticipated rate cuts and a weaker dollar. However, US import demand is slowing, LME inventories are rising, and Chinese demand is declining. Prices are expected to remain supported but may experience short-term volatility [26][27]. Other Important Insights - The report emphasizes the importance of considering multiple factors when making investment decisions, highlighting potential conflicts of interest due to Morgan Stanley's business relationships with covered companies [5][36]. - Analysts express that while the USD bear case has softened, the equilibrium level of risk premium is unlikely to return to previous peaks without clearer evidence of FX-hedging flows [18][21]. - The report includes various exhibits that provide visual data supporting the analysis, such as risk premiums and inventory levels [21][27]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the current market dynamics and investment considerations.

Market Overview - The Shanghai Composite Index closed at 4117.95 points (-0.96%), while the Shenzhen Component Index closed at 14205.89 points (-0.66%). The ChiNext Index saw a contrary rise of 1.27% [1] - The total trading volume in the Shanghai and Shenzhen markets was approximately 2.84 trillion yuan, a decrease of nearly 400 billion yuan compared to the previous trading day [1] - The sectors that performed well included CPO (Co-packaged Optics), agriculture (seed industry, soybeans), communication equipment, and consumption-related sectors such as film and liquor during the Spring Festival [1] - Conversely, the non-ferrous metals sector experienced a significant decline, particularly in precious metals, with an overall drop of nearly 8% due to a substantial correction in international gold and silver prices and profit-taking [1] Analyst Insights Huatai Securities - Emphasizes the importance of focusing on winning rates and suggests investing in high-performing and low-position sectors [2] - Notes that the risk appetite before the holiday is constrained by multiple factors, including external influences such as the potential nomination of Kevin Warsh as the Federal Reserve Chairman, which may lead to a rise in the dollar and U.S. Treasury yields, putting pressure on risk assets [2] - Recommends focusing on sectors like electric equipment, storage and semiconductor equipment, chemicals, engineering machinery, agriculture, and consumer chains benefiting from the holiday [2] CITIC Securities - Highlights the "devirtualization" policy intent represented by Warsh's nomination, which could significantly impact global risk asset styles [3] - Suggests that the narrative of price increases may continue throughout the quarter, with a focus on sectors that have substantial profit margin recovery potential, such as chemicals, non-ferrous metals, electric equipment, and new energy [3] - Advises caution regarding the speculative nature of the precious metals sector while indicating that consumer and real estate chains are expected to recover in the spring [3] Dongfang Caifu Securities - Indicates that the spring market is not over and that structural adjustments are needed [4] - Points out that the strong performance of the non-ferrous sector since December has led to significant floating profits, but short-term price volatility remains a concern [4] - Recommends exploring sectors with good economic prospects that have not yet fully realized their potential gains, such as electronics (components/semiconductors), communications, and non-bank financials [4]