半岛电视台 来源：环球网 2月4日，国内商品期货市场早盘开盘，贵金属多数期货合约迎来上涨。截至发稿，沪银期货主力合约大 涨超8%，沪金期货主力合约涨幅也超6%，现货黄金日内涨幅同步扩大至2%，报价达5044.585美元/盎 司。 贵金属市场的强势表现，也获得多家国际机构的长期看好。据半岛电视台此前报道，摩根大通分析师在 周日发布的一份报告中作出预测，预计到2026年底黄金价格将达到每盎司6300美元，较当前价格上涨 30%。Gregory Shearer、Jason Hunter等多位分析师在报告中表示，黄金依旧是动态且用途广泛的投资组 合对冲工具，当前市场对黄金的投资者需求，持续高于机构此前的预期。 瑞士宝盛银行的Matthews也对贵金属市场表现出积极态度，其认为，一旦投资者感知到市场企稳，后续 或将进一步增加黄金和白银的购买量。对于贵金属价格的支撑逻辑，Matthews认为，推动市场上涨的两 大核心基本面因素并未发生改变，一是美元将延续贬值趋势，二是各国央行仍将持续增持黄金。同时其 表示，尽管后续贵金属价格的上涨幅度或不及此前，但这一态势对于市场发展而言实则是积极信号。 ...

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints of the Report - In the short - term, as market sentiment stabilizes, gold has stopped falling and rebounded. The bottom of the stage is expected to be gradually established, but bullish confidence still needs to be restored. Investors can choose to allocate at low prices [1] - Affected by factors such as regulatory restrictions and macro - news sentiment, silver prices may fluctuate widely in the range of $75 - 95. Before the holiday, the exchange raised margin requirements again. Institutions may hold empty positions and wait and see, resulting in a decline in liquidity and volatility. Single - side operations need to be cautious [1] - Palladium rebounds following gold in the short - term, and its price will enter a consolidation phase. It is recommended to wait and see temporarily until the direction is clear [1] 3. Summary by Relevant Catalogs Domestic Futures Closing Prices - The AU2604 contract rose 85.18 yuan/gram on February 3, 2026, with a daily increase of 8.45% compared to February 2 [1] - The AG2604 contract fell 3386 yuan/kg on February 3, 2026, with a daily decrease of 13.64% compared to February 2 [1] - The PT2606 contract rose 20.80 yuan, with a daily increase of 3.77% [1] - The PD2606 contract rose 36.85 yuan/gram on February 3, 2026, with a daily increase of 8.91% compared to February 2 [1] Foreign Futures Closing Prices - The COMEX gold main contract rose $289.60 on February 3, 2026, with a daily increase of 6.19% compared to February 2 [1] - The COMEX silver main contract rose $5.65, with a daily increase of 7.13% [1] - The NYMEX platinum main contract rose $93.80 on February 3, 2026, with a daily increase of 4.43% compared to February 2 [1] - The NYMEX palladium main contract rose $21.00, with a daily increase of 1.22% [1] Spot Prices - London gold rose $286.88 on February 3, 2026, with a daily increase of 6.16% compared to the previous day [1] - London silver rose $6.22, with a daily increase of 7.85% [1] - Spot platinum rose $102.00 on February 3, 2026, with a daily increase of 4.76% compared to the previous day [1] - Spot palladium rose $2.84, with a daily increase of 0.16% [1] - The Shanghai Gold Exchange's gold T + D rose 69.22 yuan/gram on February 3, 2026, with a daily increase of 6.74% compared to the previous day [1] - The Shanghai Gold Exchange's silver T + D fell 1820 yuan/kg on February 3, 2026, with a daily decrease of 7.77% compared to the previous day [1] - The Shanghai Gold Exchange's platinum 9995 rose 50 yuan/gram on February 3, 2026, with a daily increase of 9.76% compared to the previous day [1] Basis - The basis of gold TD - Shanghai gold main contract was 2.56 yuan, down 15.96 yuan from the previous day, and the historical one - year quantile was 46.10% [1] - The basis of silver TD - Shanghai silver main contract was 154 yuan, up 1566 yuan from the previous day, and the historical one - year quantile was 60.60% [1] - The basis of London gold - COMEX gold was - 24.33 yuan, down 2.72 yuan from the previous day, and the historical one - year quantile was 33.50% [1] - The basis of London silver - COMEX silver was 0.50 yuan, up 0.56 yuan from the previous day, and the historical one - year quantile was 95.90% [1] Price Ratios - The COMEX gold/silver ratio was 58.54, down 0.52 from the previous day, with a daily decrease of 0.88% [1] - The Shanghai Futures Exchange gold/silver ratio was 51.00, up 10.38 from the previous day, with a daily increase of 25.57% [1] - The NYMEX platinum/palladium ratio was 1.27, up 0.04 from the previous day, with a daily increase of 3.17% [1] - The Guangzhou Futures Exchange platinum/palladium ratio was 1.27, down 0.06 from the previous day, with a daily decrease of 4.72% [1] Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.28%, down 0.01 percentage points from the previous day, with a daily decrease of 0.2% [1] - The 2 - year US Treasury yield was 3.57%, unchanged from the previous day [1] - The 10 - year TIPS Treasury yield was 1.92%, down 0.02 percentage points from the previous day, with a daily decrease of 1.0% [1] - The US dollar index was 97.39, down 0.23 from the previous day, with a daily decrease of 0.23% [1] - The on - shore RMB exchange rate was 6.9350, down 0.0064 from the previous day, with a daily decrease of 0.09% [1] Inventory and Positions - The Shanghai Futures Exchange's gold inventory was 103,032 kg on February 3, 2026, up 3 kg from the previous day, with an increase of 0.00% [1] - The Shanghai Futures Exchange's silver inventory was 449,653 kg on February 3, 2026, down 12,970 kg from the previous day, with a decrease of 2.80% [1] - The COMEX gold inventory was 35,755,533 ounces on February 3, 2026, up 130,179 ounces from the previous day, with an increase of 0.37% [1] - The COMEX silver inventory was 403,857,528 ounces on February 3, 2026, down 1,840,067 ounces from the previous day, with a decrease of 0.45% [1] - The COMEX platinum registered warehouse receipts were 18,962,352 ounces on February 3, 2026, down 32,689 ounces from the previous day, with a decrease of 0.17% [1] - The COMEX palladium registered warehouse receipts were 103,070,933 ounces on February 3, 2026, down 946,605 ounces from the previous day, with a decrease of 0.91% [1] - The SPDR gold ETF position was 1,083 tons on February 3, 2026, down 3.72 tons from the previous day, with a decrease of 0.34% [1] - The SLV silver ETF position was 16,438 tons on February 3, 2026, down 108.90 tons from the previous day, with a decrease of 0.66% [1]

Report Overview - The report is a daily data report on precious metals, providing price, spread, position, inventory, and other data, as well as analysis of market trends [3][4] 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - In the short term, the precious metals market may continue to release risks, but after the recent sharp adjustment, the leverage has been significantly reduced, and the possibility of further sharp decline in gold and silver prices is relatively limited, and the market is expected to gradually turn into a volatile trend [5] - In the long term, the collapse of precious metals prices does not mean the end of the bull market. With the probability of the Fed cutting interest rates this year, the continuous global geopolitical uncertainty, and the promotion of de - dollarization due to the huge US debt, the allocation demand of global central banks, institutions, and residents is expected to continue, and the price center of precious metals still has room to rise [5] 3. Summary by Directory 3.1 Price Tracking - **Spot and Futures Prices**: On February 2, 2026, the price of London gold was $4506.71 per ounce, London silver was $73.77 per ounce, COMEX gold was $4528.90 per ounce, and COMEX silver was $73.75 per ounce. Compared with January 30, 2026, the prices of gold and silver decreased, with gold down about 12.2% and silver down about 31.4% [4] - **Spread and Ratio**: The spread and ratio of gold and silver in different markets also changed. For example, the gold TD - SHFE active spread on February 2, 2026, was 2.42 yuan/gram, with a change of - 145.1% compared with January 30, 2026 [4] 3.2 Position Data - **ETF and COMEX Positions**: As of January 30, 2026, the gold ETF - SPDR held 1087.1 tons, and the silver ETF - SLV held 15523.35497 tons. COMEX gold non - commercial long positions were 252100 contracts, and non - commercial short positions were 46704 contracts. Compared with January 29, 2026, the long positions decreased by 14.77%, and the short positions decreased by 8.43% [4] 3.3 Inventory Data - **SHFE and COMEX Inventories**: On February 2, 2026, SHFE gold inventory was 103029 kilograms, with no change compared with January 30, 2026, and SHFE silver inventory was 462623 kilograms, an increase of 1.66%. COMEX gold inventory on January 30, 2026, was 35748596 troy ounces, a decrease of 0.36% compared with January 29, 2026, and COMEX silver inventory was 405886807 troy ounces, a decrease of 0.58% [4] 3.4 Interest Rate, Exchange Rate, and Stock Market Data - **Interest Rates and Exchange Rates**: On February 2, 2026, the US dollar/Chinese yuan central parity rate was 6.97, with a change of 0.02% compared with January 30, 2026. The US dollar index was 97.12, an increase of 0.99% compared with January 29, 2026. The 2 - year US Treasury yield was 3.52%, a decrease of 0.28%, and the 10 - year US Treasury yield was 4.26%, an increase of 0.47% [4] 3.5 Market Analysis - **Market Trends**: On February 2, the main contract of Shanghai gold futures closed at 1008.6 yuan/gram, up 16.73 yuan. The Shanghai silver futures contracts were all limit - down, and the main 2604 contract closed at 2483 yuan/kilogram, up 17%. In the evening of February 2, silver continued to fall, and multiple contracts hit the limit - down, with the 2604 contract once falling 20% to 20600 yuan/kilogram [4] - **Influencing Factors**: In addition to the continued selling in the precious metals market due to liquidity issues, the Iranian president's order to start nuclear negotiations eased the US - Iran situation, and the US manufacturing index in January reached 52.6, the fastest expansion since 2008 - 2011/2022, which short - term boosted the US Treasury yield and affected the precious metals market. Exchanges such as CNE, SGE, and SHFE raised margins and expanded price limits again, further suppressing speculative enthusiasm [5]

【行情资讯】 沪金涨 3.61 %，报 1045.00 元/克，沪银跌 17.04 %，报 20600.00 元/千克；COMEX 金 4701.10 美元/盎司，COMEX 银报 79.62 美元/盎司；美国 10 年期国债收益率报 4.26%，美元指数报 97.12； 周一黄金白银遭到剧烈抛售，均砸至跌停板，沪银沪金夜盘均收跌，市场宏观预期快速反转， 前期累积多头集中踩踏离场，价差走阔。同时，上期所与上金所于当日同步上调白银交易保证 金比例、扩大涨跌停板幅度的监管措施使得杠杆资金被迫被动减仓离场，进一加剧盘面与价差 的极端波动。 2026 年 1 月美国 ISM 制造业 PMI 录得 52.6，大幅超出预期（48.5）及前值（47.9），为 2022 年 8 月以来最高，且自 2025 年 2 月后首次突破荣枯线，标志着制造业结束连续 10 个月收缩、 回归扩张。标普全球数据同步显示当月工厂产出创 2022 年 5 月以来最大涨幅，印证行业阶段 性回暖。 分项来看，需求端反弹。新订单指数从 47.7 跳升至 57.1（2022 年 2 月以来最高），带动生产 指数从 50.7 升至 55.9，产出表现强劲 ...

【导读】沪银主力合约开盘跌停，日韩股市早盘快速拉升 一起来关注下日韩股市及最新资讯。 沪银主力合约开盘跌停 2月2日，国内贵金属期货开盘普跌，沪银主力合约跌停，铂、钯跌超15%，沪金、沪锡跌超9%。 2月2日，上海黄金交易所发布通知称，调整白银延期合约保证金水平和涨跌停板。 个股方面，藤仓、高岛屋、日本永旺等涨幅居前。 | 名称 | 现价 | 涨跌幅 ⇒ | 总市值 三 | | --- | --- | --- | --- | | 藤仓 | 20630.0 | 5.42% | 61037亿 | | 5803.T | | | | | 高岛屋 | 2022.5 | 4.79% | 6382亿 | | 8233.T | | | | | 日本永旺 | 2210.0 | 4.49% | 61516亿 | | 8267.T | | | | | 太阳诱电 | 3383.0 | 4.38% | 4405亿 | | 6976.T | | | | | 荏原制作所 | 4854.0 | 4.25% | 22435亿 | | 6361.T | | | | | TDK电子 | 2067.0 | 4.34% | 40180亿 | | 67 ...

Core Viewpoint - The precious metals market is experiencing significant declines, with gold and silver prices dropping sharply due to panic selling and market reactions to recent events [1][5]. Group 1: Precious Metals Price Movements - Spot gold fell below $4,700, reaching a low of $4,696.01 per ounce, with a daily decline of over 3% [2]. - Spot silver dropped below $79, hitting a low of $78.495 per ounce, with a daily decline of 7% [2]. - The current price of spot gold is reported at $4,719.818 per ounce, while spot silver is at $79.357 per ounce [2]. Group 2: Market Analysis and Factors - A significant sell-off in the precious metals market is attributed to a "gamma squeeze," where traders holding short options positions are forced to buy futures to balance their portfolios as prices fluctuate [6]. - The Chicago Mercantile Exchange (CME) announced an increase in margin requirements for gold and silver futures, effective after Monday's close, raising margins for non-high-risk accounts for gold from 6% to 8% and for silver from 11% to 15% [8]. - The recent volatility in precious metals prices coincided with a substantial increase in the US dollar, which saw its largest single-day gain since May of the previous year, influenced by political developments [8]. Group 3: Upcoming Market Events - The market anticipates key events this week, including interest rate decisions from the European Central Bank, the Bank of England, and the Reserve Bank of Australia, as well as the US non-farm payroll report and numerous corporate earnings releases [9].

Company News - China CRRC issued a statement on January 31, warning against illegal scams using its name, where fraudsters are promoting fictitious investment projects under various app names, posing a significant threat to public financial safety and the company's reputation [3] - Jerry Holdings announced on January 31 that it will continue to focus on three key areas: data centers, industrial energy, and new power systems, aiming to drive the intelligent and large-scale application of clean energy equipment through technological innovation and product iteration [3] - Dier Laser stated on January 31 that it has successfully applied its laser high-precision ultra-fine graphic equipment in the electroplating copper process, aligning with customer needs for graphic preparation in battery cell production, with related technology already achieving mass production orders [4] Industry News - The global AI computing power construction is entering an explosive growth phase, with high-power and stable power supply becoming essential for computing clusters, leading to transformer equipment being upgraded as core infrastructure [2] - The recent adjustment of margin requirements for precious metals futures by the Chicago Mercantile Exchange Group aims to ensure that margins adequately cover trading risks due to recent market volatility [2] - A precious metals platform in Shenzhen, Shenzhen Jie Wo Rui Jewelry Co., Ltd., is facing withdrawal difficulties, prompting local authorities to investigate and audit the company's operations, with initial results indicating that reported amounts were significantly exaggerated [2]

投资咨询系列报告 山金期货贵金属策略报告 更新时间：2026年01月27日16时58分 报告导读： 今日贵金属高位分化，沪金主力收涨1.52%，沪银主力收涨7.25%，铂金主力收跌4.61%，钯金主力收涨跌2.087%。①核心逻辑， 短期避险方面，贸易战与地缘异动风险上升；美国就业走弱通胀温和，降息预期存在支撑。②避险属性方面，美航母打击群向中东 集结，伊朗扬言任何对伊攻击将被视为全面开战。特朗普表示，将对把部分韩国输美商品关税从15%上调至25%，贸易战与地缘异 动风险上升。③货币属性方面，美国11月核心资本财订单连续第五个月增长，提振经济前景。美国12月CPI涨幅符合预期，但家庭 食品与房租支出增加。美联储12月在重重分歧中下调利率，暗示将暂停行动明年或仅降息一次。鲍威尔指出，美联储的利率政策 已处于良好位置，可以应对未来经济走势。目前市场预期美联储26年1月不降息概率维持在95%附近，下次降息或到6月。美元指 数和美债收益率震荡偏强；④商品属性方面，波兰央行表示，已批准一项购买多达150吨黄金的计划。白银受到供应偏紧支撑。铂 金氢能产业铂基催化剂需求预期强劲。钯金短期需求仍有韧性，长期面临燃油车市场结构 ...

Group 1: Investment Ratings - No investment rating for the industry is provided in the report [1] Group 2: Core Views - The future market may be more affected by US economic data's impact on Fed policy expectations and geopolitical disruptions. In the short - term, the precious metals market will maintain a strong oscillation, with gold's upward momentum increasing above the 20 - day moving average, and long positions should continue to be held [1] - Driven by factors such as capital sentiment, the short - term silver price trend is strong and hard to predict the peak, but the market fluctuates greatly. It is recommended to pay attention to risk control measures of exchanges, maintain the idea of buying on dips with light positions and lock in profits in a timely manner [1] - Platinum and palladium, supported by macro - financial attributes and a tight supply pattern, form a linkage with the rising trend of gold, and their price centers continue to rise. Given the current RMB appreciation, the overseas market prices perform stronger than the domestic ones, and it is recommended to buy on dips [1] Group 3: Summary by Relevant Catalogs Domestic Futures Closing Prices - The AU2604 contract rose 27.68 yuan/g to 1143.32 yuan/g, a 2.48% increase from January 23rd to January 26th - The AG2604 contract rose 2242 yuan/ten grams to 27207 yuan/ten grams, an 8.98% increase - The PT2606 contract rose 58.80 yuan/g to 744.70 yuan/g, an 8.57% increase - The PD2606 contract rose 36.85 yuan/g to 534.80 yuan/g, a 7.40% increase [1] Foreign Futures Closing Prices - The COMEX gold主力 contract rose 21.70 to 5004.80, a 0.44% increase - The COMEX silver主力 contract rose 0.63 to 103.89, a 0.61% increase - The NYMEX platinum主力 contract fell 197.60 to 2575.60 dollars/ounce, a 7.13% decrease - The NYMEX palladium主力 contract fell 54.50 to 1992.50, a 2.66% decrease [1] Spot Prices - London gold rose 28.57 to 5009.88, a 0.57% increase - London silver rose 0.53 to 103.87, a 0.52% increase - Platinum rose 106.00 to 2811.00 dollars/ounce, a 3.92% increase - Palladium rose 116.00 to 2092.00, a 5.87% increase - Shanghai Gold Exchange's gold T + D rose 33.91 yuan/g to 1144.26 yuan/g, a 3.05% increase - Shanghai Gold Exchange's silver T + D rose 2525 yuan/ten grams to 27513 yuan/ten grams, a 10.10% increase - Shanghai Gold Exchange's platinum 9995 rose 52 yuan/g to 733 yuan/g, a 7.59% increase [1] Basis - The basis of gold TD - Shanghai gold主力 increased 6.23 to 0.94, at the 46.10% quantile of the past year - The basis of silver TD - Shanghai silver主力 increased 283 to 306, at the 60.60% quantile of the past year - The basis of London gold - COMEX gold increased 6.87 to 5.08, at the 99.60% quantile of the past year - The basis of London silver - COMEX silver decreased 0.10 to - 0.02, at the 69.00% quantile of the past year [1] Price Ratios - The COMEX gold/silver ratio fell 0.08 to 48.17, a 0.17% decrease - The Shanghai Futures Exchange gold/silver ratio fell 2.67 to 42.02, a 5.96% decrease - The NYMEX platinum/palladium ratio fell 0.06 to 1.29, a 4.58% decrease - The Guangzhou Futures Exchange platinum/palladium ratio rose 0.02 to 1.39, a 1.09% increase [1] Interest Rates and Exchange Rates - The 10 - year US Treasury yield fell 0.02 to 4.22, a 0.5% decrease - The 2 - year US Treasury yield fell 0.04 to 3.56, a 1.1% decrease - The 10 - year TIPS Treasury yield fell 0.02 to 1.90, a 1.0% decrease - The US dollar index fell 0.45 to 97.05, a 0.47% decrease - The on - shore RMB exchange rate rose 0.0006 to 6.9492, a 0.01% increase [1] Inventory and Positions - The Shanghai Futures Exchange's gold inventory rose 1020 to 103050 ten grams, a 1.00% increase - The Shanghai Futures Exchange's silver inventory fell 7280 to 573810, a 1.25% decrease - The COMEX gold inventory fell 202778 to 35941502, a 0.56% decrease - The COMEX silver inventory fell 1183026 to 415241837, a 0.28% decrease - The COMEX gold registered warehouse receipts fell 386 to 18845680, a 0.00% decrease - The COMEX silver registered warehouse receipts remained unchanged at 114262775 - The SPDR gold ETF position remained unchanged at 1087 - The SLV silver ETF position fell 115.58 to 15974, a 0.72% decrease [1]

新闻 早上好，先来关注下黄金和白银。 26日晚， 白银价格加速上涨。伦敦银现货价格涨幅扩大至12%，纽约期银主力合约涨逾16%。 不过，今天凌晨，黄金与白银价格大幅回调，伦敦银现货价格转跌，报约103美元/盎司，此前最高触及117美元/盎司。伦敦金现货价格同样转跌，一度跌破 5000美元/盎司，此前在5100美元/盎司附近运行。 92.231 08:00 开启您的 T+0黄金账户>> 其全 黄金与白银在刷新历史高点后大幅回调 置顶 同花顺7x24快讯 05:24 现货白银站上11美元/盎司 置顶 同花顺7×24快讯 01-26 22:53 国际金价突破5100美元 贵金属高位震荡加剧馆 投资 期货开 加自元 网 同花顺 App 05:57 N 5110.320 昨收 5000.030 % 4983.940 买价 -38.810 -0.77% 开 5038.870 卖价 相关 ETF 2 T+0 金 ETF嘉实 2 同花顺黄金 2 银行金价 1141.75 日K 月K 王日 分时 周K 童零 最新: 5000.030 -38.810 -0.770% 5110.320 4967.360 08:00 开启您的 T+ ...