他指，黄金属国际化产品，产品的共性较强，相信合作可加强于黄金市场的"中国声音"，发挥到香港金 融发展优势，同时提升人民币国际化角色。 他指，早前伦敦金属交易所将香港认可为有色金属递交港，短短1年内已有15个仓储落户香港，存放约2 万吨铜、铝等有色金属。此外，在施政报告提出发展黄金市场后，瑞士贵金属精炼商MKS PAMP在港 设第3个地区总部，认为发展黄金市场能造就仓储等价值链内的不同机会，同时亦有利跨价值链包括资 产管理、家族办公室等业务发展。 他指出，上海黄金交易所在全球定价方面取得很好成绩，对方亦积极拓展国际化，此前已在香港设递交 仓库，认为合作可善用对方的专业知识和系统，进一步提升香港整体黄金市场的认受性和参与度。 他指，香港机场正密锣紧鼓将金库容量由200吨扩展至1000吨，目标3年内将香港整体黄金仓储提升至超 过2000吨，同时期望衍生其他金融和专业服务需求，包括融资、保险、交易、结算。他提到，金融服务 占香港本地生产总值(GDP)约四分之一。 智通财经APP获悉，日前，香港与上海签订合作协议，成立港金结算公司。担任主席的香港财经事务及 库务局局长许正宇表示，现时全球黄金定价权主要由英国、美国和中国 ...

然而，内部分歧显露无遗。美联储理事沃勒(被视为鲍威尔5月任期结束后潜在接任者之一)和理事米兰 (目前从白宫经济顾问职位休假中)均投票支持降息25个基点，与多数决策者意见相左。 主流机构与市场观点普遍认为，美联储宽松周期已进入明确延长期，在鲍威尔5月离任之前，央行大概 率维持观望姿态，除非出现劳动力市场明显恶化、通胀超预期加速回落这两类核心变量，否则2026年上 半年重启降息的可能性极低。此外，沃勒投下的反对票，被市场广泛解读为其角逐美联储主席提名的鸽 派姿态，政治因素对美联储后续政策的潜在影响，成为新的关注点。 周四(1月29日)亚洲时段，现货黄金价格继续走强，截至发稿，现货黄金暂报5554.72美元/盎司，上涨 2.59%，最高触及5591.61美元/盎司，最低下探5414.11美元/盎司。虽然美联储利率决议按兵不动，同时 美元指数超跌反弹，但是市场已经在题前计价美元走弱，叠加地缘局势的不确定性支撑金价加速走高， 短期多头情绪过热，谨防高位大幅震荡。 周三，美联储维持利率不变，将基准利率保持在3.50%-3.75%的区间内，投票结果为10:2。美联储主席 鲍威尔在新闻发布会上表示，经济增长前景明显改善，通胀 ...

人民财讯1月27日电，1月27日，中信集团高管在亚洲金融论坛上发言，集团将积极参与香港黄金市场全 产业链建设。 ...

Group 1 - The Hong Kong Financial Secretary's Office signed a cooperation agreement with the Shanghai Gold Exchange to deepen collaboration in the gold markets of both regions [1] - The agreement includes establishing a high-level governance structure for the Hong Kong Gold Central Clearing System, with the Financial Secretary serving as the chairman and a representative from the Shanghai Gold Exchange as the vice-chairman [1] - The collaboration aims to enhance physical infrastructure coordination and market connectivity, exploring services for Hong Kong market participants based on the Shanghai Gold Exchange's physical warehousing management system [1] Group 2 - The Financial Secretary's Office announced six new initiatives for the Hong Kong gold market, including expanding gold storage capacity at the Hong Kong Airport Authority and financial institutions, targeting over 2,000 tons within three years [2] - A memorandum of understanding was signed with the Shenzhen local financial management bureau to promote processing trade cooperation between Hong Kong and Shenzhen [2] - The Hong Kong Gold Central Clearing System, fully owned by the government, is set to begin trial operations within the year [2] - Legislative proposals will be submitted in the first half of the year to include precious metals in the tax incentive investment scope for relevant funds and single-family offices [2] - A new gold fund will be launched in Hong Kong this week, facilitating physical gold trading and storage through local infrastructure, with plans to explore distribution via digital asset trading platforms [2] - Market institutions announced the outlook for establishing a sustainable gold governance framework and standard system to promote ethical and sustainable procurement standards [2]

第二日的全球产业峰会标志着论坛内容的重要升级。峰会集中探讨高增长潜力产业，包括人工智能与科 技、生物医药、机器人、新消费及绿色能源等范畴，透过主题演讲、专题讨论及项目配对，推动内地企 业"走出去"与国际企业"引进来"。香港作为双向平台，将助力企业在全球价值链中寻求新机遇，推动产 业升级与创新发展。这与"十五五"规划所强调的创新驱动与更高水平对外开放一脉相承，旨在促进科技 自立自强与可持续增长。 智通财经APP获悉，1月14日，香港财经事务及库务局长许正宇在网志上指出，香港将于1月26日至27日 举办第19届亚洲金融论坛(AFF)，并首次新增"全球产业峰会"环节。预期该论坛将吸引超过3,600名来自 60个国家及地区的参与者，其中逾八成为企业首席执行官或高层决策者。论坛内容涵盖全球经济展望、 资产与财富管理、绿色金融、可持续转型等热点议题，并重点探讨金融如何更有效服务实体经济。 论坛首日将举行开幕仪式，聚焦宏观经济形势及多边合作，并设有与黄金市场发展相关的合作备忘录签 署仪式。这是推进香港黄金市场发展的重要一步，届时将发布加强黄金中央清算系统建设的最新计划， 为未来与内地市场互联互通做好准备。此举既呼应建设金融 ...

Core Viewpoint - The recent surge in international gold prices, despite seeming irrational, is a result of multiple long-term structural forces converging, indicating a profound structural shift in the gold market [2] Group 1: Market Dynamics - The traditional pricing model for gold, which suggests that prices are primarily determined by inflation expectations or the real interest rate of the dollar, has failed multiple times since 2022, particularly during periods of aggressive interest rate hikes by the Federal Reserve [2][3] - Central banks have emerged as "steadfast buyers," maintaining annual net gold purchases at historically high levels since 2022, reflecting strategic asset reallocation rather than short-term speculation [2][3] Group 2: Structural Changes in the Monetary System - The rise in gold purchases by central banks is closely linked to a "quiet earthquake" in the current international monetary system, facing structural challenges due to intensified great power competition and strategies like "de-risking" and "friend-shoring" [3] - Gold is viewed as a reserve asset with no counterparty risk, making it an ideal foundation for a "de-dollarized" reserve system, representing a natural evolution from a unipolar to a multipolar or "block" reserve system [3][4] Group 3: Buyer Characteristics - The gold market has differentiated into three distinct types of "steadfast buyers": 1. Central banks, especially from emerging economies, which purchase gold as a non-price elastic reserve asset [4][5] 2. Institutional investors, such as sovereign wealth funds and family offices, that allocate a fixed proportion of their portfolios to non-correlated assets or disaster hedges [5] 3. New marginal buyers, including private companies issuing stablecoins, which buy and hold substantial amounts of physical gold to support their stablecoin values [5] Group 4: Future Outlook - The future trajectory of gold prices will be deeply intertwined with the evolution of the international monetary system, where the relative decline of the dollar will see gold, major sovereign currencies, and Special Drawing Rights (SDR) collectively serving as reserve assets [6] - Investors must adopt a broader analytical framework that includes geopolitical risk assessments, global debt sustainability analysis, and the degree of coordination (or lack thereof) in major economies' monetary policies [6] - The recent record highs in gold prices reflect not just numerical fluctuations but a rebalancing of global monetary power, indicating that the current dynamics in the gold market transcend simple trading strategies and are shaping the future of the international financial order [6]

Core Viewpoint - Gold prices have rebounded in key Asian markets, trading at a premium in India and China for the first time in approximately two months, following a recent price correction from all-time highs [1] Group 1: Market Performance - Gold prices are experiencing a bounce-back in key Asian markets, indicating a recovery trend [1] - The premium pricing in India and China suggests increased demand and market confidence [1] Group 2: Price Correction - The recent price correction from all-time highs has contributed to the current market dynamics, allowing for a potential buying opportunity [1]

Group 1 - The core viewpoint of the articles highlights the significant rise in gold prices driven by expectations of the Federal Reserve's monetary easing policy in 2026, with gold reaching a record high of $4549.71 per ounce [1] - Gold's performance in 2025 shows a cumulative increase of nearly 70%, marking its best annual performance since 1979, emphasizing its role as a safe-haven asset in a complex macroeconomic environment [1] - The geopolitical risks, particularly related to the ongoing Russia-Ukraine conflict, continue to provide medium to long-term support for gold prices [1][4] Group 2 - Recent discussions between U.S. President Trump and Ukrainian President Zelensky indicate progress in negotiations to end the Russia-Ukraine conflict, although territorial issues remain contentious [3] - The Kremlin has expressed opposition to temporary ceasefires during negotiations, suggesting that Ukraine must make bold decisions regarding the Donbas region to resolve the conflict [4] - The market anticipates that the Federal Reserve may lower interest rates twice in the coming year, with a short-term probability of an 18% chance of a rate cut in January [4] Group 3 - The recent drop in initial jobless claims in the U.S. to 214,000 indicates resilience in the labor market, which may influence market perceptions of the Federal Reserve's policy direction [4] - High gold prices may suppress physical demand, particularly in key markets like India, which could impact future price movements [5] - The technical analysis suggests that gold prices are currently supported around the $4470 level, with potential for further upward movement [6][8]

黄金价格失守关键点位，投资窗口再度开启？ 最近，黄金市场的热度再次被推高，国内金价报到每克976元，沪金期货一度冲上982.92元的高点；国际市场上，金价也站稳在每盎司4371.4美元附近，从年 初算起，黄金价格累计上涨已超过60%，市场成交明显放大，多空资金在高位展开激烈拉锯。 上海黄金交易所的报价屏幕上，AU9999黄金价格定格在976元/克，距离"千元关口"仅差一步，期货市场的走势更为剧烈，价格在高位上下反复震荡，全天 成交量突破21万手，大量资金正在这个位置完成换手，有人继续追涨，也有人选择获利离场。 国际市场同样不平静，纽约黄金期货价格收在4371.4美元，单日小幅上涨，美元持续走弱，是推动这一轮上涨的重要原因之一，美元指数较年初已下跌接近 一成，使得以美元计价的黄金显得更具吸引力，这轮行情自2024年延续至今，金价多次刷新历史高点，涨势时间之长，在近年并不多见。 全球规模最大的黄金ETF，持仓量在10月达到高点后开始小幅回落，说明部分机构投资者正在趁高位减仓，从技术图形来看，金价的上涨动能有所减弱，短 期存在调整压力。 支撑金价长期走高的力量，首先来自各国央行持续买入黄金，数据显示，央行已连续13 ...

Core Insights - The international gold market is experiencing significant attention, with London spot gold prices stabilizing around $4240.84 per ounce, reflecting an increase of over 300% compared to $1184.37 per ounce a decade ago [1] - The domestic market is also active, with Shanghai Gold Exchange's gold T+D price at 959.46 yuan per gram, up 1.28% from the previous day [1] - The current market volatility shows notable similarities to the patterns observed in 2015 [1][3] Market Volatility Characteristics - In 2015, gold prices exhibited a "high-low" trend, starting at around 290 yuan per gram and dropping to approximately 216 yuan per gram by December [3] - The market on December 1, 2025, displayed a similar oscillation pattern, with London gold at $4215.8 per ounce and Shanghai gold T+D at 953.2 yuan per gram [3] - Technical analysis indicates a bullish trend for current gold prices, with MACD indicators signaling a potential upward movement [3][16] Monetary Policy Environment - In December 2015, the market faced pressure from anticipated interest rate hikes by the Federal Reserve, which led to a 9% increase in the dollar index, negatively impacting gold prices [5] - Conversely, by December 1, 2025, the market is expecting a 25 basis point rate cut from the Federal Reserve, with an 87.4% probability, significantly lowering the opportunity cost of holding gold [6] Changes in Market Participants - In 2015, individual investors and some institutions dominated the gold market, with central bank purchases not being a major force [8] - Since then, global central banks have significantly increased their gold purchases, totaling 4171 tons since 2015, accounting for 72% of annual global gold production [8] - The trading landscape has shifted, with the Shanghai Gold Exchange now accounting for 35% of global trading volume, reflecting the growing influence of emerging markets [8] Physical Gold Demand Differences - In late 2015, physical gold demand surged as prices hit lows, with consumers recognizing gold's value preservation [10] - By December 1, 2025, physical gold demand is more rational, with high prices suppressing buying intentions, particularly in major Asian markets [10] Investor Structure and Product Innovation - In 2015, investment options in gold were limited, primarily to physical gold and a few ETFs [12] - By 2025, the market has seen significant product innovation, with gold ETFs surpassing $200 billion, providing more accessible investment opportunities [13] Technical Analysis Comparison - In December 2015, technical indicators showed a bearish trend, with gold prices below key moving averages [16] - In contrast, by December 1, 2025, technical indicators suggest a complex but generally bullish outlook, with key resistance and support levels established [16] Market Sentiment and Expectations - In December 2015, market sentiment was predominantly negative due to anticipated rate hikes, leading to a preference for dollar assets over gold [18][19] - By December 1, 2025, market sentiment is mixed, with expectations of rate cuts boosting gold's appeal while geopolitical risks drive investors towards safe-haven assets [21]