Price Performance - London Gold latest price is 4612.95, with a change of 119.10 [1] - London Silver latest price is 84.07, with a change of 5.93 [1] - London Platinum latest price is 2282.00, with a change of 65.00 [1] - London Palladium latest price is 1833.00, with a change of 114.00 [1] - WTI Crude latest price is 59.50, with a change of 0.38 [1] - LME Copper latest price is 13193.00, with a change of 320.00 [1] - US Dollar Index latest is 98.89, with a change of -0.24 [1] - Euro to US Dollar latest is 1.17, with a change of 0.00 [1] - British Pound to US Dollar latest is 1.35, with a change of 0.01 [1] - US Dollar to Japanese Yen latest is 158.16, with a change of 0.23 [1] Trading Data - COMEX Silver inventory latest is 13607.31, with a change of -70.15 [1] - SHFE Silver inventory latest is 649.64, with a change of 29.38 [1] - Gold ETF holdings latest is 1070.80, with a change of 6.24 [1] - Silver ETF holdings latest is 16347.95, with a change of 39.47 [1] - SGE Silver inventory latest is 818.51, with no change [1] - SGE Gold deferred fee payment direction latest is 2, with a change of 1.00 [1] - SGE Silver deferred fee payment direction latest is 2, with no change [1]

当天3月交割的白银期货价格上涨536.5美分，收于每盎司85.155美元，涨幅为6.72%。 转自：新华财经 不过，13日亚洲交易时段开盘后，受芝商所调整贵金属合约保证金方式和美联储威廉姆斯有关发言影 响，贵金属价格温和回落。 新华财经纽约1月12日电（记者徐静） 纽约商品交易所黄金期货市场交投最活跃的2026年2月黄金期价 12日上涨90.4美元，收于每盎司4608.8美元，涨幅为2%。 编辑：吴郑思 本周伊始市场避险情绪显著升温。地缘紧张局势升温和美联储独立性遭疑，令避险需求涌入贵金属市 场，推动黄金、白银价格当天大幅上涨，均再创历史新高。 12日盘中，纽约期金最高触及4640.5美元/盎司，期银最高触及86.340美元/盎司。 美联储主席杰罗姆·鲍威尔11日表示，美国司法部已向美联储发出传票，威胁要就鲍威尔去年夏天就美 联储大楼翻修工程所作的证词对其提起刑事诉讼。鲍威尔在一段视频声明中直言不讳地将刑事指控的威 胁描述为破坏美联储在设定利率方面独立性的"借口"。当地媒体认为，此举标志着美国总统特朗普与美 联储之间的斗争空前升级。特朗普曾多次抨击美联储没有像其希望的那样大幅降低利率。 地缘局势方面，伊朗外长 ...

Group 1: Gold Market - Spot gold increased by 1.84%, reaching $4592.13 per ounce, and surged to a historical high of $4630.21 at 00:18 Beijing time [2][6] - COMEX gold futures rose by 2.28%, closing at $4603.30 per ounce, with an intraday peak of $4640.50 at 00:16 [2][6] Group 2: Silver Market - Spot silver saw a significant rise of 6.30%, reaching $84.8943 per ounce, and later peaked at $86.2498, surpassing the previous record of $84.0075 set on December 29 [2][6] - COMEX silver futures increased by 6.95%, closing at $84.855 per ounce, also breaking the December 29 record of $82.670 [2][6] Group 3: Other Precious Metals - COMEX copper futures rose by 1.78%, closing at $6.0075 per pound, but experienced a notable pullback in gains around 22:00 [3][6] - Spot platinum increased by 2.76%, reaching $2342.17 per ounce, while spot palladium rose by 1.99%, closing at $1859.31 per ounce [3][7]

Core Viewpoint - Precious metals prices are rising significantly, with gold surpassing $4600 and silver reaching historical highs, driven by multiple factors including disappointing U.S. non-farm payroll data, geopolitical tensions, and expectations of further interest rate cuts by the Federal Reserve [1][4]. Group 1: Precious Metals Performance - Gold reached $4600 for the first time, gaining $280 in January [1][4]. - Silver broke through $83.9 per ounce, marking a historical high with a daily increase of nearly 5% [1][4]. Group 2: Influencing Factors - Disappointing U.S. non-farm payroll data supports expectations for further interest rate cuts by the Federal Reserve [1][4]. - Geopolitical tensions are escalating, contributing to the rise in precious metals [1][4]. - Federal Reserve Chairman Jerome Powell indicated potential legal issues regarding past testimonies, leading to a slight decline in the dollar [1][4]. Group 3: Market Dynamics - The annual commodity index rebalancing is sensitive for gold and silver, with estimates suggesting a need to sell approximately $5 billion worth of these metals to rebalance weights [1][4]. - Analysts believe that despite potential downward risks, the broader fundamentals supporting precious metals remain strong [1][4]. - Many analysts suggest that strategies used last year, such as buying on dips, remain relevant [1][4]. Group 4: Silver Market Outlook - The silver market faces a supply crunch, making it difficult to foresee any significant downward trends [5]. - Expectations are growing that silver prices could exceed $100 per ounce due to ongoing industrial consumption and investor demand [6]. - The inability to build new silver mines in the coming months exacerbates the supply issue [5]. Group 5: Gold Market Outlook - Gold is viewed as a geopolitical safe haven, especially with the U.S. government pursuing a new international policy of "might makes right" [6]. - Analysts predict that gold prices could reach $5000 per ounce this year, driven by the need for countries to diversify away from the dollar [6].

Group 1 - The core viewpoint of the article emphasizes the need for market risk control in the precious metals sector due to significant price volatility and rising uncertainty influenced by multiple factors [1] - The Shanghai Gold Exchange has issued a notification urging member units to closely monitor market changes and to refine risk emergency plans to maintain market stability [1] - Investors are advised to take precautions against risks, manage their positions wisely, and engage in rational investment practices [1]

Core Viewpoint - The Shanghai Gold Exchange has issued a notice emphasizing the need for market risk control due to significant fluctuations in precious metal prices and rising uncertainty [1] Group 1 - The notice highlights that recent market conditions have led to increased volatility in precious metal prices [1] - Member units are urged to closely monitor market changes and enhance risk emergency plans to maintain market stability [1] - Investors are advised to implement risk prevention measures, manage their positions wisely, and invest rationally [1]

Core Viewpoint - The price of gold has reached a historic high of $4601.38, driven by geopolitical tensions and macroeconomic factors, including the conflict between Trump and Federal Reserve Chairman Powell, as well as unrest in Venezuela and Iran [1][5]. Group 1: Gold Market Performance - Spot gold surged to a peak of $4601.38, marking a new historical high, while COMEX gold also surpassed the $4600 mark [1]. - The recent performance of gold includes a significant increase of $65.00, or 1.44%, from the previous close [2]. - Gold ETFs have followed the upward trend, with a reported increase of 1.96%, and a year-to-date gain of 5.15% [3]. Group 2: Silver Market Performance - Spot silver reached a new high of $84.589, with a notable increase of 5.73% from the previous close [3]. - COMEX silver prices surged over 6%, pushing towards the $84 mark [2]. Group 3: Factors Driving Gold and Silver Prices - Geopolitical uncertainties, including U.S. military actions in Venezuela and threats regarding Iran, have acted as catalysts for the rise in precious metal prices [5]. - Recent U.S. employment data showed lower-than-expected job growth, reinforcing expectations for continued interest rate cuts by the Federal Reserve, which benefits non-yielding assets like gold [5]. - Concerns over the independence of the Federal Reserve due to potential legal actions from the U.S. Department of Justice have also contributed to market volatility and gold's appeal [5]. Group 4: Central Bank Gold Holdings - Central banks globally have been increasing their gold reserves, with China adding 544 tons over the past decade, ranking second globally after Russia [6]. - The trend of central banks diversifying their asset portfolios with gold is expected to continue, supporting higher gold prices [5]. Group 5: Future Outlook - Analysts predict that the gold bull market may extend into 2026, with expectations of further interest rate cuts by the Federal Reserve and ongoing geopolitical tensions [7]. - The potential for gold prices to reach $5000 per ounce and silver prices to range between $135 and $309 per ounce reflects a positive outlook for the precious metals sector [7].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - In the short - term, precious metal prices are expected to be strong, but the fluctuation may be intense due to factors such as low probability of Fed rate - cut in January and risk - control measures from exchanges. Long - term, the upward logic of precious metals remains unchanged, and the strategy is to buy on dips or sell slightly out - of - the - money put options [4]. - In the medium - to - long - term, the Fed's loose cycle, global geopolitical uncertainties, dollar credit risks, and the continued allocation demand from central banks, institutions, and residents will drive the long - term upward shift of the gold price center. Long - term investors are advised to buy on dips [4]. 3. Summary by Related Catalogs 3.1 Price Data - On January 9, 2026, London gold spot was at $4473.61/oz, London silver spot at $77.24/oz, COMEX gold at $4483.10/oz, and COMEX silver at $77.00/oz. The price of AU2602 was 1006.48 yuan/g, and AG2602 was 18757 yuan/kg. The price of AU (T + D) was 1003.45 yuan/g, and AG (T + D) was 18764 yuan/kg. Compared with January 8, the price increases were 0.9%, 1.0%, 0.9%, 1.2%, 0.9%, 1.6%, 0.8%, and 1.3% respectively [3]. - The price difference and ratio data showed various changes. For example, the gold TD - SHFE active price difference was - 3.03 yuan/g on January 9, with a 23.7% change compared to January 8 [3]. 3.2 Position Data - As of January 9, 2026, the gold ETF - SPDR was 1064.56 tons, and the silver ETF - SLV was 16308.47495 tons. The COMEX gold non - commercial long - position was 274435 contracts, and the non - commercial short - position was 46803 contracts. The COMEX silver non - commercial long - position was 47384 contracts, and the non - commercial short - position was 18113 contracts. Compared with January 8, there were different percentage changes in these positions [3]. 3.3 Inventory Data - On January 9, 2026, SHFE gold inventory was 97653 kg, with no change from January 8. SHFE silver inventory was 620262 kg, a 2.73% decrease. COMEX gold inventory was 36311918 troy ounces, a 0.21% decrease, and COMEX silver inventory was 439740503 troy ounces, a 0.62% decrease [3]. 3.4 Market Review - On January 9, the main contract of Shanghai gold futures rose 0.68% to 1006.48 yuan/g, and the main contract of Shanghai silver futures fell 0.9% to 18731 yuan/kg [3]. 3.5 Factor Analysis - The lower - than - expected US non - farm payrolls in December, along with downward revisions of October and November data, indicate a cooling US labor market. The intensifying protests in Iran, Trump's radical remarks on Greenland, and strong safe - haven demand have pushed up precious metal prices. The short - term prices are expected to be strong, but the Fed's low probability of rate - cut in January and exchange risk - control measures may lead to high volatility. Long - term, the upward logic of precious metals remains [4].

Group 1 - COMEX gold futures prices surged to a new historical high of $4612 per ounce, with silver prices also rising significantly to $83.9 per ounce, reflecting a daily increase of 5.7% [2] - Domestic precious metal futures in China also saw gains, with Shanghai gold futures rising approximately 3% to 1031 yuan per gram and Shanghai silver futures increasing by 12% to 20614 yuan per kilogram [2] - The rise in precious metal prices is attributed to escalating geopolitical tensions and increased market expectations for further interest rate cuts by the Federal Reserve following the release of U.S. employment data [2] Group 2 - Goldman Sachs predicts that gold prices will reach $4900 per ounce by December 2026, supported by the Chinese central bank's gold purchasing behavior [3] - Several foreign institutions have raised their gold price forecasts, with JPMorgan predicting gold prices will reach $5000 per ounce by Q4 2026 and UBS increasing their target price for gold in 2026 from $4500 to $5000 per ounce [4] - The World Gold Council reports that gold is expected to perform well in 2025, with potential price increases of 15% to 30% in 2026 based on current price levels [4] Group 3 - JPMorgan maintains its forecast for silver prices at an average of $40.1 per ounce by 2026, while Bank of America has a more optimistic outlook, suggesting silver prices could peak between $135 and $309 per ounce [5]

Core Viewpoint - The article highlights the significant rise in gold and silver futures prices due to heightened geopolitical uncertainty, with gold reaching over $4600 per ounce and silver nearing $84 per ounce, both marking historical highs [1] Group 1: Gold Market - Gold prices are influenced by geopolitical tensions, particularly following the U.S. military actions against Venezuela, which are expected to accelerate the trend of "de-dollarization" among countries, providing strong support for international gold prices [1] - The forecast indicates that gold prices are expected to increase by over 60% by 2025 [1] Group 2: Silver Market - The silver market is experiencing a supply shortage, which is unlikely to be resolved in the short term, leading to a rebound in silver prices [1] - Predictions suggest that silver prices may rise by nearly 150% by 2025 [1]