2026年2月22日，农历正月初六，春节假期的最后一天。 当大多数人还在走亲访友时，国际黄金市场发 生了一场剧烈的异动。 伦敦现货黄金价格一举突破5100美元/盎司的心理关口，最高触及5107美元，单 日暴涨117美元，涨幅达到2.35%，创下近期的阶段性新高。 截至当天收盘，国际金价稳稳站在5104.24 美元的位置。 与此同时，国内黄金市场因为春节长假仍在休市状态。 上海黄金交易所的黄金T D品种报价停留在 1108.5元/克，沪金期货主力合约报价1110.1元/克。 这两个价格与节前最后一个交易日相比，不仅没有 上涨，反而出现了小幅下跌。 国际市场的疯狂上涨与国内市场的平静停滞，形成了鲜明的价格剪刀 差。 这种内外价格的巨大背离，直接导致了国内不同黄金流通渠道报价的混乱。 品牌金店的零售柜台率先 反应，周大福、周生生等主流品牌的足金饰品挂牌价已经飙升至每克1560元。 老凤祥的报价是1556 元，周大生是1550元，金至尊相对较低，为1480元。 这些价格包含了当日的黄金原料价、工艺加工 费、品牌附加值以及门店的运营成本。 与品牌金店的高价形成对比的是银行的投资金条。 建设银行当日的龙鼎金条报价为112 ...

2026年开年，什么资产最疯狂？不是黄金，而是白银！ 如果你还只盯着金价看，那你可能已经错过了这一轮贵金属市场最猛烈的行情。继2025年白银价格狂飙175%之后，2026年的白银不仅没有停下脚步，反而 以更"脱缰"的姿态创下历史新高 。 在深圳水贝，投资者们正在抢购一种"新贵"——投资银条；在工厂里，生产线甚至为了它连夜赶工。今天，我们就来深度聊聊，站在当前的历史高位，投资 银条究竟还有没有价值？ 现货白银价格在2026年1月下旬一举突破117.00美元/盎司，创下历史新高 。如果把这个数字拆解开来，会更震撼：这个价格是2020年低点（11.23美元）的整 整10倍 。 白银的涨势有多凶猛？来看一组直观的对比。根据得物App的数据，在近一周的时间里，投资银条价格飙涨了41% 。作为对比，投资金条的涨幅仅为8.5%。 这意味着，白银的涨幅是黄金的4.8倍 。 在深圳水贝零售市场，1000g的投资银条价格已经高达30860元 。而在央视财经的镜头下，一公斤的标准投资银条，在2025年9月价格刚破1万元，不到4个月 就突破了2万元 。价格的持续拉升，让原本主打首饰生产的工厂也不得不调整策略，加班加点将银条生产从"副 ...

荷兰国际集团经济学家表示，本周公布的一系列日本经济活动数据预计将释放出2026年头几个月经济动 能的积极信号。尽管去年第四季度GDP增长不及预期，但荷兰国际集团预计月度经济活动数据将显示出 强劲反弹。他们预测，在财政支出刺激和丰厚的冬季奖金推动下，1月份工业生产和零售销售将显著增 长。与此同时，作为全国趋势先行指标的东京消费者通胀，可能因能源、公用事业和食品价格走软而进 一步放缓。剔除生鲜食品的核心通胀率应会降至2%以下，荷兰国际集团认为，这将使日本央行在3月份 的会议上得以维持目前0.75%的利率不变。 ...

Market Performance - Despite high core PCE inflation data, large tech stocks supported the market, leading to gains in major US stock indices: Dow Jones up 0.25%, S&P 500 up 1.07%, and Nasdaq up 1.51% [1][9] Upcoming Events - AI giant Nvidia is set to release its significant earnings report on February 25, which is a focal point for global markets this week [10][17] - Apple will hold its annual shareholder meeting on February 24, focusing on new product development, AI technology implementation, and supply chain adjustments [10][18] - The US January PPI data will be released on February 27, providing insights into inflation trends [6][15] Precious Metals - Gold prices surged to approximately $5,140 per ounce, with silver prices increasing by over 2% [10] - As of February 23, gold was reported at $5,155.77 per ounce, up 0.87%, while silver was at $86.625 per ounce, also showing a significant increase [10] Trade Policy - President Trump announced an increase in the global import tariff from 10% to 15%, following a Supreme Court ruling on tariffs [4][13] - The administration plans to introduce new legally permissible tariff measures in the coming months [5][14] Economic Indicators - HSBC forecasts a 0.3% month-over-month increase in January's PPI, with the annual growth rate expected to slow from 3.0% in December to 2.8% [6][15] - The Federal Reserve's recent meeting minutes indicate significant internal disagreement regarding future interest rate paths, with some members suggesting the possibility of rate hikes if inflation remains above target [6][16]

Group 1: Current Financial Data Analysis - In January 2026, the M2 growth was strong, with an increase of 3.6 trillion yuan month-on-month, ranking second highest in the observed data range, only behind 2024[17] - The growth of corporate deposits in January was exceptionally strong, with an increase of 1.4 trillion yuan month-on-month, representing 113% of the total increase for the previous year, the highest in the observed data range[19] - Non-bank deposits increased by 1.8 trillion yuan month-on-month, ranking second highest in the observed data range, with the increase accounting for approximately 21% of the total increase for the previous year[24] Group 2: Future Liquidity Outlook - Future liquidity appears to rely heavily on policy support, with weak consumer borrowing and direct financing through non-bank sectors[63] - The upcoming maturity of interbank certificates of deposit is expected to gradually decrease, which may impact liquidity levels[63] - The current liquidity easing is a fact, but under the "exit from unconventional" policy context, a marginal weakening of liquidity in 2026 compared to 2025 is likely[63] Group 3: Market Impact - The financial data does not yet provide a robust judgment on the recovery of domestic demand, indicating a continued reliance on exports[65] - The relationship between stocks and bonds remains unchanged, with the peak of the Shanghai Composite Index in January aligning with the peak of the ten-year government bond yield[65] - The bottom of bond yields is clearer than the top, as the probability of unconventional monetary easing by the central bank gradually decreases[65]

针对黄金后市走势，多家国际机构纷纷上调目标价。澳新银行预计，金价将在今年第二季度触及 5800 美元 / 盎司；瑞银的预测更为激进，认为年中金价最 高或触及 6200 美元 / 盎司，主要支撑来自央行与投资需求、财政赤字扩大、美国实际利率下行以及地缘政治风险。 杰富瑞已将 2026 年黄金价格预测从 4200 美元上调至 5000 美元，该行指出，在通胀与美元贬值的背景下，投资者和央行的核心配置选择唯有硬资产。 "末日博士" 彼得・希夫更是预言金价将冲击 7000 美元，黄金有望取代美元成为新的全球锚定资产。其背后驱动力包括各国央行增持黄金、美国财政赤字膨 胀等因素。希夫认为，金价大幅飙升预示美国将面临远超 2008 年的复合型危机，由主权信用、美债与美元危机共振引发。此外，他还称新任美联储主席或 沦为特朗普傀儡，加密货币是庞氏骗局，建议投资者持续增持黄金与白银。 2 月 23 日早盘，国际金银开盘同步拉升。截至北京时间 7 时 50分，现货黄金报 5157.72 美元 / 盎司，日内涨幅 0.91%；伦敦现货白银报 86.673 美元 / 盎司， 日内大涨2.49%。 消息面上，中东局势持续紧张。卫星图像显 ...

| < W | | | 伦敦金现 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | SPTAUUSDOZ.IDC | | | | | | 5145.519 "# | | | 5111.125 | | 总量 | | 0 | | +34.394 | +0.67% 升益 | | 5108.140 | | 现手 | | 0 | | 最高价 | 5150.940 持 | 仓 | 0 | | 会 醫 | | 0 | | 最低价 | 指 5097.720 | 仓 | | O | 内 盘 | | 0 | | 关于日本 | 目K 王日 | | 周K | | 月K | 曲家 | | | 叠加 | | | | | 均价:0.000 | | | | 5150.940 | | | | | 0.78% | 卖一 5145.926 | | | | | | | | | दी. 5145.519 | | | 5111.125 | | | | | 0.00% | 7:22 5145.468 7:22 5145.720 | 0 0 | | | | | | | | ...

何德旭、张雪兰在《经济日报》撰文指出：当前，宏观数据与微观感受之间还存在"温差"。深入剖析可 见，金融支持扩大内需还存在一些结构性问题，亟待系统性破解。对居民而言，促进能消费、敢消费、 愿消费的金融支持机制尚不健全。消费是最终需求。目前，住户贷款呈现结构性分化，中长期贷款保持 稳健，但居民对短期消费贷的需求增长迅猛，部分银行尚难以满足。同时，消费金融产品同质化较为严 重，与教育、养老、健康、文旅等消费升级领域相匹配的信贷金融工具和差异化风险定价机制不足。对 企业而言，促进想投资、能投资、投得好的中长期资金供给仍存缺口。扩大内需离不开有效投资的带 动。银行偏好于提供短期流动资金贷款，但设备更新、产线智能化改造等往往需要更长周期的资金匹 配。这一结构性期限错配推高了企业综合融资成本，并导致投资决策短期化。这造成企业"想投"的意 愿、"能投"的能力与"投得好"的效能之间，存在中长期资金供给缺口。对金融机构而言，愿放贷、能风 控、善服务的动力和能力有待提升。当前，商业银行普遍面临净息差收窄、不良资产生成压力上升的双 重挑战。在目前条件下，金融机构对消费信贷、小微贷款、科创贷款相关长尾客群服务的风控成本显著 高于标准化 ...

Group 1: Market Reactions and Trends - The announcement of a 10% temporary tariff on all imported goods by President Trump led to a significant surge in international precious metals markets, with gold prices rising over 2% to surpass $5100 per ounce and silver prices soaring nearly 8% [1] - The global central banks' continuous gold purchases have become a core support for gold prices, with a net purchase of 863 tons in 2025, indicating a shift from emergency buying to strategic allocation [3] - The gold market experienced extreme volatility in early 2026, with prices reaching a peak of over $5600 per ounce before dropping more than 20% to a low of $4962, attributed to high-leverage speculative trading and technical corrections [7] Group 2: Economic Indicators and Predictions - The Federal Reserve's monetary policy is a key variable affecting short-term gold price fluctuations, with market expectations of at least two rate cuts by the end of 2026, although potential hawkish shifts could suppress gold prices [4] - Major investment banks have differing predictions for gold prices in 2026, with Goldman Sachs targeting $5400 per ounce, while Citibank warns of a potential drop to $3650, indicating a significant divergence in market outlooks [6] - The gold market's pricing logic is evolving, with geopolitical risks and central bank demand becoming more critical drivers than traditional real interest rates [10] Group 3: Investment Behavior and Consumer Trends - In January 2026, global gold ETF inflows surged to $19 billion, reflecting strong demand from institutional and individual investors despite high price volatility [9] - Consumers are increasingly viewing gold as a long-term asset, with retail gold prices reaching historical highs, leading to a trend of purchasing larger quantities for investment rather than consumption [12] - The A-share market has shown a notable correlation between gold prices and the stock performance of gold-related companies, indicating a shift in investor focus towards long-term resource valuation rather than short-term earnings [12] Group 4: Market Uncertainty and Key Factors - The gold market faces significant uncertainty in 2026, with a wide range of predictions from extreme bullish to warnings of substantial declines, highlighting the need for market participants to monitor key economic indicators and geopolitical developments closely [14]

从2月14日到2月23日，整整十天，上海黄金交易所和国内的黄金期货市场都处于休市状态。 你在2月21 日看到的那个1108.5元，并不是当天的实时成交价，而是节前最后一个交易日，也就是2月13日的收盘 价格。 它是一个静止的"时间切片"。 因为国内市场没有交易，所以这个价格不会变动，它只是静静地 挂在那里。 而国际黄金市场可没有春节假期，交易照常进行，价格随着全球资金的进出而剧烈波动。 2026年2月21日，一个看似普通的星期六，国内黄金市场的价格牌却像被按下了暂停键，定格在1108.5 元每克。 而在大洋彼岸，国际黄金市场正上演着另一番景象：伦敦现货黄金价格强势突破每盎司5100 美元，一天之内就暴涨了超过117美元。 一边是静止的"冰封"价格，一边是火热的"狂飙"行情，这中间 巨大的反差，全都因为一个原因——春节假期。 这就造成了一个奇特的现象：同一个世界，同一种黄金，在同一天出现了两种截然不同的价格轨迹。 更具体地说，按照当前的汇率折算，国际金价每盎司5100美元大约相当于国内原料金价格每克1130元以 上。 这与国内市场上显示的1108.5元每克，存在着超过22元每克的价差。 这个价差，就像一根被压紧 ...