□ 挂钩黄金结构性存款的核心风险在于"收益不确定性"。如果黄金价格走势不满足设定条件，投资者最 终获得的可能是较低保证收益率。 □ 针对近日金价的巨幅波动，已有大型银行对包括黄金积存业务在内的贵金属投资发出风险提示，提醒 投资者合理控制仓位，防范价格波动风险。 近期，国际金价上演剧烈震荡行情，与黄金相关的多类金融产品一路走高。特别是挂钩黄金结构性存 款，凭借较低的起存金额和较高的预期年化收益率受到投资者青睐。 当前，不少银行推出多款相关产品。比如，交通银行推出稳添慧系列挂钩黄金结构性存款，挂钩标的 为"上海黄金交易所黄金AU99.99合约收盘价"，年化收益率区间为0.5%至3.2%；招商银行发行多款挂钩 黄金结构性存款，起存金额1万元至30万元，预计到期年利率1%至1.78%。此外，部分外资银行也推出 与黄金价格挂钩的结构性存款产品。 国家金融与发展实验室副主任曾刚认为，投资者首先要评估自身风险承受能力和投资目标，选择与个人 风险偏好相匹配的产品，结构性存款适合稳健型投资者，而非追求高收益的激进型投资者；其次要关注 产品核心要素：仔细研究收益结构设计，包括保底收益率、中档和高档收益触发条件、挂钩标的类型 （黄 ...

Group 1 - The core viewpoint of the article highlights the significant rise in gold and silver prices, with gold reaching a record high of $4,610.68 per ounce and silver increasing over 7% to surpass $85 per ounce, marking historical peaks [1] - Domestic gold ETFs have collectively risen in price, with the largest gold ETF nearing a scale of 100 billion yuan, indicating strong market enthusiasm [1] - Commercial banks are intensifying risk management for gold-related businesses, with several banks launching structured deposits linked to gold [1] Group 2 - Multiple domestic and foreign institutions believe that the long-term performance of gold and silver remains promising due to factors such as the interest rate cut cycle, de-dollarization trends, and industrial demand support [1]

Core Viewpoint - The recent surge in gold and silver prices is driven by geopolitical factors, expectations of interest rate cuts by the Federal Reserve, and increased industrial demand, leading to a positive outlook for precious metals in the medium to long term [2][3][8]. Price Movements - As of January 12, gold reached a record high of $4610.68 per ounce, with a daily increase of over 2%, while silver rose more than 7% to surpass $85 per ounce, also setting a new historical record [2][3]. - International gold and silver futures hit historical highs of $4612.7 per ounce and $84.69 per ounce, respectively, with daily increases of 2% and 5% [3]. ETF Performance - Gold ETFs collectively rose, with the Guotou Silver LOF increasing by 7.11% [3]. - In the first seven trading days of 2026, gold ETFs saw net subscriptions exceeding 400 million shares, with the Huazhang Gold ETF approaching a scale of 100 billion yuan [3]. Institutional Insights - UBS Wealth Management raised its price forecast for gold, increasing target prices for March, June, and September 2026 from $4500 to $5000 per ounce, with a slight decline expected to $4800 by the end of 2026 [4]. - Analysts from various institutions express optimism about the long-term performance of gold and silver, citing a shift in investment logic towards strategic hedging against long-term structural risks [8][9]. Banking Sector Response - In response to high gold prices, banks are tightening risk management for gold-related businesses, raising the entry threshold for gold accumulation business to a balanced investment level [5][6]. - Several banks have launched structured deposits linked to gold, offering varying expected annual returns based on gold price fluctuations [6][7]. Industrial Demand - Increased demand for gold from central banks and industrial sectors such as photovoltaics, electric vehicles, and AI infrastructure is contributing to rising gold and silver prices [3][9].