Core Viewpoint - The gold market is experiencing fluctuations in prices, with various factors influencing both gold and silver prices, including industrial demand and investment sentiment. Group 1: Gold and Silver Prices - As of January 10, the international spot gold price slightly decreased by 0.03% to $4,475.8 per ounce, while the basic gold price in China remained stable at 993 yuan per gram [1] - The price of gold bars varies significantly among banks, with Agricultural Bank's "Chuan Shi Zhi Bao" rising to 1,017.05 yuan per gram, while the Shanghai Gold Exchange lists gold bars at 989 yuan per gram [1] - The price of gold jewelry from leading brands ranges from 1,158 to 1,398 yuan per gram, with different brands reflecting varying levels of premium and market positioning [1] Group 2: Trading Dynamics - The Shanghai Gold Exchange reported a 0.40% increase in Au9999 to 1,007 yuan per gram, while the 100g gold price fell by 0.47% to 1,006 yuan per gram [2] - The trading dynamics show mixed movements, with AuT D at 996.54 yuan per gram (down 0.45%) and silver T D experiencing a significant rise of 4.25% to 20,060 yuan per kilogram [2] Group 3: Collectibles and Gold-Silver Ratio - The 2026 Panda gold set is priced at 60,084 yuan, highlighting the transition of gold from everyday use to collectible status [3] - The gold-silver ratio currently stands at 59, indicating a potential for mean reversion, as it has decreased over 40% since April [3] Group 4: Institutional Perspectives - Institutions emphasize the importance of the gold-silver ratio as a navigational tool for investors, suggesting a reallocation between gold and silver [5] - Regular investment in gold ETFs is recommended to mitigate the challenges of liquidating physical gold while smoothing out price volatility [5] Group 5: Long-term Market Insights - The ongoing accumulation of gold by central banks for 14 consecutive months, alongside the depreciation of the dollar and policy uncertainties, suggests that the narrative around gold extends beyond mere price fluctuations [6]

Core Viewpoint - The Shanghai Gold Exchange announced the trading fee rates for various gold and silver contracts for the year 2026, effective from January 1 to December 31, 2026. Group 1: Trading Fee Rates for Gold and Silver Contracts - The trading fee rate for Au (T+D) and mAu (T+D) contracts will be 0.0015% [1][4] - The trading fee rate for Ag (T+D) contracts will be 0.0012% [1][4] - The trading fee rate for Au (T+N1), Au (T+N2), NYAuTN06, and NYAuTN12 contracts will be 0.001% [1][4] - Short-term opening trading fee rates for Au (T+D) and mAu (T+D) contracts will be 0.00125% [1][4] - Short-term opening trading fee rate for Ag (T+D) contracts will be 0.00075% [1][4] - No fees will be charged for short-term closing of Au (T+D), mAu (T+D), Ag (T+D), Au (T+N1), Au (T+N2), NYAuTN06, and NYAuTN12 contracts [1][4] Group 2: Trading Fee Rates for Spot and Inquiry Contracts - The trading fee rate for the main board gold spot contracts Au99.99, Au99.95, Au100g, and Au99.5 will be 0.003% [1][4] - No fees will be charged for the silver Ag99.99 contract [1][4] - No fees will be charged for Shanghai gold, Shanghai silver centralized pricing contracts, panda gold coin contracts, and performance guarantee inquiry contracts [1][4] Group 3: Inquiry Trading Fee Rates - The trading fee rate for gold inquiry swaps in the interbank market from TOM (inclusive) to SPOT (inclusive) will be 0.0001% [2][5] - For non-financial institutions participating in the inquiry platform for PAu99.99 and PAu99.95 contracts, the spot trading fee rate will be 0.002% [2][5] - The fee rates for forward contracts will vary based on the maturity date, with specific rates outlined for different time frames [2][5] Group 4: International Board Trading Fee Rates - The trading fee rates for international board competitive bidding contracts iAu99.99, iAu99.5, and iAu100g will be 0.0005% [3][6] - The trading fee rates for international board inquiry contracts iPAu99.99, iPAu99.5, and iPAu100g for physical delivery will be 0.001% [3][6] - Discounted fee rates will apply for international members participating in international board inquiry contracts based on the maturity date [3][6]

Group 1 - The core viewpoint of the article highlights the recent fluctuations in gold prices, with spot gold reaching a seven-week high of $4,350 before dropping nearly $100, ultimately closing at $4,300.38 per ounce, driven by expectations of further monetary easing by the Federal Reserve, ongoing central bank purchases, and escalating geopolitical risks [1] Group 2 - The banking channel is a primary method for purchasing gold bars in China, characterized by high security and good reputation, with various products available, such as "Auspicious Gold" from Bank of China and "Fortune Gold" from ICBC, though prices are typically higher due to processing fees and brand premiums [2] - Central enterprise flagship gold stores, like China Gold flagship stores, offer a wide range of gold bars, including investment and commemorative types, with flexible repurchase policies, but prices can be volatile and often include significant premiums [4] - The Shanghai Gold Exchange (SGE) serves as the only national-level gold trading market in China, suitable for professional investors, providing standardized gold bars with transparent pricing aligned with international gold prices, though it requires a certain level of expertise and incurs additional costs for physical extraction [5] - Online channels for purchasing gold bars are becoming increasingly popular, including bank websites, gold store websites, and third-party e-commerce platforms, offering convenience and price transparency, but they also carry risks of counterfeit products and potential damage during shipping [7] Group 3 - Important considerations when purchasing gold bars include verifying the purity and weight, ensuring the gold bars are typically 999.9 pure gold, and checking for relevant certification [8] - Understanding the pricing structure is crucial, as gold bar prices are influenced by international gold prices, processing fees, and brand premiums, along with additional costs such as transaction fees and storage fees [9] - Different channels have varying repurchase policies, which should be understood in advance, as repurchase prices are usually lower than purchase prices, impacting overall investment costs [11] - Proper storage and security measures are essential, with options including bank safes, home safes, or professional storage institutions, and it is important to keep purchase receipts and certificates safe to prevent loss or theft [11]

Group 1 - The opening price for Au99.95 was 773.00, with a closing price of 777.58, reflecting an increase of 10.06 yuan or 1.31% [2] - Au100g opened at 771.00 and closed at 777.37, showing an increase of 8.32 yuan or 1.08% [2] - Au(T+D) had an opening price of 768.20 and closed at 775.55, with an increase of 18.76 yuan or 1.14% [3] Group 2 - The highest price for Au99.95 reached 778.40, while the lowest was 773.00 [2] - The trading volume for Au(T+D) was 47,492, with a total transaction amount of 36,838,943,860 yuan [3] - The weighted average price for Pt99.95 was 312.96, with a closing price of 314.56, reflecting an increase of 4.64 yuan or 1.50% [3] Group 3 - The opening price for NYAuTN06 was 779.10, with a closing price of 779.90, indicating an increase of 9.95 yuan or 1.29% [4] - The trading volume for NYAuTN12 was 14.4, with a closing price of 776.75, reflecting an increase of 10.4 yuan or 1.36% [4] - The total transaction amount for PGC30g was 46,620 yuan, with a closing price of 777.00 [4]

Group 1 - The opening price for Au99.95 was 769.20, with a closing price of 770.25, reflecting a decrease of 2.37 yuan or -0.31% [2] - Au99.99 opened at 772.00 and closed at 771.80, showing a decline of 2.41 yuan or -0.31% [2] - The trading volume for Au99.95 was 4, with a transaction amount of 3,081,000 yuan [2] Group 2 - Au(T+D) opened at 770.60, reached a high of 771.84, and closed at 771.58, with a decrease of 1.59 yuan or -0.21% [3] - The trading volume for Au(T+D) was 34,706, with a transaction amount of 26,712,534,440 yuan [3] - The opening price for Pt99.95 was 330.47, with a closing price of 337.07, reflecting an increase of 4.16 yuan or 1.25% [3] Group 3 - The opening price for NYAuTN06 was 775.30, with a closing price of 775.85, showing a decrease of 1 yuan or -0.38% [4] - The trading volume for NYAuTN06 was 13.6, with a transaction amount of 10,548,920 yuan [4] - PGC30g opened and closed at 776.00, reflecting an increase of 12 yuan or 0.26% [4]

Group 1 - The opening price for Au99.95 was 785.00, with a closing price of 787.05, reflecting an increase of 16.18 yuan or 0.79% [2] - Au99.99 opened at 782.30 and closed at 788.50, showing a rise of 18.15 yuan or 1.04% [2] - The average price for Au100g was 787.72, with a trading volume of 22 and a total transaction amount of 17,487,498 yuan [2] Group 2 - Au(T+D) opened at 781.80, reached a high of 789.00, and closed at 788.19, with an increase of 17.16 yuan or 0.92% [3] - The average price for Au(T+D) was 787.11, with a trading volume of 61,076 and a total transaction amount of 48,073,950,280 yuan [3] - The opening price for Pt99.95 was 342.38, with a closing price of 343.24, reflecting a decrease of 2.05 yuan or 0.59% [3] Group 3 - The opening price for NYAuTN06 was 792.50, with a closing price of 793.20, indicating an increase of 18.3 yuan or 1.06% [4] - NYAuTN12 opened at 790.70 and closed at 791.10, showing an increase of 8.2 yuan or 1.05% [4] - The average price for NYAuTN06 was 792.45, with a trading volume of 17 and a total transaction amount of 13,471,740 yuan [4]

Group 1 - The opening price for Au99.95 was 792.00, with a closing price of 780.87, reflecting a decrease of 14.85 yuan or 0.62% [3] - Au99.99 opened at 778.50 and closed at 780.35, showing a decline of 13.01 yuan or 0.39% [3] - The trading volume for Au99.95 was 184, with a transaction amount of 143,775,200 yuan [3] Group 2 - Au(T+D) opened at 778.80, reached a high of 783.00, and closed at 780.00, with a change of 3.83 yuan or 0.49% [4] - The trading volume for Au(T+D) was 49,546, with a transaction amount of 38,696,970,880 yuan [4] - Pt99.95 opened at 347.50 and closed at 345.29, with an increase of 3.27 yuan or 0.96% [4] Group 3 - NYAuTN06 opened at 785.10, peaked at 785.55, and closed at 784.50, reflecting an increase of 5.3 yuan or 0.68% [5] - The trading volume for NYAuTN06 was 15.8, with a transaction amount of 12,401,400 yuan [5] - PGC30g opened and closed at 780.00, with a decrease of 2 yuan or 0.26% [5]

Group 1 - The opening price for Au99.95 was 772.00, with a closing price of 773.25, reflecting a change of 1.88 yuan or an increase of 0.24% [3] - Au99.99 opened at 770.50 and closed at 773.50, showing an increase of 2.59 yuan or 0.34% [3] - The average price for Au100g was 773.21, with a trading volume of 0 [3] Group 2 - Au(T+D) opened at 770.20, reached a high of 773.50, and closed at 773.37, with a change of 1.71 yuan or 0.09% [4] - The average price for Au(T+D) was 771.41, with a trading volume of 24176 [4] - The total transaction amount for Au(T+D) was 18,649,690,380 yuan [4] Group 3 - NYAuTN06 opened at 774.15, peaked at 778.00, and closed at 775.55, with a change of -0.05 yuan or -0.01% [5] - The average price for NYAuTN12 was 774.45, with a trading volume of 42 [5] - The total transaction amount for NYAuTN12 was 32,526,530 yuan [5]

Group 1 - The opening price for Au99.95 was 778.00, with a closing price of 771.37, reflecting a decrease of 1.28 yuan or 0.17% [2] - Au100g opened at 774.30 and closed at 773.72, showing a slight decrease of 0.05 yuan or 0.01% [2] - The trading volume for Au(T+D) was 31,414, with a closing price of 770.92, indicating a decrease of 1.1 yuan or 0.14% [3] Group 2 - The highest price for NYAuTN06 reached 775.90, with a closing price of 775.35, reflecting an increase of 1.3 yuan or 0.17% [4] - The trading volume for PGC30g was 0.06, with a closing price of 772.00, showing a decrease of 0.4 yuan or 0.05% [4] - The total transaction amount for Au(T+D) was 24,272,579,880 yuan, indicating significant market activity [3]

Price Movements - The opening price for Au99.95 was 774.00, with a closing price of 770.09, reflecting a decrease of 1 yuan or 0.93% [3] - Au99.99 opened at 774.50 and closed at 772.40, showing a decline of 3.62 yuan or 0.47% [3] - Au100g had an opening price of 773.20 and closed at 773.77, with a decrease of 3.87 yuan or 0.50% [3] Trading Volume and Amount - The trading volume for Au99.95 was 28, with a transaction amount of 21,569,800 yuan [3] - Au99.99 had a trading volume of 5,753.88 and a transaction amount of 4,440,252,613.2 yuan [3] - Au(T+D) recorded a trading volume of 27,070 and a transaction amount of 20,898,618,820 yuan [4] Market Performance - The weighted average price for Au99.95 was 770.35, while for Au99.99 it was 771.69 [3] - Au(T+D) had a weighted average price of 772.02 [4] - The market holding for Au99.95 was not specified, while Au99.99 had a market holding amount of 4,440,977,861.2 yuan [3][4] Price Changes - The price change for Pt99.95 was an increase of 2.63 yuan or 0.80% [4] - Ag(T+D) showed a price change of 1.46 with a decrease of 0.50% [4] - The closing price for NYAuTN06 was 774.00, reflecting a change of 4.05 yuan or 0.52% [5]