2026年2月5日凌晨，伦敦金现价格上演了一场惊心动魄的"过山车"：盘中一度冲破5090美元/盎司，创下近期新 高，随后迅速跳水至4890美元附近，单日波动幅度超过200美元。 同一时间，国内黄金T D价格同步下探，最低触 及1092.72元/克，但周大福、老凤祥等品牌金店的足金饰品标价却稳稳站在1566-1576元/克的高位。 国际市场的狂 风暴雨，似乎被一道无形的玻璃墙挡在了金店柜台之外。 北京房山区一家黄金回收门店的工作人员称"忙得无暇用餐"，有顾客卖出50多克金手镯获利4万多元；而十几公里 外的商场黄金柜台前，消费者为购买金葫芦项链宁愿排队三小时。 一位连续两天排队的钟女士表示："马上过年 了，买黄金首饰既保值又体面。 " 价差背后的三重世界 国际金价的剧烈波动直接体现在交易数据上。 2月5日，伦敦金现开盘报4946.22美元/盎司，最高冲至5091.13美 元，最低下探4846.53美元，最终收于4901.26美元，日线留下一根长达240美元的上影线。 国内上海黄金交易所的 Au9999价格报1107.46元/克，较前一日上涨5.41%，但振幅明显小于国际市场。 品牌金店的定价体系却展现出惊人韧性。 ...

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]

Group 1 - The core viewpoint of the articles highlights a significant increase in China's gold market activity, with a notable rise in gold ETF holdings and prices, driven by geopolitical uncertainties and economic concerns [1][2][5] - As of March 2025, domestic gold ETF holdings increased by 23.47 tons, reaching a total of 138.21 tons, reflecting a year-on-year growth of 327.73% [1] - The London spot gold price rose to $3,115.10 per ounce by the end of March 2025, marking a 17.79% increase from the beginning of the year [1] Group 2 - The World Gold Council attributes the strong performance of gold in the first quarter to heightened geopolitical risks, trade policy uncertainties, and significant inflows into global gold ETFs [2] - The Shanghai Gold Exchange has adjusted margin requirements and price fluctuation limits for various gold contracts in response to recent price volatility, effective from April 29, 2025 [3] - The introduction of insurance funds into the gold market is expected to provide long-term support for domestic gold investment demand amid ongoing economic uncertainties [5]