1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Short - term monetary policy expectations suppress precious metals, but they remain in a high - level oscillation pattern supported by global central bank gold purchases, COMEX gold inventory reduction, and geopolitical risks. The market focus has shifted to the upcoming US January CPI data, and the inflation path will be the key to pricing Fed policies and precious metal trends in the next stage. Due to the decline of US technology stocks and profit - taking by some investors, precious metal prices dropped. The strategy is to remain on the sidelines for now, with the reference operating range for the main contract of Shanghai gold being 950 - 1100 yuan/gram and that for the main contract of Shanghai silver being 18500 - 21000 yuan/kilogram [3][4] 3. Summary by Relevant Catalogs 3.1 Market Quotes - Shanghai gold dropped 2.42% to 1100.96 yuan/gram, and Shanghai silver dropped 1.88% to 19188.00 yuan/kilogram. COMEX gold dropped 3.08% to 4941.40 dollars/ounce, and COMEX silver dropped 10.62% to 75.25 dollars/ounce. The US 10 - year Treasury yield was 4.09%, and the US dollar index was 96.91 [2] - The Thursday plunge of precious metals might be due to the decline of US technology stocks, forcing some investors to close positions to replenish liquidity, combined with CTA trading strategies and profit - taking by investors. The initial jobless claims in the US for the week ending February 7 were 227,000, higher than the expected 222,000. The continuing jobless claims for the week ending January 31 were 1.862 million, slightly higher than the expected 1.85 million. The annualized total number of existing home sales in the US in January was 3.91 million, a month - on - month decrease of 8.4%, which might ease the hawkish market expectations brought by previous non - farm employment data [2] 3.2 Strategy Views - Due to the decline of US technology stocks forcing investors to close positions for replenishment and profit - taking by some investors, precious metal prices dropped. But supported by global central bank gold purchases and geopolitical risks, they are still in a high - level oscillation. The key market game has shifted to Friday's CPI data. Temporarily stay on the sidelines, with the reference operating range for the main contract of Shanghai gold being 950 - 1100 yuan/gram and that for the main contract of Shanghai silver being 18500 - 21000 yuan/kilogram [4] 3.3 Key Data Summary - **Gold**: COMEX gold's closing price (active contract) was 5107.80 dollars/ounce, up 1.19%; trading volume was 125,400 lots, up 23.12%; open interest was 409,700 lots, down 16.13%; inventory was 1080 tons, down 1.40%. LBMA gold's closing price was 5077.85 dollars/ounce, up 0.92%. SHFE gold's closing price (active contract) was 1126.12 yuan/gram, down 0.38%; trading volume was 324,400 lots, up 14.97%; open interest was 302,700 lots, down 0.63%; inventory was 105.07 tons, unchanged; precipitated funds were 5.4533 billion yuan, down 1.01%. AuT + D's closing price was 1122.92 yuan/gram, down 0.14%; trading volume was 24.71 tons, down 14.71%; open interest was 255.19 tons, down 3.12% [7] - **Silver**: COMEX silver's closing price (active contract) was 84.09 dollars/ounce, up 4.35%; open interest was 143,200 lots, down 8.59%; inventory was 11868 tons, down 1.22%. LBMA silver's closing price was 86.10 dollars/ounce, up 4.64%. SHFE silver's closing price (active contract) was 20,626.00 yuan/kilogram, down 1.52%; trading volume was 1,109,100 lots, up 2.31%; open interest was 540,200 lots, down 2.84%; inventory was 349.63 tons, up 2.20%; precipitated funds were 3.0082 billion yuan, down 4.32%. AgT + D's closing price was 19,670.00 yuan/kilogram, down 1.15%; trading volume was 220.35 tons, down 5.23%; open interest was 3143.492 tons, down 1.42% [7] 3.4 ETF Holdings - **Gold**: iShare US's holding was 499.84 tons, up 0.08%; GBS UK's holding was 30.80 tons, down 0.22%; PHAU UK's holding was 54.48 tons, down 0.21%; GOLD UK's holding was 29.92 tons, up 0.04%; SGBS Switzerland's holding was 36.12 tons, unchanged [65] - **Silver**: SLV US's trading volume was 96.4592 million shares, up 29.09%; ETPMAG Australia's holding was 489.86 tons, down 1.18%; PSLV Canada's holding was 6747.30 tons, unchanged; CEF Canada's holding was 1610.16 tons, unchanged [65]

【行情资讯】 贵金属日报 2026-02-10 贵金属 贵金属研究 图 1：金银重点数据汇总 沪金涨 1.00 %，报 1127.00 元/克，沪银涨 5.24 %，报 20934.00 元/千克；COMEX 金涨 2.10 %， 报 5084.20 美元/盎司，COMEX 银涨 8.00 %，报 83.05 美元/盎司； 美国 10 年期国债收益率 报 4.22 %，美元指数报 96.88 ； 周初贵金属市场整体维持高位震荡格局，延续此前大幅下跌后的修复行情。市场普遍定价美联 储 6 月降息预期为金价提供了核心基本面支撑。在美国就业数据表现偏弱的背景下，上周五博 斯蒂克表态称，需等待 4-5 月经济数据出炉后才能释放更明确的政策信号。白银则受紧俏的 库存与现货支撑，近月合约价格仍具备韧性。当前市场焦点集中于本周三公布的美国非农就业 报告，以及周五发布的消费者物价指数。 美联储理事米兰 2 月 10 日表态：财政端，其主张投资全额费用化以刺激资本支出，认为关税 有助于改善美国财政，支持在困难时期动用资产负债表；货币端，强调央行的相对独立性，认 为联储的货币政策应与商业周期相匹配，且需远离非货币问题，并暗示关税 ...

Report Summary 1. Investment Rating The provided document does not mention the industry investment rating. 2. Core Viewpoints - **Stock Index**: In the short - term, the market rotation is accelerating, hot - plate persistence is poor, and trading volume is falling before the Spring Festival. In the long - term, policy support for the capital market remains unchanged. The strategy is to buy on dips [4]. - **Treasury Bonds**: The economic recovery foundation is not solid, and there is still room for RRR and interest rate cuts. The central bank maintains an attitude of protecting funds, and bond market trading is expected to be stable. However, it is necessary to pay attention to the suppression of the stock market, government bond supply, and inflation expectations, and the market is expected to fluctuate [8]. - **Precious Metals**: The market is in a cautious short - covering and position - rebuilding stage after a technical oversold. It is recommended to wait and see, with the Shanghai gold main contract in the range of 1050 - 1300 yuan/gram and Shanghai silver in the range of 22000 - 25000 yuan/kilogram [11]. - **Non - ferrous Metals**: Most non - ferrous metals are expected to fluctuate, with some having upward or downward trends based on supply - demand, policy, and cost factors [14][16][21]. - **Black Building Materials**: The black - building materials sector is in a bottom - game stage with multiple factors at play. It is expected to fluctuate in the short - term, and it is necessary to track inventory changes, demand recovery, and policy adjustments [34]. - **Energy Chemicals**: Different energy - chemical products have different trends. For example, crude oil is recommended to take profits on rallies, and some products are affected by supply - demand, cost, and geopolitical factors [64][66]. - **Agricultural Products**: Different agricultural products have different trends. For example, the short - term outlook for live pigs is pessimistic, while the long - term outlook for cotton is positive [87][102]. 3. Summary by Category Macro - financial - **Stock Index** - **Market Information**: The President of China had a phone call with the US President; a new satellite testing and launching technology plant was established; the Ministry of Industry and Information Technology aims to break through key technologies; the central bank focuses on credit market work [2]. - **Basis Annualized Ratio**: Different contracts of IF, IC, IM, and IH have corresponding basis annualized ratios [3]. - **Strategy**: Buy on dips in the short - term [4]. - **Treasury Bonds** - **Market Information**: Contract prices changed on Wednesday; the central bank held a credit market meeting; the Reserve Bank of Australia raised interest rates [5]. - **Liquidity**: The central bank conducted 750 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 302.5 billion yuan [6][7]. - **Strategy**: The bond market is expected to fluctuate, and it is necessary to pay attention to multiple factors [8]. - **Precious Metals** - **Market Information**: Gold and silver prices rose; the US ADP data indicated a slowdown in the labor market; the US Treasury's refinancing statement affected the bond market [9][10]. - **Strategy**: Wait and see, with reference price ranges for Shanghai gold and silver [11]. Non - ferrous Metals - **Copper** - **Market Information**: Copper prices fluctuated, LME copper inventory increased, and domestic spot was at a discount [13]. - **Strategy**: The price is expected to fluctuate strongly, with reference price ranges for Shanghai and LME copper [14]. - **Aluminum** - **Market Information**: Aluminum prices declined, and inventory and trading conditions changed [15]. - **Strategy**: If concerns about the US AI narrative ease, prices are expected to stabilize and rise, with reference price ranges [16]. - **Zinc** - **Market Information**: Zinc prices fluctuated, and inventory and basis data changed [17][18]. - **Strategy**: The price is following the sector to make up for the macro - attribute. The trading center may return to the industrial logic [18]. - **Lead** - **Market Information**: Lead prices declined, and inventory and basis data changed [19]. - **Strategy**: The industry situation is weak, and the panic sentiment has eased to some extent [19]. - **Nickel** - **Market Information**: Nickel prices rebounded, and cost and supply - demand factors changed [20]. - **Strategy**: It is expected to fluctuate widely in the short - term, with reference price ranges [21]. - **Tin** - **Market Information**: Tin prices fluctuated, and supply, demand, and inventory factors changed [22]. - **Strategy**: It is expected to fluctuate widely in the short - term, and it is recommended to wait and see [23]. - **Lithium Carbonate** - **Market Information**: The spot index rose, and the futures contract price declined [24]. - **Strategy**: It is recommended to wait and see or take a small - position attempt, with a reference price range for the futures contract [25]. - **Alumina** - **Market Information**: The index rose, and inventory and basis data changed [26][27]. - **Strategy**: It is recommended to wait and see, with a reference price range and key factors to watch [28]. - **Stainless Steel** - **Market Information**: The futures price rose, and spot and inventory data changed [29]. - **Strategy**: Maintain a bullish view, with a reference price range [29]. - **Cast Aluminum Alloy** - **Market Information**: The price rebounded, and inventory and trading volume data changed [30]. - **Strategy**: The price is supported in the short - term [31]. Black Building Materials - **Steel** - **Market Information**: Rebar and hot - rolled coil prices rose slightly, and inventory and trading volume data changed [33]. - **Strategy**: It is expected to fluctuate in the short - term, and it is necessary to track multiple factors [34]. - **Iron Ore** - **Market Information**: The futures price rose, and spot and inventory data changed [35]. - **Strategy**: It is expected to fluctuate weakly in the short - term, and it is necessary to pay attention to steel mill restocking and iron - making rhythms [36][37]. - **Coking Coal and Coke** - **Market Information**: Prices rose, and spot and basis data changed [38]. - **Strategy**: It is expected to fluctuate in the short - term, and it is necessary to pay attention to market sentiment and high - volatility risks [40][42]. - **Glass and Soda Ash** - **Glass** - **Market Information**: The futures price rose, and inventory and trading volume data changed [43]. - **Strategy**: It is expected to fluctuate strongly in the short - term, with a reference price range [44]. - **Soda Ash** - **Market Information**: The futures price rose, and inventory and trading volume data changed [45]. - **Strategy**: It is expected to fluctuate weakly and stably in the short - term, with a reference price range [46]. - **Manganese Silicon and Ferrosilicon** - **Market Information**: Prices rose slightly, and spot and basis data changed [47]. - **Strategy**: The market is affected by overall sentiment and cost factors. It is recommended to pay attention to manganese ore and "dual - carbon" policies [49][50]. - **Industrial Silicon and Polysilicon** - **Industrial Silicon** - **Market Information**: The futures price rose, and spot and inventory data changed [51]. - **Strategy**: The price is expected to fluctuate, and it is necessary to pay attention to production cuts and downstream adjustments [54]. - **Polysilicon** - **Market Information**: The futures price rose, and spot and inventory data changed [55]. - **Strategy**: The price is expected to fluctuate, and it is necessary to pay attention to meetings and spot transactions [56]. Energy Chemicals - **Rubber** - **Market Information**: The price is determined by funds, and there are different views on supply and demand [58]. - **Strategy**: Trade short - term on the disk, set stop - losses, and consider a spread trading strategy [62]. - **Crude Oil** - **Market Information**: Futures prices rose [63]. - **Strategy**: Take profits on rallies and focus on medium - term layout [64]. - **Methanol** - **Market Information**: Spot and futures prices changed [65]. - **Strategy**: The price has priced in most geopolitical premiums, and there is pressure on the upside [66]. - **Urea** - **Market Information**: Spot and futures prices changed [68]. - **Strategy**: Short - sell on rallies due to expected negative fundamentals [69]. - **Pure Benzene and Styrene** - **Market Information**: Prices rose, and supply - demand and inventory data changed [70]. - **Strategy**: The non - integrated profit of styrene has been repaired, and it is advisable to take profits gradually [70]. - **PVC** - **Market Information**: The futures price rose, and supply - demand, cost, and inventory data changed [71]. - **Strategy**: The domestic supply is strong and demand is weak. Pay attention to production capacity and start - up changes [72][73]. - **Ethylene Glycol** - **Market Information**: The futures price rose, and supply - demand, cost, and inventory data changed [74]. - **Strategy**: There is an expectation of further profit compression and load reduction in the medium - term, but there is a risk of rebound in the short - term [75]. - **PTA** - **Market Information**: The futures price rose, and supply - demand, cost, and inventory data changed [76]. - **Strategy**: It enters the Spring Festival inventory - accumulation stage. Be cautious of processing - fee corrections in the short - term and look for long - entry opportunities after the Spring Festival [77]. - **Para - xylene** - **Market Information**: The futures price rose, and supply - demand, cost, and inventory data changed [78]. - **Strategy**: It is expected to accumulate inventory before the maintenance season. Look for long - entry opportunities following crude oil in the medium - term [79]. - **Polyethylene (PE)** - **Market Information**: The futures price rose, and supply - demand and inventory data changed [80]. - **Strategy**: The oil price may have bottomed out. The price is supported by reduced inventory, but the demand is in the off - season [81]. - **Polypropylene (PP)** - **Market Information**: The futures price rose, and supply - demand and inventory data changed [82]. - **Strategy**: The supply pressure is relieved, and the price may bottom out in the first quarter of next year. Consider going long on the PP5 - 9 spread on dips [84]. Agricultural Products - **Live Pigs** - **Market Information**: Pig prices fell, and supply - demand factors changed [86]. - **Strategy**: Short on rallies in the short - term, and pay attention to long - term support [87]. - **Eggs** - **Market Information**: Egg prices mostly fell, and supply - demand factors changed [88]. - **Strategy**: Short - sell in the near - term and long - term, with different logics [89]. - **Soybean and Rapeseed Meal** - **Market Information**: Futures prices fell slightly, and supply - demand data changed [90][91]. - **Strategy**: The short - term fundamentals are improving, and the price may be bottoming out [92]. - **Oils and Fats** - **Market Information**: Futures prices fluctuated, and supply - demand data changed [93][94]. - **Strategy**: The price may have bottomed out. Wait for a pull - back to go long [94]. - **Sugar** - **Market Information**: The futures price rebounded slightly, and supply - demand data changed [95][98]. - **Strategy**: Wait for the northern hemisphere to finish the harvest in February. The domestic price may have limited downside, and it is advisable to wait and see [99]. - **Cotton** - **Market Information**: The futures price fluctuated, and supply - demand data changed [100][101]. - **Strategy**: It fluctuates widely in the short - term and may rise in the long - term. Look for low - entry opportunities before the Spring Festival [102].

贵金属日报 2026-01-29 贵金属 钟俊轩 贵金属研究员 从业资格号：F03112694 交易咨询号：Z0022090 电话：0755-23375141 邮箱： zhongjunxuan@wkqh.cn 【行情资讯】 沪金涨 3.36 %，报 1196.80 元/克，沪银涨 1.46 %，报 28885.00 元/千克；COMEX 金报 5411.00 美元/盎司，COMEX 银报 116.62 美元/盎司； 美国 10 年期国债收益率报 4.26%，美元指数报 96.34 ； 昨日所公布的美联储议息会议货币政策表态偏谨慎，但沃勒的反对票再度冲击联储独立性，驱 动金银价格表现极为强势。 本次联储议息会议决定维持利率在 3.50%-3.75% 区间不变，未进行降息，货币政策表态谨慎， 符合市场预期。但投票结果中沃勒投下反对票支持降息 25bps 超市场预期鸽派，贝森特表明 将在一周左右公布新任联储主席提名，沃勒此举渴望得到特朗普的关注，会议后 Kalshi 显示 市场对沃勒被提名新任联储主席的概率预测由 8% 上升至 15%，这再度冲击美联储货币政策独 立性，叠加此前特朗普关于美元汇率的"悠悠球"言论和贝 ...

Group 1 - The report highlights that precious metals and certain Asian equities performed well, with COMEX silver showing a significant weekly increase of 12.3%, outperforming Japanese and Korean equities as well as gold [7][8] - The overall risk appetite globally remains relatively high, but there is notable divergence in the performance of equities and commodities [7][8] - The correlation between A-shares and US stocks has decreased marginally, while the negative correlation between A-shares and Chinese credit bonds has also declined [7][10] Group 2 - In the equity market, the Nikkei 225 led developed markets with a 3.8% increase, while the Korean Composite Index surged by 5.5%, leading emerging markets [20][24] - The MSCI Global Index rose by 0.3%, but the momentum has slowed down, indicating a trend where emerging markets outperform developed and frontier markets, and Asia outperforms Europe and North America [20][24] - The A-share market showed a slight increase of 0.5%, with technology and small-cap stocks performing relatively better, while the Shanghai Composite Index experienced a minor decline of 0.6% [20][24] Group 3 - The bond market in China is characterized by a "bull flattening" trend, with the yield curve shifting downward and the 10Y-2Y yield spread narrowing [33][34] - In contrast, the US bond market is experiencing a "bear steepening" trend, with the yield curve moving upward and the 10Y-2Y yield spread widening [34][33] - As of January 16, the 10-year yield in China was at 1.84%, while the 10-year US yield was at 4.24%, reflecting differing monetary policy expectations [33][34] Group 4 - Commodity prices have generally increased, with the South China and CRB commodity indices rising by 1.1% and 0.2% respectively, and eight out of thirteen major commodities recorded price increases [7][34] - The US dollar index rose by 0.2%, with the Chinese yuan appreciating by 0.2% against the dollar, while other major currencies like the euro and pound depreciated [7][34] - Year-to-date, COMEX gold, nickel, and zinc have shown significant increases of 25.4%, 8.3%, and 7.0% respectively, indicating strong demand for these commodities [7][34]

Key Points - The article discusses the recent trends in major asset classes, highlighting the rise in 10-year U.S. Treasury yields and the concurrent increase in gold and silver prices. The S&P 500 and Nasdaq indices experienced slight declines of 0.4% and 0.7%, respectively, while the 10-year Treasury yield rose by 6.0 basis points to 4.24% [2][3] - The article notes a decrease in the U.S. Treasury General Account (TGA) balance, which fell to $777.1 billion as of January 14, 2026, and a decline in net issuance of U.S. debt, with a rolling net issuance of -$9.23 million [2][62] - The U.S. core Consumer Price Index (CPI) for December was weaker than expected, with a month-on-month increase of 0.2% compared to the expected 0.3%. This has led to increased market speculation regarding Kevin Walsh as a potential candidate for the next Federal Reserve Chair [2][84] - The article highlights that the U.S. retail sales for November exceeded expectations, rising by 0.6% month-on-month, driven by significant improvements in motor vehicle sales and dining services, indicating resilience in consumer spending [2][85] - The article also mentions that initial jobless claims in the U.S. were lower than market expectations, with 198,000 claims reported, compared to the expected 215,000 [2][88]

Group 1: Macro Economic Indicators - The 10Y US Treasury yield rose by 6.0 basis points to 4.24%, while the dollar index increased by 0.2% to 99.37 [1][16] - The US TGA balance decreased to $777.1 billion as of January 14, with net issuance of US debt falling to -$9.23 million [1][50] - The US fiscal deficit for the calendar year 2025 reached $1.82 trillion, lower than the $1.91 trillion recorded in the same period of 2024 [1] Group 2: Inflation and Consumer Spending - The US core CPI for December was weaker than expected, with a month-on-month increase of 0.2% against a forecast of 0.3% [1][68] - November retail sales in the US rose by 0.6%, surpassing the expected 0.5%, indicating resilience in consumer spending [1][71] Group 3: Market Performance - Major stock indices showed mixed performance, with the S&P 500 down 0.4% and the Nasdaq down 0.7%, while emerging market indices generally rose [2][7] - In the commodities market, Brent crude oil prices increased by 2.9% to $53.76 per barrel, while COMEX gold and silver prices rose by 2.6% and 12.3%, respectively [1][34][41] Group 4: Federal Reserve and Monetary Policy - Market expectations for Kevin Walsh to become the next Federal Reserve Chair have increased significantly following weaker inflation data [1][63] - Federal Reserve officials expressed optimism regarding the US economy and productivity growth, with potential interest rate cuts being pushed to June and December [1][63]

Key Points - The article discusses the recent trends in major asset classes, highlighting the rise in 10-year U.S. Treasury yields and the concurrent increase in gold and silver prices. The S&P 500 and Nasdaq indices experienced slight declines of 0.4% and 0.7%, respectively, while the 10-year Treasury yield rose by 6.0 basis points to 4.24% [2][3] - The article notes a decrease in the U.S. Treasury General Account (TGA) balance, which fell to $777.1 billion as of January 14, 2026, and a decline in net issuance of U.S. debt, with a rolling net issuance of -$9.23 million [2][62] - The U.S. December core Consumer Price Index (CPI) was weaker than expected, with a month-on-month increase of 0.2% compared to the anticipated 0.3%. This has led to increased market speculation regarding Kevin Walsh as a potential candidate for the next Federal Reserve Chair [2][84] - The article highlights that U.S. retail sales in November exceeded expectations, rising by 0.6% month-on-month, driven by significant improvements in motor vehicle sales and dining services, indicating resilience in consumer spending [2][85] - The article also mentions that initial jobless claims in the U.S. were lower than market expectations, with 198,000 claims reported, compared to the anticipated 215,000 [2][88]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - In the context of the Fed's independence being undermined and the weakening of inflation data, the prices of gold and silver are strong. It is recommended to hold existing long positions, and there are significant risks in opening new long or short positions. The reference operating range for the main contract of Shanghai gold is 980 - 1100 yuan/gram, and for the main contract of Shanghai silver is 19050 - 23000 yuan/kilogram [3] 3. Summary According to Related Catalogs 3.1 Market Information - Shanghai gold rose 0.14% to 1031.00 yuan/gram, and Shanghai silver rose 4.14% to 21943.00 yuan/kilogram. COMEX gold was reported at 4594.40 US dollars/ounce, and COMEX silver was reported at 86.86 US dollars/ounce. The yield of the 10 - year US Treasury bond was reported at 4.18%, and the US dollar index was reported at 99.18 [2] - The US CPI data released last night was lower than expected. The year - on - year value of the US CPI in December was 2.7%, in line with expectations and the previous value, and the month - on - month value was 0.3%, also in line with expectations. The year - on - year value of the US core CPI in December was 2.6%, lower than the expected 2.7% and the same as the previous value, and the month - on - month value was 0.2%, lower than the expected 0.3% [2] - The decline in the overall CPI mainly came from the energy - related commodity sub - item, with a year - on - year value of - 3.0% and a month - on - month value of - 0.4%. In the core CPI data, the year - on - year item of rent generally changed little from the previous value. Affected by the Christmas holiday, the decline in the prices of accommodation and air tickets slowed down. The price of medical insurance showed a marginal decline, with the month - on - month value of the health insurance sub - item recording - 1.1% [2] 3.2 Gold and Silver Data Summary - **Gold**: - COMEX gold: The closing price of the active contract was 4594.40 US dollars/ounce, down 0.31% from the previous day; the trading volume was 24.91 million lots, down 11.63%; the position (CFTC latest reporting period: weekly) was 48.81 million lots, up 1.30%; the inventory was 1129 tons, down 0.04% [6] - LBMA gold: The closing price was 4623.05 US dollars/ounce, up 0.22% [6] - SHFE gold: The closing price of the active contract was 1027.18 yuan/gram, up 0.09%; the trading volume was 37.08 million lots, down 12.15%; the position was 33.65 million lots, up 0.93%; the inventory was 98.28 tons, up 0.65%; the precipitation funds were 55.305 billion yuan, an inflow of 1.02% [6] - AuT + D: The closing price was 1025.52 yuan/gram, up 0.33%; the trading volume was 58.00 tons, up 1.00%; the position was 187.16 tons, down 0.27% [6] - **Silver**: - COMEX silver: The closing price of the active contract was 86.86 US dollars/ounce, up 2.00%; the position (CFTC latest reporting period: weekly) was 15.32 million lots, down 2.64%; the inventory was 13551 tons, down 0.41% [6] - LBMA silver: The closing price was 85.82 US dollars/ounce, up 2.08% [6] - SHFE silver: The closing price of the active contract was 21004.00 yuan/kilogram, up 0.28%; the trading volume was 238.26 million lots, down 3.72%; the position was 71.83 million lots, up 0.50%; the inventory was 630.07 tons, down 3.01%; the precipitation funds were 40.737 billion yuan, an inflow of 0.78% [6] - AgT + D: The closing price was 21048.00 yuan/kilogram, up 0.70%; the trading volume was 700.30 tons, up 70.30%; the position was 3081.116 tons, up 1.27% [6] 3.3 Gold and Silver Price and Volume Charts - There are multiple charts showing the relationship between gold and silver prices, trading volumes, positions, and other factors, including the relationship between COMEX gold price and US dollar index, the relationship between COMEX gold price and actual interest rate, the relationship between Shanghai gold price and trading volume, etc. [8][11][12][15] 3.4 Gold and Silver Near - Far Month Structure and Spread Charts - There are charts showing the near - far month structure of COMEX gold, Shanghai gold, COMEX silver, and Shanghai silver, as well as the spread between London gold and COMEX gold, and the spread between London silver and COMEX silver [22][23][36][39] 3.5 Management Fund Net Long Positions and ETF Positions - There are charts showing the relationship between the net long positions of COMEX gold and silver management funds and prices, as well as the total positions of gold and silver ETFs [41][42] 3.6 Gold and Silver Internal - External Spread Statistics - The internal - external spreads of gold and silver on January 13, 2026 are calculated, including the spreads between SHFE and COMEX, and between SGE and LBMA [53]

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints - If the silver price stabilizes, it will continue a new upward trend, and the driving force for the gold price remains strong. The large holdings of silver ETFs will keep the available inventory of London silver at a low level. The silver premium in India has significantly rebounded at the beginning of the year, and the new silver mortgage regulations will take effect in April. It is expected that India's silver imports in the first quarter will significantly increase, providing strong support for the spot demand for silver. Therefore, the upward driving force for the silver price still exists. The current strategy is to focus on the support levels of gold and silver prices around the BCOM and tariff adjustment nodes and conduct buy-on-dips operations after the short - term negative factors end. The reference operating range for the main contract of Shanghai gold is 970 - 1100 yuan/gram, and for the main contract of Shanghai silver is 16870 - 22000 yuan/kilogram [2] 3. Summary by Related Contents 3.1 Market Quotes - On January 13, 2026, Shanghai gold rose 1.31% to 1030.26 yuan/gram, and Shanghai silver rose 7.23% to 21268.00 yuan/kilogram. COMEX gold was reported at 4608.80 US dollars/ounce, and COMEX silver was reported at 85.16 US dollars/ounce. The yield of the 10 - year US Treasury bond was 4.19%, and the US dollar index was 98.90 [1] - The US federal prosecutor announced a criminal investigation into the current Federal Reserve Chairman Powell, which has greatly impacted the Fed's independence. If Powell resigns under pressure, the new Fed Chairman will start a fast - paced easing cycle, which has strongly boosted the prices of gold and silver [1] 3.2 Key Data of Gold and Silver - **Gold**: COMEX gold's closing price (active contract) on January 12, 2026, was 4608.80 US dollars/ounce, up 2.00% from January 9; the trading volume was 28.19 million lots, up 42.36%; the position was 48.81 million lots, up 1.30%; the inventory was 1129 tons, unchanged. LBMA gold's closing price was 4612.95 US dollars/ounce, up 2.65%. SHFE gold's closing price (active contract) was 1026.28 yuan/gram, up 1.97%; the trading volume was 42.21 million lots, up 58.40%; the position was 33.34 million lots, up 4.65%; the inventory was 97.65 tons, unchanged; the settled funds were 54.747 billion yuan, an inflow of 6.71%. AuT + D's trading volume was 57.43 tons, up 77.11%; the position was 187.67 tons, up 1.27% [5] - **Silver**: COMEX silver's closing price (active contract) on January 12, 2026, was 85.16 US dollars/ounce, up 6.72% from January 9; the position was 15.32 million lots, down 2.64%; the inventory was 13607 tons, down 0.51%. LBMA silver's closing price was 84.07 US dollars/ounce, up 7.59%. SHFE silver's closing price (active contract) was 20945.00 yuan/kilogram, up 11.82%; the trading volume was 247.48 million lots, up 8.31%; the position was 71.48 million lots, up 5.44%; the inventory was 649.64 tons, up 4.74%; the settled funds were 40.422 billion yuan, an inflow of 17.90%. AgT + D's trading volume was 411.21 tons, up 33.37%; the position was 3042.48 tons, down 0.61% [5] 3.3 Market Structure and Spread - **Gold**: The near - far month structure of COMEX gold, the spread between London gold spot and COMEX gold continuous one, the near - far month structure of Shanghai gold, and the spread between Au(T + D) and Shanghai gold continuous one are presented in relevant charts [21][23] - **Silver**: The near - far month structure of COMEX silver, the spread between London silver and COMEX silver continuous one, the near - far month structure of Shanghai silver, and the spread between Ag(T + D) and Shanghai silver continuous one are presented in relevant charts [34][36] - **Internal - External Spread**: On January 12, 2026, the SHFE - COMEX spread of gold was - 11.41 yuan/gram (- 50.89 US dollars/ounce), and the SGE - LBMA spread was - 4.65 yuan/gram (- 20.76 US dollars/ounce). The SHFE - COMEX spread of silver was 2099.91 yuan/kilogram (9.37 US dollars/ounce) [49]