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データ基準日: 2026-10-13 · 決済基準: 取引所決済価格（北京時間15:00終値、前回決済比）

Shanghai Gold (SHFE.AU) In-Depth Analysis Report | Bullish Bias: Safe-Haven and Relative-Value Advantages Resonate | 2026-10-14

This report maintains a bullish bias on Shanghai Gold (AU2612). The core logic is as follows: First, at the macro level, the risk of U.S. inflation data exceeding expectations raises real interest rate volatility, highlighting gold's value as a safe-haven allocation; second, technically the price is near the lower band of the 20-day channel, and the current price has a night-session repair need relative to the settlement price, with pivot S1 providing support; third, cross-asset relative value shows the gold-silver ratio at a 1-year 82.54% high percentile, with silver relatively weak and capital concentrating in gold's safe-haven attributes. The condition for invalidating the directional view is: an effective daily close below 897.98, or a sustained night-session break below 895.