Core Viewpoint - The recent fluctuations in gold futures prices and the implications of U.S. economic policies on market stability are highlighted, with a focus on the potential for further price movements in the gold market. Group 1: Gold Futures Market - As of December 30, gold futures are priced at $4,355.20 per ounce, reflecting an increase of $4.40 per ounce or 0.10% from the previous day [1] - The intraday price range for gold futures reached a high of $4,366.00 per ounce and a low of $4,338.80 per ounce, with the previous day's closing price at $4,350.20 per ounce [1] - Technical analysis indicates that the next upward target for gold futures is to close above the key resistance level of $4,584.00 per ounce, while the short-term downward target for bears is to push prices below the support level of $4,200.00 per ounce [4] Group 2: U.S. Economic Policies - The U.S. Labor Department reported a 2.7% year-over-year increase in the November Consumer Price Index (CPI), which is below expectations and previous values, raising concerns about the reliability of inflation statistics due to data omissions from a government shutdown [3] - Criticism has been directed at the U.S. government's inconsistent trade policies, which include arbitrary tariff impositions and exemptions, as well as unpredictable diplomatic statements that may isolate the U.S. on the global stage [3] - Analysts suggest that the current U.S. administration's approach resembles "19th-century imperialism," potentially exacerbating international tensions and pushing the U.S. towards the periphery of global affairs [3]

Core Viewpoint - The stainless steel market is experiencing a slight price stabilization, with increased inquiries and improved trading conditions, while supply pressures are easing due to reduced production and inventory adjustments [3] Supply - In November, the crude steel output from 43 domestic stainless steel mills is estimated at 3.4592 million tons, a month-on-month decrease of 61,800 tons (1.6% drop), but a year-on-year increase of 4.2% [2] - December crude steel production is projected at 3.2258 million tons, a month-on-month decrease of 7.65% and a year-on-year decrease of 6.29% [2] - The 300 series output in December is expected to be 1.7147 million tons, reflecting a month-on-month decrease of 4.4% and a year-on-year decrease of 7.6% [2] - Steel mills are facing limited production cuts, but year-end maintenance is increasing, potentially leading to more proactive reductions due to loss pressures [2] Inventory - Social inventory is decreasing at an accelerated pace, but high inventory levels remain a significant concern [2] - As of December 26, social inventory for the 300 series in Wuxi and Foshan is 477,100 tons, a week-on-week decrease of 7,000 tons [2] - On December 29, stainless steel futures inventory is reported at 47,462 tons, a week-on-week decrease of 850 tons [2] Market Dynamics - The stainless steel market is experiencing narrow fluctuations, with increased inquiries and improved trading conditions as year-end stocking activities are nearly completed [3] - Macro factors include the Federal Reserve's anticipated interest rate cuts and the domestic central bank's liquidity injections, which support growth and consumption [3] - Nickel ore supply is tightening due to seasonal weather impacts in the Philippines and Indonesia, with expectations of price declines in domestic nickel ore [3] - Nickel iron prices are showing strength due to tightening raw material expectations, with recent inquiries around 910 yuan per nickel [3] - The chromium market remains firm due to limited resource circulation and slowed supply increases [3] Overall Outlook - The supply pressure is easing slightly, with strengthened cost support from the nickel and nickel iron markets, but demand remains weak in the off-season [3] - Market sentiment is expected to remain stable in the short term, with a reference range of 12,500 to 13,200 [4]

周生生黄金价格月度统计（12月1日-12月29日，单位：元/克） | 当日价 | 1406 | | --- | --- | | 日涨幅 | -0.42% | | 最高价 | 1412 | | 最低价 | 1324 | | 顶位差 | -6 | | 底位差 | 82 | | 平均值 | 1356 | 摘要12月29日，周生生黄金价格报1406元/克，与本月初（1336元/克）相比，上涨了70元，涨幅 5.24%。较本月最高价相差6元/克，较本月最低价相差82元/克，均价1356元/克。 12月29日，周生生黄金价格报1406元/克，与本月初（1336元/克）相比，上涨了70元，涨幅5.24%。较 本月最高价相差6元/克，较本月最低价相差82元/克，均价1356元/克。 ...

【黄金期货最新行情】 | 12月29日 | 收盘价（元/克） | 当日涨跌幅 | 成交量（手） | 持仓量（手） | | --- | --- | --- | --- | --- | | 沪金主力 | 1007.18 | -0.91% | 345222 | 166024 | 打开APP，查看更多高清行情>> 数据显示，12月29日上海黄金现货价格报价1011.90元/克，相较于期货主力价格（1007.18元/克）升水 4.72元/克。 美联储明年1月降息25个基点的概率为18.8%，维持利率不变的概率为81.2%。到明年3月累计降息25个 基点的概率为46.9%，维持利率不变的概率为44.7%，累计降息50个基点的概率为8.5%。 泽连斯基称，美乌安全保障已100%达成一致，特朗普则称已达成95%。特朗普形容当前进展已达到"非 常接近达成协议"的阶段，但俄乌尚未就关键的领土问题达成一致；不排除三方会晤。②27日凌晨起， 俄军对乌克兰首都基辅等多地发起大规模空袭。 【机构观点】 银河期货：黄金高位震荡 白银激进上涨 上周五，外盘开始后，内外金银价格出现正向反馈，金银一同拉涨。夜间至今晨，尤其是白银则涨势加 速。周 ...

【黄金期货行情表现】 12月29日，沪金主力暂报1007.18元/克，跌幅0.91%，今日沪金主力开盘价1015.38元/克，截至目前最高 1024.00元/克，最低1006.00元/克。 今年全球并购交易总额突破4万亿美元，达到4.5万亿美元，创下历史第二高水平，仅次于2021年并购狂 潮。其中一半以上来自美国，以美国企业为标的的交易规模达到2.3万亿美元。欧盟统计局公布数据显 示，2025年第三季度，欧盟对俄罗斯实现约15亿欧元的贸易顺差，为连续第二个季度在对俄贸易中录得 顺差，也是自2002年有相关统计以来首次。 【机构观点】 上一个交易日贵金属价普遍下跌，COMEX黄金期货涨1.31%报4562.00美元/盎司，COMEX白银期货涨 11.15%报79.68美元/盎司。宏观来看，此前公布的非农以及CPI数据偏弱，市场降息预期小幅回升，叠 加议息会议偏鸽,市场继续交易明年利率回落流动性宽松的预期，使得金银获得一定支撑。白银继续受 到工业和金融双重属性影响，在供需缺口和现货偏紧的驱动下强势上涨。而中长期来说，宏观上包括主 权国家赤字问题、地缘风险以及去美元化驱动的央行购金等因素并未改变，新能源需求驱动的白 ...

上海期货交易所黄金期货仓单日报(单位：千克) 上海期货交易所指定交割仓库期货周一（12月29日）仓单日报显示，黄金期货总计97704千克，今日仓 单较上一日增加12千克。 沪金主力盘内高位回落，周一（12月29日）黄金期货开盘价1015.38元/克，截至目前最高1024.00元/ 克，最低1006.00元/克。截止发稿报1007.18元/克，跌幅0.91%，成交量为345222手，持仓为166024手， 日持仓减少14688手。 | | 期货 | 增减 | | --- | --- | --- | | 上期所指定交割金库 | 97704 | 12 | 巴克莱经济学家指出，美联储很可能将第三季度美国GDP意外加速视为潜在需求依然强劲的信号。尽管 净出口等波动性较大的分项可能夸大了整体增长力度，但消费支出的持续扩张仍显示出基本面韧性。尽 管2025年上半年经济表现起伏不定，但总需求在年末已积聚显著动能。基于此，巴克莱将其对第四季度 GDP同比增速的预测小幅上调约0.3个百分点，至2.0%。 泰国央行行长表示，将加强对超过20万美元的资金流入审查，并指出黄金交易过热不利于经济稳定。 ...

Core Viewpoint - The current spot gold price is around $4470.31 per ounce, having approached a historical high of $4550 earlier in the day, influenced by profit-taking and a rebound in the dollar, making gold more expensive for non-U.S. buyers [1][1] Group 1: Price Performance - Despite a short-term pullback, gold prices have increased nearly 70% in 2025, marking the best annual performance since 1979 [1] - The market anticipates that the Federal Reserve will begin a rate-cutting cycle in 2026, which would lower the opportunity cost of holding gold [1] Group 2: Market Dynamics - Geopolitical tensions are boosting safe-haven demand for gold, supporting its medium to long-term outlook [1] - This week, attention will be on the U.S. November existing home sales data as liquidity thins near year-end [1] Group 3: Technical Analysis - Gold prices are stabilizing above the 100-day EMA, with the Bollinger Bands expanding, indicating a solid long-term upward trend [1] - The 14-day RSI is above 70, suggesting a potential short-term technical adjustment [1] - Immediate resistance is at $4550, with a breakthrough potentially leading to $4600; support levels are at $4430, with further levels at $4338 and $4300 if breached [1]

Core Viewpoint - COMEX gold futures (trading code: GC) are standardized gold futures contracts listed on the New York Mercantile Exchange (COMEX), part of the CME Group, and represent the most liquid and influential gold derivatives market globally [1][3]. Group 1: Contract Specifications - Each contract has a size of 100 troy ounces (approximately 3.11 kilograms), priced in USD per ounce, with a delivery standard of gold purity not less than 99.5% [4]. Group 2: Trading Mechanism - The trading mechanism employs margin trading (leverage), with most contracts settled in cash rather than physical delivery, primarily involving hedge funds, investment banks, and institutional investors [4]. Group 3: Trading Hours - Trading occurs nearly 24 hours continuously, covering U.S. Eastern Time from Sunday to Friday, corresponding to Beijing time from Sunday 20:00 to Friday 22:00 (with slight adjustments for daylight saving time) [4]. Group 4: Global Pricing Benchmark - COMEX gold futures prices are closely linked to the London spot gold (LBMA), with settlement prices often based on the London afternoon fixing price, serving as a core reference for global gold pricing [4]. Group 5: Market Influences - Prices are primarily influenced by Federal Reserve interest rate expectations, the U.S. dollar index, geopolitical risks, and global inflation expectations, with changes in positions directly affecting global gold market sentiment [4].

摘要北京时间周一(12月29日)欧洲时段，美元指数高位回落，交投于99.141附近，金价目前交投于 4461.89美元/盎司，跌幅1.55%，最高触及4548.92美元/盎司，最低触及4445.69美元/盎司。警惕假期期 间流动性清淡引发的瞬间"跳水"效应。 黄金已连续上行逾一年，K线呈阶梯式逐级抬升，新高迭创。日线级别均线维持多头排列，中期上升趋 势未改，MACD位于零轴上方但红柱收窄，显示上行动能有所减弱。 北京时间周一(12月29日)欧洲时段，美元指数高位回落，交投于99.141附近，金价目前交投于4461.89美 元/盎司，跌幅1.55%，最高触及4548.92美元/盎司，最低触及4445.69美元/盎司。警惕假期期间流动性清 淡引发的瞬间"跳水"效应。 今日黄金价格最新查询(2025年12月29日) | 名称 | 最新价 | 单位 | | --- | --- | --- | | 现货黄金 | 4462.53 | 美元/盎司 | | 黄金t+d | 1005.00 | 元/克 | | 纸黄金 | 1005.25 | 元/克 | | 沪金主力 | 1007.18 | 元/克 | 【基本面解析】 近期黄金 ...

Group 1 - The total silver futures in Shanghai Futures Exchange is 796,739 kilograms, with a decrease of 22,692 kilograms compared to the previous day [1] - The main silver futures maintained a fluctuating pattern, opening at 18,210 yuan per kilogram, reaching a high of 19,998 yuan per kilogram, and a low of 17,500 yuan per kilogram, closing at 18,205 yuan per kilogram, an increase of 0.51% [1] Group 2 - In Shanghai, the total warehouse inventory decreased by 16,063 kilograms, with specific reductions from 中工美供应链 (13,216 kilograms) and 中储吴淞 (2,847 kilograms) [2] - In Guangdong, the Shenzhen 威豹 warehouse saw a decrease of 6,629 kilograms, contributing to the overall decline in silver futures inventory [2]