金价冲破4500美元！这三大品种年内涨幅超100%，发生了什么？

Core Viewpoint - Precious metals such as gold, silver, platinum, and palladium have experienced significant price increases, with gold surpassing $4500 per ounce and silver approaching $72 per ounce, driven by macroeconomic factors and strong industrial demand [1][3][7]. Price Performance - As of December 24, 2025, spot gold reached $4509.53 per ounce, with a year-to-date increase of over 72%. Spot silver was at $71.614, up 149% for the year. Spot platinum hit $2325.88, marking a 162% increase, while palladium rose to $1884.00, up 111% [2][4][6]. Market Dynamics - The recent surge in precious metals is attributed to global macroeconomic conditions, including monetary easing and geopolitical uncertainties, which have heightened the demand for safe-haven assets [3][7]. - The market is reacting to expectations of a shift in U.S. Federal Reserve policy, with lower-than-expected employment data and inflation figures leading to increased speculation about interest rate cuts [7][10]. Supply and Demand Factors - Central banks have been increasing their gold reserves, with global gold demand reaching a record 1313 tons in Q3 2025, supported by significant net purchases from central banks [7][11]. - The supply of platinum and palladium is constrained due to high concentration in South Africa and Russia, with limited capacity expansion in recent years, contributing to upward price pressure [11]. Investment Sentiment - The strong performance of gold has bolstered market confidence in silver, platinum, and palladium, with these metals showing higher price elasticity due to industrial demand [8][10]. - Analysts suggest that while gold's price is influenced by macroeconomic factors, silver, platinum, and palladium are also driven by industrial applications, particularly in sectors like renewable energy and automotive [10][11].