1226黄金点评：宽松叙事再加码，贵金属短期波动加大

Core Viewpoint - The article discusses the recent performance of gold and silver in the market, highlighting a significant increase in prices and the implications of Japan's fiscal policy on the global economy [2][5]. Group 1: Precious Metals Market - SHFE gold rose by 1.07% on December 26, with London spot gold surpassing $4500 per ounce [2][5]. - London spot silver opened higher, breaking through $73 per ounce, reaching a new high [2][5]. - The precious metals market is experiencing renewed enthusiasm, with gold and silver showing strong performance despite increased short-term volatility [2][5]. Group 2: Japan's Fiscal Policy - Japan's initial budget for the fiscal year 2026 is set at 122.3 trillion yen, a 6.3% increase from the 115.2 trillion yen budget of 2025, marking the largest budget in history [2][5]. - The budget increase significantly exceeds the current inflation rate of approximately 2%, driven primarily by rigid expenditures such as social security, defense, and debt costs [2][5]. - Japan is currently implementing a "loose fiscal + tight monetary" policy combination, which aims to support the economy and livelihoods while controlling inflation, resulting in a complex policy effect [2][5]. Group 3: Geopolitical Context - The President of Ukraine has indicated discussions to expedite the timeline for achieving "real peace," which may influence global economic conditions [2][5].