金银铂钯齐创新高！年末流动性、降息周期与地缘风险合力 贵金属市场上演历史性行情

Core Viewpoint - The prices of gold, silver, and platinum have reached historical highs due to speculative buying, tightening market liquidity at year-end, expectations of further interest rate cuts by the Federal Reserve, and escalating geopolitical tensions [1][3]. Group 1: Precious Metals Price Movements - As of the latest report, spot gold increased by 0.85% to $4,517.63 per ounce, previously hitting a record high of $4,531.24 per ounce; February futures for gold rose by 0.97% to $4,546.50 per ounce [1]. - Spot silver surged by 4.16% to $74.8705 per ounce, briefly surpassing the $75 mark [4]. - Platinum prices rose over 8% to $2,451.25 per ounce, marking a new historical high, while palladium increased by 5.55% to $1,822.70 per ounce [5]. Group 2: Market Drivers and Future Outlook - The strong performance of gold this year is attributed to the Federal Reserve's shift to a loose monetary policy, geopolitical uncertainties, robust central bank gold purchases, increased ETF holdings, and ongoing de-dollarization, resulting in the largest annual gain since 1979 [5]. - Silver has seen a remarkable increase of 158% this year, significantly outpacing gold's nearly 72% rise, driven by structural supply-demand gaps, its designation as a critical mineral in the U.S., and strong industrial demand [5]. - Looking ahead to the first half of 2026, gold is projected to potentially reach $5,000 per ounce, while silver could approach $90 per ounce [3]. Group 3: Supply and Demand Dynamics - Platinum and palladium prices have surged due to supply tightness, tariff uncertainties, and a shift in some gold investment demand; platinum has risen approximately 165% this year, while palladium has increased over 90% [7]. - The EU's recent adjustment to its 2035 internal combustion engine ban policy, relaxing CO2 emission reduction targets, has bolstered the demand outlook for platinum, a key material in related technologies [7]. - Strong industrial demand is supporting platinum prices, with U.S. inventory holders replenishing stocks due to concerns over sanction-related risks, helping to maintain high price levels [7].