“黄金闪耀 白银狂飙” 本周贵金属为何集体爆发？

Core Viewpoint - Precious metals prices have reached new highs, driven by increased safe-haven demand and geopolitical risks, marking a strong end-of-year market trend [1][3]. Precious Metals Performance - On December 26, gold futures rose by 1.11% to $4,552.7 per ounce, while silver futures surged by 7.69% to $77.196 per ounce, both setting new closing records [3]. - Platinum futures also hit a historic high, surpassing $2,400 per ounce with a weekly increase of over 22%, and palladium prices rose approximately 13% to $2,023.3 per ounce, the highest level in over three years [7]. Market Drivers - The decline of the US dollar and rising geopolitical tensions, particularly related to US sanctions on Venezuela's oil trade, have significantly enhanced gold's appeal as a safe-haven asset [5]. - The global silver market has faced a supply-demand imbalance for five consecutive years, contributing to the upward pressure on prices [9]. Future Outlook - Many international financial institutions predict that gold prices could reach $5,000 per ounce by 2026, supported by expectations of continued loose monetary policy from the Federal Reserve and ongoing central bank gold purchases [11]. - The anticipated increase in US national debt, projected to exceed $20 trillion in 2026, alongside potential Fed rate cuts, may lead to a continued trend of capital flowing from US Treasuries to gold and silver [13]. Copper Market Insights - Concerns over a potential supply shortage in the global copper market have led to a more than 4% increase in copper futures on December 26, reinforcing the annual price rise [15].