白银飙升！贵金属上演“狂飙”大戏 “牛市”行情能否跨年？

Core Viewpoint - The current gold market is experiencing a significant bull market driven by multiple factors, including central bank purchases, geopolitical risks, and supply-demand imbalances, with gold prices reaching historical highs [2][4][10]. Group 1: Market Performance - In 2025, the global precious metals market saw unprecedented growth, with gold prices increasing by over 70%, silver by more than 170%, and platinum and palladium also reaching historical highs [4][6]. - By the end of 2025, gold prices surged to a record high of $4,549.96 per ounce, while silver prices exceeded $79 [5][6]. - The first quarter of 2025 saw gold prices fluctuate between $2,600 and $3,000 per ounce, with a notable 19.01% increase in March [3][5]. Group 2: Market Drivers - The primary drivers of the current bull market include expectations of loose monetary policy from the Federal Reserve, economic pressures in the U.S., persistent inflation, and geopolitical uncertainties [6][10]. - Central banks globally have significantly increased their gold purchases, with a net total of 634 tons in the first three quarters of the year, marking a 36% month-on-month increase in October [9][10]. - The shift in market dynamics has seen gold's pricing logic transition from traditional models based on dollar depreciation and interest rates to a new paradigm focused on currency credit reassessment and central bank buying [10][12]. Group 3: Future Outlook - Looking ahead to 2026, the precious metals market is expected to experience structural differentiation rather than a uniform rise, with gold likely to maintain support from ongoing central bank purchases and potential interest rate cuts [12][13]. - Silver and platinum are anticipated to show stronger price elasticity and upward potential due to persistent supply-demand gaps, despite challenges in industrial demand [11][12]. - The market sentiment is currently high, with precious metal prices at historical peaks, necessitating cautious investment strategies to manage potential volatility [12][14].