黄金收评|芝商所上调金属期货履约保证金，金价高位回落，日内波动超90美元

Group 1 - The core viewpoint of the articles highlights the significant fluctuations in precious metal prices, particularly gold, driven by geopolitical uncertainties and market adjustments [1][2] - On December 29, gold prices initially dropped below $4500 per ounce due to profit-taking and easing tensions in the Russia-Ukraine conflict, but later rebounded to around $4510 per ounce [1] - The Chicago Mercantile Exchange announced a major margin adjustment on December 26, increasing the margin requirements for gold, silver, and lithium futures, aimed at tightening market liquidity and encouraging rational trading [1] Group 2 - Recent increases in precious metal prices are supported by four main factors: rising geopolitical uncertainties enhancing safe-haven demand, a weakening dollar reducing the attractiveness of dollar-denominated assets, accelerated demand for metals due to AI and energy transition, and ongoing supply constraints in copper, silver, and platinum [2] - The demand structure for metals is changing, influenced by significant investments in the photovoltaic energy sector, necessitating a reevaluation of traditional risk assessment models [1][2]