经济日报：贵金属价格为何波动加大？丨头条热评

Group 1 - The precious metals market has regained investor attention, with gold and silver reaching historical highs on December 24, 2023, with gold surpassing $4500 per ounce and silver peaking at $72.7 per ounce, reflecting year-to-date increases of over 70% and nearly 150% respectively, significantly outperforming most global asset classes [1] - The primary catalyst for the surge in precious metal prices is the expectation of interest rate cuts by the Federal Reserve, driven by rising unemployment and lower-than-expected core CPI, which has strengthened the outlook for policy easing and weakened the dollar, thereby reducing the opportunity cost of holding precious metals [1] - Ongoing geopolitical risks have accelerated capital inflows into the precious metals market as a safe haven, while structural market dynamics due to imbalances in industrial supply and demand, particularly from the expansion of photovoltaic installations and surging AI server demand, have provided strong support for silver prices [1] Group 2 - In 2025, the precious metals market is expected to experience a further acceleration in capital allocation due to heightened risk aversion, with overall price trends showing a pattern of fluctuating increases [2] - Short-term risks include potential profit-taking by investors and the possibility of monetary policy easing falling short of expectations, which could exert downward pressure on prices [2] - Long-term prospects remain positive for precious metals, supported by the onset of global monetary easing, continued central bank gold purchases, and the deepening process of de-dollarization, alongside persistent geopolitical risks [2]