黄金白银收官回落，仍录得20世纪70年代以来最佳年度表现

Core Viewpoint - The precious metals market experienced a remarkable year, with gold and silver prices declining on the last trading day of 2025, yet maintaining the highest annual gains in over four decades [1] Price Performance - Spot gold prices hovered around $4,320 per ounce, while silver prices fell to $71 per ounce [1] - The year-end volatility saw significant price fluctuations, with a sharp decline on Monday followed by a rebound on Tuesday, and another drop on Wednesday [1] Market Dynamics - The Chicago Mercantile Exchange Group raised margin requirements twice due to the substantial price swings in the two precious metals [1] - Increased demand for safe-haven assets driven by escalating geopolitical risks and the Federal Reserve's interest rate cuts supported the strong performance of gold and silver [1] Economic Context - High inflation and rising debt burdens in developed economies have raised market concerns, leading to what is termed "currency devaluation trades," which further propelled precious metal prices [1]