白银大跳水，金饰价格下调

Market Performance - The U.S. stock market closed lower on the last trading day of 2025, with the Dow Jones down 0.63% at 48,063.29 points, the Nasdaq down 0.76% at 23,241.99 points, and the S&P 500 down 0.74% at 6,845.50 points [1] - For the year, the Nasdaq recorded a cumulative increase of 20.36%, the S&P 500 increased by 16.39%, and the Dow Jones rose by 12.98% [1] - The Nasdaq China Golden Dragon Index saw a cumulative increase of 11.33% for 2025 [1] Market Outlook - Citi Group's U.S. equity strategy head, Scott Chronert, believes the market is in a "prosperity phase" rather than a "bubble phase," expressing optimism for the market's outlook based on strong earnings expectations and an upcoming sector rotation [3] Precious Metals - Gold and silver prices experienced significant declines, with New York gold dropping over 1% and London silver falling more than 8%, from around $76 per ounce to approximately $70 per ounce [4] - COMEX silver futures plummeted nearly 9%, with prices dipping below the $70 per ounce mark [4] Silver Market Analysis - Citic Futures reports that liquidity easing, strong investment demand, and ongoing supply pressures continue to support silver prices, but short-term volatility risks are present [7] - For 2025, COMEX gold futures rose approximately 55%, while London spot gold increased over 64%. COMEX silver futures surged over 128%, and London spot silver rose over 147% [7] - The report anticipates heightened volatility risks for silver futures in 2026 due to low inventory and potential profit-taking risks [7] Domestic Gold Prices - As of January 1, 2026, domestic gold jewelry prices have been adjusted downward, with brands reporting decreases ranging from 6 to 11 yuan per gram [8] Currency Performance - The offshore RMB reached a 15-month high, breaking the 6.98 mark, trading around 6.79530 [9] Dollar Performance - Market commentary indicates that the dollar faced its most significant annual sell-off since 2017, declining 9.5% against a basket of major currencies in 2025, attributed to trade war concerns and expectations of continued monetary easing by the Federal Reserve [11]