贵金属市场波动加大 2025年价格总体呈现震荡上涨态势

Group 1 - The precious metals market has gained significant attention, with gold and silver reaching historical highs in December 2025, with gold surpassing $4500 per ounce and silver peaking at $72.7 per ounce, marking annual increases of over 70% and nearly 150% respectively [1] - The surge in precious metal prices is attributed to multiple macroeconomic factors and changes in industry dynamics, driven by increased risk aversion and accelerated capital inflow into the sector [1][2] - The Federal Reserve's anticipated interest rate cuts, driven by rising unemployment and lower-than-expected core CPI, have weakened the dollar and reduced the opportunity cost of holding precious metals, further supporting price increases [2] Group 2 - Geopolitical risks have intensified, prompting a flight to safety into precious metals, which, combined with the end-of-year asset rebalancing cycle, has accelerated capital allocation into this sector [2] - Industrial demand, particularly for silver due to the expansion of photovoltaic installations and increased AI server demand, has provided strong support for precious metal prices [2] - The market sentiment and capital rotation have played a crucial role in the recent price surge, with speculative and trend-following funds entering the market, amplifying price increases [3] Group 3 - Central banks have continued their gold purchasing trend, with a reported net purchase of 53 tons in October 2025, a 36% month-on-month increase, highlighting the strategic value of precious metals in official reserves [3] - The recent volatility in precious metals has led to increased margin requirements for trading, indicating heightened market risk [3] - Despite short-term volatility, long-term prospects for precious metals remain strong due to ongoing global monetary easing, persistent central bank purchases, and geopolitical risks [4]