申银万国期货：避险需求与降息预期共振 贵金属上涨逻辑稳固

Group 1 - Gold prices continue to rebound, with silver experiencing a pullback, driven by rising geopolitical uncertainties that enhance market demand for safe-haven assets [1] - Economic data indicates a relief in inflationary pressures in the U.S., with December's core CPI rebound falling short of expectations, suggesting a continued loose liquidity environment that supports precious metal prices [1] - The long-term upward trend for gold is expected to persist due to factors such as weakened U.S. dollar credibility, central bank gold purchases, and heightened geopolitical risks [1] Group 2 - Silver and platinum possess both financial and industrial attributes, with their prices supported not only by macroeconomic factors but also by supply-demand gaps [1] - Silver supply remains tight, with limited increases in mining output, while industrial demand, particularly from solar energy, continues to grow, stimulating active investment demand for silver [1] - Platinum supply is also constrained, with increasing demand for catalytic converters in hybrid vehicles and hydrogen energy expected to drive future growth, activating investment demand as platinum prices rise [1]