黄金、白银，强劲反弹

Core Viewpoint - The precious metals market, particularly gold and silver, has shown a strong rebound, with gold prices surpassing $5000 per ounce and silver also experiencing significant gains this year [1][2]. Price Movements - As of February 13, spot gold rose by 2.39% to $5042.205 per ounce, marking a year-to-date increase of 16.76% [1][2]. - Spot silver increased by 2.81% to $77.338 per ounce, with a year-to-date rise of 8.05% [1][2]. - COMEX gold futures rose by 2.33% to $5063.80 per ounce, with a weekly increase of 1.51% [1][2]. - COMEX silver futures increased by 2.10% to $77.27 per ounce, although it saw a weekly decline of 0.33% [1][2]. Economic Indicators - The U.S. Labor Statistics report indicated that the January CPI fell to 2.4% year-on-year, below expectations, while core CPI dropped to 2.5%, the lowest since 2021 [2]. - Analysts suggest that the positive reaction to inflation data is tempered by the improving job market, which may reduce the necessity for further rate cuts by the Federal Reserve [2]. Geopolitical Factors - The geopolitical landscape, particularly U.S. military actions in the Middle East, has bolstered the attractiveness of precious metals [3]. - The current rise in gold prices is attributed to expectations of de-dollarization, increased central bank gold purchases, and geopolitical risk premiums, rather than immediate monetary policy easing [3]. Market Outlook - Several Wall Street institutions have raised their gold price targets, with BNP Paribas predicting gold could reach $6000 per ounce by year-end due to ongoing macroeconomic and geopolitical risks [4]. - Analysts from Wells Fargo view recent price corrections as healthy adjustments following a strong upward trend, expecting continued benefits for gold from geopolitical uncertainties and central bank buying [4].