金价再创新高，而银价今年涨幅超过黄金

Core Viewpoint - The precious metals market, particularly gold, is experiencing renewed upward momentum due to expectations of interest rate cuts by the Federal Reserve, leading to historical price highs for gold [1][2]. Group 1: Gold Market Dynamics - Gold prices reached a new high of $3,508.73 per ounce, marking a year-to-date increase of over 30%, making it one of the best-performing major commodities [2]. - The anticipated interest rate cut by the Federal Reserve, driven by softening labor market data, is increasing the attractiveness of gold as it does not yield interest [2]. - UBS strategist Joni Teves noted that the low interest rate environment, weak economic data, and ongoing geopolitical risks are reinforcing gold's role as a risk diversification tool in investment portfolios [2]. Group 2: Silver Market Trends - Silver prices have also doubled over the past three years, with a year-to-date increase of over 40%, recently surpassing $40 per ounce for the first time since 2011 [5][6]. - The demand for silver is bolstered not only by its status as a safe-haven asset but also by its industrial applications in clean energy technologies, contributing to a fifth consecutive year of supply shortages in the silver market [6]. - The influx of investors into silver ETFs has led to a continuous increase in holdings for seven months, tightening the market and raising silver leasing rates to around 2%, significantly above normal levels [9]. Group 3: Geopolitical and Economic Influences - Ongoing geopolitical tensions and economic uncertainties, including concerns over the independence of the Federal Reserve amid President Trump's criticisms, are driving demand for gold and silver [5]. - Recent court rulings regarding tariffs and the legality of presidential actions have added to the uncertainty faced by U.S. importers, further influencing the precious metals market [5].