新华财经纽约12月12日电（记者徐静）纽约商品交易所黄金期货市场交投最活跃的2026年2月黄金期价 12日上涨11.98美元，收于每盎司4324.98美元，涨幅为0.28% 。 黄金价格当日稳步上涨，触及七周高位。白银价格隔夜创下新高，3月COMEX期货价格触及每盎司 64.955美元之后回落。强劲技术性买盘，美联储降息以及美元指数下跌均支持金价。 世界黄金协会数据显示，创纪录的黄金价格可能抑制了珠宝需求，但鼓励了印度投资者购买更多的金条 和金币。印度第三季度黄金购买额达到了创纪录的100亿美元。 转自：新华财经 2025年对黄金市场多头来说可谓是丰收的一年。迄今为止，纽约商品交易所（Comex）黄金期货价格已 上涨约1700美元。鉴于今年黄金价格的涨幅有望创历史新高，指望2026年金价走势强于2025年恐怕有些 不切实际。 当天3月交割的白银期货价格下跌2.6美分，收于每盎司61.98美元，跌幅为4.05%。 编辑：幸骊莎 ...

◎记者 费天元 12月10日盘后，国投瑞银基金发布公告称，国投白银LOF二级市场交易价格波动较大，请投资者密切关 注基金份额净值。12月9日，国投白银LOF的基金份额单位净值为1.5595元。截至12月10日收盘，国投 白银LOF的二级市场收盘价为1.815元，大幅高于基金份额净值。投资者如果盲目投资于高溢价率的基 金份额，可能面临较大损失。 此前，上期所于12月8日发布通知称：近期国际形势复杂多变，贵金属市场波动较大，请各有关单位采 取相应措施，提示投资者做好风险防范工作，理性投资，共同维护市场平稳运行。 从行情上看，在近期金价横盘震荡的背景下，全球白银价格短期大幅拉升。截至北京时间12月10日18 时，伦敦现货白银历史上首次突破61美元/盎司，下半年以来涨约70%，今年以来涨约110%；COMEX 白银期货主力合约隔夜上涨4.72%，今年以来上涨99%。上期所白银期货主力合约12月10日上涨5.44%， 收报14373元/千克，创收盘价历史新高，今年以来上涨89%。 白银价格持续快速拉高，还导致相关白银基金出现溢价风险。 记者注意到，国投白银LOF的业绩比较基准为"上海期货交易所白银期货主力合约收益率(扣 ...

Core Insights - The global silver market is experiencing a significant short squeeze, with the London spot silver price reaching a historic high of $58.365 per ounce as of December 3, marking an almost doubling in price for the year, while gold prices have only increased by over 50% [3] - In Shenzhen's Shui Bei area, silver jewelry and ingot sales are booming, with silver jewelry prices hitting 16.52 yuan per gram and ingot prices rising to 13.378 yuan per gram, both setting historical highs [3] - Investors are increasingly shifting from gold to silver due to the latter's lower price point, allowing for greater investment volume with the same capital [3] Market Dynamics - The price of silver has surged from an opening price of $29.41 per ounce on January 2, 2025, to over $57 per ounce in November, approaching the psychological barrier of $60 [3] - Market analysts attribute the current silver price rally to a combination of macroeconomic easing expectations, robust industrial demand, and structural supply shortages [4] - Silver's dual characteristics as both a monetary and industrial asset contribute to its price volatility, with demand in sectors like photovoltaics and electric vehicles continuing to grow [3][4] Investment Considerations - The price spread between buying and selling silver is notably larger than that of gold, making it more challenging for investors to realize gains from silver investments [4] - The liquidity of the silver market is significantly lower than that of gold, making silver prices more sensitive to supply-demand changes and speculative market sentiments [4] - Silver has been described as a "devil metal" due to its extreme price fluctuations, with a notable drop of over 8.7% in a single day in late October, marking the largest daily decline since 2021 [4]

Group 1 - Silver prices have retreated from record highs due to profit-taking by traders and a slight recovery in a key dollar strength indicator, with silver prices dropping 2.4% to $57.0935 per ounce [1] - Silver prices have nearly doubled this year, surpassing a 60% increase in gold prices, with both metals on track for their best annual performance since 1979 [3] - The recent tightening in the silver market has led to record inflows into London, causing supply concerns in other regions [3] Group 2 - Delayed U.S. economic data has strengthened expectations for a rate cut by the Federal Reserve in its final policy meeting of the year, with a significant drop in private sector employment reported [3] - Traders are closely monitoring the potential for U.S. tariffs on silver, as the U.S. Geological Survey has listed silver as a critical mineral [3] - The influx of silver into the New York Commodity Exchange (COMEX) has been driven by the prospect of U.S. premiums, which may limit liquidity until tariff policies are clarified [3][4] Group 3 - The inflow of options funds into silver exchange-traded funds (ETFs), led by retail investors, has significantly impacted prices, creating a market structure favorable for price surges [4] - The total volume of call and put options for popular physical silver ETFs has recently surged to levels seen during last October's tightening period [4] - As of the latest data, silver prices have decreased by 1.65% to $57.5382 per ounce, following a record high of $58.9789 per ounce [4]

Core Viewpoint - The recent fluctuations in gold and silver prices indicate a volatile market, with both metals experiencing significant weekly changes in value [1] Gold Market Summary - Spot gold fell by 2.20% to $4080.04 per ounce on November 14, while it recorded a weekly increase of 1.98% [1] - COMEX gold futures decreased by 2.70% to $4081.00 per ounce, with a weekly rise of 1.75% [1] Silver Market Summary - Spot silver saw a weekly increase of 4.65%, reaching $50.5723 per ounce, with a peak of $54.3910 on November 13 [1] - COMEX silver futures rose by 4.73% to $50.420 per ounce [1]

Core Viewpoint - Spot silver prices experienced a decline, initially dropping by 6% before narrowing to a 4% decrease on October 21 [1] Group 1 - The decline in spot silver prices indicates volatility in the precious metals market [1]

Core Viewpoint - On October 15, spot silver prices reached a historic high of $53 per ounce, marking an 84% increase since early 2025, significantly outpacing gold's 56% rise [1] Group 1: Market Performance - Silver's market performance has been exceptional, with a cumulative increase of 84% since early 2025, compared to gold's 56% [1] - The recent surge in silver prices is attributed to heightened demand and market dynamics, leading to a new historical peak [1] Group 2: Analyst Insights - Goldman Sachs has issued a cautious outlook on silver price increases, highlighting the small market size and lack of central bank support, which contribute to higher volatility compared to gold [1] - Analysts at Goldman Sachs warn that a shift in risk sentiment could expose silver to greater downside risks than gold [1] - Despite potential risks, Goldman Sachs anticipates that silver prices may continue to rise in the medium term, influenced by the possibility of further interest rate cuts by the Federal Reserve [1]

Group 1: Silver Market Overview - Spot silver prices have surged above $52.50 per ounce, surpassing the record set during the Hunt brothers' market manipulation in 1980 [1] - The increase in demand for safe-haven assets has driven silver prices higher, with unprecedented short squeeze conditions in the London market contributing to this upward trend [1] - Concerns over liquidity in the London market have triggered a global rush to purchase silver, leading to a significant premium of approximately $1.55 per ounce over the New York market [1] Group 2: Market Dynamics - The tight liquidity in the London market has catalyzed a historic price breakthrough for silver, with the implied leasing rate for January silver futures rising to 42.72%, indicating a scarcity of physical silver [1] - Goldman Sachs reported that the weak liquidity in the silver market, which is about one-ninth the size of the gold market, amplifies price volatility [1] - Traders are closely monitoring the upcoming U.S. government report on Section 232 investigations, which may include silver, platinum, and palladium, raising concerns about potential tariffs that could exacerbate supply tightness [1] Group 3: Related Companies - China Silver Group (00815) is a state-owned silver producer with a comprehensive business model covering silver manufacturing, jewelry retail, and trading, achieving a total revenue of 4.319 billion yuan in 2024, a decrease of 20.97% year-on-year [2] - Jiangxi Copper Corporation (00358) is a significant silver production base in China, with its silver business accounting for approximately 3.25% of total operations, potentially benefiting from rising silver prices and increased industrial demand [2]

Core Viewpoint - The international spot silver price has surged due to a liquidity crisis in the London silver market and the ongoing record rise in gold prices, with silver increasing over 78% this year and reaching around $51.5 per ounce [1]. Group 1: Market Dynamics - Goldman Sachs indicated that silver prices are expected to rise further in the medium term, driven by private investment inflows, similar to the anticipated rise in gold prices due to Federal Reserve rate cuts [3]. - The bank warned that silver's short-term volatility and downside risks are higher compared to gold, as the silver market is less liquid, being about one-ninth the size of the gold market, which amplifies price fluctuations [3]. Group 2: Risks to Silver Prices - Two main risks that could lead to a short-term correction in silver prices were identified by Goldman Sachs. First, there may be a temporary decline in ETF inflows, which typically accelerate during Federal Reserve rate cut cycles, potentially putting pressure on silver prices [3]. - Second, if traders delay the return of silver from the U.S. due to investigations into potential tariffs on key minerals, the recovery of inventories at the London Metal Exchange may be delayed [4]. - Additionally, unlike gold, silver lacks structural support from central bank demand, and the long-term price increase driven by industrial demand may be diminishing, as the solar industry is slowing down and manufacturers are increasingly using cheaper materials like copper instead of silver [4].

Core Insights - Spot silver prices experienced a surge before retreating, falling below $50 per ounce, with the increase narrowing to 2.2% after previously rising by 4.8% [1] Price Movement - The initial spike in silver prices reached a high of 4.8% before the subsequent decline [1] - The current price adjustment has brought the silver price down to below $50 per ounce [1]