今日周一(1月12日)欧盘时段，纸白银目前交投于18.675一线上方，截至发稿，纸白银暂报18.893元/克， 上涨5.45%，最高触及18.950元/克，最低下探17.917元/克，目前来看，纸白银盘内短线偏向震荡走势。 与此同时，据部分报道，特朗普总统正考虑在伊朗平民游行后采取军事行动。英国和德国计划增加在格 陵兰岛的军事存在，这加剧了北极地区的紧张局势。这些事态发展给全球带来了不确定性，强化了避险 资产需求。 【最新纸白银行情解析】 日图来看，纸白银价格开盘直线拉升，目前涨超5%，一小时布林带向上扩张，表明上涨空间充足，而 一小时MACD直方图向上且远离零线，显示多头趋势占据主导低位，DMI也显示上涨动能充足，纸白银 走势下方关注17.00-17.50支撑，上方关注18.50-19.00阻力。 【要闻速递】 据华尔街日报报道，以色列和哈马斯正在为新一轮的冲突做准备，因为哈马斯方面拒绝解除武装，而这 一要求阻碍了特朗普为加沙制定的和平计划的推进进程。 据了解相关计划的人士透露，以色列军方已制定了在加沙地带哈马斯控制区开展新地面行动的计划。阿 拉伯和以色列官员表示，哈马斯正致力于恢复在战争中丧失的军事能力， ...

全球最大稳定币发行商Tether推出黄金新计量单位，试图促进黄金在支付领域的应用。 周二，Tether发表博文宣布推出Scudo一词，这是Tether"黄金稳定币"XAUT的一种新计量单位，旨在让黄金重新成为人人都能使用的支付 手段。 根据Tether的定义，一个Scudo等于千分之一金衡盎司黄金，也相当于该公司发行的黄金支持代币XAUT的千分之一。按当前价格计算，一 个Scudo价值约4.48美元。 Tether表示，全球范围内持续的通胀担忧、利率不确定性、央行创纪录的黄金购买量以及避险资产需求增长，这为恢复黄金作为人类历史 上普遍存在、值得信赖且透明的支付方式创造了机会。 据CoinGecko数据显示，Tether的XAUT代币市值已达23亿美元，过去一年增长近三倍。公司宣称实际持有的黄金总量远超其代币价值，截 至2025年第三季度末，Tether持有116吨黄金，按周二价格计算价值近170亿美元。 黄金再次证明了它与比特币并驾齐驱，成为终极价值储存手段。XAUT将黄金数字化，而现在通过Scudo，我们降低了准入门 槛，让任何人都能拥有、轻松定价和交易哪怕是世界上最值得信赖的资产的一小部分。 Tether ...

2026年开年以来，全球金融市场似乎与2025年的整体格局相比，并未发生太多变化。除了节节攀升的全球股市外，黄金、白银开年也持续大涨，继续延续着 历史性的牛市之旅。 行情数据显示，现货黄金价格在新年首个完整交易周可谓强势开局，周一大幅上涨2.7%，至每盎司4444.52美元，盘中曾触及去年12月29日以来最高，距离 12月26日创下的4550美元的纪录高位并不遥远。 而白银价格自隔夜迄今更是堪称疯狂：现货白银价格在周一一天内就又跳涨了5.1%，周二亚洲时段又飙升逾3%，再度逼近80美元关口。沪银主力合约日内 更是暴涨8.00%，现报19630.00元/千克。 许多业内人士目前正将委内瑞拉新年伊始飞出的"黑天鹅"，视为金银价格上涨的主要原因，因这再度激发了人们对贵金属等避险资产的需求。 美国上周六突袭委内瑞拉并逮捕了委内瑞拉总统马杜罗，这是美国自1989年入侵巴拿马以来对拉丁美洲进行的最直接干预。美国总统特朗普还警告称，如果 委内瑞拉方面抵制美国开放其石油行业和阻止毒品贩运的努力，将再次发动打击，并暗示可能就非法毒品流动问题对哥伦比亚和墨西哥采取行动。 Heraeus Metals贵金属交易员Alexander ...

Core Viewpoint - The geopolitical tensions arising from the U.S. capture of Venezuelan President Maduro have increased demand for safe-haven assets, leading to a significant rise in gold prices [1]. Group 1: Gold Market - Spot gold prices increased by 1.86%, trading around 989.73 yuan per gram [1]. - The rise in gold prices is attributed to heightened geopolitical risks and increased demand for safe-haven assets [1]. - In 2025, gold prices are expected to surge by 64% year-over-year, driven by expectations of interest rate cuts, safe-haven demand, and inflows into ETFs, marking the largest annual increase since 1979 [1]. Group 2: Economic Indicators - The market anticipates the release of key economic data, including the U.S. December ISM Manufacturing PMI, which is expected to be slightly below the neutral line [1]. - The U.S. non-farm payroll report is set to be released on Friday, with expectations of an addition of 55,000 jobs [1]. Group 3: Federal Reserve Policy - Philadelphia Fed President Harker indicated that further interest rate cuts may need to wait, impacting market expectations regarding the Federal Reserve's short-term policy direction [1].

来源：滚动播报 贵金属市场辉煌的一年落下帷幕，2025年最后一个交易日，黄金与白银价格双双走低，但全年涨幅仍稳 居四十余年来最高水平。现货黄金价格徘徊在每盎司4320美元附近，白银价格则跌至每盎司71美元。节 后市场交投清淡，两大贵金属价格波动剧烈，周一大幅下挫，周二反弹回升，周三再度走跌。这一轮大 幅震荡，促使交易所运营商芝加哥商品交易所集团两度上调保证金要求。在地缘政治风险加剧带来的避 险资产需求激增，以及美联储降息的双重支撑下，黄金与白银均创下1979年以来的最佳年度表现。发达 经济体通胀高企、债务负担日益沉重引发市场担忧，催生了所谓的货币贬值交易，进一步助推贵金属价 格一路飙升。 ...

现货白银日内 涨幅达10%，突破7 9美元/盎司，年内涨幅超173% 。 此外，据央视新闻报道，尼日利亚外交部证实，尼日利亚与美国开展安全合作与情报协作，通过空袭行动，精准打击尼西北部地区的"恐怖 目标"。 现货钯金延续涨势，最新上涨15%至1937.64美元/盎司。 周五（12月26日）纽约时段，贵金属——黄金、白银、铂金、钯金全线走高，其中 金、银和铂均创下历史纪录 ，延续了年末这一波罕见的 强劲行情。 分析认为，地缘政治紧张局势升级、美元走弱、市场流动性偏低等都是贵金属走强的原因。近期，美国下令封锁进出委内瑞拉的所有受制裁 油轮，并已经拦截了三艘油轮。 Sky Links Capital Group首席执行官Daniel Takieddine表示，地缘政治紧张局势不断升级，持续支撑包括黄金和白银在内的避险资产需 求；同时，年末市场流动性偏低，也放大了价格波动。 下载财联社APP获取更多资讯 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 与黄金相比， 白银的表现更加惊人，其近期的涨势受到投机资金涌入 ，以及10月历史性"逼空"事件后，主要交易中心供应错配持续存在的 共同推动。 自 ...

贵金属上演史诗级暴涨。 12月26日纽约交易时段，贵金属——黄金、白银、铂金、钯金再度全线大涨，其中黄金、白银和铂金均创下历史纪录，COMEX白银期货暴涨超 11%，现货白银暴涨超10%。 分析认为，地缘政治紧张局势升级、美元持续走弱、市场流动性偏低等是贵金属走强的主要原因。 其中，白银价格常呈现先急速拉升、后快速回落 的运行特征，这种高波动性在带来交易机会的同时，也潜藏较大风险，投资者需对市场周期的转换保持警惕。 大爆发 圣诞节后的首个交易日，美股三大指数窄幅震荡，纳指跌0.09%，道指跌0.04%，标普500指数跌0.03%，大型科技股涨跌不一。 贵金属市场全线爆发，COMEX黄金期货涨1.31%，报4562美元/盎司，本周累涨3.98%；现货黄金涨1.12%，报4531.1美元/盎司，本周累涨4.44%； COMEX白银期货暴涨11.15%，报79.68美元/盎司，本周累涨18.06%；现货白银暴涨10.24%，报79.196美元/盎司，本周累涨17.87%，年内累涨 175%；现货钯金暴涨14.24%，报1923.4美元/盎司，本周累涨12.63%；现货铂金暴涨10.31%，报2450.91美元/盎司 ...

Core Insights - The global gold market is experiencing significant demand growth, driven primarily by investment needs, with a record total demand of 1313 tons in Q3 2025, amounting to $146 billion [1][2] Group 1: Gold Price Trends - As of October 30, 2025, the London spot gold price reached $3974.16 per ounce, marking a daily increase of over 1% [1] - The average gold price in Q3 2025 hit a record high of $3456.54 per ounce, reflecting a year-on-year increase of 40% and a quarter-on-quarter increase of 5% [1] Group 2: Investment Demand - Investment demand for gold surged to 537 tons in Q3 2025, a 47% year-on-year increase, constituting 55% of the total net demand for the quarter [1] - Investors have significantly increased their holdings in physical gold ETFs, with an additional 222 tons added in Q3 2025, leading to a total inflow of $26 billion [2] Group 3: Gold Supply Dynamics - The total global gold supply reached 1313 tons in Q3 2025, a record high, with gold mine production increasing by 2% to 977 tons and recycled gold supply rising by 6% to 344 tons [3] - The ongoing geopolitical tensions, high inflation, and uncertainties in global trade policies are driving the demand for gold as a safe-haven asset [3] Group 4: Central Bank Purchases - Central banks accelerated their gold purchases in Q3 2025, with a net purchase of 220 tons, a 28% increase from Q2 and a 10% year-on-year rise [2]

Core Viewpoint - The ongoing U.S. government shutdown, which has lasted for 22 days, is creating significant economic uncertainty and impacting market confidence, thereby increasing demand for safe-haven assets like gold and silver [1][3]. Group 1: Economic Impact - The U.S. government shutdown has delayed the release of key economic data and is putting pressure on short-term economic growth and the labor market, exacerbating market uncertainty [1]. - The Senate's repeated failure to pass a temporary funding bill highlights deep partisan divisions on core issues such as healthcare benefits [1]. Group 2: Market Reactions - The recent decline in U.S. Treasury yields, with the 10-year yield falling to 3.949%, is partly due to the ongoing government shutdown, leading to increased demand for gold as investors seek safe-haven assets [3]. - The dollar index experienced fluctuations, reaching a weekly high of 99.13 before retreating to 98.87, which typically supports gold prices as a weaker dollar reduces the cost of gold for international investors [4]. Group 3: Technical Analysis - The current silver market is characterized by price fluctuations, with support at 47.50 and potential for long positions near this level [7]. - The 21-day moving average at 4005 USD is identified as a critical support level for gold, with the potential for a new upward trend if this level is maintained [4].

Core Viewpoint - Silver prices have surged this year due to multiple factors, including liquidity tightening in the London market, increased investor risk aversion, and growing industrial demand [1][3]. Group 1: Market Dynamics - Silver's price increase has outpaced that of gold, with international spot silver prices recently surpassing $50 per ounce, drawing significant market attention [3]. - The liquidity of the silver market is heavily reliant on the hundreds of millions of ounces stored in London vaults, which have been depleting due to insufficient mining supply and increased industrial demand [5]. - Since mid-2021, London silver inventories have decreased by approximately one-third, with a significant portion held by exchange-traded funds (ETFs) [5]. Group 2: Supply and Demand Factors - Current freely available silver inventory is around 200 million ounces, a sharp decline of about 75% from the peak of approximately 850 million ounces in 2019 [7]. - The tightening liquidity has forced many short-sellers to buy back silver at higher prices to cover their positions, contributing to the price surge [7]. - Analysts highlight that silver serves both as a valuable store of value and has industrial applications, which are critical to its demand [9]. Group 3: Industrial Demand - The global trade tensions, concerns over the independence of the Federal Reserve, and U.S. government shutdowns have heightened market uncertainty, increasing demand for safe-haven assets like precious metals [11]. - Citigroup forecasts that industrial demand will become the largest source of silver demand this year, expected to reach 430 million ounces, with the solar energy sector alone accounting for approximately 299 million ounces [13]. Group 4: Future Outlook - Goldman Sachs notes that while the liquidity tightening has been a significant driver of silver's recent price surge, this situation is expected to be temporary as silver is likely to flow back to London from the U.S. and other regions [15]. - Unlike gold, silver does not have the same level of support from central bank demand, leading to expectations of greater volatility and downside price risks for silver compared to gold [15].