近期，受委内瑞拉紧张局势升级及美国进一步降息预期影响，黄金价格突破每盎司4500美元关口创历史 新高，白银、铂金同步攀升至历史峰值。 今年以来，黄金价格累计上涨约70%，白银价格实现翻倍，两者均有望创下1979年以来最佳年度表现。 贵金属价格的上涨还得益于各国央行加大购金力度以及资金流入交易所交易基金。 世界黄金协会数据显示，除5月外，黄金交易所交易基金持仓量今年每月均保持增长，其中全球最大贵 金属交易所交易基金——道富环球SPDR黄金信托持仓量年内增幅超五分之一。 此外，美国总统特朗普重塑全球贸易的激进举措及对美联储独立性的威胁，年初已为贵金属牛市添薪助 燃；而担忧债务膨胀导致主权债券及计价货币贬值的"货币贬值交易"，也推动投资者撤离相关资产转向 贵金属。 具体品种表现上，白银涨势尤为迅猛，12月23日，首次突破每盎司70美元后，进一步上涨0.7%至每盎 司71.9175美元的历史高点，近期涨势受益于投机资金流入及10月历史性逼空后主要交易中心的供应紊 乱。 当前伦敦金库白银流入量显著增加，但全球多数可交易白银仍滞留纽约，交易员正等待美国商务部关于 关键矿产进口是否威胁国家安全的调查结果，该调查或导致白银面 ...

当地时间24日，市场避险情绪升温、黄金ETF持仓量增加以及投资者对美联储降息前景的乐观预期等因 素，推动国际金价继续上涨。24日亚洲交易时段，伦敦现货黄金价格盘中突破每盎司4500美元，刷新历史 纪录。 与此同时，国际银价也维持涨势。纽约白银期货以及伦敦现货白银价格均升破每盎司72美元关口，同样创 下历史新高。 美联储降息预期升温 抬高贵金属资产吸引力 近期，国际金价、银价齐创新高，导致金价和银价双双走高的驱动因素是什么？ 在投资者避险情绪高涨的背景下，今年以金银为代表的贵金属成了表现最亮眼的资产之一。 明年二月到期的COMEX黄金期货今年迄今为止已经上涨超70%。而明年三月到期的COMEX白银期货，今 年以来已经上涨约137%，涨幅几乎是黄金的两倍。 原因之一，是在上周一系列美国经济数据公布之后，市场开始加大对2026年美联储降息的押注，目前普遍 预期明年可能会降息两次。而一旦利率继续走低，债券以及货币市场基金中现金类资产的收益率就会被进 一步压缩，这也在相对意义上，抬高了黄金、白银等实物资产的吸引力。 另一方面，当前全球仍旧处于变革时期，无论是全球货币政策周期的转向宽松（主要体现在美联储今年连 续三次降息 ...

Group 1 - The core viewpoint of the articles highlights the rising international gold and silver prices driven by increased market risk aversion, growing gold ETF holdings, and optimistic expectations regarding the Federal Reserve's interest rate cuts [2][3][5] - As of the Asian trading session on the 24th, the London spot gold price surpassed $4,500 per ounce, setting a new historical record, while international silver prices also maintained an upward trend, with both New York silver futures and London spot silver prices breaking the $72 per ounce mark, achieving historical highs [2][3] - The COMEX gold futures expiring in February have risen over 70% this year, while the March-expiring COMEX silver futures have surged approximately 137%, nearly double the increase of gold [5] Group 2 - The increase in gold and silver prices is attributed to heightened investor risk aversion, making precious metals one of the best-performing asset classes this year [3][5] - A significant factor driving this surge is the market's growing bets on the Federal Reserve cutting interest rates in 2026, with expectations of two potential rate cuts next year, which would compress yields on cash-like assets in bond and money market funds, thereby enhancing the appeal of physical assets like gold and silver [5][7] - Central banks, particularly in emerging markets, are engaging in large-scale gold purchases, which disrupt traditional supply-demand balances and reflect a structural demand for gold to optimize foreign exchange reserves and hedge against geopolitical risks [9]

来源 | 央视 财经 当地时间24日，市场避险情绪升温、黄金ETF持仓量增加以及投资者对美联储降息前景的乐观预期 等因素，推动国际金价继续上涨。24日亚洲交易时段， 伦敦现货黄金价格盘中突破每盎司4500美 元，刷新历史纪录。 2025.12. 24 本文字数：1143，阅读时长大约2分钟 与此同时，国际银价也维持涨势。 纽约白银期货以及伦敦现货白银价格均升破每盎司72美元关口， 同样创下历史新高。 美联储降息预期升温，抬高贵金属资产吸引力 近期，国际金价、银价齐创新高，导致金价和银价双双走高的驱动因素是什么？ 在投资者避险情绪高涨的背景下，今年以金银为代表的贵金属成了表现最亮眼的资产之一。 明年二月到期的COMEX黄金期货今年迄今为止已经上涨超70%。而明年三月到期的COMEX白银期 货，今年以来已经上涨约137%，涨幅几乎是黄金的两倍。 原因之一，是在上周一系列美国经济数据公布之后，市场开始加大对2026年美联储降息的押注，目 前普遍预期明年可能会降息两次。而一旦利率继续走低，债券以及货币市场基金中现金类资产的收益 率就会被进一步压缩，这也在相对意义上，抬高了黄金、白银等实物资产的吸引力。 其二，资深大宗 ...

Group 1 - The core viewpoint of the articles highlights the significant rise in international gold and silver prices, driven by increased market risk aversion, rising gold ETF holdings, and optimistic expectations regarding potential interest rate cuts by the Federal Reserve [1][2][4] - Gold prices reached a historic high, surpassing $4500 per ounce, while silver prices also hit a record, exceeding $72 per ounce [1][2] - The COMEX gold futures for February have increased over 70% this year, while March silver futures have surged approximately 137%, nearly double the increase of gold [4] Group 2 - The rise in gold and silver prices is attributed to heightened investor risk aversion, making precious metals one of the best-performing asset classes this year [2][4] - A significant factor driving this surge is the expectation of two potential interest rate cuts by the Federal Reserve in 2026, which would compress yields on cash-like assets, thereby enhancing the appeal of physical assets like gold and silver [4][6] - Central banks, particularly in emerging markets, are actively purchasing gold to diversify their foreign exchange reserves and reduce reliance on dollar-denominated assets, while also seeking to enhance asset safety amid rising global uncertainties [6][7]

Group 1: Precious Metals Market Performance - Gold and silver prices have reached historical highs, with London gold at $4,521/oz and silver at $72.6/oz during the Asian trading session [1] - Gold prices have increased over 70% this year, while silver prices have more than doubled, potentially marking the largest annual gains since 1979 [1] - Platinum and palladium prices are also rising, with palladium reaching $1,900/oz and platinum at $2,389/oz, reflecting year-to-date increases of 120% and 158% respectively [1] Group 2: Mining Stocks Performance - Despite the rise in gold prices, Asian gold mining stocks did not show significant gains, with Newmont down 0.5% and Shandong Gold down 1.85% [2] - However, the overall performance of mining stocks has been strong this year, with Newmont's Australian stock up 161% and its US stock up 174% [2] - Other Australian mining stocks have also performed well, with Northern Star Resources up 75% and Evolution Mining up 173% [4] Group 3: Future Earnings Projections - Argonaut predicts a 25% increase in earnings for major Australian gold producers in the current fiscal year, with growth expected to reach 45% by FY2027 [5] - Japanese mining stocks have also seen gains, with Sumitomo Metal Mining up 69.35% this year, although the increases are less pronounced compared to Australian counterparts [5] Group 4: Hong Kong Market Performance - In the Hong Kong market, Shandong Gold has surged 197% to a new high of HKD 44.36, while Zhaojin Mining has increased over 200% to HKD 33.28 [7] - The China Silver Group has also seen significant gains, rising over 200% [7]

Core Viewpoint - Recent surge in gold and silver prices is attributed to multiple factors, including expectations of interest rate cuts by the Federal Reserve and concerns over currency devaluation [1] Group 1: Economic Factors - Following the release of various U.S. economic data, the market has increased bets on the Federal Reserve potentially cutting interest rates twice in 2026, which enhances the appeal of physical assets like gold and silver as cash yields decline [1] - The rise in gold and silver prices is also driven by concerns among investors in developed countries regarding the dilution of the value of sovereign bonds and their respective currencies [1] Group 2: Central Bank Actions - Central banks in emerging market countries are purchasing gold to diversify their foreign exchange reserves and reduce reliance on dollar-denominated assets, while also seeking to enhance asset safety amid rising global uncertainties [1] Group 3: Investment Strategies - As the year-end approaches, investors are reconfiguring their asset portfolios, contributing to the upward trend in gold and silver prices [1]

Core Viewpoint - Recent increases in gold and silver prices are attributed to market expectations of interest rate cuts by the Federal Reserve in 2026, with a general consensus predicting two rate cuts next year [1] Group 1: Market Dynamics - The rise in gold and silver prices is driven by a shift in investor sentiment following the release of U.S. economic data [1] - Lower interest rates are expected to compress yields on cash-like assets, enhancing the appeal of physical assets like gold and silver [1] Group 2: Investment Behavior - Developed market investors are entering the precious metals market due to concerns over the dilution of value in sovereign bonds and their respective currencies [1] - Central banks in emerging market countries are purchasing gold to diversify foreign exchange reserves, reduce reliance on the U.S. dollar, and enhance asset security [1] - Year-end asset reallocation by investors is also a significant factor contributing to the recent price increases [1]

Group 1 - The recent surge in gold and silver prices is driven by increased market expectations for interest rate cuts by the Federal Reserve in 2026, with a common prediction of two rate cuts next year [1] - Lower interest rates will compress yields on cash-like assets in bond and money market funds, enhancing the attractiveness of physical assets like gold and silver [1] - The rise in gold and silver prices is also influenced by concerns over currency devaluation, particularly among investors in developed countries worried about the dilution of sovereign bonds and their denominated currencies [1] Group 2 - Central banks in emerging market countries are buying gold to diversify foreign exchange reserves and reduce reliance on dollar assets, while also increasing asset safety amid rising global uncertainties [1] - Additionally, as the year-end approaches, investors are reconfiguring their asset portfolios, contributing to the demand for precious metals [1]

贵金属还在加速狂飙。 在地缘政治风险影响、全球供应持续短缺以及强劲投资需求的共同推动下，黄金、白银和铂金价格再一次冲上历史新高。 现货黄金价格有史以来首次突破每盎司4500美元，今年以来已累计上涨超过三分之二，有望创下自1979年以来的最佳年度表现。 铂金价格也飙升至每盎司2300美元上方的历史最高点。这一金属价格已连续10个交易日上涨，创下2017年以来最长连涨纪录，今年以来的累计涨幅更是超 过150%，有望创下彭博自1987年有数据记录以来的最佳年度表现。 而这轮波澜壮阔的涨势正迅速传导至全球市场。国内商品期货市场开盘后，铂期货主力合约触及涨停，沪银、钯金期货涨幅均超过6%。 现货白银同样涨势如虹，突破70美元关口后，涨势仍在强势延续。 | 名称 | 肌价 | 涨跌 | 涨跌幅 ▼ | 日増仓 | | --- | --- | --- | --- | --- | | 铂2606 | 657.65 | 43.00 | 7.00% | +591 | | 沪银2602 | 17357 | 1070 | 6.57% | +20254 | | 钟2606 | 574.55 | 33.90 | 6.27% | +251 ...