Group 1 - The core viewpoint of the article highlights the significant rise in precious metals, particularly silver and palladium, driven by geopolitical tensions, a weakening dollar, and low market liquidity [3]. - Spot silver has seen a daily increase of 10%, surpassing $79 per ounce, with a year-to-date increase of over 173% [1]. - Palladium has also continued its upward trend, recently rising by 15% to $1,937.64 per ounce [1]. Group 2 - Precious metals, including gold, silver, platinum, and palladium, have all experienced gains, with gold, silver, and platinum reaching historical highs [3]. - The escalation of geopolitical tensions, such as the U.S. blocking oil tankers to Venezuela and military actions in Nigeria, has increased demand for safe-haven assets like gold and silver [3]. - The recent surge in silver prices is attributed to speculative investments and ongoing supply mismatches following the historic "short squeeze" event in October [3]. - There is a notable concern regarding the availability of physical silver to back paper trades, as the supply for delivery is not abundant [4].

Core Viewpoint - Precious metals, including gold, silver, platinum, and palladium, have experienced a significant surge, with gold, silver, and platinum reaching historical highs due to escalating geopolitical tensions, a weakening dollar, and low market liquidity [1][4][10]. Group 1: Market Performance - On December 26, precious metals saw a dramatic increase, with COMEX silver futures rising over 11% and spot silver increasing over 10% [1][7]. - COMEX gold futures rose by 1.31% to $4,562 per ounce, with a weekly increase of 3.98%, while spot gold increased by 1.12% to $4,531.1 per ounce, with a weekly rise of 4.44% [2][8]. - Spot silver surged by 10.24% to $79.196 per ounce, accumulating a 17.87% increase for the week and a staggering 175% increase for the year [2][8]. - Spot palladium and platinum also saw significant gains, with palladium rising 14.24% to $1,923.4 per ounce and platinum increasing 10.31% to $2,450.91 per ounce [2][8]. Group 2: Influencing Factors - Analysts attribute the rise in precious metals to geopolitical tensions, a weakening dollar, and low market liquidity, which amplify price volatility [4][11]. - Recent geopolitical events include the U.S. blocking sanctioned oil tankers from Venezuela and airstrikes in Nigeria and Yemen, contributing to increased demand for safe-haven assets like gold and silver [10][11]. Group 3: Market Dynamics - The silver market is experiencing heightened speculation, with significant inflows of speculative funds and a notable increase in trading volumes for silver ETFs, reaching levels not seen since the 2021 Reddit trading frenzy [5][11]. - There is a critical shortage of physical silver in the London market, indicated by the negative silver swap rates, which have reached -7.18%, suggesting a supply crunch [12][13]. - The disparity between silver swap rates and U.S. rates indicates a worsening situation in the London silver market, with signs of a potential squeeze as investors demand physical delivery of silver [12][13].

受美联储降息预期以及加剧避险需求的地缘政治紧张局势提振，周五白银价格首破76美元关口，日内一 度涨6%；黄金与铂金价格同样创下历史新高。Zaner Metals副总裁兼高级金属策略师彼得·格兰特表示， 对美联储在2026年进一步放宽政策的预期、美元走软以及地缘政治紧张局势加剧，正推动清淡市场中的 价格波动。尽管年底前可能存在一些获利了结的风险，但上行趋势依然强劲。白银在年底前触及每盎司 77美元、甚至80美元是可能实现的。对于黄金而言，下一个目标是4686.81美元/盎司，明年上半年很可 能达到5000美元。 来源：滚动播报 ...

Happy Friday, traders. Welcome to our weekly market wrap, where we take a look back at these last five trading days with a focus on the market news, economic data, and headlines that had the most impact on gold prices and other key correlated assets— and may continue to in the future. Here’s what you need to know: Gold hit fresh all-time highs and is set to close the week just under $4,550/oz, up more than $200/oz from Sunday evening’s open. A much-stronger-than-expected Q3 GDP print did not cool the ...

更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 12 月 26 日星期五 早盘提示 Morning session notice 联系方式：liuyang18036@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | 圣诞节 COMEX 贵金属休市。沪金收涨 1.07%报 1019.6 元/克，沪银涨 5.50%报 18131 元/千克。 | | | | | 【重要资讯】 | | | | | 1、截至 12 月 24 日，全球最大黄金 ETF--SPDR Gold Trust 持仓较上日增加 3.71 吨，持仓量为 1068.27 吨。全球最大白银 ETF--iShares Silver Trust 持仓较上日 减少 56.4 吨，当前持仓量为 16446.97 吨。 | | | | | 2、据 CME"美联储观察"：美联储明年 1 月降息 25 个基点的概率为 15.5%，维持 利率不变的概率为 84.5%。到明年 3 月累计降息 25 个基点 ...

Group 1 - The core viewpoint is that geopolitical tensions are driving silver prices to historical highs, with gold prices also nearing record levels [1][2] - Spot silver prices increased by 2.2% to $73.4393 per ounce, marking the fifth consecutive trading day of gains [1][2] - Year-to-date, silver prices have surged approximately 150%, with acceleration noted since the historic short squeeze in October [1][2] Group 2 - Spot gold prices have slightly risen, approaching the historical high of over $4,525 per ounce reached on Wednesday [3]

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Core Viewpoint - International oil prices are stabilizing as investors weigh U.S. economic growth against supply disruption risks from Venezuela and Russia, despite heading towards the largest annual decline since 2020 [1][5]. Group 1: Market Performance - As of December 24, 2025, Brent crude futures fell by $0.23, a decrease of 0.4%, to $62.15 per barrel, while WTI dropped by $0.08, a decrease of 0.2%, to $58.29 [1][5]. - Both Brent and WTI have rebounded approximately 6% since hitting near five-year lows on December 16 [2][6]. Group 2: Economic Indicators - The U.S. economy grew at its fastest pace in two years during the third quarter, driven by strong consumer spending and a significant rebound in exports [2][6]. - Despite the recent growth, Brent and WTI prices are projected to decline by about 16% and 18% respectively for the year, marking the largest annual drop since the COVID-19 pandemic impacted oil demand [2][6]. Group 3: Supply Disruptions - Supply disruptions from Venezuela are identified as a key factor driving oil prices higher, with ongoing attacks on energy infrastructure between Russia and Ukraine also providing market support [7]. - The U.S. has seized the supertanker "Skipper" and taken action against two other vessels, resulting in over a dozen oil-laden ships currently stranded in Venezuela awaiting new instructions from their owners [7]. - Kazakhstan's oil exports via the Caspian Pipeline Consortium (CPC) are expected to decrease by one-third in December due to damage from Ukrainian drone strikes, reaching the lowest level since October 2024 [3][7]. Group 4: Inventory Data - The American Petroleum Institute (API) reported an increase in U.S. crude oil inventories by 2.39 million barrels, gasoline inventories by 1.09 million barrels, and distillate inventories by 685,000 barrels [3][7]. - The U.S. Energy Information Administration (EIA) will release official inventory data on the following Monday, delayed due to the Christmas holiday [4][7].

Market Overview - The global precious metals market experienced an unprecedented surge on December 24, 2025, with gold and silver prices reaching record highs, as spot gold surpassed 4500 and spot silver broke through the critical $70 per ounce mark [1][5] - The price increases were driven by multiple factors, including geopolitical tensions, expectations of Federal Reserve interest rate cuts, and a weakening dollar, alongside strong industrial demand and active central bank purchases [1][5] - Silver has seen a remarkable year-to-date increase of 150%, while gold has risen by 72%, and platinum and palladium have surged by 155% and 107%, respectively [1][5] Gold Technical Analysis - The recent rapid increase in gold prices is attributed to geopolitical issues and the Federal Reserve's interest rate environment [6] - Market activity leading up to Christmas showed strong investor interest in gold, with significant price fluctuations observed [6][7] - Suggested trading strategy includes waiting for price corrections to confirm lower points before entering long positions, with potential upward targets set at 4545 or 4600 [7] Silver Technical Analysis - Silver has recently surpassed the $70 mark, reaching a high of $72.6, maintaining a bullish trend [8] - The recommended approach is to continue to adopt a bullish stance without attempting to predict tops, and to consider buying on any price corrections [8] - Key support levels to watch are at 70.3 and 70, with suggestions to buy near these support points if a correction occurs [8]

12月24日：上交易日周二（12月23日）：国际黄金继续持稳反弹收阳，虽中途一度回撤转跌，但最终触 底回升再度走强，多头仍占据优势，并也暗示后市将会进一步延续走强的概率较大。操作继续以低多看 涨为主。 具体走势上，金价自亚市开于4445.34美元，先行走强，于10点半时段触及4497美元附近后，有所遇 阻，并陷入4480上方震荡盘整，到美盘时段，空头开始发力，连续回落走低跳水，一度转跌录得日内低 点4430.80美元，最终触底回升持续走强，微幅刷新日高点至4499.49美元，最终有所回撤收于4484.50美 元，日振幅68.69美元，收涨39.16美元，涨幅0.88%。 影响上，虽然全球最大经济体美国增长强劲，第三季度以4.3%速度扩张，创两年来最快增速，以及其 他部分数据的利空，打压金价一度回撤转跌，但受到周一突破趋势阻力后的买盘推动，再加上市场仍保 持对美联储明年将降息的押注。美元指数继续大幅下行，并且特朗普表示不同意其观点的人永远不会成 为美联储主席，这也稳定了后续美联储将会开启更加宽松的周期前景，进一步助力金价，使其再度反弹 转强收阳。 展望今日周三（12月24日）：国际黄金开盘继续反弹走强，延续本周 ...