黄金方面：美国财长贝森特表示，可能会重新考虑美联储的通胀框架，并称他更加倾向于设定通胀区间而非固定目标。贝森特甚至暗示美联储新任主席可能 会考虑废除点阵图，这一举措将标志着美联储政策前景可能发生重大的变化。 另外近期地缘摩擦有所升温，投资者需要重点关注美国和委内瑞拉的关系可能出现进一步恶化的风险；以色列和伊朗可能再起冲突。 需求端看，截至12月12日当周，美国炼油厂产能利用率为94.8%，环比上升0.3个百分点，数据显示美国原油需求有所改善。 综合来看，在供给端有所收窄，需求端略有改善的情况下，原油价格反弹行情有望进一步延续。 技术面：日线上，本周行情延续上行，显示近期行情比较坚挺。指标上看，行情有望站上20日均线，一旦有效上破，则油价有机会挑战上方60美元关口。日 内关注下方58美元一线支撑情况。 原油价格走势图：原油小时图 智昇研究资深分析师辰宇认为，贝森特的言论令市场再度押注美联储宽松，叠加避险情绪升温，黄金价格表现强势。 技术面：日线上，连续多个交易日行情破位上行且收阳线，近期多头强势。20日均线和62日均线延续上行，显示多头主导行情。日内关注下方4455美元一线 支撑情况。 黄金价格走势图：黄金小时 ...

另外近期地缘摩擦有所升温，投资者需要重点关注美国和委内瑞拉的关系可能出现进一步恶化的风险；以色列和伊朗可能再起冲突。 百利好特约智昇研究资深分析师辰宇认为，贝森特的言论令市场再度押注美联储宽松，叠加避险情绪升温，黄金价格表现强势。 技术面：日线上，连续多个交易日行情破位上行且收阳线，近期多头强势。20日均线和62日均线延续上行，显示多头主导行情。日内关注下方4455美元一线 支撑情况。 铜方面： 黄金方面： 日线上，近期行情震荡上行，隔夜行情收阳线，显示短期铜价较为坚挺。指标上看，行情测试20日均线之后走高，短期有望延续上行行情。日内关注下方 5.47美元一线支撑。 美国财长贝森特表示，可能会重新考虑美联储的通胀框架，并称他更加倾向于设定通胀区间而非固定目标。贝森特甚至暗示美联储新任主席可能会考虑废除 点阵图，这一举措将标志着美联储政策前景可能发生重大的变化。 黄金小时图 日线上，最近一个月行情以震荡调整为主，单边行情需要等待行情突破该震荡区间，故而短期行情延续区间调整概率较大。日内关注下方50320一线支撑情 况。 ---------------------------------------------- ...

12月23日，随着国际国内金价创下历史新高，多家黄金珠宝品牌公布的首饰金报价也水涨船高，突破1400元/克关口。其中，周大福、周生生首饰金报价均 达到1403元/克，老庙黄金报价达到1402元/克，六福珠宝、金至尊报价达到1401元/克。 | 居美 ( 饰品、工艺品类 ) | 1403元/ | | --- | --- | | 工艺金章金条类 | 1230元/ | 图片来源：周大福官方微信公众号 品牌铂金价格也同步走高。12月23日，950铂金饰品价格达到861元/克。 中国证券报·中证金牛座记者当日走访北京地区多家品牌金店发现，多数门店内并无顾客，仅有销售人员。部分品牌推出圣诞、新年主题活动，但优惠力度 有限；也有门店打出 "进店就有好礼相送" 的广告，试图吸引客流。有导购对记者表示，受金价持续飙升影响，近几日门店的购金者很少。 本报记者 董添/摄 对于金价飙升的原因，业内普遍认为，市场对美联储2026年降息的预期持续升温，全球实物黄金ETF持续净流入，均为金价上行提供支撑。 广发证券研报显示，美国实际利率和美元指数预期持续走弱，推动金价上涨。随着金价快速上行且高位运行，2026年黄金企业业绩有望全面释放。 ...

12月23日，在全球金融市场步入年末假期缩短周的关键阶段，国际局势的突发波动再次点燃了投资者的 避险热情。GTC泽汇表示，在周一的美国午盘交易中，黄金与白银市场展现出极强的进攻性，双双刷新 历史最高运行纪录。根据最新的成交数据显示，2月黄金期货在强劲的避险买盘支撑下飙升至4477.70美 元的盘中高位，而3月白银期货亦同步发力，成功触及每盎司69.525美元的历史性关口。 12月23日，在全球金融市场步入年末假期缩短周的关键阶段，国际局势的突发波动再次点燃了投资者的 避险热情。GTC泽汇表示，在周一的美国午盘交易中，黄金与白银市场展现出极强的进攻性，双双刷新 历史最高运行纪录。根据最新的成交数据显示，2月黄金期货在强劲的避险买盘支撑下飙升至4477.70美 元的盘中高位，而3月白银期货亦同步发力，成功触及每盎司69.525美元的历史性关口。 针对能源市场的连锁反应，GTC泽汇认为，近期特定地区的石油运输受阻与封锁行动升级，是推动大宗 商品价格走高的核心动力之一。相关行业信息表示，近期海域内的货运拦截行动频繁发生，多艘超大型 油轮被卷入法律与监管限制。GTC泽汇表示，这种持续的高压态势不仅令部分地区的能源生产面 ...

今日周二（12月23日）欧洲时段，三大地缘事件升级推动金价续涨至4480上方，白银亦持续破高触及 69.70附近，铂金逼近2200大关。短线避险情绪料维持高涨，贵金属有望进一步上行。今日重点关注美 国三季度GDP、PCE物价指数、10月耐用品订单月率初值及工业产出月率表现。 【要闻速递】 隔夜美元指数再度掉头下行。地缘风险升温成为主要推手：美国海岸警卫队上周日于国际水域试图拦截 名为"Bella 1"的油轮；此前一日，美方确认扣押载有委内瑞拉原油的"Century"号油轮。本月16日，特朗 普下令对所有进出委内瑞拉、受美国制裁的油轮实施"全面彻底封锁"，持续加大对马杜罗政府的施压力 度，令加勒比海局势更趋紧张。 现货铂金：铂金收出长阳柱，日线RSI进入超买区间，4小时图突破2100关口，上行空间进一步打开。 若在2160附近企稳，可继续择机做多。 技术分析 现货黄金：黄金周一强势上攻，成功站上日线布林带上轨，日线RSI已进入超买区间，短线走势异常强 劲。价格在4370附近企稳后，仍可择机布局多单，后市有望进一步上探4500关口。 现货白银：白银延续强势再创历史新高，日线RSI已进入超买区间，4小时级别稳守68 ...

交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2025年12月23日 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 利多： 利空： 逻辑： 1、基本面：圣诞假期，科技股再撑美股走高，金价跟随银价上涨，刷新历史最高； 美国三大股指全线收涨，欧洲三大股指收盘小幅下跌；美债收益率集体上涨，10年 期美债收益率涨2.74个基点报4.165%；美元指数跌0.46%报98.26，离岸人民币对美 元小幅贬值报7.0336；COMEX黄金期货涨2.13%报4480.60美元/盎司；中性 2、基差：黄金期货1000.86，现货994.2，基差-6.62，现货贴水期货；偏空 3、库存：黄金期货仓单91716千克，不变；偏空 4、盘面：20日均线 ...

Gold - The recent focus on the new Federal Reserve chair candidate has led to a rise in gold prices due to dovish expectations [2] - President Trump is inclined towards a dovish candidate for the Federal Reserve, with Hassett and Waller being key candidates who frequently express dovish views [2] - Increased geopolitical tensions, particularly regarding potential actions against Iran, have heightened risk aversion, supporting gold prices [2] - Short-term easing and rising risk aversion are expected to provide significant support for gold prices [2] - Technically, the recent price action shows a bullish trend, breaking out of a consolidation range, indicating potential for further gains [2] - Key support level to watch is at $4424 [2] Oil - OPEC+ is accelerating its production increase plans, suggesting a more flexible future production policy [4] - OPEC has decided to pause production increases in the first quarter of next year, while U.S. drilling activity is low, indicating a potential peak in U.S. production [4] - Russian oil production remains resilient despite sanctions, but export volumes are slightly contracting [4] - Non-OPEC production increases may slow down after recent adjustments [4] - Technically, the oil market shows a strong short-term trend, with a key support level at $56.78 [6] Copper - The copper market is currently in a consolidation phase, with prices above the 20-day moving average indicating a bullish advantage [8] - Key resistance level to monitor is at $5.52, while support is at $5.35 [8] Nikkei 225 - The Nikkei 225 index has shown a rebound over the last two trading days, currently trading above the 20-day moving average, indicating a slight bullish advantage [9] - Key support level to watch is at 49,935 [9]

Report Industry Investment Rating - The global economy is rated as (turning weak) [1] Core Viewpoints - The global economy is turning weak as the US makes a series of wrong policies and returns to the Monroe Doctrine, which will have a profound and subversive impact on major asset classes [2] Summary by Related Catalogs Important Information - Precious metals soar, with spot gold above 4400, silver hitting a new high, and platinum breaking the $2000 mark for the first time in 16 years due to the Fed's rate - cut expectations and geopolitical risks [1] - Wall Street expects high volatility in US stocks in 2026, and suggests a hedging strategy of going long on the Nasdaq 100 index volatility and short on the S&P 500 index volatility [1] - Dalio warns that the current market wealth based on unfulfilled expectations may lead to market adjustments or crises when converted to money [1] - The shipment of NVIDIA's GB300 AI server cabinets is expected to reach 55,000 units next year, a 129% year - on - year increase, driven by tech giants, and the next - generation Vera Rubin 200 platform will start shipping in Q4 next year [1] - The AI data center construction boom attracts various players, but there are concerns about AI bubbles due to project delays and contract terminations [1] - The US is promoting large - scale space militarization, with a $3.5 billion military satellite order issued [1] - Musk's net worth soars to $749 billion, becoming the first person to exceed $700 billion, due to a court decision on Tesla stock options [1] - The "stable return" myth for retail investors on Wall Street is broken, with BDC stocks of top institutions plummeting and bad loan rates rising [1] Global Economic Logic - Israel's potential attack on Iran causes gold prices to hit new highs, and the Fed cuts rates by 25 basis points in December and buys $40 billion in short - term bonds monthly [2] - Trump wants the next Fed chair to believe in "substantial rate cuts", and some traders are betting on a Q1 rate cut [2] - Goldman Sachs warns that the decline in Las Vegas gambling revenue is similar to the 2008 financial crisis warning [2] - The US releases a new National Security Strategy, adjusting economic relations with China to revive its economic autonomy [2] - The Fed's Beige Book shows a K - shaped consumer divide in the US, with high - income spending remaining resilient and low - income tightening belts [2] - The Bank of Japan raises rates by 25 basis points, and the 10 - year Japanese government bond yield rises to 2.0% [2] - Google aims to double AI computing power every 6 months and achieve a 1000 - fold increase in 4 - 5 years [2] - NVIDIA's Huang Renxun believes China will win the AI race due to regulatory and energy cost advantages [2] - JPMorgan estimates that AI data center construction will require at least $5 trillion in the next five years [2] - The US unemployment rate rises to 4.6%, raising concerns about large - scale corporate layoffs as an economic warning [2]

面对新高，怎么办？别冲动追高！我的策略是：长期看好，等待回调。 黄金的长期逻辑（去美元化、 央行购金）依然坚固，但短期急涨后，更适合等待市场情绪冷静、出现技术性回调时，再分批布局。 那么问题来了： 你认为黄金这轮牛市，是避险情绪主导的短期冲刺，还是美元信用松动的长期起点？ 评论区聊聊你的真知灼见！ 我是帮主郑重，关注我，看懂资产波动背后的核心逻辑。 朋友们注意，一个历史性的数字诞生了：现货黄金突破4449美元！单日暴涨超2.4%，天花板又被捅破 了！ 为什么这么猛？两个引擎在轰鸣：一是全球地缘局势紧张，避险资金涌入"诺亚方舟"；二是市场对明年 美联储降息的预期持续升温，持有黄金的机会成本下降。这不是偶然，这是对不确定性的集中定价。 ...

Group 1 - The Shanghai Futures Exchange announced adjustments to trading limits for silver futures contracts, effective from December 24, allowing a maximum of 10,000 contracts for non-futures company members and special overseas participants for intraday opening positions [1] - The trading fees for silver futures contracts were also adjusted, with the fee for the AG2602 contract set at 0.25% of the transaction amount and for the AG2604 contract at 0.05% [1] Group 2 - Recent data shows a significant increase in gold and silver prices, with silver reaching a peak of $69 per ounce, driven by lower-than-expected U.S. inflation data and rising market expectations for interest rate cuts [2] - As of December 22, the spot price of silver was reported at $68.996 per ounce, up 2.98%, while gold was at $4,425.280 per ounce, up 2% [2] - Analysts warn of potential short-term corrections in silver prices due to extreme volatility and high speculative sentiment, suggesting a cautious approach for investors [4] - The recent surge in precious metals is supported by long-term factors such as rising inflation and concerns over U.S. fiscal deficits, with recommendations for investors to focus on trend opportunities while being aware of short-term risks [4]