【导读】国内部分品牌金饰价格突破 1350 元 / 克 中国基金报记者 晨曦 金价，仍在狂飙！ 12 月 12 日，现货黄金价格持续向上，突破 4350 美元 / 盎司，距离历史新高仅一步之遥。 虽然随后短线下挫，但仍引发市场对金价的再次侧目。 与此同时，品牌金饰价格也节节攀升。 12 月 13 日，老庙黄金的金饰价格涨至 1352 元 / 克，周生生涨至 1351 元 / 克，均突破 1350 元 / 克的高位。 | 名称 | 价格(人民币/克) | | --- | --- | | 足金饰品 | 1352.00 | | 铂金饰品 | 600.00 | | 工艺金条 | 1307.00 | 周大福金饰价格为 1348 元 / 克，六福珠宝为 1346 元 / 克， | iri | 王마同四 | | 週刊 | CIF for YUUTE | | 正亚亚方 | 1 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 今日金价 | | | | | | | | | 更新于2025年12月13日 09:32:33 | | | | | | न्ह | | ...

黄金在交投平淡的行情中小幅走低，交易员正等待政策制定者在 2025 年最后一次货币政策会议上，释 放关于明年利率路径的线索；白银则从每盎司 60 美元上方的历史高点回落。 市场预计，美联储将在周三政策会议结束时宣布降息 25 个基点。此类降息预期此前对金价形成了支 撑，因为贵金属通常在低利率环境下表现良好。但近几日，全球投资者开始担忧，从美国到澳大利亚的 降息周期可能即将结束，这已推动全球债券收益率攀升至 2009 年以来的高点。 黄金交易员将仔细研读美联储主席杰罗姆・鲍威尔的讲话，尤其是其对经济预期的表述。市场普遍预计 美联储将在周三晚些时候进行连续第三次降息，但担忧情绪也在升温，认为此次或为 "鹰派降息"，后 续宽松政策的落地存疑。 白银价格虽有所回落，但仍徘徊在每盎司 60 美元附近，此前该金属曾一度飙升至每盎司 61.6145 美元 的历史新高。白银价格今年已翻倍，涨幅远超黄金的 58%。自 10 月出现历史性供应短缺以来，白银涨 势进一步提速。尽管随着更多白银流入伦敦金库，供应紧缺局面已有所缓解，但白银拆借利率仍处于高 位，这表明市场紧俏状态尚未完全消除。其他市场也开始显现供应受限迹象，中国白银库存 ...

Core Viewpoint - The market anticipates a 25 basis point rate cut by the Federal Reserve, which is supporting gold prices amid ongoing geopolitical uncertainties, particularly the Russia-Ukraine conflict [1][2][3]. Group 1: Federal Reserve and Economic Indicators - The Federal Reserve is expected to announce a 25 basis point rate cut, despite persistent inflation indicated by the September PCE price index exceeding the Fed's annual target [2]. - Fed officials believe that slowing hiring, moderate economic growth, and restrained wage increases will likely lead to a cooling of inflation in the coming months, supporting further easing policies [2]. Group 2: Gold Market Dynamics - Gold is currently trading around $4205 per ounce, maintaining support at the $4200 level, with cautious optimism from bulls until the Fed's future rate cut path is clarified [1]. - The recent strong JOLTS job openings data did not alter the market's dovish expectations for the Fed, allowing gold to benefit as a non-yielding asset [2]. Group 3: Geopolitical Factors - Ukrainian President Zelensky has stated that there will be no land concessions or painful compromises to end the war, which further supports demand for safe-haven metals like gold [3]. Group 4: Technical Analysis - Gold prices have been fluctuating within a familiar range, with a rebound from support levels indicating potential bullish momentum [5]. - A cautious approach is advised, suggesting to wait for gold to consistently hold above the resistance area of $4245-$4250 before taking long positions, with potential targets at $4277-$4300 [5]. - Conversely, if gold falls below the $4200 level, it may test support around $4170-$4165, and a clear break below this could lead to further declines towards $4115 [6].

Group 1 - Silver futures are currently trading above 12,635, with a recent increase of 2.95% to 12,695 per kilogram, reaching a high of 12,744 and a low of 12,384 during the session [1] - The overall market sentiment is leaning towards a consolidation trend for silver futures, indicating potential volatility in the near term [1] - Analysts suggest that December interest rate cuts have become a mainstream expectation, significantly weakening the medium-term strength of the US dollar [2] Group 2 - The fourth quarter is typically a peak season for solar installations, which is a major source of silver demand [2] - Silver inventories in approved warehouses of the Shanghai Gold Exchange and Shanghai Futures Exchange have dropped to a 10-year low, following record exports to London [2] - Concerns over potential import tariffs on silver by the Trump administration have led to increased exports to the US, impacting the silver supply in London [2]

Core Viewpoint - The international gold price is expected to remain bullish despite short-term fluctuations, supported by the Federal Reserve's inclination towards a loose monetary policy as indicated in the meeting minutes [1][4][6]. Market Performance - On November 19, gold opened at $4066.08 per ounce, reached a low of $4055.54, and peaked at $4132.38 before closing at $4077.77, marking a daily fluctuation of $76.84 and a gain of $11.69, or 0.29% [1]. - The market reacted to the ADP employment data, which indicated ongoing employment weakness, initially boosting expectations for a Fed rate cut in December, but these expectations later diminished to 30% [4]. Future Outlook - The gold market is anticipated to experience volatility, with expectations of negative impacts from upcoming economic data releases, including non-farm payroll and initial jobless claims [4][6]. - The potential for a rebound in gold prices remains, particularly if the price approaches the support levels around $3800 or the 60-day moving average [6][8]. Technical Analysis - The weekly chart indicates that gold prices are currently under pressure but are supported by the 10-week moving average, suggesting a potential for future strength [8]. - The daily chart shows gold is in a triangular consolidation pattern, with key resistance at $4230 and support at $3930, indicating a range for trading strategies [10]. Support and Resistance Levels - Key support levels for gold are identified at $4085 and $4050, while resistance levels are at $4125 and $4145 [11]. - For silver, support is noted at $51.10 and $50.80, with resistance at $52.00 and $52.60 [11].

Group 1 - The core point of the article highlights a decline in gold prices, with Shouda Sheng's gold quoted at 1288 CNY per gram on November 18, 2025, down 17 CNY from the previous day [1] - Platinum prices remained stable at 626 CNY per gram on the same date, showing no change from November 17, 2025 [1] - The article notes that the Federal Reserve Vice Chairman Jefferson emphasized a cautious approach to future interest rate cuts as monetary policy returns to a neutral level, dampening market expectations for easing policies [1] Group 2 - The current economic environment, characterized by low interest rates and uncertainty, typically makes non-yielding assets like gold more attractive, but this situation is putting pressure on gold prices [1]

Core Insights - The central bank has implemented an 800 billion yuan buyout reverse repurchase operation with a six-month term, aimed at injecting liquidity into the market and alleviating year-end funding pressure [1][3] Group 1: Monetary Policy Actions - This operation is not just ordinary liquidity injection but a precise measure to ensure mid-term liquidity in the banking system, marking the sixth consecutive month of increased operations [3] - The net injection in November is expected to reach 500 billion yuan, the highest monthly figure since February of this year [3] Group 2: Underlying Reasons - The operation addresses the peak of local government bond issuance, with 500 billion yuan of local government debt needing liquidity support by year-end [4] - It complements the introduction of 500 billion yuan in new policy financial tools, which is expected to boost credit demand [4] - The action aims to stabilize market expectations, fulfilling the central bank's commitment to maintain ample liquidity as stated in its third-quarter report [4] Group 3: Implications for Long-term Investors - The continuous liquidity support indicates that the easing policy will not shift, providing solid long-term support for the A-share market [5] - Investors should focus on sectors that benefit from policy support, such as new energy, semiconductors, and infrastructure [5] - While liquidity is abundant, market differentiation will persist, and investors should avoid chasing high-valuation themes, instead favoring undervalued leaders [5]

Group 1 - The core viewpoint of the articles indicates that following hawkish remarks from Federal Reserve Chairman Jerome Powell, Bitcoin experienced a significant decline, with market expectations for further rate cuts this year diminishing [1][3] - Bitcoin dropped by 3.1%, falling below $108,000, before the decline moderated [1] - The Federal Reserve announced a 25 basis point rate cut to a range of 3.75%-4%, marking the second consecutive rate cut [1] Group 2 - Markets' CFO Charlie Sherry noted that Powell's comments triggered some risk-averse sentiment, compounded by the meeting between the U.S. and Chinese leaders, which led to market volatility [3] - While technology stocks are rising, cryptocurrencies have not followed suit, indicating relative weakness and hesitation in digital assets [3]

Core Viewpoint - The Bank of Indonesia unexpectedly decided to maintain its policy interest rate unchanged after three consecutive rate cuts, pausing the assessment of previous easing measures and ongoing fiscal stimulus impacts [1] Group 1: Monetary Policy - The central bank's decision came as a surprise, as most analysts had anticipated a fourth consecutive rate cut of 25 basis points [1] - Prior to this decision, Indonesia's foreign exchange reserves fell to a 14-month low in September, limiting the central bank's ability to support the Indonesian rupiah [1] Group 2: Currency Outlook - Despite the Indonesian rupiah maintaining a strong exchange rate against the US dollar this month, economists expect downward pressure on the currency due to capital outflows [1]

Group 1 - US Treasury prices continue to rise, with mid-term yields dropping to their lowest point in a year due to concerns over regional bank failures and ongoing trade tensions, prompting investors to seek safe-haven assets [1][2] - The 5-year US Treasury yield decreased by 4 basis points to 3.51%, the lowest level since early October 2024, while the 2-year yield fell to levels not seen since 2022, and the benchmark 10-year yield dropped below 4% [1][2] - Spot gold prices reached a historical high of $4,380, reflecting heightened demand for gold as a safe-haven asset during periods of political and economic turmoil [1] Group 2 - Concerns over problematic loans disclosed by two regional US banks have intensified fears of a broader crisis, leading to a surge in demand for US Treasuries as part of a global risk-off trend [2] - The US fiscal deficit and trade tensions have further weakened risk sentiment, with the 10-year Australian Treasury yield falling to 4.09%, the lowest since early April, and Japanese Treasury yields also declining [2] - Recent comments from Federal Reserve officials have supported the bond market, reinforcing expectations for more accommodative policies, with indications of potential rate cuts of 25 basis points [2]