美联储理事克里斯托弗·沃勒近期表态强化了这一预期。他明确指出，鉴于就业增长转弱和通胀风险下 降，"美联储仍有进一步降息的空间"。这与亚特兰大联储总裁博斯蒂克的鹰派观点形成鲜明对比，内部 政策分歧反而放大市场对宽松政策的想象。 黄金作为零孳息资产，在利率下行周期中吸引力显著上升——降息将直接降低持有黄金的机会成本，驱 动资金从债市与其他资产流向金市。 关键节点预警：本周延迟公布的美国11月CPI与PCE通胀数据，若结果低于预期，可能成为 金价突破4400美元关口的导火索。 地缘政治紧张升级放大避险需求 除了经济基本面，骤然升温的地缘政治风险为贵金属涨势再添"一把火"。美国总统特朗普周二下令封锁 所有进出委内瑞拉的受制裁油轮，进一步升级对马杜罗政府的施压。据美国记者塔克·卡尔森援引国会 消息，特朗普或在美国东部时间12月17日晚九点的全国讲话中正式对委内瑞拉宣战。 这一潜在军事行动风险瞬间点燃全球避险情绪。历史经验显示，地缘冲突尤其是涉及能源大国的危机， 往往引发黄金短期内急涨。市场波动率预期上升，推动投资者加速涌入黄金、白银等传统避险资产。 股市疲软也为金价提供间接支撑。周三，受人工智能融资忧虑拖累科技股，美股 ...

Core Viewpoint - Zhaojin Mining (1818.HK) experienced a rapid increase in stock price, rising over 5%, with a total market value of HKD 108.9 billion, driven by rising spot gold prices and geopolitical tensions [1] Group 1: Market Conditions - Spot gold prices surged significantly on December 17, indicating a weakening U.S. labor market, which strengthens the possibility of interest rate cuts by the Federal Reserve [1] - Increased tensions between the U.S. and Venezuela, including President Trump's order to "block" all sanctioned oil tankers entering or leaving Venezuela, have heightened demand for safe-haven assets [1] Group 2: Company Developments - Zhaojin Mining's overseas key mining project, the 33.28MWp/37.50MWh solar-storage project at the Abidjan Gold Mine in Côte d'Ivoire, has been successfully completed and connected to the grid [1] - The successful operation of this project alleviates power supply constraints, providing strong support for the company's production expansion and cost reduction efforts, marking a significant milestone in the company's global integrated operational support system [1]

Core Viewpoint - Zhaojin Mining (1818.HK) experienced a rapid increase in stock price, rising over 5%, with a market capitalization of HKD 108.9 billion, driven by rising gold prices and geopolitical tensions [1] Group 1: Market Conditions - Spot gold prices surged significantly on December 17, indicating a weakening U.S. labor market, which strengthens the likelihood of interest rate cuts by the Federal Reserve [1] - Increased tensions between the U.S. and Venezuela, including President Trump's order to "block" all sanctioned oil tankers entering or leaving Venezuela, have heightened demand for safe-haven assets [1] Group 2: Company Developments - Zhaojin Mining's overseas key mining project, the 33.28MWp/37.50MWh solar-storage project at the Abidjan Gold Mine in Côte d'Ivoire, has been successfully completed and connected to the grid [1] - The successful operation of this project alleviates the power bottleneck that has constrained the company's stable and efficient operations, providing strong support for production expansion and cost reduction [1] - This marks the first successful practical implementation of the company's global integrated operational support system [1]

Group 1 - The core viewpoint of the news highlights the significant rise in the stock price of Zhaojin Mining (1818.HK), which increased by over 5%, with a market capitalization of HKD 108.9 billion, driven by the surge in spot gold prices due to signs of a weakening U.S. labor market and escalating tensions between the U.S. and Venezuela [1] - The successful completion of the 33.28MWp/37.50MWh solar-storage project at the Abidjan gold mine in Côte d'Ivoire marks a significant achievement for Zhaojin Mining, addressing power supply constraints and enhancing operational efficiency, thereby supporting the company's global integrated operational framework [1] Group 2 - The rise in gold prices is attributed to the potential for interest rate cuts by the Federal Reserve, influenced by a softening job market in the U.S. [1] - The U.S. government's actions to "blockade" all sanctioned oil tankers entering or leaving Venezuela have increased demand for safe-haven assets like gold [1]

Core Viewpoint - The precious metals market is experiencing mixed trends, with gold prices declining while platinum and palladium are rising, influenced by economic data and geopolitical tensions [1][2]. Group 1: Precious Metals Performance - Spot gold has fallen below the $4,330 mark, currently trading at $4,330 [1]. - Spot silver has decreased by 1.00%, now at $65.53 per ounce [1]. - Spot platinum has surpassed $1,950, currently at $1,950.13, with a daily increase of 2.63% [1]. - Spot palladium is trading above $1,670 [1]. - COMEX gold futures are reported at $4,362.10 per ounce, down 0.27% [1]. - COMEX silver has dropped below $66, declining over 1.00% [1]. - Platinum futures have increased by 5.00%, now at 541.05 yuan per gram [1]. - Palladium futures have risen by 6.00%, reaching a peak of 474.40 yuan per gram [1]. Group 2: Market Influences - Weak U.S. employment data has raised expectations for a Federal Reserve rate cut, contributing to a surge in precious metals [2]. - Silver prices soared nearly 4%, breaking the $66 per ounce barrier and reaching a historical high of $66.86 [2]. - Analysts suggest that funds are rotating from gold into silver, platinum, and palladium, with a short-term target of $70 for silver [2]. - The U.S. unemployment rate rose to 4.6%, the highest since September 2021, despite stronger-than-expected job growth, indicating a softening labor market [2]. - Geopolitical tensions, particularly related to Venezuela, have heightened demand for safe-haven assets [2]. - The market is closely monitoring upcoming U.S. CPI and PCE inflation data for further insights into Federal Reserve policy direction [2].

投资咨询业务资格：证监许可【2011】1778 号 宝城期货贵金属有色早报（2025 年 12 月 18 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | 2602 | 偏强 | 震荡 | 震荡 偏强 | 短线看强 | 宏观氛围走弱，避险需求上升 | | 铜 | 2602 | 震荡 | 强势 | 震荡 偏强 | 长线看强 | 宏观宽松，矿端减产，降息落地 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货 品种：黄金（AU） 日内观点：震荡偏强 中期观点：震荡 参考观点：短线看强 核心逻辑：昨夜金价偏强运行，纽约金一度站上 4380 美元， ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 2025年12月18日，早盘开盘，国内期货主力合约涨多跌少。焦煤涨近5%，沪银、焦炭、玻璃涨超3%， 沪锡、纯碱涨超2%，铁矿涨近2%；跌幅方面，豆一、苯乙烯（EB）、豆二、菜粕跌近1%。 | ដើ | 言约名称 | 最新 | 现于 | 开机 | 荣价 | 法相关 | 不用 | 英语 | 成为 | 原跌 | 持仓量 | 日増仓 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 年43602 w | 1114.5 | 518 | 1114.0 | 1114.5 | 4.94% | 46 | 66 | 886572 | 52.5 | 505052 | 8041 | | 2 | #2606 W | 463.70 | 85 | 463.35 | 464.00 | 4.10% | 1 | 2 | | 85 18.25 | alse | 33 | | 3 | 生产260J M | 1580.0 | 14 | 1577.0 | 158 ...

受避险需求和技术性买盘拉动，黄金价格当日小幅上涨，白银价格则大幅攀升再创新高，盘中交易一度达到每盎司67.18美元。 纽约商品交易所黄金期货市场交投最活跃的2026年2月黄金期价17日上涨0.90%，收于每盎司4371.40美元；当天3月交割的白银期货价格上涨4.92%，收于 每盎司66.44美元。 今年黄金和白银价格表现惊人，分别上涨超过65%和100%。加拿大蒙特利尔银行预计，贵金属价格在2026年仍有上涨空间。 资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进 行追究的权利。转载内容来源于网络，目的在于传递更多信息，方便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 来源：新华财经专业终端 今年以来，白银价格上涨约130%，是同期黄金期货涨幅的2倍。部分原因是白银库存趋紧以及零售和工业需求强劲 ...

美国对委内瑞拉的武力威胁引发了市场对黄金和白银的避险需求。与此同时，在美国封锁进出委内瑞拉的油轮后，原油价格也出现上涨。纽约商品交易 所原油期货价格当日收涨2.92%，报56.74美元／桶，从八个月来的最低水平反弹。 与此同时，据知情人士透露，美国正准备对俄罗斯能源部门实施新一轮制裁。 新华财经纽约12月17日电（记者徐静）纽约商品交易所黄金期货市场交投最活跃的2026年2月黄金期价17日上涨0.90%，收于每盎司4371.40美元；当天3月 交割的白银期货价格上涨4.92%，收于每盎司66.44美元。 受避险需求和技术性买盘拉动，黄金价格当日小幅上涨，白银价格则大幅攀升再创新高，盘中交易一度达到每盎司67.18美元。 今年以来，白银价格上涨约130%，是同期黄金期货涨幅的2倍。部分原因是白银库存趋紧以及零售和工业需求强劲。不断扩张的太阳能、电动汽车和数据 中心行业对白银的需求尤其强劲。 （文章来源：新华财经） 来源：新华财经专业终端 今年黄金和白银价格表现惊人，分别上涨超过65%和100%。加拿大蒙特利尔银行预计，贵金属价格在2026年仍有上涨空间。 ...

Core Viewpoint - Silver has surged significantly, reaching a historical high of over $66 per ounce, driven by strong industrial demand and increased investment interest due to economic uncertainties and Federal Reserve rate cut expectations [2][9]. Group 1: Market Performance - On Wednesday, silver prices broke through $66 per ounce, with spot silver rising over 4% and COMEX silver futures increasing by more than 5% to a peak of $66.5 per ounce [2]. - Year-to-date, silver has outperformed other assets with a remarkable increase of approximately 127%, while gold has risen by 65% [2]. Group 2: Economic Factors - Weak U.S. economic data has led to a surge in demand for safe-haven assets like precious metals [5]. - The U.S. unemployment rate unexpectedly rose to 4.6% in November, the highest level since September 2021, while non-farm payrolls increased by 64,000, exceeding expectations [6][7]. - Retail sales remained flat in October, contrary to expectations of a 0.1% increase, and the S&P Global PMI dropped significantly [8]. Group 3: Supply and Demand Dynamics - Industrial demand for silver has remained around 50%, making it a key driver of the current bull market [11]. - The World Silver Association projects a supply shortage of 4,633 tons in 2024, marking the fourth consecutive year of supply deficits [12]. - The solar energy sector, electric vehicles, and data centers are identified as major growth areas for silver demand, with compound annual growth rates of 17% and 13% respectively [12]. Group 4: Future Outlook - Analysts suggest that silver's investment demand may continue to dominate, with potential for prices to reach $70 due to low inventory levels and significant short squeezes in the market [13]. - However, there are contrasting views, with some analysts warning that the current bull market may be nearing its end, potentially leading to a prolonged bear market starting around 2026 [14][15][16].