Market Overview - The technology sector weakness led to a broad decline in the US stock market, with the Dow Jones Industrial Average falling by 249.04 points, or 0.51%, closing at 48,461.93 points. The Nasdaq dropped by 0.50% to 23,474.35 points, and the S&P 500 index decreased by 0.35% to 6,905.74 points [1]. Individual Stocks - Tesla's stock declined by 3.2%, influenced by ARK Invest, led by Cathie Wood, which continued to reduce its holdings in Tesla, selling shares worth $30 million [1]. Commodity Market - The precious metals market experienced significant declines due to profit-taking, with December COMEX gold futures dropping by 4.50% to $4,325.10 per ounce, marking the largest decline in nearly two months. Silver futures fell by 8.67% to $69.856 per ounce, representing the worst performance since February 2021, with a drop of over $6, setting a record not seen since January 1980 [1].

Group 1: Report Core View - Last week, the gold price continued to rise, with New York gold breaking through $4,500 and Shanghai gold breaking through the 1,000-yuan mark. After the meetings of the US and Japanese central banks ended, market liquidity recovered, and the US dollar index remained weak, which was positive for the gold price. In the long run, although the gold price has broken through the late-October high, its overall performance is far inferior to other precious metals and copper, mainly due to the high short-term market risk appetite and the decline in the safe-haven demand for gold. Before the New Year's Day holiday, continuous attention should be paid to the long-short game at the $4,500 mark of New York gold, and beware of the risk of a high-level pullback before the holiday [5][21] Group 2: Market Review 2.1 Weekly Trend - The report presents a chart of the linkage between the US dollar index and COMEX gold futures closing prices [9] 2.2 Indicator Price Changes | Indicator | December 26 | December 19 | Weekly Change | | --- | --- | --- | --- | | COMEX Gold | $4,562.00 | $4,368.70 | 4.42% | | COMEX Silver | $79.68 | $67.40 | 18.22% | | SHFE Gold Main Contract | 1,016.30 yuan | 979.90 yuan | 3.71% | | SHFE Silver Main Contract | 18,319.00 yuan | 15,376.00 yuan | 19.14% | | US Dollar Index | 98.03 | 98.72 | -0.69% | | USD/CNH | 7.00 | 7.03 | -0.41% | | 10-Year US Treasury Real Yield | 1.91 | 1.92 | -0.01 | | S&P 500 | 6,929.94 | 6,834.50 | 1.40% | | US Crude Oil Continuous | $56.93 | $56.65 | 0.49% | | COMEX Gold-Silver Ratio | 57.26 | 64.82 | -11.67% | | SHFE Gold-Silver Ratio | 55.48 | 63.73 | -12.95% | | SPDR Gold ETF | 1,071.13 tons | 1,052.54 tons | 18.59 tons | | iShare Gold ETF | 492.64 tons | 491.82 tons | 0.82 tons | [10] Group 3: Liquidity Recovery after Japanese Yen Interest Rate Hike - After the Japanese yen interest rate hike, the market showed a "boot landing" situation, with a significant recovery in short-term liquidity. The US dollar index continued to weaken, falling to the 98 mark, which was positive for the gold price [12] Group 4: Tracking of Other Indicators - Last week, the combined holdings of SPDR and iShares gold ETFs were 1,563.77 tons, an increase of 19.41 tons from the previous week. After the Japanese yen interest rate hike, precious metals generally rose, with silver's increase significantly larger than that of gold, and the gold-silver ratio continued to weaken, dropping below 60 last week [16][18]

现货白银开盘暴力拉升，迅速突破82美元/盎司。 | 分类 | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | | 现货黄金 | 4541.03 | +6.54 | +0.64% | | 现货白银 | 82.35 | +1.61 | +9.50% | | 现货铂金 | 2465.00 | +17.40 | +3.23% | 编辑：雨林 ...

【#美股终结五连阳#！中概股走高，#金银铜铂钯闪耀圣诞假日#】圣诞节后首个交易日，美股三大股指 在清淡交易中徘徊于历史高点附近。截至收盘，道指跌20.19点，跌幅0.04%，报48710.97点，纳指跌 0.09%，报23593.10点，标普500指数跌0.03%，报6929.94点，盘中创新高。 贵金属市场大幅上扬，纽约商品交易所12月交割的COMEX黄金期货涨1.08%，报4529.10美元/盎司， COMEX白银期货涨7.68%，报76.48美元/盎司，盘后涨幅进一步扩大至10%，并突破78美元/盎司。与此 同时，伦敦金属交易所LME铂金期货和钯金期货涨幅均超10%，上攻2500美元和2000美元关口。同样受 到关税政策和库存紧张驱动，伦铜和美铜周五也刷新历史新高，其中美铜日内涨幅接近6%，逼近6美 元/磅。 来源：第一财经 ...

瑞达期货研究院 「2025.12. 26」 贵金属市场周报 作者： 研究员 廖宏斌 期货投资咨询证号：Z0020723 助理研究员 徐鼎烽 期货从业资格号：F03144963 「 周度要点小结」 ◆ 本周观点：本周贵金属市场继续强势运行，沪银主力合约录得上市后单周最大涨幅。在实物库存持续紧 张的支撑下，白银市场挤仓行情延续，多头情绪占据主导，大量空头受"挤压"离场进一步助推银价上 行动能，金银比持续回落。宏观数据方面，美国第三季度实际GDP年化季率初值录得近两年以来最快增速， 其中消费支出为主要拉动项；同期核心PCE物价指数符合市场预期，显示通胀压力趋于缓和。特朗普近期 多次表示，期望下一任美联储主席在经济与市场表现稳健的背景下继续推行降息，这在一定程度上强化 了市场对未来流动性保持宽松的预期。综合来看，就业数据持续走软、通胀走势平缓，叠加市场对美联 储可能扩表并维持宽松流动性的预期，共同巩固了货币政策趋向宽松的宏观叙事。在此背景下，美元指 数短期预计延续弱势，贵金属的看涨逻辑尚未出现明显松动，但近期价格连续快速拉升，市场波动显著 放大，价格已一定程度偏离基本面支撑，需警惕技术性回调风险。此外，金银比价已回落 ...

特维斯在报告中罗列的核心数据显示，以最活跃期货合约为统计口径，钯金在12月单月涨幅达到28%， 这一涨幅已远超年内平均水平，但相较于铂金44%的月度涨幅仍显逊色，白银市场表现同样亮眼，单月 飙升24%，在这一轮涨势中表现突出，也使得同期仅实现个位数涨幅的黄金，在一众贵金属品种中显得 相对平淡。 她认为，年末市场普遍存在的流动性稀薄现象、技术面形成的趋势性推动以及年末资金布局的季节性效 应，共同构成了"趋势强化"的市场环境，使得"趋势往往是朋友"的市场规律在当前行情中得到充分体 现。 特维斯并非对贵金属长期走势持悲观态度，她明确表示对2026年贵金属市场整体持看涨观点，且认为自 身的看涨预测存在"相当大的上行风险"。但即便如此，她仍强调，当前上涨驱动因素的模糊性以及涨幅 的过度透支，让她在短期内选择持观望态度，不建议投资者盲目追高。 截至目前，市场对贵金属的看涨理由已形成共识并经过多轮讨论，这一乐观情绪近期已成功传导至铜 市。数据显示，伦敦金属交易所铜价在周二迎来关键突破，价格首次站上每吨12000美元关口，成为大 宗商品市场受贵金属涨势带动的典型案例。 2025年贵金属市场上演了一场标志性上涨行情，市场购买热 ...

Group 1 - The international gold price has reached a new all-time high, with a year-to-date increase of over 70% driven by geopolitical tensions, supply-demand imbalances, and safe-haven demand [1] - On the New York Commodity Exchange, the most actively traded gold futures for February 2026 rose by $46.3, closing at $4,505.7 per ounce, while silver futures for March 2026 increased by $2.572, reaching $71.137 per ounce, both marking historical highs [1] - The London spot gold price also surpassed the $4,500 per ounce mark, and platinum prices rose over 6%, exceeding $2,300 per ounce, achieving record highs [1] Group 2 - The US dollar index has declined nearly 10% year-to-date and is on track for its worst performance since 2003 [2] - According to Morgan Stanley's 2026 gold market outlook report, the gold market is expected to continue its upward trend in 2026 due to strong driving factors, with silver demand also anticipated to grow [3]

| | 贵金属期货日报 | | | | 2025/12/24 | | --- | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | 期货市场 | 沪金主力合约收盘价（日，元/克） | 1014.680 | 0.4↑ 沪银主力合约收盘价（日，元/千克） | 17609 | +1168.00↑ | | | 主力合约持仓量:沪金(日,手) | 186,798.00 | -13095.00↓ 主力合约持仓量:沪银(日,手) | 11,811.00 | -4436.00↓ | | | 主力合约成交量:沪金 | 351,301.00 | +74883.00↑ 主力合约成交量:沪银 | 1,367,254.00 | +137097.00↑ | | | 仓单数量:沪金(日,千克) | 93711 | 0↑ 仓单数量:沪银(日,千克) | 881,949 | -17714↓ | | 现货市场 | 上金所黄金现货价 | 1007.69 | 0.82↑ 华通一号白银现货价 | 17,348.00 | 1029.00↑ | | | 沪金主 ...

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]

国际贵金属期货普遍上涨，现货白银突破70美元/盎司。COMEX黄金期货涨0.68%，报 4536.3美元/盎司；COMEX白银期货涨1.07%报71.9美元/盎司，均创历史新高。 【导读】现货黄金升破4500美元，史上首次 中国基金报记者 李智 12月24日，现货黄金史上首次站上4510美元/盎司，今年累计上涨超71%。 高盛12月18日发布的研报预期，到2026年年底，金价将涨至每盎司4900美元。 12月23日，知名研究机构Yardeni Research大幅上调黄金价格预期。该机构强调，贵金属市 场强劲涨势，反映的是对宏观和政策的深切担忧，并非全球活动反弹。其将2026年底黄金目 标价从先前的5000美元/盎司调高至6000美元/盎司。此外，Yardeni重申长期观点，预计黄 金价格本年代末有望达到10000美元/盎司。 编辑：杜妍 校对：王玥 制作：鹿米 审核：木鱼 注：本文封面图由AI生成 此外，现货钯金突破1900美元/盎司，为2022年年底以来新高。 | < IW | NYMEX铝 | | | | | Q | | --- | --- | --- | --- | --- | --- | --- | ...