每经编辑｜程鹏 12月31日午后，贵金属板块变绿，黄金、白银、铂金价格纷纷下跌。 现货黄金直线下跌，一度下跌1.50%失守4300美元/盎司，现跌0.16%；现货白银一度跌超7%，现跌5.02%。 | ( W | | | 伦敦金现 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | | | | | | 4331.550 Ff | | | | 4338.340 | | 总量 | | 0 | | -6.790 | | -0.16% 升盘 | | 4338.340 | | 现手 | | 0 | | 最高价 | 持 | 4373.499 世 | | | 0 | Ar 智 | | 0 | | 最低价 | 福 | 4273.780 它 | | | 0 | 内 盘 | | 0 | | 书时 | | 五日 日K | | 居K | | 月K | 白天 | | | 量加 | | | | | | 均价:0.000 | | | | 4402.900 | | | | | | 1.49% | 4331 ...

白银全线暴拉。 12月30日，白银大幅反弹。截至发稿，伦敦银现涨幅扩大至6%附近，COMEX白银涨超8%，沪银期货主力合约涨超5%。 | W | | | | 伦敦银现 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | SPTAGUSDOZ.IDC | | | | | | 16.442 | | 昨结 | | 72.135 | 总量 | | | 0 | | +4.307 | | +5.97% 开盘 | | 72.179 | 现手 | | | 0 | | 最高价 | 76.536 | - | 0 | | 0 A | 201 | | 0 | | 最低价 | 71.110 | ਜ ਦੇ ਸ | 色 | | 0 内 | ਾਂ ਨੇ 2 | | 0 | | 分时 | 五日 | EK | | 旨Ｋ | 月K | 日名 | | | | 叠加 | | | | | 均价:0.000 | | | | | 76.536 | | | | | -6.10% | | 76.497 | | | | | | | | | | 76.442 | | ...

1）行情回顾：12月30日、沪金期货主力合约收跌3.11%至984.84元/克，沪银期货主力合约收跌3.96%至18140元/千克。 2）影响因素分析：在经历了周一的剧烈调整后、周二贵金属价格整体企稳回升、伦敦现货黄金重返400美元/盎司关口、伦敦现货自银重返76美元/盎司关口。市 标请数利场或为关注的自银价差结构方面、白银现货及T0价格对期货的溢价大幅收窄、沪银较外盘溢价也显著回落，但自铁上期所延续去屏，或表明白银现货隔紧蛋有所缓 级课博号 解但尚未完全改善。综上、我们预计短期贵金属价格或高位宽阔震荡，但基于沪银VIA切维持较高水平和国内即将迎来元旦假期，不排除后续银价仍有较大波动风 ill 《个人 意见》（），故建议投资者以控制风险为主，轻仓过节。后续建议关注美联储新人主席名单的公布和美国关键矿产关税可能公布给过等事件。此外，基于金银比价处于近十 年来新低,白银相较黄金已经不再低估,后续我们建议优先关注逢低多配黄金的机会。 世参考) 0）中长期观点。中长期来看。美联储仍处于宽松周期、大国博弈加剧和逆全球化趋势将令全球地缘不确定性持续、美国巨额债务和美联储独立性削弱将进一步增 加美元信用风险、全球央行/机构 ...

贵金属日报 | 2025-12-31 美联储纪要显示其对未来降息略显克制 市场分析 2025-12-30，沪金主力合约开于1004.72元/克，收于984.84元/克，较前一交易日收盘变动-2.22%。当日成交量为41087 手，持仓量为129725手。昨日夜盘沪金主力合约开于993.76元/克，收于986.34元/克，较昨日午后收盘上涨0.15%。 2025-12-30，沪银主力合约开于18250.00元/千克，收于18107.00元/千克，较前一交易日收盘变动-0.52%。当日成交 量为2059507手，持仓量为225839手。昨日夜盘沪银主力合约开于18518元/千克，收于18792元/千克，较昨日午后 收盘上涨3.78%。 美联储公布12月会议纪要显示，FOMC在12月会议上同意降息，但就美国经济目前面临的风险进行了深入细致的辩 论。根据会议纪要，鉴于美国经济面临的各种风险，即使是一些支持降息的官员也承认，"这一决定是权衡利弊后 的结果，或者他们也本可能支持维持目标利率区间不变"。而在讨论本次会议的货币政策决定时，委员们一致认为， 现有指标显示经济活动正在以温和的速度扩张。他们还一致认为，今年就业增长 ...

中长期看，黄金价格中枢仍有望上行，投资者或可考虑后续回调参与、逢低分批布局。关注直接投资实 物黄金，免征增值税的黄金基金ETF（518800），覆盖黄金全产业链股票的黄金股票ETF（517400）。 资金面看，黄金基金ETF（518800）连续2日资金净流入超1.7亿元，贵金属价格支撑逻辑引关注。 华创证券指出，美元走弱、避险及供需紧张带动贵金属价格集体上行。美元贬值叠加当前全球宏观经济 形势充满不确定性，叠加近期美国针对委内瑞拉的石油制裁不断升级，投资需求和避险属性共振或带动 贵金属价格高位运行。长期看好贵金属价格表现，黄金的避险需求和投资需求或长期持续，央行购金需 求仍有上行空间，价格长期维持上行趋势。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 ...

本报（chinatimes.net.cn）记者叶青 北京报道 近日国际金银价格剧烈震荡，12月29日白银期货价格首次突破每盎司80美元后，随即出现断崖式暴跌， 截至收盘重挫10%，回落至70美元/盎司。与此同时，国际金价跌超4%，当日下跌200美元/盎司，一度 下探至4321美元/盎司。不过，12月30日贵金属价格纷纷止跌反弹，截至发稿时金价已升至4400美元/盎 司，银价回升至76美元/盎司。 "12月29日贵金属价格暴跌，核心原因系芝加哥商品交易所(CME)上调期货保证金引发的多头集中平仓 与市场情绪逆转，叠加此前暴涨积累的高风险头寸，形成系统性回调。不过，中长期来看，黄金上涨行 情并未结束。"北京黄金经济发展研究中心研究员许亚鑫接受《华夏时报》记者采访时表示。 芝商所上调白银保证金 12月29日，亚洲时段早盘，国际黄金和白银价格突然暴跌，截至当日收盘，国际金价下跌211美元/盎 司，跌幅4.64%。据悉，芝加哥商品交易所宣布两周内第二次上调白银期货保证金，新规于12月29日生 效，白银市场由此迎来关键一周。该交易所已将2026年3月到期的白银期货合约初始保证金要求，从本 月初的2万美元上调至约2.5万美 ...

Core Viewpoint - Precious metal prices have experienced a significant pullback, with the main contract for gold (沪金2602) closing at 984.84 CNY per gram, down 3.11%, and silver (沪银2602) at 18,140 CNY per kilogram, down 3.96% [2][7]. Price Adjustment - The recent adjustment in precious metal prices has been previously indicated, particularly for silver, which has seen a rise exceeding fundamental pricing logic since December, driven by tight spot supply and low inventory levels [2][8]. - The market is facing bearish factors, including a slowdown in the Federal Reserve's easing pace expected in 2026, stable U.S. economic data, and rising raw material prices potentially leading to inflationary pressures that may suppress the likelihood of unexpected easing by the Fed [2][8]. Index Weight Adjustment - The Bloomberg Commodity Index (BCOM) will undergo an annual weight adjustment starting January 8, 2026. Due to the strong performance of gold and silver over the past three years, their weights in the index have significantly exceeded target levels, which may create short-term bearish pressure on gold and silver prices [2][8]. Market Outlook - The long-term logic of gold as a substitute for dollar assets remains fundamentally unchanged, maintaining an optimistic view on gold [2][8]. - Silver prices have shown strength due to spot shortages, reaching historical highs, but the price volatility necessitates careful position management and strict stop-loss execution, with caution advised against profit-taking risks during high-level fluctuations [2][8].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The precious metals are currently in an accelerated upward phase. From now until Powell officially steps down as the Fed Chairman in May next year, precious metals may face short - term significant corrections due to the Fed's "inaction". However, this does not signal the end of the current upward cycle for gold and silver. The Trump administration has the motivation to further loosen fiscal policies under the pressure of the mid - term elections, and the Fed will enter a new and more aggressive interest - rate cut cycle after Powell's departure. Currently, the prices of gold and silver have fully reflected the expectations of monetary and fiscal policies. It is recommended to remain on the sidelines in the context of significant price fluctuations and not to open new long or short positions. The reference operating range for the main contract of Shanghai gold is 940 - 1001 yuan/gram, and for the main contract of Shanghai silver is 16360 - 20000 yuan/kilogram [4]. 3. Summary by Related Catalogs 3.1 Market Quotes - Shanghai gold rose 0.04% to 986.34 yuan/gram, and Shanghai silver rose 5.36% to 18792.00 yuan/kilogram. COMEX gold was reported at 4346.40 dollars/ounce, and COMEX silver at 74.83 dollars/ounce. The yield of the 10 - year US Treasury bond was reported at 4.14%, and the US dollar index at 98.23 [2]. - Trump mentioned that he is considering suing Fed Chairman Powell and believes Powell should resign. The candidate for the new Fed Chairman will be announced in January [2]. 3.2 Policy Expectations - The selection of the new Fed Chairman has led the market to price in an aggressive easing policy by the Fed next year. The Fed under Powell cut interest rates and expanded the balance sheet in the December meeting, and the dot - plot shows that current Fed officials only expect one 25 - basis - point interest - rate cut next year. However, the market's expectations for the Fed's monetary policy are more focused on the selection of the new Fed Chairman. At the end of the year, the market expectations that Kevin Hassett and Kevin Warsh, two members of the Trump camp, will be nominated as the new Fed Chairman have gradually fermented, and both have stated that they will support the interest - rate cut policy desired by Trump. Trump himself has also stated that "those who oppose him will not get the position of Fed Chairman". The Fed is likely to conduct relatively aggressive interest - rate cuts in the second half of next year, which has pushed the international silver price to a new record high [3]. 3.3 Strategy Suggestions - Given the current situation, it is recommended to maintain a wait - and - see attitude in the face of significant price fluctuations of precious metals and avoid opening new long or short positions. The reference operating range for the main contract of Shanghai gold is 940 - 1001 yuan/gram, and for the main contract of Shanghai silver is 16360 - 20000 yuan/kilogram [4]. 3.4 Data Summary - A detailed summary of key gold and silver data from December 29 - 30, 2025, including closing prices, trading volumes, open interest, inventories, and precipitation funds of various gold and silver contracts in different markets such as COMEX, LBMA, SHFE, etc., as well as their daily changes, daily percentage changes, and historical quantiles over the past year [6].

| 贵金属期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格：证监许可 【2 0 11】1292号 2025年12月31日 | | | | 叶倩宁 | Z0016628 | | 国内期货收盘价 | | | | | | | 品 种 | 12月30日 | 12月29日 | 涨 跌 | 涨跌幅 | 单 位 | | AU2602合约 | 984.84 | 1007.18 | -22.34 | -2.22% | 元/克 | | AG2602合约 | 18140 | 18205 | -65 | -0.36% | 元/千克 | | PT2606合约 | 589.85 | 634.35 | -44.50 | -7.02% | 元/克 | | PD2606合约 | 447.45 | 494.10 | -46.65 | -9.44% | | | 外盘期货收盘价 | | | | | | | 品 种 | 12月30日 | 12月29日 | 涨 跌 | 涨跌幅 | 单 位 | | COMEX黄金主力合约 | 4352.30 | 4350.20 | 2.10 ...

大型科技股涨跌不一，英特尔、Meta涨超1%，微软、谷歌、亚马逊小幅上涨；特斯拉跌超1%，苹果、英伟达、奈飞小幅下跌。 纳斯达克中国金龙指数高开低走，收跌0.26%。百度涨超4%，蔚来涨超3%，网易涨近1%；京东跌近2%，金山云跌近1%。 WTI原油期货结算价收跌0.22%，报57.95美元/桶。布伦特原油期货结算价收跌0.03%，报61.92美元/桶。 12月30日晚间，在经历了一次"史诗级"的暴跌之后，白银价格又开始了暴涨模式，黄金也从纪录高位急跌"降温"后重新站稳脚跟。 截至12月31日发稿，现货白银报76.55美元/盎司，涨幅6.16%，盘中一度涨超8%；纽约白银报76.459美元/盎司，涨幅8.51%，盘中一度涨超10%。 现货黄金报4347.10美元/盎司，涨幅0.35%，盘中一度涨超1.5%。 纽约期铜一度涨4%，报5.7895美元/磅。 据媒体报道，分析师表示，本周一（12月29日）的下跌"主要是技术性因素导致：贵金属近期快速上涨后出现早期获利了结，杠杆多头被迫去杠杆，同时更 严格的保证金要求也带来额外压力。基本面并没有发生变化"。 当地时间12月30日，美股三大指数收盘均小幅下跌，纳指跌0. ...