星展银行同时指出，新年伊始黄金价格曾飙升至每盎司5595美元的历史新高，但随后因沃什被提名为下 一任美联储主席而大幅回调，跌幅超过15%。这种剧烈波动反映出在宏观政策风险和地缘政治不确定性 背景下，贵金属市场投机资金流动较为活跃。 国际贵金属期货价格2月25日呈现分化走势。纽约商品交易所黄金期货主力合约收跌1.25%，报每盎司 5160.50美元；白银期货则上涨0.57%，收于每盎司87.07美元。现货黄金价格日内一度从5250美元附近 高位回落，跌幅超过100美元，最终收于5144美元水平。 市场分析人士指出，美联储官员释放维持高利率信号，市场对降息预期有所降温，美元资产吸引力相对 增强，这在一定程度上削弱了黄金的避险需求。美元指数在97.87附近波动，10年期美债收益率报 4.0350%。 值得关注的是，星展银行近期发布研究报告，将黄金长期价格预期大幅上调。该行将2026年上半年和下 半年黄金目标价分别设定为每盎司5300美元和6250美元，并预计至2030年金价可能达到每盎司8060美 元。星展银行认为，各国央行持续购金构成结构性支撑因素，与其他投资需求相比，央行购金行为对价 格波动敏感度较低，有助于形 ...

黄金迎来5100美元里程碑。 随着地缘政治紧张局势高烧不退、全球财政风险忧虑卷土重来，投资者当地时间26日开盘再次涌向贵金 属寻求避险。 瑞士联合私人银行认为，机构与零售投资者的持续买盘推动了金银价格上涨。该行表示："预计黄金将 迎来又一个强势年份，这反映出各国央行和零售端的投资需求仍在持续，我们将黄金年末目标价定为每 盎司5200美元。" 高盛集团认为，黄金的需求基础已突破传统渠道。2025年初以来，西方黄金交易所交易基金（ETF）的 持仓量增加了约500吨；同时，高净值家族实物购金等对冲宏观政策风险的新型投资方式，正成为黄金 需求日益重要的来源。高盛近期将2026年12月黄金价格预期从先前的每盎司4900美元上调至5400美元， 理由是，市场对全球宏观与政策风险的对冲需求已具备"粘性"，这一趋势实质性抬高了今年黄金价格的 起点。 各国央行的黄金购买量依旧保持高位。高盛估算，当前全球央行月均购金量约为60吨，远高于2022年之 前月均17吨的水平，尤其是新兴市场央行仍在持续将外汇储备转向黄金资产。值得一提的是，高盛认 为，市场对财政可持续性等全球宏观政策风险的对冲需求将持续至2026年，这与2024年末美国 ...

Investment Rating - Industry rating: Outperform the market (maintained rating) [5] Core Views - The report highlights that macroeconomic sentiment fluctuations have led to relatively strong performance in precious metals, with gold and silver prices rising due to heightened risk aversion amid geopolitical tensions and expectations of continued interest rate cuts by the Federal Reserve [1][20][21] - The report emphasizes the impact of new export control policies on rare earths, which are expected to strengthen China's competitive edge in the industry and have long-term implications for the entire supply chain [1][3] Summary by Sections Base Metals & Precious Metals - Copper prices have risen, reaching 85,910 CNY/ton, driven by supply shocks and increased export expectations, despite weak domestic demand [1][12] - Aluminum prices increased to 20,980 CNY/ton, with slight reductions in theoretical production capacity due to regional capacity transfers and maintenance [1][15] - Gold prices reached an average of 871.03 CNY/gram, up 3.99% from the previous week, while silver prices rose to 10,856 CNY/kg, up 6.72% [1][20] Minor Metals - Antimony prices have decreased, with 2 high bismuth antimony ingot at 166,500 CNY/ton, reflecting a weak market due to ongoing supply issues and cautious demand [2] - The report notes that the antimony market remains weak, with limited replenishment observed post-holiday [2] Rare Earths - The report discusses the impact of new export control policies on the rare earth industry, with prices for light rare earths slightly decreasing while medium and heavy rare earths saw minor increases [3] - The integration of separation plants is ongoing, and processing fees have risen, indicating a potential upward trend in valuations for the sector [3] Outlook - The report suggests monitoring companies such as Zijin Mining, Luoyang Molybdenum, and China Aluminum for potential investment opportunities based on the current market dynamics [1][19]