摘要尽管本周回调，黄金与白银2025年仍录得历史性涨幅：现货黄金全年涨约66%，创1979年来最大年 度涨幅；现货白银飙升约160%，刷新史上最大涨幅纪录。铂金、钯金表现同样强劲，预计分别涨 135%、72%。 尽管本周回调，黄金与白银2025年仍录得历史性涨幅：现货黄金全年涨约66%，创1979年来最大年度涨 幅；现货白银飙升约160%，刷新史上最大涨幅纪录。铂金、钯金表现同样强劲，预计分别涨135%、 72%。 推动本轮行情的核心因素包括：美联储降息及宽松预期、地缘冲突避险需求、全球央行购金潮及ETF资 金流入。白银还受益战略矿产地位、供应限制与库存紧张；铂金受欧盟内燃机禁令立场松动、供应趋紧 及投资需求拉动。 截至北京时间周三(12月31日)16:41，现货黄金报4310.04美元/盎司，跌幅0.63%；现货白银报71.12美元/ 盎司，跌幅6.76%。 当前市场聚焦美联储1月27-28日政策会议，据12月纪要，决策者降息前对经济风险讨论深入，市场预期 本次会议将维持利率不变。 ...

Core Insights - On December 29, spot silver prices surpassed $80 per ounce, while platinum reached a historical high, driven by supply constraints, strong industrial demand, and expectations of further interest rate cuts in the U.S. [1][2] - Year-to-date, silver has increased by 181%, significantly outpacing gold, which has risen by 72% [1][2]. - The surge in silver prices is attributed to its inclusion in the U.S. critical minerals list, tight supply, low inventory levels, and growing industrial and investment demand [1][2]. - Gold prices have also been supported by multiple factors, including expectations of Federal Reserve rate cuts, geopolitical tensions, strong central bank demand, and increased holdings in exchange-traded funds [1][2].