10月9日，现货白银价格突破50美元/盎司，为历史首次。创近14年新高，日内涨超4%。 近段时间以来，贵金属的持续涨势引发市场广泛关注。黄金价格不断攀升之外，白银价格也屡创新高， 且年内涨幅比黄金更为强劲。Wind数据显示，今年以来现货白银累计涨幅超70%，现货黄金涨超50%。 今年以来现货白银价格走势图片 来自Wind 中国外汇投资研究院研究总监李钢对中新经纬表示，本轮白银突破50美元/盎司，核心在于"金融属性 +产业需求"双轮驱动。 李钢认为，一方面，金价屡创新高带动贵金属整体估值重估，资金将白银视为加杠杆版的通胀对冲工 具；另一方面，新能源、光伏、电动车等行业对白银的消费持续走强，使其兼具"避险资产"和"工业金 属"双重逻辑。再叠加美联储降息预期升温、美元走弱及地缘风险加剧，流动性与情绪共同推动白银进 入快速上行通道。 后续走势如何？ 9月底，花旗全球商品研究主管马克西米利安·莱顿表示，黄金和白银可能在结构性及周期性顺风推动下 延续上涨趋势。 对于未来趋势，李钢表示，短期来看，白银在突破50美元/盎司后技术面偏热，或有震荡回调风险；但 中期逻辑依然坚实。 中国(香港)金融衍生品投资研究院院长王红英指出， ...

中国（香港）金融衍生品投资研究院院长王红英告诉中新经纬，本轮白银价格的上涨主要源于三个层面的驱动因素。 9日，现货白银历史首次突破50美元/盎司，站上51美元/盎司，创近14年新高，日内涨超4%。 Wind数据显示，今年以来现货白银累计涨幅超70%，现货黄金涨超50%。 10日，现货白银价格有所回落。截至发稿前，现货白银报49.73美元/盎司。 今年以来现货白银价格走势图片 来自Wind 中国外汇投资研究院研究总监李钢对中新经纬表示，本轮白银突破50美元/盎司，核心在于"金融属性+产业需求"双轮驱动。 李钢认为，一方面，金价屡创新高带动贵金属整体估值重估，资金将白银视为加杠杆版的通胀对冲工具；另一方面，新能源、光伏、电动车等行业对白银 的消费持续走强，使其兼具"避险资产"和"工业金属"双重逻辑。再叠加美联储降息预期升温、美元走弱及地缘风险加剧，流动性与情绪共同推动白银进入 快速上行通道。 王红英指出，从投资角度看，风险控制始终是首要原则。若短期白银价格出现技术性回调，可在关键支撑位如46美元/盎司附近考虑分批建立仓位，在严 格控制风险的前提下，中长期仍看好白银价格的上涨趋势。 文中观点仅供参考，不构成投资建议 ...

Silver and platinum are leading a surge in hard assets, outpacing even gold's impressive gains. The rally reflects how investors are prioritizing tangible value as geopolitical worries add up. Central banks' gold buying shows structural demand for real assets beyond speculation. Gold's rally has turned heads this year, but silver and platinum are leading a broader rush into hard assets. Spot silver is hovering around $49 per ounce, up 69% year to date after touching its record high of $49.57 on Wedn ...

近期黄金价格像坐上了火箭，嗖嗖地往上涨。国庆假日期间，国际金价在每盎司3900美元附近震荡运 行，10月2日出现短暂回调，10月3日又瞬间拉升至3912美元/盎司。记者发现，高金价并未影响黄金销 量，国庆中秋双节期间，北京黄金饰品市场呈现价涨量增行情。 尽管周生生、老凤祥等主流品牌首饰金报价突破1130元/克，但核心商圈金店依然客流涌动。10月4日的 菜百股份总店，首饰区试戴柜台前围满消费者，北京SKP的老铺黄金门店前，消费者排队选购高端古法 金器。 西安交大客座教授景川在接受《华夏时报》记者采访时表示，近期美国政府停摆成为避险驱动主要因 素，这一事件引发市场避险需求，投资者转向黄金等安全资产，进一步刺激需求。 柜台销售称买涨不买跌 国庆中秋双节叠加，北京黄金消费市场迎来销售高峰。假日期间，记者走访了北京东城、西城以及南城 的商圈，尽管足金价格突破1120元/克创下新高，但菜百股份总店、西单大悦城、国瑞城等核心商圈的 金店依旧人头攒动，刚需消费与投资需求共同推动市场热度攀升，高金价并未影响普通消费者购金热 情。 10月3日上午，菜百股份总店销售人员不停为顾客介绍新款金饰。"从开门到现在没歇过脚，小克重首饰 和 ...

With doubts over near-term U.S. growth and inflationary pressures likely not going away anytime soon, demand is on the rise for products that may help investors ride out potential volatility. One solution advisors frequently turn to in the face of rising inflation is gold. The precious metal has long served as a vehicle for weathering the risks of inflation for a multitude of factors. Not only does gold function well as a store of value, but its limited supply and lower currency correlation helps the precio ...

Group 1 - The price of gold is on track to achieve its highest yearly return in nearly 50 years, with a significant surge this year, while silver and platinum have also seen substantial gains, with silver reaching its highest historical value and platinum outperforming gold [1][5][8] - The gains in precious metals reflect a global financial market characterized by policy uncertainty, inflation concerns, and a looming U.S. government shutdown, leading investors to seek safe-haven assets [2][4][8] - The Federal Reserve's potential interest rate cuts may further support demand for precious metals by reducing competition from income-generating assets [3][4] Group 2 - Gold has increased by 48% year-to-date, trading near $3,900 per troy ounce, while silver has gained approximately 65% and is trading near $48 per troy ounce, surpassing its 2011 peak [5][6] - Platinum has shown remarkable performance with a nearly 80% year-to-date return, trading around $1,600 per troy ounce, indicating strong demand across all three precious metals [6][8] - Mining companies have benefited from rising prices, with the Van Eck Gold Miners ETF (GDX) and Global X Silver Miners ETF (SIL) each gaining about 125% [6] Group 3 - Investment demand is a primary driver of the price increases in precious metals, but central banks have also increasingly turned to gold for reserve storage, with 90% of demand coming from investors, central banks, and jewelry [7][9] - Silver and platinum have industrial applications that support their demand, with silver used in electronics and platinum in catalytic converters for automobiles [9] - Current economic conditions suggest a potential stagflationary environment, which may further bolster the appeal of precious metals as a hedge against inflation and economic uncertainty [10]

Market Performance and Data - Recent surge in international gold prices, with futures prices rising significantly within weeks, indicating a rare one-sided upward trend [1] - Increased trading volume in both futures and spot markets, reflecting a substantial influx of market capital [3] Global Economic Uncertainty - Heightened global economic uncertainties, including geopolitical conflicts and slowing economic growth, have driven investors to seek gold as a safe-haven asset [4] - Major economies showing signs of contraction, with declining manufacturing PMI and lowered growth forecasts from the IMF [4] Monetary Policy Easing Expectations - Global central banks signaling a shift towards looser monetary policies, with expectations of paused interest rate hikes and potential rate cuts [5] - Increased liquidity and risk of currency depreciation make gold more attractive as a non-currency asset [5] Inflation Expectations - Divergence in inflation expectations, with some economists predicting a return to low inflation while others foresee persistent inflation due to previous monetary easing [6] - Gold's role as an inflation hedge is emphasized, leading to increased investment in gold to mitigate inflation risks [6] Impact on Financial Markets - Gold price surge positively affecting related stocks, particularly in the gold mining and jewelry sectors, while also boosting prices of other precious metals [8] - Interaction between rising gold prices and bond market dynamics, with potential capital shifts from bonds to gold [8] Impact on the Gold Industry - Gold mining companies experiencing significant profit increases due to high gold prices, with some previously unprofitable mines becoming viable [9] - Increased exploration and development activities in the gold sector as companies seek to capitalize on favorable market conditions [9] Investor Implications - Opportunities for investors to engage in gold-related assets, such as futures and ETFs, to benefit from rising prices [10] - Need for investors to maintain a rational approach and consider their risk tolerance when investing in volatile gold markets [10] Future Price Outlook - Continued uncertainty in gold price trends, supported by ongoing geopolitical tensions and expectations of monetary easing [11] - Potential factors that could suppress gold prices include unexpected economic recovery and strengthening of the dollar [11]

【导读】黄金大跳水 大家好，刚刚创下新高的黄金，突然大跳水了。 萨克索银行商品策略师奥勒·斯洛特·汉森表示："在整个9月不间断的上涨之后，我认为目前出现了一些 月末获利了结，我也怀疑中国交易员参与其中，基本上是在十月长假之前减仓。" 华盛顿的僵局是提振黄金避险吸引力的最新动因，此外还有对特朗普贸易战经济影响的担忧以及地缘政 治紧张。黄金今年以来已累计上涨约45%，有望创下自1979年以来的最大年度涨幅。 周一，国会两院领袖与特朗普的会面未能就政府的短期融资达成协议。这加剧了对政府关门的担忧，而 关门可能会阻碍经济数据的发布——使投资者无法获得评估美国经济所需的关键信息。 各国央行的购金需求以及美联储恢复降息也为金价提供了支撑。高盛集团和德意志银行认为金价仍有进 一步上涨空间。 瑞银周二在一份报告中称，对黄金市场目前倾向于看涨情景，预计到2026年年中金价将升至每盎司4200 美元。该行指出，美元走弱、央行大举购买黄金以及ETF投资增加等因素对金价构成利好，同时建议黄 金在投资组合中的配置比例为5％左右。瑞银强调，黄金与股票和债券的关联度较低，可作为对冲通胀 和地缘政治风险的工具，同时提醒投资者考虑与价格波动和 ...

Core Viewpoint - The gold market is experiencing a significant upward trend, with spot gold prices reaching a historical high of $3,819.81 per ounce, driven by factors such as potential interest rate cuts by the Federal Reserve and increased demand from gold ETFs [1][2][4]. Group 1: Market Performance - On September 29, spot gold prices rose over 1%, breaking the $3,800 per ounce mark, while spot silver prices increased by 2%, reaching $47.174 per ounce, also a historical high [2]. - The A-share market saw a strong performance in the precious metals sector, with several gold-related stocks, such as Zhaojin Mining and Xiaocheng Technology, rising over 6% [2]. Group 2: Investment Drivers - Financial investment participants, including gold ETF investors and global central banks, are identified as the main sources of the current upward trend in gold prices [3]. - In September, global gold ETF holdings surged, with a notable increase of nearly 27 tons in a single day, marking the fastest growth in three years [3]. Group 3: Future Price Predictions - UBS Wealth Management predicts that gold prices could reach $3,900 per ounce by mid-2026, supported by a favorable macroeconomic narrative for precious metals [4]. - Analysts from Dongwu Securities believe that the downward trend in real interest rates and the initiation of a rate-cutting cycle by the Federal Reserve will provide substantial upward potential for gold prices [4]. Group 4: Supporting Factors - Three main factors are expected to support the upward trend in gold prices: 1. Increased demand for safe-haven assets due to economic uncertainties and geopolitical risks [4]. 2. Continued central bank purchases of gold, driven by diversification of reserves and reduced reliance on the US dollar [4]. 3. Inflation expectations, which, if they materialize, could enhance gold's value as an inflation hedge [5]. Group 5: Regional Insights - In China, despite a recent decline in gold investment demand due to a rising stock market, expectations are that ETF holdings will recover as gold prices continue to rise [5]. - The Hong Kong government's plan to expand gold reserves and establish a central clearing system for gold is anticipated to provide additional support for gold prices [5].

Core Viewpoint - The international gold market has shown strong performance, with prices continuously breaking historical highs, driven by various factors including monetary policy shifts, central bank purchases, and geopolitical uncertainties [1][3][4][5][6] Group 1: Price Movements - On September 23, COMEX gold futures closed at $3,796.9 per ounce, with a daily increase of 0.58%, reaching an intraday high of $3,824.60, marking a historical peak [1] - Year-to-date, international spot gold prices have risen approximately 43% from around $2,625 per ounce, while domestic market prices have increased about 38% [1] Group 2: Monetary Policy Influence - The recent rise in gold prices is directly influenced by the Federal Reserve's shift in monetary policy, which included a 25 basis point reduction in the federal funds rate target range to 4.00%-4.25% on September 18 [3] - Market expectations indicate a 75.4% probability of cumulative rate cuts totaling 75 basis points by the Federal Reserve in 2025, reinforcing support for gold prices [3] Group 3: Central Bank Purchases - Global official institutions have been consistently increasing their gold reserves, with central banks net adding 166 tons of gold in the second quarter of 2025, continuing a trend of steady accumulation [4] - A survey by the World Gold Council indicates that 95% of over 90 central banks plan to increase their gold reserves in the next 12 months, reflecting long-term recognition of gold's value [4] Group 4: Geopolitical and Economic Factors - The current complex global geopolitical landscape, with ongoing tensions in various regions, has heightened market uncertainty and increased investor focus on asset safety [5] - Gold's traditional role as a safe-haven asset has been further activated, making it a significant option for capital allocation in uncertain times [5] Group 5: Inflation and Investment Value - The structural volatility of global inflation has highlighted gold's value as a hedge against inflation, with U.S. inflation data rebounding to 2.9% in August, the second-highest this year [6] - The uncertain economic data and policy paths have attracted more medium- to long-term capital inflows into gold, emphasizing its property preservation characteristics [6]