特朗普在国情咨文中重申其经济议程，称通胀正回落，经济增长势头良好。针对外界关注的关税问题，他表示将继续推动相关 议程，但承认新增关税的落实需经国会批准，实际操作空间受限。此外，特朗普对伊朗核能力表达强硬立场，称绝不允许其发 展核武器。美伊双方将在日内瓦继续对话，若谈判受阻，可能进一步激发市场避险情绪。 回顾近期表现，金价曾在1月末创下5594.82美元/盎司的历史高点，今年以来累计涨幅达到20%。针对后市，美国银行在最新报 告中指出，当前投资者增持黄金的节奏有所放缓，短期内金价可能面临整理压力。但若关税议题持续发酵，市场避险情绪升 温，或使盘整周期缩短。该机构维持对未来12个月金价突破6000美元/盎司的预期。 【免责声明】以上内容由百利好提供，仅供参考，不构成任何操作建议。据此操作，风险自担。 周三(2月25日)，国际现货黄金市场再现波动。经历了前一交易日的显著回调后，金价在美市盘中反弹上行，但涨势未能持续， 尾盘阶段明显回落，最终收窄日内涨幅，报于5164.79美元/盎司，全天微涨0.40%。 市场分析认为，此轮金价波动主要受两大因素交织影响。一方面，美国总统特朗普关于扩大进口商品关税的表态引发市场关 注 ...

纽约商品交易所黄金期货市场交投最活跃的2026年4月黄金期价25日上涨23.2美元，收于每盎司5183.7美 元，涨幅为0.45%。 盘中金价一度再度回升到5200美元/盎司上方。 分析认为，近期黄金和白银的短期技术形态均趋于看涨，再次吸引了图表交易者做多。且在当前地缘政 治环境依然不明朗的情况下，避险需求也支撑了金银价格上涨。 消息面上，波士顿联邦储备银行行长苏珊·柯林斯24日表示，由于近期经济数据显示劳动力市场有所改 善，通胀风险依然存在，美国利率可能"在一段时间内"维持不变。柯林斯偏鹰派的政策立场，令当日黄 金上涨空间受到一定限制。 但Forex.com分析师表示，黄金价格在每盎司5200美元至5300美元之间仍面临重大阻力，跌破5100美元 则预示着下行风险，可能跌至4800美元甚至4380美元。 当天5月交割的白银期货价格上涨213美分，收于每盎司89.860美元，涨幅为2.43%。 资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版 ...

转自：新华财经 消息面上，波士顿联邦储备银行行长苏珊·柯林斯24日表示，由于近期经济数据显示劳动力市场有所改善，通胀风险依然存在，美国利率可能"在一段时间 内"维持不变。柯林斯偏鹰派的政策立场，令当日黄金上涨空间受到一定限制。 摩根大通分析师在25日发布的一份报告中表示，2026年各国央行和投资者的持续强劲需求最终将推动金价在年底达到每盎司6300美元，在当前水平基础上 再上涨22%。报告同时将黄金长期价格预测上调至每盎司4500美元。 但Forex.com分析师表示，黄金价格在每盎司5200美元至5300美元之间仍面临重大阻力，跌破5100美元则预示着下行风险，可能跌至4800美元甚至4380美 元。 当天5月交割的白银期货价格上涨213美分，收于每盎司89.860美元，涨幅为2.43%。 编辑：吴郑思 新华财经纽约2月25日电（记者徐静）纽约商品交易所黄金期货市场交投最活跃的2026年4月黄金期价25日上涨23.2美元，收于每盎司5183.7美元，涨幅为 0.45%。 盘中金价一度再度回升到5200美元/盎司上方。 分析认为，近期黄金和白银的短期技术形态均趋于看涨，再次吸引了图表交易者做多。且在当前地缘政 ...

Fundamental Analysis - The ongoing tensions in Iran have become a significant driver of risk aversion in the market, with the U.S. military deploying 11 F-22 fighter jets to Israel and Iran conducting military exercises, indicating that military confrontation risks remain high [1] - Iran's foreign minister expressed a desire to reach a fair agreement with the U.S. as soon as possible, creating a "fighting while negotiating" ambiguity that heightens market uncertainty and underscores gold's value as a safe-haven asset [1] - Federal Reserve Governor Cook noted that the AI investment boom could raise the neutral interest rate in the short term and may not alleviate the unemployment wave driven by AI without triggering inflation risks, revealing the complexity of future macroeconomic management [1] - The potential for stagflation, as indicated by Cook's comments on inflation risks, enhances gold's dual appeal as an inflation hedge and a safe haven, despite other officials suggesting that AI will not drastically impact the job market [1] - Overall, geopolitical tensions and the potential inflation risks highlighted by Federal Reserve officials create a favorable macro environment for gold prices, reinforcing its status as a hedge against complex risk assets [1] Technical Analysis - Gold (XAUUSD) has entered an adjustment phase after reaching a historical high, but the bullish trend is recovering, with prices moving out of a consolidation range and the moving average system indicating a clear bullish trend [4] - The Bollinger Bands are narrowing, suggesting a potential adjustment in the short term, while the CCI indicator in the overbought zone indicates strong bullish momentum [4] - The trading strategy suggests looking for buying opportunities on dips [4] Day Trading Strategy - A buy position is suggested around 5144.2, with a stop loss at 5090.0 and a target range of 5249.5 to 5406.0 [5] Silver (XAGUSD) Analysis - Silver prices have retraced after reaching a new high but are now warming up again, indicating a continuation of the bullish trend, with key support levels within the previous consolidation range to watch [7] - The Bollinger Bands are narrowing, indicating a potential adjustment opportunity in the short term, while the CCI indicator near the overbought zone suggests strong overall bullish momentum [7] - The trading strategy recommends looking for buying opportunities on price pullbacks [7] Economic Calendar - Key economic indicators to watch include the German Gfk Consumer Confidence Index, the final value of Germany's Q4 GDP year-on-year, and the Eurozone's CPI year-on-year and month-on-month final values [8]

商 品 研 究 2026 年 02 月 25 日 铂：震荡偏强 钯：总体跟随偏强 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 铂钯基本面数据 | | | 昨日收盘价 | | 涨幅 | | --- | --- | --- | --- | --- | | | 铂金期货2606 | 551. 85 | | 1. 28% | | | 金交所铂金 | 545. 09 | | 3.82% | | | 纽约铂主连(前日) | 2178. 60 | | 0. 60% | | | 伦敦现货铂金(前日) | 2171.50 | | 1.08% | | | 纪金期货2606 | 438. 45 | | 1. 95% | | | 人民币现货纪金 | 430. 00 | | 8. 86% | | 价格 | | | | | | | 纽约肥主连(前日) | 1.809.50 | | 4. 23% | | | 伦敦现货包金(前日) | 1.774.00 | | 0. 51% | | | | 昨日成交 | 较前日变动 | 昨日持仓 较前日变动 | | | 广铂(千克) | ...

Core Viewpoint - The recent surge in gold prices, with retail prices reaching 1545 yuan per gram, reflects significant market volatility and varying pricing structures across different sales channels [1][5][6]. Pricing Structure - Retail gold prices at major jewelry stores like Chow Tai Fook and Lao Feng Xiang have increased to 1545 yuan per gram, up from 1518 yuan, indicating a rise of 27 yuan per gram [1]. - In contrast, the wholesale market in Shenzhen quotes gold at 1298 yuan per gram, while banks offer investment gold bars at prices ranging from 1150.14 to 1155 yuan per gram, showing a significant price disparity of up to 445 yuan per gram between retail and wholesale [3][5][6]. - The gold recovery market offers a uniform buyback price of around 1100 yuan per gram, regardless of the purchase price, highlighting the lack of brand value in the recovery process [6]. Market Influences - Geopolitical tensions in the Middle East, particularly involving U.S. military actions and Iranian military exercises, are driving investors towards gold as a safe-haven asset [8]. - Expectations regarding the U.S. Federal Reserve's monetary policy have shifted, with a low probability of interest rate cuts in March, which has affected gold's appeal as an inflation hedge [9][11]. - Domestic demand for gold jewelry has surged post-Chinese New Year, contributing to higher retail prices, while global central bank purchases of gold provide long-term support for prices [12]. Consumer Behavior - Consumers are becoming more discerning, with a preference for investment gold bars and lower-weight gold products, indicating a shift towards viewing gold as a long-term asset rather than just a luxury item [14]. - Innovative purchasing strategies are emerging, where consumers buy investment gold bars from banks and then have them crafted into jewelry at lower costs, balancing investment and personal use [16]. Market Predictions - Major financial institutions have raised their gold price forecasts, with Goldman Sachs projecting a target of 5400 USD per ounce by the end of 2026, driven by geopolitical risks [16].

格隆汇2月21日｜欧洲央行管委Panetta：关税对美国自身的伤害大于对其他国家。关税导致了贸易流动 格局重组。美国需要欧洲。欧洲需要共同债务来实现增长。通胀风险可能双向发展。货币政策必须保持 灵活。 ...

市场有风险，投资需谨慎。本文基于第三方数据整理，仅供参考，不构成任何投资建议，投资者据此操 作风险自担。 来源：市场资讯 近期，欧洲债市变动与油价上行形成联动，通胀风险成为市场核心关注方向。 欧洲央行官员德马尔科表示，若通胀持续低于2%，可能需要降息。欧洲央行副行长金多斯则指出，当 前区域增长风险处于均衡状态，地缘政治是主要潜在危险。 地缘政治紧张态势加剧能源供应不确定性，推动油价走高，市场担忧能源价格上行将推高通胀水平，打 破此前的通胀放缓预期。这一担忧传导至欧洲债市，成为近期债市调整的核心驱动因素之一。 ...

据智通财经2月19日消息，现货黄金再次站上5000美元/盎司，日内涨0.48%。 金价银价，反弹！ 原因找到了 据央视财经消息，当地时间2月18日，美联储公布的1月货币政策会议纪要未改变市场对于6月将启动降 息的预期。美联储最新公布的会议纪要显示，其内部仍然对货币政策路径存在分歧，明确提到有联储官 员讨论加息的可能性，在就业下行风险有所缓和的背景下，通胀风险依旧是核心关注点。与会者普遍预 计，通胀将在年内回落，"但回落速度和时点仍不确定"，并预计关税对价格的影响将在年内逐步减弱。 贵金属方面，当地时间2月18日，投资者评估持续发酵的地缘政治风险，大量避险资金涌入贵金属市 场。加之国际黄金和白银价格在经历前一交易日的大跌后，技术性反弹和逢低买入操作也支撑贵金属价 格大幅上涨。截至当天收盘，纽约商品交易所4月交割的黄金期价报每盎司5009.50美元，上涨2.11%；3 月交割的白银期价报每盎司77.598美元，上涨5.52%。 有持续利空影响 有分析认为，在美联储降息预期有所降温的背景下，黄金在5000美元关口遭遇阻力，叠加部分投资者获 利了结，加剧了价格下行压力。 汇丰银行首席贵金属分析师詹姆斯·斯蒂尔表示，黄 ...

Group 1 - The core difference between government bonds and corporate bonds lies in credit risk, with government bonds backed by national credit and having a very low default risk, while corporate bonds depend on the issuer's financial health and can face higher default probabilities, especially for lower-rated bonds [1] - Government bonds have a strong repayment guarantee as their repayment is included in the annual fiscal budget, while corporate bonds are subject to market fluctuations and operational risks [1] Group 2 - Interest rate risk affects both types of bonds, but government bonds are more sensitive due to their longer durations, while corporate bonds also face credit spread changes that can amplify price declines during market downturns [2] - Both bond types are vulnerable to inflation, but corporate bonds may have an advantage if issuers can adjust prices or optimize costs, thus maintaining more stable real returns compared to long-term government bonds [2] Group 3 - Liquidity risk varies significantly, with government bonds being highly liquid and easily tradable, while corporate bonds' liquidity depends on the issuer's size and credit rating, with smaller or lower-rated issuers facing potential liquidity issues [3] - High-rated corporate bonds from large state-owned enterprises tend to have better liquidity compared to those from smaller or lower-rated companies [3] Group 4 - Policy risk impacts government and corporate bonds differently, with government bonds influenced by macroeconomic fiscal and monetary policies, while corporate bonds are more susceptible to industry-specific regulations and policies that can directly affect their credit status [4] - Changes in fiscal policy and central bank operations generally do not pose substantial risks to government bond principal, whereas corporate bonds can be significantly affected by industry regulations that may increase financing costs or disrupt cash flows [4]