黄金（XAU/USD）在欧洲盘初即触及5200美元上方，延续此前涨幅。资金流向显示，部分投资者正在 加大贵金属配置，以对冲政策与地缘风险带来的不确定性。美国贸易政策再度引发市场关注。特朗普援 引《1974年贸易法》第122条，对非豁免商品加征关税，并在随后表态中将税率由10%提升至15%。政 策调整节奏及执行范围尚存变数，使企业与投资者对未来经济前景保持谨慎态度。与此同时，中东局势 的不稳定因素亦在累积。美国为与伊朗展开新一轮核谈判进行军事部署，并释放强硬立场。特朗普表 示，若谈判破裂，不排除采取军事行动。这一表态提升市场对区域冲突升级的担忧，强化黄金的避险属 性。 UNFX2月26日讯（分析师 Simon）受多重宏观因素叠加影响，国际金价连续第二个交易日走高，并站 上5200美元整数位，刷新阶段高点。市场避险需求回暖、地缘政治局势紧张以及美联储官员密集释放鹰 派信号，共同推动黄金维持强势格局。尽管货币政策基调仍偏紧缩，但降息预期并未完全退场，为金价 提供潜在支撑。 货币政策方面，美联储持续强调抗通胀优先。堪萨斯城联储主席施密德指出，当前通胀压力尚未完全消 退，政策仍需保持警惕。芝加哥联储主席古尔斯比也表示， ...

Group 1 - The core point of the articles revolves around the sudden drop in precious metal prices, particularly gold and silver, due to political uncertainty in the U.S. and regulatory actions in China [1][3][9] - On January 16, 2026, gold prices fell below $4600 per ounce, closing at $4583.86, while silver dropped to $89.41 per ounce, marking a significant decline of 6% for silver and 1.7% for gold [1][3] - The market's reaction was triggered by President Trump's comments regarding the potential nomination of Kevin Hassett as the next Federal Reserve Chair, which raised concerns about the future of monetary policy [3][4] Group 2 - Trump's hesitation about Hassett's nomination, who is viewed as a "dovish" candidate, led to fears that the Fed may not pursue a more accommodative monetary policy, impacting gold's attractiveness [3][4][7] - The market's focus shifted to Kevin Walsh, a known "hawk," suggesting a potential tightening of monetary policy, which further fueled uncertainty [4][7] - The uncertainty surrounding the Fed's direction caused traders to reassess their expectations for interest rate cuts, leading to a decrease in the predicted likelihood of rate reductions in 2026 [7][12] Group 3 - In addition to U.S. political factors, a regulatory crackdown in China on high-frequency trading significantly impacted silver prices, which had previously surged due to speculative trading [9][11] - The Shanghai Futures Exchange implemented measures to limit the maximum number of new positions traders could open in silver futures, effectively curbing speculative trading [11] - Recent strong economic data from the U.S., including lower unemployment claims and rising retail sales, further dampened expectations for imminent rate cuts by the Fed, reinforcing a high-rate environment [12][14] Group 4 - The announcement that the U.S. government would not impose tariffs on key minerals, including silver, alleviated some short-term risks that had previously supported silver prices [14] - Technical analysis indicated that both gold and silver were experiencing significant corrections after reaching extreme overbought conditions, with gold hitting a resistance level at $4643 [14][15] - Overall, the precious metals market is currently influenced by a combination of policy expectations, market sentiment, and regulatory changes, leading to heightened volatility [15]