近期国际贵金属市场迎来强势行情，现货白银价格日内一度大涨 14% 至 117.75 美元 / 盎司，刷新历史 新高，现货黄金同步攀升至 5111.17 美元 / 盎司的新纪录，贵金属板块的集体狂飙，背后是全球资金的 大规模避险布局。在这轮行情中，白银凭借金融与工业双重属性，涨势远超黄金，而资金的集体涌入， 本质是对全球市场多重潜在风险的规避，市场对各类不确定性的担忧正持续升温。 市场对这轮贵金属涨势的后续走向，存在着显著的多空分歧。乐观派认为，地缘风险常态化、美元信用 弱化以及白银供需缺口扩大的格局短期难以改变，贵金属的强势行情仍将延续，多家机构纷纷上调黄 金、白银的价格目标，法国兴业银行甚至预计金价年底前有望升至 6000 美元 / 盎司。同时，全球首次 入场的个人投资者持续增多，亚洲和欧洲的私人投资资金仍在加速布局贵金属，为行情提供了持续的资 金支撑。 谨慎派则警示着短期回调的风险，当前白银技术面已进入超买区域，金银比跌破 50，显著低于历史均 值，存在均值回归的压力。商品期货交易委员会数据显示，部分全球大型投资者已开始减持白银仓位， 获利了结的动作或引发价格震荡。同时，高银价可能倒逼工业端加速替代技术的 ...

国际贵金属价格周一上演高台跳水，现货 黄金及现货 白银日内齐创历史新高，但随后滑落，其中，现 货白银一度跃高14.33%至117.7285美元/盎司，其后一度轻微转挫不足0.01%，至102.9675美元水平，收 市报103.8625美元，微升0.86%。现货金价破天荒升破5000美元大关，一度抽升2.57%，至5111.11美元/ 盎司，其后回落至5000美元附近，收市报5008.35美元，微涨0.51%。 地缘政治紧张局势加剧，市场对 避险资产需求升温，推动国际贵金属价格近日势如破竹。高盛上周调高2026年底黄金价格的预测，从 4900美元/盎司上调至5400美元，并指私营部门向黄金配置资产的多元化进程已开始显现。 ...

OEXN认为，近期黄金与白银价格持续刷新历史高位，显示出贵金属市场在当前宏观环境下依旧具备强劲动能。黄金在短时间内接连突破重要关口，从此前 的重要心理价位快速上行，价格运行节奏明显加快，市场对避险与保值资产的关注度也随之显著提升。这种走势不仅反映了资金流向的变化，也折射出投资 者对未来不确定性的重新定价。 从市场表现来看，OEXN观察到，黄金价格在过去一年内累计涨幅显著，而进入新一年后仍保持较快上涨节奏，多次创下阶段性新高。与此同时，白银的表 现同样亮眼，价格波动虽更为剧烈，但整体趋势依旧向上，年内与年度涨幅均处于历史高位区间。贵金属同步走强，说明资金配置并非单一押注，而是呈现 出更广泛的防御性布局。 FX / CFD 20 OPEN EXCHANG Open Exchange Network NEL THE REASONS TO CHOOSE US. OEXN offers one of the most competitive payout and rebate structures for ax www ~~~ qlobal/partnerships/ib/ Customized commissions ...

Market Overview - The cryptocurrency market capitalization has increased by 0.6%, currently standing at $3.2 trillion, with a total trading volume of $87.2 billion, which is lower than previous weeks [4][5][20] - 63 of the top 100 coins have experienced declines over the past 24 hours, while 4 of the top 10 coins have also seen price drops [4][5] Price Movements - Bitcoin (BTC) has appreciated by 0.7% to $91,271, while Ethereum (ETH) is up 1.2% to $3,128 [4][5] - Monero (XMR) recorded an 18.1% increase, trading at $569, while Provenance Blockchain (HASH) declined by 9.5% to $0.02155 [1][4] - Pol (POL) saw a significant drop of 11.3%, now trading at $0.1584, and XRP (XRP) fell by 2.1% to $2.05 [2][4] Institutional and Regulatory Developments - Coinbase announced it would withdraw support for major crypto legislation if the US Senate adds restrictions on stablecoin rewards, increasing tensions ahead of the markup scheduled for January 15 [6] - South Korea is potentially ending its nine-year ban on corporate crypto investment, allowing listed companies and professional investors to trade crypto [6] Investor Sentiment and ETF Flows - The crypto market sentiment is decreasing, with the fear and greed index standing at 40, indicating a neutral zone but with rising caution among market participants [14] - US BTC spot ETFs experienced outflows of $249.99 million, while ETH ETFs saw outflows of $93.82 million, indicating a trend of investors pulling funds from these categories [15][16][17] Market Risks - Bitcoin is highly sensitive to institutional risk, with analysts noting that confidence in the Federal Reserve's independence is being questioned due to ongoing legal challenges [10][9] - The potential for political interference in monetary policy could reinforce Bitcoin's role as a "non-sovereign risk asset" in the long term [10]

Core Viewpoint - The price of gold jewelry in China has been continuously rising, attracting market attention due to its correlation with international market fluctuations and currency exchange rates [1][4]. Price Trends - The retail price of gold jewelry has reached 1,037 CNY per gram, with various brands showing significant price increases: Chow Sang Sang at 1,041 CNY, Lao Feng Xiang at 1,036 CNY, and Chow Tai Fook at 1,037 CNY, all reflecting daily increases [2][4]. - Chow Tai Fook's gold price has risen for 13 consecutive days since August 21, accumulating a total increase of 35 CNY per gram [4]. Market Dynamics - The rise in gold prices is closely linked to fluctuations in the international gold market and changes in currency exchange rates, with recent trends showing a consistent increase in international gold prices [4]. - Despite rising prices, consumer demand remains strong, driven by wedding needs and investment interests, indicating a robust market for gold jewelry [7]. Investment Outlook - Analysts suggest that gold prices may maintain a trend of oscillating upward in the short term, advising investors to closely monitor international gold price movements and currency fluctuations for rational asset allocation [8].

Core Viewpoint - The recent decline in gold prices is influenced by U.S. President Trump's call for the Federal Reserve to lower interest rates, which could further impact market dynamics and gold demand [1][5]. Price Movements - On July 28, spot gold prices fell to $3310 per ounce, marking the first drop since July 17 [1]. - Domestic gold jewelry prices also decreased, with brands like Chow Tai Fook and Chow Sang Sang seeing reductions in their gold prices [1][2]. - As of July 29, the price of gold jewelry from various brands has fallen below 1000 yuan per gram, with specific prices reported as follows: - Chow Sang Sang: 978 yuan per gram (down 12 yuan) - Lao Feng Xiang: 998 yuan per gram (down 2 yuan) - Others remained stable or saw minor changes [2][3]. Market Trends - The global gold price saw significant increases earlier in the year due to rising geopolitical tensions, with the London spot gold price rising 24.31% year-to-date as of June 30 [3]. - The average price of gold in the first half of 2025 was reported at $3066.59 per ounce, a 39.21% increase compared to the same period last year [3]. - The Shanghai Gold Exchange reported a similar trend, with Au9999 gold closing at 764.43 yuan per gram, up 24.50% year-to-date [3]. Future Outlook - Analysts suggest that while short-term speculative demand has weakened, long-term support from central bank purchases and financial investments may sustain gold prices [5]. - There is a possibility that the Federal Reserve may lower interest rates more than expected, which could lead to a further increase in gold prices by over 10% by the end of the year [5].

Core Viewpoint - The U.S. bond market is expected to remain volatile at high levels, with investment banks warning of a "calm before the storm" scenario, indicating potential trading opportunities in response to liquidity shocks [1] Group 1: Market Trends - The bond market has stabilized this week, suggesting a temporary lull in volatility [1] - The U.S. Treasury's safe-haven appeal is diminishing, prompting considerations for left-side long positions to be entered in phases [1] Group 2: Currency and Equity Insights - The Japanese yen and Japanese stocks have returned to a negative correlation, raising questions about whether the Nikkei index has reached a bottoming opportunity [1] - There are indications that gold and the Japanese yen may present new positioning windows for investors [1]

Group 1 - The global capital market is experiencing significant volatility, with gold prices surpassing $3200 per ounce, driven by factors such as Federal Reserve interest rate expectations, geopolitical conflicts, and instability in the digital currency system [1] - Traditional safe-haven assets like gold are showing signs of weakness, as evidenced by a nearly 2% drop in gold ETFs following positive developments in US-China trade negotiations, indicating vulnerability to policy shifts [1] - The ongoing trend of central banks increasing gold reserves for 17 consecutive months reflects structural anxiety regarding the credibility of the US dollar system, suggesting that gold may only serve as a temporary solution in a shifting order [1] Group 2 - Bitcoin is emerging as a new safe-haven asset, demonstrating resilience during the US dollar depreciation cycle, attracting institutional funds due to its fixed supply and decentralized nature, despite its volatility [2] - Chinese core assets are gaining attention as safe-haven investments, with foreign capital increasingly allocating to undervalued sectors such as banking, power equipment, and biopharmaceuticals, particularly benefiting from high dividend yields in a low-interest-rate environment [2] - The safe-haven logic of the Japanese yen and Swiss franc is evolving, with the yen's exchange rate becoming more correlated with the VIX index following the Bank of Japan's policy changes, while the Swiss franc remains a refuge for European capital due to its high gold reserve ratio [2] Group 3 - The Federal Reserve's impending shift in monetary policy is expected to impact various commodities, with historical data indicating that industrial precious metals like copper and silver typically see average gains of 18% within three months of the first rate cut, outpacing gold's 7% [3] - The potential resolution of US-China trade agreements may create new investment opportunities in sectors benefiting from tariff reductions, such as electric vehicles, cross-border payments, and biotechnology, which could replicate the explosive growth seen in the 2024 Hongmeng Zhixing industry chain [3] - There are hidden opportunities in "asymmetric risks," where investing in volatility index (VIX) derivatives could serve as insurance against unexpected market movements when the market collectively bets on interest rate cuts [3] Group 4 - As the allure of gold as a safe haven diminishes, capital is seeking more aggressive safety margins, requiring investors to build dynamic portfolios that hedge recession risks with US Treasuries, capture benefits from digital currency transitions, and share in the growth of core Asian assets [4] - Historical events such as the Great Depression and the collapse of the Bretton Woods system have shown that the disintegration of old orders often paves the way for the emergence of new investment opportunities and market leaders [4]