Core Viewpoint - The metal market is experiencing a price surge, with gold, silver, copper, platinum, and palladium reaching historical highs due to a combination of macroeconomic policies, geopolitical factors, and supply-demand dynamics [3][6][10]. Price Trends - On December 24, 2025, gold reached a peak of $4,525.83 per ounce, while silver hit $72.701 per ounce. Domestic futures for gold and silver also saw significant increases, with gold futures reaching 1,022.88 yuan per gram and silver futures at 17,671 yuan per kilogram [3][7]. - Platinum and palladium futures also surged, with platinum reaching 675.65 yuan per gram and palladium at 578.45 yuan per gram [7][10]. - Copper prices reached a historical high of $12,282 per ton on the LME, with domestic futures peaking at 96,750 yuan per ton [7][11]. Supply and Demand Dynamics - The price increases are attributed to rigid supply constraints and elastic demand, with analysts noting that the current macroeconomic environment, including a global easing of monetary policy, has created favorable conditions for metal prices [6][10]. - The demand for metals is further supported by the growth of the AI industry, which requires substantial amounts of metals for infrastructure development [8][10]. Specific Drivers for Metal Prices - Gold's rise is linked to its safe-haven status amid global economic uncertainties and a series of interest rate cuts by the U.S. Federal Reserve [10]. - Silver's price increase is influenced by tight global inventories and its strategic resource classification following U.S. policy changes [10]. - The demand for platinum and palladium is driven by their low valuation and supply shortages, particularly as European regulations on fuel vehicles are relaxed [10][12]. - Copper's price surge is fueled by supply constraints and increased demand from the AI sector, with expectations of a deepening global copper supply crisis [11][12]. Market Sentiment and Future Outlook - Analysts predict that the strong performance of precious metals will continue in the short term, although there are concerns about potential volatility and corrections following significant price increases [13][16]. - The market is currently characterized by high speculative activity, particularly in nickel and palladium, which may lead to price corrections if investment sentiment shifts [16][17]. - For copper, while short-term risks exist due to weak demand and profit-taking, the long-term outlook remains positive, with expectations of continued price strength [17].

金银价格回调，现货黄金回落至4470美元/盎司下方。黄金白银股普跌，科尔黛伦矿业跌近4%，Vista黄 金跌3.7%，Silvercorp Metals、First Majestic Silver跌2.5%，埃氏金业跌1.5%，金罗斯黄金、泛美白银跌 超1%。(格隆汇) （原标题：美股异动丨金银价格回调，黄金白银股普跌） ...

在金价不断刷新历史高位并长期跑赢美股的背景下，华尔街资深市场策略师Ed Yardeni抛出了一项惊人的长期预测：黄金价格有望在本十年末飙升 至每盎司10000美元。 受美联储进一步降息预期及美元走软推动，黄金现货价格在24日创下每盎司4500美元的历史新高。作为避险资产，黄金在2025年表现强劲，年内 涨幅已高达约67%。市场资金持续涌入，推动这一传统资产在动荡的市场环境中展现出极强的韧性。 Yardeni Research总裁Ed Yardeni近日指出，黄金在投资组合中继续扮演着至关重要的多元化角色，且历史经验表明，黄金的上涨行情往往会超出 市场预期。他预计到2029年年底，金价将触及10000美元大关，这与其对标普500指数同期的目标点位一致。这意味着在未来几年内，黄金将不仅 仅是防御性工具，更可能成为与权益资产并驾齐驱的增长引擎。 根据Sherwood和Koyfin的数据，黄金在过去25年中跑赢了美国股市。 冲击10000美元的新目标 Ed Yardeni在其最新的市场展望中，将黄金的目标价设定在2029年达到10000美元。这一预测基于其"咆哮的2020年代"宏观框架，即认为经济和市 场将经历类似1 ...

这一方面反映在新冠疫情发生之后，美国等发达国家对供应链产业链稳定与安全的诉求提升；另一方面 是俄乌冲突以来，欧美对俄罗斯离岸资产的行动，增加了各国对离岸资产安全性和信任感的动摇；此 外，还有一个技术成因，即数字技术、AI技术等的快速发展，推动经济社会结构重新匹配和搭建，放 大了人们对信用货币的不信任感。 地缘的、技术的和国际经贸关系的变化等诸多变量，给市场注入了诸多不确定性，带动各国政府和市场 主体启动避险交易模式。 如全球许多国家转向以贵金属等实物资产形式积累外汇储备，本质上就是国际经贸信任链条受损的一个 重要原因，同时许多国家民众偏向贵金属，本身也是国际经贸信任链条受损带来的链式反应。国际经贸 信任链受损，对普通民众来说，意味着传统的市场投资逻辑出现明显的风险升水现象，曾经不错的投资 标的，因为信任成本上升而额外侵蚀资产质量，过往投资策略和风险缓释措施难以有效管控升水的风 险，导致人们偏向避险交易，增加了对贵金属等的投资。同时，传统国际经贸信任链条的受损，加速分 布式国际产业链生态链的重构，进一步增加了国际市场对金属元素的需求，这使得金属能在全球经济承 压的情况下走出相对独立行情。 当前的金属牛市是一种非 ...

美国-纽交所：提前于北京时间25日02:00休市。 今天是圣诞节前夜，各大欧美主流市场提前休市或者半天交易。 美国芝商所：旗下贵金属、能源、外汇期货合约交易提前于北京时间25日02:45结束 美国洲际交易所（ICE）：旗下布伦特原油期货合约交易提前于北京时间25日03:00结束。 不得不说美国三季度4.3%的增长率确实离谱，这可以全球第一发达经济体，这速度赶上我东大了，我们可是发展中国家。 贵金属方面 回顾一下隔夜公布的消息面， 美国第三季国内生产总值(GDP)环比年率初值为增长4.3%，增幅超出预期且为2023年第三季度以来最快； 第三季度个人消费支出(PCE)物价指数初值为上涨2.8%。 经济学家称，上季度的亮眼表现和高企的通胀意味着美联储在1月及之后再次降息的可能性不大。 其他数据显示，美国12月世企研消费者信心恶化，就业与收入焦虑加深；11月制造业产出持平，工业产出增0.2%。 数据公布后特朗普为GDP报告欢呼，并将其归功于关税。他说希望下一任美联储主席在市场表现良好的情况下降低利率，并补充说，"任何与我意见相左的 人永远不会成为美联储主席。" 全球最大的黄金ETF—SPDR基金，昨天大幅增持了12. ...

Market Performance - A-shares showed strong performance today, with the Shanghai Composite Index rising by 0.53% to 3940.95 points, the Shenzhen Component Index increasing by 0.88%, and the ChiNext Index up by 0.77% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.88 trillion yuan, a decrease of 19.6 billion yuan compared to the previous trading day [1] - High-volatility sectors such as military, consumer electronics, photovoltaic, and telecommunications performed well, while sectors like aquaculture, coal, and dividend stocks lagged behind [1] Investment Outlook - The long-term outlook for the equity market remains optimistic, driven by policies aimed at "expanding domestic demand," which includes support for income-driven demand, reasonable investment returns, and financial demand constrained by capital and debt [2] - The current bottleneck in the A-share market is attributed to the K-shaped economic recovery, with high-growth sectors like AI and export chains facing uncertainty, while low-growth sectors such as consumption and real estate may require policy support to recover [2] - The trade surplus has exceeded 1.2 trillion USD, indicating strong competitiveness in Chinese manufacturing, but rising protectionism poses risks to export growth [2] Sector Recommendations - Investors are advised to focus on sectors with more certainty, such as those related to power infrastructure, including mining ETFs, non-ferrous metal ETFs, and grid ETFs [3] - The economic structure remains unchanged, but if risks in AI and related fields materialize, cash flow ETFs may present significant value [3] - Precious metals are experiencing a strong upward trend, with gold prices surpassing 4500 USD per ounce for the first time, driven by geopolitical risks, supply shortages, and strong investment demand [3]

近期，受委内瑞拉紧张局势升级及美国进一步降息预期影响，黄金价格突破每盎司4500美元关口创历史 新高，白银、铂金同步攀升至历史峰值。 今年以来，黄金价格累计上涨约70%，白银价格实现翻倍，两者均有望创下1979年以来最佳年度表现。 贵金属价格的上涨还得益于各国央行加大购金力度以及资金流入交易所交易基金。 世界黄金协会数据显示，除5月外，黄金交易所交易基金持仓量今年每月均保持增长，其中全球最大贵 金属交易所交易基金——道富环球SPDR黄金信托持仓量年内增幅超五分之一。 此外，美国总统特朗普重塑全球贸易的激进举措及对美联储独立性的威胁，年初已为贵金属牛市添薪助 燃；而担忧债务膨胀导致主权债券及计价货币贬值的"货币贬值交易"，也推动投资者撤离相关资产转向 贵金属。 具体品种表现上，白银涨势尤为迅猛，12月23日，首次突破每盎司70美元后，进一步上涨0.7%至每盎 司71.9175美元的历史高点，近期涨势受益于投机资金流入及10月历史性逼空后主要交易中心的供应紊 乱。 当前伦敦金库白银流入量显著增加，但全球多数可交易白银仍滞留纽约，交易员正等待美国商务部关于 关键矿产进口是否威胁国家安全的调查结果，该调查或导致白银面 ...

12月24日，近期贵金属市场表现强劲，FPG财盛国际表示，金银价格在美盘午盘交易中持续走高，并在 今日早些时候双双刷新历史纪录。尽管强劲的美国GDP数据令金价从高位有所回落，但在因假期缩短的 交易周内，地缘政治局势的升温再次点燃了市场的避险需求。 与此同时，地缘局势的摩擦为金价提供了坚实的支撑底部。FPG财盛国际表示，美国近期加强了对相关 地区油轮的封锁行动，导致地区局势陷入僵局，这种不确定性极大地提振了避险资产的吸引力。虽然10 月耐用品订单环比下降2.2%反映出制造业的疲软，但在复杂的国际环境下，市场重心显然更偏向于安 全资产。 从技术层面看，FPG财盛国际认为，2月黄金期货的多头目标将指向4600美元的关键阻力位，而白银多 头则力求站稳75.00美元关口。目前美元指数走软及美债收益率的波动仍是左右短期走势的核心因素。 FPG财盛国际将持续关注地缘局势演变对大宗商品市场的深远影响。 新浪合作大平台期货开户 安全快捷有保障 新浪合作大平台期货开户 安全快捷有保障 责任编辑：陈平 12月24日，近期贵金属市场表现强劲，FPG财盛国际表示，金银价格在美盘午盘交易中持续走高，并在 今日早些时候双双刷新历史纪录。尽 ...

Core Insights - Precious metals are experiencing a strong bullish trend, with silver surpassing $70 per ounce for the first time and gold approaching the $4500 mark [1][3] - Strong GDP data has boosted demand expectations, leading the S&P 500 index to reach a record closing high [3] - The US dollar continues to weaken under the pressure of interest rate cut expectations [3][7] Market Overview - **Precious Metals**: Silver surged by 3%, breaking the psychological barrier of $70, reaching a historical high of $71.08 per ounce, with a year-to-date increase of 145%. Gold rose by 0.8%, peaking at $4497.55 per ounce. The driving factors include safe-haven demand, interest rate cut expectations, and a weak dollar. Silver's performance is attributed to a tighter supply-demand balance and strong industrial demand, which has outpaced gold [4] - **Oil Market**: US crude oil increased by 0.64% to $58.38 per barrel, while Brent crude rose by 0.5% to $62.38 per barrel. The strong US GDP growth rate of 4.3% supports demand expectations, while geopolitical risks in Venezuela and Russia provide supply-side support [5] - **Stock Market**: The S&P 500 index rose by 0.46% to a record closing high of 6909.79 points. The Nasdaq increased by 0.57%, and the Dow Jones rose by 0.16%. The better-than-expected GDP data confirms the resilience of the US economy, boosting market sentiment. Nvidia led the tech sector, and growth stocks performed well as the market enters the seasonally bullish "Santa Claus rally" period [6] - **Currency Market**: The US dollar index fell by 0.2% to 98.02, reaching its lowest level since early October. Despite strong GDP data, the market remains convinced that the Federal Reserve's interest rate cut path in 2026 will not change, putting continued pressure on the dollar. The Japanese yen rebounded by 0.5% amid warnings of intervention from Japanese authorities [7]

（原标题：金银铂钯齐涨 贵金属缘何连创新高？） 12月24日早盘，伦敦现货黄金再度走高，历史首次突破每盎司4500美元。 贵金属缘何"牛气冲天"？业内人士普遍认为，金银铂钯的大幅上涨已不是由单一的避险和抗通胀等传统 因素推动，而是美元信用、市场情绪等多重因素"共振"的结果。 "2025年，影响黄金市场的最大因素可能还是投资者对美元信用和美国主权债务的担忧。"在世界黄金协 会中国区CEO王立新看来，这是驱动全球央行、机构和个人投资者涌入黄金市场的底层因素。 "美元债务的大幅扩张推动黄金等贵金属成为投资者眼中更安全的资产，其价格也'水涨船高'。"上海息 壤实业黄金圈首席分析师蒋舒表示，美联储降息预期提升、地缘政治持续紧张等因素也对金价构成支 撑。 为何今年以来白银、铂金等品种的涨幅更大？业内人士分析称，从需求侧来看，上述贵金属的工业需求 持续增加，支撑其价格走牛。 世界白银协会的报告认为，受益于在导电和导热方面的卓越性能，白银正成为全球经济转型不可或缺的 关键金属之一。其中，光伏和电动汽车产业的快速发展，数据中心和人工智能领域的爆发式扩张，对白 银需求构成支撑。 铂金的前景同样被看好。在工业领域，铂金主要用于生产 ...