【行情回顾】 周二（5月6日）因美国可能对进口药品征收关税，亚洲买家节后重返黄金市场，现货黄金周二再度大涨 近100美元，最终收涨2.85%，报3431.11美元/盎司；周三亚盘初，黄金日内跌近1%，早盘跌近30美元， 下触3400美元/盎司。现货白银周二收涨2.33%，报33.22美元/盎司。 【要闻汇总】 摘要周二（5月6日）因美国可能对进口药品征收关税，亚洲买家节后重返黄金市场，现货黄金周二再度 大涨近100美元，最终收涨2.85%，报3431.11美元/盎司；周三亚盘初，黄金日内跌近1%，早盘跌近30美 元，下触3400美元/盎司。现货白银周二收涨2.33%，报33.22美元/盎司。 由于关税将进一步推高物价压力，通胀仍处于高位。劳动力市场依然稳固，与经济放缓的预期背道而 驰。这使得美联储"除了推迟市场宽松预期，强调潜在经济状况的弹性之外，几乎没有其他行动的余 地"。 【交易思路】 国际黄金：下方关注3382美元或3366美元附近支撑；上方关注3450美元或3500美元附近阻力； 现货白银：下方关注32.95美元或32.75美元支撑；上方关注33.40美元或33.65美元阻力。 上个月，美国供应链压力 ...

Group 1: Gold Market Dynamics - The price of gold has surged significantly, with Au9999 reaching a historical high of 834.60 yuan per gram on April 22, 2025, up over 25% year-to-date, outperforming major global assets like US stocks, bonds, Bitcoin, and the Hang Seng Index [2] - Factors driving the gold price increase include rising inflation expectations, heightened risk aversion, and declining real interest rates, influenced by global trade tensions and central banks' easing policies [2] - Central banks have increased their gold purchases since 2022, contributing to the upward pressure on gold prices as confidence in the US dollar diminishes [2] Group 2: Investment Opportunities in Silver and Emerging Technologies - Silver, often seen as a "twin brother" to gold, possesses similar investment characteristics but has lagged in price growth due to its strong industrial demand, which accounted for 58% of its usage last year [3] - The potential for silver prices to surge exists if industrial demand, particularly in renewable energy sectors, rebounds [3] - The artificial intelligence sector is projected to experience rapid growth, with companies focusing on core technology development and unique algorithms likely to become the next "gold stocks" [3] Group 3: Green Energy Sector Potential - The green energy sector, including solar, wind, and hydro energy, is poised for unprecedented growth due to increasing global focus on climate change and supportive government policies [4] - Investment opportunities exist across the entire green energy value chain, from equipment manufacturing to energy production and supply services [4] - As with gold's historical value retention during economic turmoil, emerging sectors like green energy are expected to become significant wealth growth points in the future [4]

黄金方面：从预判3500开始要出现短期调整开始，都以震荡下滑修正来看待，而最终修正的支撑预期是三个： 3228、3200、3175； 今日先试探3228，短线 出现一波拉升至3243； 再试探3201，拉升一波至3233，至于能否有效成立短期底部，是需要等日K线形态来判断，也就是要至少有收一个长下影K；但关键 位置可以先去轻仓试探，每一次的底部炒底都很揪心磨人的，不太会直接一口气启动，需要足够耐心和勇气；而每一次的顶部都是快速杀跌，一口气就成立 了，这是两者的快慢区别； 郑氏点银：黄金3200先尝试短期底，反弹去修复3260-70 回顾昨日行情走势及出现的技术点： 黄金方面：昨日黄金是围绕收敛三角上下轨去靠边布局为主，上轨未去试探，下轨3275附近试探后，成功拉升一波至3320一线，抓了一波； 夜间计划上轨 衍生下滑阻力3330及上去埋伏一波看跌，为今日做可能杀跌做准备；但可惜，价格并未给到机会，而今天早间的确迎来猛的杀跌下行； 今日行情分析解读： 今天时间有限，简单讲一下： 原油方面：今日亚欧盘先弱势续跌一波，美盘探底拉升收阳，那么接下来又要展开一定的震荡整理，范围区间留意62-56； 以上是笔者技术剖析的 ...

| Millio | 国投前景 | 责金属日报 | | --- | --- | --- | | | 操作评级 | 2025年04月30日 | | 黄金 | 女女女 | 刘冬博 高级分析师 | | 白银 | ☆☆☆ | F3062795 Z0015311 | | | | 吴江 高级分析师 | | | | F3085524 Z0016394 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 隔夜美国公布3月JOLTs职位空缺719.2万人略低于预期和前值,市场反应有限,贵金属延续废荡。美元信用 危机和全球政经局势不确定性支撑金价中长期重心上移趋势。本周美国有非农等重要经济数据发布,贵金属 可能维持剧烈波动,节前注意仓位控制速模参与。今晚关注美国ADP就业、POE和一季度GDP数据。 ★关税-①特朗普放松汽车关税政策,以减轻对本土汽车制造商的影响。②美商务部长:已与一个匿名的国 家达成了一项贸易协议。3知情人士:特朗普拟将AI芯片作为贸易谈判的新筹码。4美媒:美国方面表示, 欧洲在关税问题上并没有很好的参与。⑤沃尔玛通知中国供应商恢复出货。⑥白宫 ...

Price Movements - Au99.95 opened at 788.50, reached a high of 788.50, and closed at 781.57, with a price increase of 3.92 yuan (0.50%) [2] - Au99.99 opened at 781.00, peaked at 791.00, and closed at 780.05, showing a rise of 1.65 yuan (0.21%) [2] - Au100g opened at 790.00, hit a maximum of 810.00, and closed at 790.03, with an increase of 5.88 yuan (0.75%) [2] - iAu99.99 opened at 776.79, reached a high of 782.20, and closed at 775.37, increasing by 4.15 yuan (0.54%) [2] Trading Volume and Amount - Au99.95 had a trading volume of 38 with a transaction amount of 29,753,040 yuan [2] - Au99.99 recorded a trading volume of 12034.16 and a transaction amount of 9,435,271,280.4 yuan [2] - Au(T+D) had a trading volume of 58,706 and a transaction amount of 46,068,058,840 yuan [3] - Pt99.95 had a trading volume of 688 and a transaction amount of 168,831,860 yuan [3] Market Performance - The weighted average price for Au99.95 was 782.97, while for Au99.99 it was 784.04 [2] - Au(T+D) had a weighted average price of 784.72 [3] - The market holding for Au99.95 was not specified, while Au99.99 had a market holding of 9,355,562 [3] Price Trends - Au99.95 experienced a price increase of 3.92 yuan, while Au99.99 saw an increase of 1.65 yuan [2] - Au100g's price increased by 5.88 yuan, indicating a strong upward trend [2] - The overall market showed positive price movements across various gold products, reflecting a bullish sentiment [2][3]

来源：银河期货 作者：银河期货 研报正文 第一部分 前言概要 【行情回顾】 4月，贵金属表现依旧受到市场瞩目。伦敦金上触历史新高3500.12美元/盎司，月涨幅7%；伦敦银受到黄金的托举 回到近期高位、但未能突破34.5附近的阻力，月跌幅2%。沪金触及836.3元/克的历史高点，月涨幅9%。沪银相对疲 软，月跌幅2.4%。 【市场展望】 往后看，各经济体对于关税的博弈仍有不断反复的可能，关税政策进展和美国经济基本面间的演绎节奏具有高度的 不确定性，预期和现实间的差距将成为贵金属价格波动的放大器，而黄金作为对冲滞涨风险的优质资产、且贵金属 当前牛市的趋势并未被打破，可仍以低多思路为主。 【策略推荐】 1.单边：延续低多思路。 2.套利：观望。 3.期权：领式看涨期权。 风险提示：央行购金不及预期，关税谈判进展超预期、美国经济韧性超预期、光伏需求不及预期。 第二部分 行情复盘与前瞻 一、行情回顾 4月，贵金属表现依旧受到市场瞩目。伦敦金从3122美元启动，中间受到流动性的拖累出现回调，而后开启快速拉 涨的走势，一度上触历史新高3500.12美元/盎司，月涨幅7%；伦敦银月初的回调更深，此后受到黄金的托举回到近 期 ...

| 11/11/2 | 国技期货 | 责金属日报 | | --- | --- | --- | | | 操作评级 | 2025年04月16日 | | 黄金 | ★☆★ | 刘冬博 高级分析师 | | 白银 | なな☆ | F3062795 Z0015311 | | | | 吴江 高级分析师 | | | | F3085524 Z0016394 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 今日贵金属继续走强,国际金价刷新新高。美元信用和经济前景双重风险下黄金体现避险价值,世界黄金协 会数据显示近两月全球黄金ETF需求增量接近200吨,月度增幅达到近三年以来最高水平。黄金维持多头思 路,不过节奏上仍需警惕,美元在100关键位置表现抗跌,内外盘黄金持仓较前期均有一定下降,金价快速 上涨后追高需谨慎。今晚关注美国零售数据。 ★特朗普:暂停关税是因为这是一个过渡期,是出于灵活性的需要;将加速向英伟达发放所有必要许可。后 者因美国出口限制面临55亿美元的费用。美国启动对依赖进口加工的关键矿产及其衍生产品所带来国家安全 风险的调查。白宫:目前有超过15 ...