【环球网财经综合报道】路透社日前报道，黄金因美元走强而承压，KCM Trade首席市场分析师蒂姆· 沃瑟表示："美元走强和对下一次美联储降息时间的不确定，削弱了黄金的部分势头。然而，市场中的 避险情绪使黄金成为投资者的安全选择，限制了黄金的下跌。" 与此同时，以铂金为代表的其他稀有金属则受到市场更多关注。世界铂金投资协会发布报告预测，铂金 市场在今年连续第三年出现显著短缺，短缺量预计为22吨，较先前预测下调5吨。预计2025年铂金总供 应同比下降2%至222吨，降至五年来最低水平；总需求预计为243吨，同比减少13吨。 正信期货近日发文称，铂是银白色稀贵金属，性能优良，在珠宝首饰、汽车、玻璃、航天、化工等领域 应用广泛，铂的供给高度集中于南非、俄罗斯等少数地区，南非一国铂族金属的储量就占到了全球的近 90%。我国铂资源稀缺，进口依存度很高。 正信期货还提到，氢能是未来我国能源体系的重要组成部分，而铂在氢能领域目前有着无可替代的作 用，未来随着氢能技术进步、成本降低、渗透率提高，铂的需求可能会出现大幅增长。受黄金、白银、 小金属上涨的带动，2025年铂价突破了近十年的低位震荡。价格突破400元/克关口，年涨幅超 ...

Core Viewpoint - Gold prices experienced a slight rebound after a two-day decline driven by diminishing optimism regarding a potential interest rate cut by the Federal Reserve [1] Group 1: Gold Market - Current gold prices are trading around $4,100 per ounce [1] - Gold prices fell over 2% in the previous trading session due to Federal Reserve officials showing little confidence in lowering borrowing costs [1] Group 2: Silver Market - Silver prices followed gold's upward trend, with spot silver reaching above $51 per ounce at the beginning of trading [1] Group 3: Other Precious Metals - Palladium and platinum prices remained stable during the same period [1]

Core Views - The report emphasizes that the metal industry is expected to see a rise in prices and profitability due to supply-demand dynamics and interest rate cuts, with a focus on industrial metals like copper and aluminum [5][6][10]. Industrial Metals - Copper prices are projected to rise as the global copper market faces a supply shortage of approximately 1% in 2026 and 0.5% in 2027, primarily due to the anticipated recovery of the Grasberg and Panama copper mines [5][23]. - The report notes that the Grasberg copper mine's production cut has led to a significant upward adjustment in copper price expectations, with a potential price increase from 79,000 CNY/ton to 82,000-83,000 CNY/ton [21][24]. - Aluminum profitability is expected to increase further, with China's electrolytic aluminum capacity utilization reaching 98%, indicating a tight supply-demand balance that could lead to price surges if demand exceeds expectations [5][30]. Precious Metals - The long-term outlook for gold remains positive, driven by factors such as weakening U.S. non-farm data, manageable inflation, and a dovish stance from the Federal Reserve, which is expected to lower interest rates further [6][10]. Energy Metals - Cobalt prices are anticipated to rise due to policy changes in the Democratic Republic of Congo, which has implemented an export quota system that could create a supply-demand gap of over 10% in the global cobalt market [7]. - The lithium industry is expected to enter a new growth cycle, with demand for energy storage batteries significantly exceeding previous forecasts, leading to a potential supply shortage if production does not keep pace [8]. Minor Metals - The strategic importance of rare earth metals is highlighted, with China maintaining a dominant position in global production and supply, which is expected to strengthen prices further [10]. - Tungsten prices may rise due to recovering overseas demand and relaxed export controls, while antimony prices are also expected to increase following recent export policy adjustments [11][12]. Uranium - The demand for uranium is projected to increase alongside the growth of nuclear power generation in China, with expectations of a significant rise in nuclear capacity by 2035 [13]. Recommended Stocks - The report suggests a selection of stocks across various metal sectors, including copper, aluminum, precious metals, energy metals, and minor metals, indicating a diversified investment strategy [14].

Financial Data and Key Metrics Changes - The meeting confirmed that a quorum was present with approximately 71.32% of shares entitled to vote represented [4][5]. - Preliminary voting results indicated that all nominees for the Board of Directors were elected, and the fiscal 2025 compensation of named executive officers was approved on an advisory basis [8]. Business Line Data and Key Metrics Changes - No specific data regarding individual business lines was provided during the meeting [12]. Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed during the meeting [12]. Company Strategy and Development Direction and Industry Competition - The meeting did not provide detailed insights into the company's strategic direction or competitive landscape [12]. Management's Comments on Operating Environment and Future Outlook - Management did not offer specific comments regarding the operating environment or future outlook during the meeting [12]. Other Important Information - The appointment of Grant Thornton as the company's independent registered public accounting firm for fiscal 2026 was ratified [8]. Q&A Session All Questions and Answers Question: Are there any questions from the attendees? - There were no questions submitted during the Q&A session [12].

来源：中国报道 11月10日，全球贵金属市场大涨，白银表现尤为亮眼。当日，现货白银（伦敦银）涨幅逾4.5%，重返50美元/盎司。期间也曾短暂回落至49美元/盎司上 方，但旋即再次开启上涨模式。 北京时间11月11日中午，现货白银一度突破51美元/盎司。截至记者发稿时，依然稳定在50美元/盎司上方。 今年4月初以来，现货白银价格从略高于28美元/盎司的最低点一路上涨，北京时间10月16日突破54美元/盎司，最大涨幅超过90%，表现远优于今年备受瞩 目的黄金。 11月7日，美国政府将铀、铜、白银加入政府关键矿产清单，白银从工业大宗商品升级为关乎国家安全和技术独立的战略资源。 尽管10月17日后，现货白银价格连续大幅回调，一度跌至45美元/盎司上方，但经过一周左右的整理，已于11月5日恢复上涨势头。 需求增加是推动白银价格上涨的重要因素之一。根据《世界白银调查2025》的最新数据，2016—2020年期间，白银总供应量达到50.87亿盎司，而总需求 仅为49.02亿盎司，市场供应状态相对宽松。然而自2021年起，全球白银需求超过供应。若纳入白银ETF的投资，2024年全球白银市场实际供需缺口高达 2.105亿盎司， ...

摘要周二（11月11日）欧市早盘，贵金属市场表现强劲。经过一段时间的盘整，黄金获得了强劲的势 头。白银攀升至重要的心理关口50美元上方。贵金属需求增加，铂金上涨2.7%。现货黄金延续涨势， 一度触及4120关口，刷新近两周高点。白银涨幅超4%。美国经济数据疲软、美联储降息预期升温，凸 显黄金避险魅力。 周二（11月11日）欧市早盘，贵金属市场强势上扬。黄金在经历一段时间的震荡整理后，多头动能十 足。白银价格突破关键心理阻力位50美元大关。铂金受需求增长推动，涨幅达2.7%。现货黄金持续走 高，盘中最高触及4120关口，创近两周新高。白银日内涨幅超过4%。美国经济数据不及预期，强化了 市场对美联储降息的预期，凸显黄金作为避险资产的独特魅力。 【要闻速递】 首先，尽管美国政府停摆问题尚未完全解决，但参议院两党已重启谈判并释放积极信号，提振了市场风 险情绪。 此外，美联储官员表态分歧越发凸显，旧金山联储主席戴利支持保持降息开放态度，而圣路易斯联储主 席则呼吁谨慎，这种政策不确定性将继续影响市场节奏。 当前黄金呈现冲高回落态势，短线需重点关注前期下跌反弹形成的关键阻力区间4161-4154-4144美元/盎 司，该区 ...

Group 1 - Precious metal prices generally rose, with COMEX gold futures up 2.83% at $4123.40 per ounce and COMEX silver futures up 4.70% at $50.41 per ounce [1] - The U.S. Senate passed a procedural vote on a temporary funding bill aimed at ending the government shutdown, although a final vote in the Senate and a vote in the House of Representatives are still pending [1] Group 2 - Federal Reserve Governor Milan stated that the government shutdown will not affect his view on the U.S. economy, predicting a 50 basis point rate cut in December [2] - Inflation for durable and personal goods in the U.S. showed its first slowdown in three months in October, indicating increased discounting by retailers [2] - The reopening of the U.S. government is expected to positively impact precious metals due to three main reasons: 1) Fiscal expansion is anticipated to resume; 2) Following data releases, the Fed may consider a rate cut in December; 3) The TGA account may release liquidity again [2] Group 3 - In early trading, both Shanghai gold and silver rose by more than 3% [3]

本周，美国将公布10月CPI报告，这是美联储在12月议息会议前最直接的通胀和消费指引。若美国政府 结束"停摆"，该报告有望如期公布。若美国经济数据疲软，将支持美联储继续降息，从而支撑黄金价格 再次上涨。 责编：陈丽湘 校对：杨立林 11月10日，贵金属价格持续拉涨。截至发稿，现货白银涨超3%，报49.936美元/盎司，再次逼近50美元 关口。现货黄金涨超2%，最新报4084.241美元/盎司，日内涨超80美元。 消息面上，美国政府"停摆"有望结束。当地时间9日晚，美国国会参议院推进一项联邦政府临时拨款法 案。当晚11时许，参议院以60票支持、40票反对的结果通过程序性投票。目前，美国联邦政府"停摆"已 进入创纪录的41天。美国财长贝森特对媒体称，如果"停摆"持续下去，美国今年第四季度"经济增长将 砍半"。 ...

技术分析 现货黄金： 与此同时，美元小幅走软，美元指数在本周早些时候触及五个月高点后回落至100关口以下。持续的财 政不确定性和喜忧参半的美国数据，包括强于预期的ADP就业变化报告和ISM服务业PMI，使美联储下 一步的行动变得复杂。 市场参与者现在预计，美联储将在12月维持目前的政策立场，在上周公布强劲数据后，降息的可能性正 在降低。然而，持续的地缘政治紧张局势，加上美国政府停摆对经济增长的潜在影响，使白银的整体前 景保持建设性。 根据世界黄金协会的数据，由于ETF创纪录的资金流入和央行持续的购买，全球对贵金属的需求仍然稳 固。在这种背景下，再加上美元走软，白银作为另类投资和通胀对冲工具的吸引力继续增强。 周五（11月7日）欧盘市中，在美元下跌和经济前景担忧的支撑下，金价突破4000美元/盎司。随着美元 从近期高点回落，包括铜和铝在内的基本金属价格上涨。在美国财政持续不确定性的背景下，避险资金 重新涌入，延续了白银涨势。白银受益于强劲的投资需求，ETF资金流入和央行购买强化了白银的看涨 基调。由于美联储的谨慎立场限制了美元的下行压力，涨势可能受限。 【要闻速递】 周四，由于美国政府停摆加剧了市场的不确定性， ...

Core Viewpoint - The recent rise in gold prices, despite strong U.S. employment data, highlights the dominance of safe-haven demand over traditional market logic, which typically sees gold prices pressured by positive economic indicators [1][6][12]. Market Performance - On Wednesday, gold prices increased by 1.2%, reaching $3977.94 per ounce, while December gold futures rose by 0.7% to $3989.80 per ounce [3]. - The entire precious metals sector showed synchronized gains, with silver up 1.9% at $47.98 per ounce, platinum rising 1% to $1550.60 per ounce, and palladium surging 2.2% to $1421.96 per ounce [3]. Employment Data Impact - The ADP report indicated an increase of 42,000 private sector jobs, significantly above the expected 28,000, which typically would suggest a stronger economy and potentially higher interest rates, negatively impacting gold [4][8]. - Despite the positive employment data, gold prices rose due to a shift in market sentiment towards risk aversion, as investors moved funds from the stock market to gold [6][12]. Market Sentiment and Risk Aversion - The decline in U.S. stock prices from recent highs raised concerns about overvaluation, prompting a shift in capital towards traditional safe-haven assets like gold [6][12]. - Analysts noted that the current market environment, characterized by stock volatility and geopolitical uncertainties, has reinforced gold's appeal as a safe-haven asset [12][14]. Federal Reserve and Interest Rate Expectations - Following a recent interest rate cut by the Federal Reserve, expectations for further cuts have diminished, with the probability of a December rate cut now at 70%, down from over 90% [8]. - The reduction in rate cut expectations has not deterred gold's price increase, further emphasizing the prevailing safe-haven demand [8][12]. Trade Policy Uncertainty - The U.S. Supreme Court's hearings on the legality of tariffs could impact future trade policies, adding another layer of uncertainty that supports gold prices [9]. Conclusion - The recent performance of gold amidst favorable employment data serves as a reminder for investors to maintain a balanced asset allocation, particularly in volatile market conditions [14].