责任编辑：李桐 黄金和白银周五遭遇多年来的最大跌幅，市场在震荡的走势中逆转了先前创出纪录的凌厉涨势。 黄金价格一度下跌8%，跌穿每盎司5000美元；白银大跌超过20%，创出2008年以来的最大日内跌 幅。抛售席卷整个金属市场，伦敦铜价下跌近4%，周四一度创出2008年以来最大盘中涨幅，并首次突 破14000美元/吨。 过去一年，投资者的涌入使得贵金属价格接连刷新纪录，使经验丰富的交易员惊讶，也带来了异常剧烈 的价格波动。此番走势在今年1月进一步加剧，在担心货币贬值和美联储独立性、贸易战和地缘政治局 势的背景下，投资者进一步蜂拥进入这一历来受到推崇的避险资产。 金银价格本月仍有望录得大幅度的上涨，但自去年10月的类似下滑以来，周五的抛售是对涨势构成的最 大冲击。此轮抛售因美元反弹而起，此前有报道称特朗普政府准备提名凯文·沃什为新一任美联储主 席，这一消息现已得到确认。美元的上涨削弱了贵金属投资者的信心。 华侨银行策略师Christopher Wong表示，金价走势"印证了涨得快跌得快的警示寓言"。他指出，沃什的 提名消息是一个导火索，但回调早已势在必行。"这就像是市场一直在等待的回调借口，以结束之前的 抛物线式 ...

Brooks指出，虽然美元指数在去年下半年保持相对稳定，但今年开局已呈下行轨迹。Brooks写道，"美元下跌将为金价上涨和货币贬值交易注入强劲动力， 因为它提高了非美元买家的购买力。" 高盛最近将年底目标价从4900美元上调至5400美元，并指出寻求投资组合多样化和财富保值的私人投资者参与度有所增加。 该行分析师表示，"我们将上调后的金价预测风险视为双向，但仍显著偏向上行，因为在全球政策持续不确定的情况下，私营部门投资者可能会进一步分散 投资。" 今年每一个重大地缘政治事件都推动了金价走高，包括美国强行控制委内瑞拉领导人马杜罗，以及美国总统特朗普为追求格陵兰岛而发出的关税威胁。 周一，黄金价格一举突破每盎司5000美元大关，并一度冲上5080美元上方。这一重要里程碑的到来比华尔街预期的还要早，引发了人们对贵金属涨速惊人的 疑问。 黄金的飙升已成为所谓"货币贬值交易"的标志，随着全球各地政府债务飙升引发担忧，投资者纷纷买入资产，以对冲购买力丧失的风险。 "贵金属价格的上涨令人咋舌，也让人深感恐惧，"布鲁金斯学会高级研究员Robin Brooks上周日写道，并指出金价上涨是"更大事件的一部分"。 "我们正处于全球 ...

每经AI快讯，1月6日，伦敦铜价延续涨势，在每吨13090美元上方触及纪录高位。 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 2026年1月6日，伦敦铜价涨幅扩大，突破每吨13100美元，续创新高。 2026年1月6日，伦敦铜价涨幅扩大，突破每吨13100美元，续创新高。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：赵思远 新浪合作大平台期货开户 安全快捷有保障 责任编辑：赵思远 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

Core Viewpoint - The article highlights significant movements in the technology and industrial sectors, with a particular focus on the surge in precious metals, especially silver and copper, driven by structural factors and market dynamics. Group 1: Market Performance - European and Asian stock indices showed positive performance, with the Euro Stoxx 50 and DAX indices both rising by 0.4%, while the Nikkei 225 increased by 0.4% to 50,526.92 points [3] - U.S. stock index futures experienced slight declines, with the S&P 500 futures down over 0.1% and the Nasdaq futures down over 0.2% [2] Group 2: Precious Metals - Silver prices saw extreme volatility, initially breaking the $80 per ounce mark before retreating, while gold fell below $4,500 per ounce [4] - The strong performance of precious metals is attributed to unprecedented central bank gold purchases, significant inflows into ETFs, and a shift in the Federal Reserve's monetary policy towards a low-interest-rate environment [1][4] - The decline in real interest rates has reduced the holding costs of precious metals, enhancing their appeal as non-yielding assets [1] Group 3: Industrial Metals - London copper prices surged over 6%, reaching a historic high, driven by concerns over supply tightening and the positive sentiment from the precious metals market [9] - The price increase in copper is also linked to the overall bullish sentiment in the metals market, which has influenced industrial metals positively [9] Group 4: Cryptocurrency - Bitcoin rose nearly 2% to approximately $89,581, with a brief surge past the $90,000 mark during Asian trading hours, indicating strong interest from retail traders [5][14] - Ethereum also saw a price increase of 3.3%, reaching $3,032.46, reflecting a broader positive trend in the cryptocurrency market [5]

2025.12. 25 连日来金银价格双双上涨，迭创历史新高。截至23日，现货白银最高达每盎司71.58美元，全年暴 涨139%；现货黄金最高涨至每盎司4499.85美元，全年上涨68%，两者均创下自1979年以来的最 佳年度表现；同时，国际铜价今年也同步刷新历史高点，23日伦敦铜价每吨最高冲至12159.50美 元。 作者 | 第一财经 一财评论员 贵金属又起涨势，继续其大牛市行程。 关于今年以来金属牛市的缘由，市场给出的答案是多重的，既有地缘政治的扰动，又有数字货币技术 发展等导致市场对法定货币体系日益增长的担忧，还有许多国家央行展现出的空前需求，以及美联储 降息预期等。 如何搭建当前金、银、铜等金属牛市的解释框架？这不得不关注近年来出现的一个重要变量，那就是 当前全球经贸体系的重构重塑问题。近年来国际贸易战如火如荼上演，尤其是美国特朗普政府上台以 来，挥舞关税大棒成为其对外政策的核心，导致国际经贸领域的竞争日益复杂多变、风险频现。 关税和非关税壁垒等表面上是增加了国际经贸的成本，其本质则是通过关税等提高国际经贸的相对价 格和信任成本，即关税等真正的要义是通过抬高国别贸易的相对价格，来重构重塑国际经贸的安 ...

24日， 现货黄金继续拉升，盘中最高触及4525.70美元/盎司，再创历史新高。数据显示，现货黄金价格年内上涨了约1880美元/盎司，涨幅超过70%。同 日，现货白银价格继续冲高，盘中一度达到72.68美元/盎司，创历史新高。 图源：千图网 国内金饰价格应声上涨，24日，周生生金饰克价为1411元，较前一日上涨8元，较22日上涨44元；老凤祥为1406元，较前一日上涨7元，较22日上涨41元； 周大福为1410元，较前一日上涨7元，较22日上涨42元。 在金价疯涨之际，曾经爆火到大排长龙的上海黄金智能回收机却日渐冷清，尽管其黄金回收价已抬高至1010.5元/克，依然门可罗雀。"临近年底没有想到 金价涨幅如此猛烈，我们的老客户也说都后悔卖早了。现在扩张的机器回收业务不如以前，对于未来金价的走势市场预期还会继续上涨，客户'捂金'不卖 很正常。"运营方工作人员说。 不过，也有投资者宣布离场。11月下旬，知名经济学家洪灏在一场活动中称："我在金价4500美元/盎司时卖了。" 有色金属市场方面，受全球多个矿山停产导致的供应短缺以及特朗普政府潜在关税政策影响， 伦敦铜价周二盘中首次突破每吨12000美元大关，创下历史 新 ...

每经AI快讯，12月24日，伦敦铜价触及每吨12,159.50美元上方的纪录高位。 ...

Macroeconomic Dynamics - The RMB to USD exchange rate is expected to gradually appreciate from 7.0 to around 6.0 over the next decade [1] - The US economy grew by 4.3% in Q3, with former officials suggesting that the Federal Reserve is lagging behind in addressing interest rate cuts [1] Satellite Internet - The Long March 12A rocket's maiden flight was successful for the first stage, but the recovery of the sub-stage failed [1] - Related ETF: Satellite Industry ETF (on-market: 159218) [1] Non-ferrous Metals - London copper prices have surpassed $12,000 per ton, setting a new historical high [1] - Sellers are optimistic about the prices of gold, silver, platinum, and lithium [1] - Related ETF: Mining ETF (on-market: 159690) [1] Semiconductor - Sellers emphasize that clean rooms are a necessary engineering phase for the continued expansion of global AI capital expenditure [1] - The US has announced zero tariffs on Chinese semiconductor products until June 2027 [1] - Related ETF: Semiconductor Equipment ETF (on-market: 561980, off-market link: 020464) [1] Artificial Intelligence - Reports indicate that ByteDance plans to invest $23 billion in purchasing top-tier chips and building AI infrastructure [1] - Volcano Engine will become the AI cloud partner for the Spring Festival Gala in 2026 [1] - Market rumors suggest that ByteDance may significantly increase its procurement framework for Huawei's AI chips [1] - Related ETF: Cloud Computing ETF (on-market: 159890, off-market link: 021716), Semiconductor Equipment ETF (on-market: 561980, off-market link: 020464) [1] New Energy - The market is focused on the progress of long-term negotiations for lithium hexafluorophosphate, with price expectations shifting upward [1] - Leading manufacturers are expected to start bidding for solid-state battery pilot lines in January next year [1] - Policies aim for a total installed capacity of solar thermal power generation to reach around 15 GW by 2030 [1] - Related ETF: Battery ETF (on-market: 561910, off-market link: 016020) [1] Autonomous Driving - Beijing has issued the first batch of special license plates for L3 level autonomous driving vehicles, all of which are from BAIC's Arcfox brand [1] - Related ETF: Consumer Electronics 50 ETF (on-market: 159779, off-market link: 016007) [1] Market Observation - On December 23, the market transaction volume reached 1,899.8 billion, an increase of 37.9 billion [2] - The market is experiencing strong fluctuations at high levels, with sectors like electric equipment, building materials, and electronics leading the gains [2] - The satellite launch recovery failure may lead to a shift in expectations towards high-level fluctuations; AI core leaders are consolidating while upstream sectors like liquid cooling and PCB are showing determined performance [2] - The upstream energy storage sector rebounded due to news catalysts [2] - The market is expected to experience short-term fluctuations near previous highs, but the clear industrial trends in technology and commodities remain focal points [2]

特朗普可能对金属征收关税一直是推动价格上涨的一个核心因素，今年美国进口激增，迫使其他地区的 制造商陷入竞购战，以保持供应。越来越多的人预计，随着贸易商为了赶在征收关税之前将更多的铜运 往美国，铜价将继续走高。 格隆汇12月23日｜伦敦铜价突破每吨12000美元，再创历史新高。特朗普的关税政策导致严重的矿山停 产和贸易混乱，这一关键工业金属有望实现2009年以来的最大年度涨幅。 ...