12月22日，现货、期货黄金持续大涨，并不断刷新历史新高。 其中，伦敦金现首次突破4400美元/盎司关口，再创历史新高，截至发稿，报4401.274美元/盎司，年内涨幅超67%。 除了黄金外，12月22日，现货、期货白银也频创历史新高。截至发稿，伦敦银现报69.229美元/盎司，日内涨幅达3.25%；COMEX白银报 69.375美元/盎司，日内涨幅达2.79%。 国内黄金商品价格也再度上调，腾讯理财通显示，12月22日，周大福黄金报价达到1368元/克，日涨幅达0.59%；老庙、周生生、金至尊等报 价也均超过1365元/克。 | 品牌 | 银行 回收 | | | | --- | --- | --- | --- | | 品牌 | | 价格(元/克) 日涨跌幅 | | | 周大福 | | 1368 | +0.59% | | 老凤祥 | | 1365 | +0.22% | | 周六福 | | 1319 | +0.53% | | 周生生 | | 1367 | +0.59% | | 六福珠宝 | | 1366 | +0.59% | | 等委賞 | | 1366 | +0.59% | | 老庙 | | 1367 | + ...

原本是想着等元旦之后再开始写分析，这段时间的停更也没闲着，没怎么向外社交，专心的做好自己的 账户，慢慢发觉做交易就是一团欲望困扰着自己，欲望得到满足就空虚，满足不了就痛苦，真的要懂得 知足才能常乐。 2、上方4369挂空，4378挂空，止损4385，目标4330-4300，下破持有； 原油实时行情分析：本周开盘，原油周线布林带下轨向上勾头，这个信号非常关键，我认为这是确认底 部的初始信号，刚好和前期低点55.9重合，对于大方向判断上，刘铭诚建议以56关口和年线低点55.1区 域分批看涨对待，保守目标都能看到65甚至70，要知道2022年高点可是在129一线，既然向上的参考空 间极大，那么做多就是较大概率的事情。有可能市场在等个55.1双底，同样有可能在56上方就直接上去 了，方向和策略配套进行，避免错过就轻仓分批进场。短线方面阻力关注58.3和59.2两个节点，支撑方 面留意56.7和56两个节点。近期原油价格波动缓慢，操作上刘铭诚建议短空长多布局。 原油策略：实时现报价57.7一线。 1、回撤57做多，笋56.5，目标58-59，破位持有； 2、反弹58.8做空，止损59.4，目标58-57.3； 3、低位 ...

（来源：金砖汇通） 现货黄金交投于4207美元/盎司附近，白银则再创历史新高至58.95美元/盎司，市场焦点在于，最新公布的ADP就业报告显示美国11月私营部门就 业岗位意外减少，这增强了市场对美联储可能在下周政策会议上降息的预期。 首先，分析指出，白银的强势表现（今年以来已上涨逾一倍）对黄金构成了支撑，同时其自身也受到供应短缺、流动性担忧及被列入美国关键矿 物清单等因素推动，铂金和钯金价格均小幅上涨。 其次，根据芝商所FedWatch工具，交易员目前押注下周降息的概率接近90%。投资者正等待周五将公布的、美联储偏好的关键通胀指标——个人 消费支出（PCE）数据，以获取更多政策线索。 第三，与此同时，美国服务业指数的持平表现进一步佐证了劳动力市场的疲软。供应管理协会（ISM）报告显示，11月份非制造业采购经理人指 数为52.6，仅略高于10月份的52.4，这表明服务业活动虽保持稳定，但就业低迷和投入品价格上涨的压力并未缓解。 第四，美国10年期国债收益率连续震荡下跌，从相对高点4.1800开始承压回落，触及4.1000的相对低点后再次反弹，12月04日早间收在4.0749%附 近，对黄金目期的涨势起到刺激作用 ...

转自：鹤城发布 11月14日晚间，金价、银价突然大幅跳水。 现货黄金价格一度大跌3.21%，报4051.22美元/盎司；期货黄金跌幅为3.53%，报4046.4美元/盎司。 银价同样大跌，期货白银大跌超5%，现货白银跌超3.4%。 同时，沪金、沪银期货主力合约下挫，现均跌超3%。 ▌本文来源：橙柿互动·都市快报 央视财经 鹤城发布综合 编辑 | 唐阳 责编 | 房阔 审核 | 戚莹 统筹 | 孟繁宇 监制 | 娄翠微 合作微信 | mdy1188 ...

Core Insights - The new tax policy for gold, jointly issued by the Ministry of Finance and the State Taxation Administration, has triggered significant market reactions, including adjustments in gold accumulation services by major state-owned banks and price increases for gold jewelry [1][2] - The policy aims to clarify the distinction between investment and non-investment uses of gold, thereby addressing potential tax arbitrage opportunities that existed under previous regulations [1] Group 1: Tax Policy Changes - The new tax regulations optimize existing benefits by reducing taxes on gold purchased through exchanges while maintaining the tax rules for non-exchange channels [1] - A tax "watershed" is established for physical gold withdrawal, where no VAT is applied if gold is not extracted, but different VAT treatments apply based on the investment or non-investment use of the gold [1] Group 2: Market Implications - The tax changes are expected to encourage investment demand to shift towards standardized platforms like the Shanghai Gold Exchange and Shanghai Futures Exchange, aligning with modern financial investment trends [2] - The reduction in input tax deduction rates for non-investment gold uses from approximately 13% to 6% will increase the tax costs for gold jewelry manufacturers, potentially leading to higher consumer prices for gold jewelry [2] Group 3: Global Market Positioning - The new tax policy not only aims to regulate the domestic market but also seeks to enhance China's positioning and influence in the global gold market by improving the liquidity and price discovery function of "Shanghai Gold" [2] - By aligning with international standards, the policy is expected to strengthen China's voice in global gold tax and trading rule formulation, thereby enhancing its governance influence in the global gold market [2]

Group 1 - The new tax policy for gold, issued by the Ministry of Finance and the State Taxation Administration, has led to significant market reactions, including adjustments in gold accumulation services by major state-owned banks and price increases for gold jewelry [1] - The policy clarifies the distinction between investment and non-investment uses of gold, aiming to eliminate tax arbitrage opportunities that existed under previous regulations [1] - The new regulations optimize existing tax benefits for trading gold on exchanges, reducing taxes for exchange transactions while maintaining existing tax rules for non-exchange channels [1] Group 2 - The tax policy encourages investment demand to shift towards standardized platforms like the Shanghai Gold Exchange and Shanghai Futures Exchange, aligning with modern financial investment trends [2] - The input tax deduction rate for gold used in non-investment applications, such as jewelry and industrial purposes, has decreased from approximately 13% to 6%, increasing the tax burden on gold jewelry manufacturers [2] - The new policy is expected to enhance China's position and influence in the global gold market by lowering transaction costs and improving the liquidity and price discovery of "Shanghai Gold" [2]

Core Viewpoint - The new tax policy on gold, effective from November 1, 2025, aims to enhance the regulation of the gold market by distinguishing between "investment gold" and "non-investment gold," thereby encouraging more transactions through formal channels and reducing illegal trading and speculation [2][6]. Tax Policy Adjustments - The new regulations optimize existing tax incentives, focusing on four key dimensions, including the differentiation of tax benefits between exchange and non-exchange channels [3][4]. - Transactions of standard gold through exchanges like the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) upon sale, while sales outside these exchanges will incur a VAT of 13% [3][4]. - The policy establishes a clear distinction between physical delivery and non-delivery transactions, with non-delivery transactions exempt from VAT, thus maintaining tax advantages for exchange-based trading [4][5]. Definition of Gold Types - The announcement provides clear definitions for "investment gold" and "non-investment gold," with investment purposes including direct sales and the production of high-purity gold products, while non-investment purposes encompass all other uses [5][6]. - Different tax treatments will apply based on the intended use of the gold, with investment gold subject to immediate VAT refund and non-investment gold exempt from VAT [5][6]. Compliance and Regulation - The new rules impose compliance requirements on member units purchasing standard gold, mandating accurate reporting of intended use for physical delivery, with penalties for non-compliance [4][6]. - The regulations aim to close loopholes that previously allowed for tax evasion and improper use of tax benefits, thereby enhancing the integrity of the gold market [6][7]. Impact on Costs and Market Dynamics - For ordinary consumers, the purchase cost of gold jewelry remains unchanged as the new regulations do not introduce new taxes; however, the procurement costs for jewelry brands and gold shops may increase, potentially affecting retail prices [9]. - The new policy is expected to significantly impact investors in physical gold, as they will face increased costs due to the inability to claim tax credits on sales, leading to a shift towards gold ETFs or futures for investment [9].

Group 1: Gold Price Trends - As of the latest report, COMEX gold has seen a significant increase of over 10% in the past month, reaching a new historical high of $3739.3 per ounce [2] - The price of gold jewelry has also risen, with the price of 24K gold jewelry reaching 1091 RMB per gram, while other brands like Chow Sang Sang and Luk Fook have prices at 1087 RMB per gram [4] Group 2: Market Outlook - The market outlook suggests that the Federal Reserve is likely to restart interest rate cuts in September, which could be beneficial for gold prices [5] - The current economic conditions of "high interest rates + high debt" are leading to increased costs for U.S. government debt interest, contributing to ongoing concerns about U.S. Treasury and dollar credit risks, while central bank gold purchases continue [5]

Group 1 - The core viewpoint is that gold prices have surged significantly, with COMEX gold rising over 10% in the past month, reaching a new historical high of $3739.3 per ounce [2] - Accompanying the rise in international gold prices, the price of gold jewelry has also increased, with major brands like Chow Sang Sang reporting prices of 1091 RMB per gram for gold jewelry [4] - Other brands such as Chow Tai Fook and Luk Fook have also adjusted their gold prices to around 1087 RMB per gram, reflecting the overall trend in the gold market [4] Group 2 - Looking ahead, Huashan Fund anticipates that the Federal Reserve is likely to restart interest rate cuts in September, which could benefit gold prices [5] - The current economic environment characterized by "high interest rates + high debt" is leading to increased interest costs on U.S. government debt, contributing to ongoing concerns about U.S. Treasury and dollar credit risks [5] - Central bank gold purchases are expected to continue, indicating that gold is on a path towards a new cycle of growth [5]

Market Overview - In September 2025, the gold market exhibited a strong volatile pattern, with Shanghai Futures Exchange gold futures at 831.22 CNY per gram, a slight decrease of 0.26% from the previous trading day, but a cumulative increase of 2.67% from early September [1] - Internationally, New York Commodity Exchange gold futures were priced at 3669.5 USD per ounce, down 0.34% intraday, yet close to the critical resistance level of 3700 USD predicted by Kitco analysts, with a cumulative increase of 7.8% since late August [1] Demand Dynamics - According to the World Gold Council's latest report, global gold demand reached 1249 tons in Q2 2025, with investment demand surging by 78% year-on-year, and China's gold ETF holdings increasing by 173.73% in the first half of the year, indicating strong market recognition of gold's safe-haven attributes [3] Price Correlation - The relationship between futures and spot gold prices is highly correlated, with a 97% linkage observed on September 11, where the price difference between London spot gold and New York futures remained around 39 USD [4] Investment Platform Security - In the context of rising gold prices, choosing a compliant platform is crucial for investment success. Hong Kong Jinsheng Precious Metals, a recognized member of the Hong Kong Gold Exchange, offers transaction codes for trades over 0.1 lots, enhancing transparency and reducing the risk of fraudulent transactions [5] Trading Tools and Cost Management - The profitability of gold investments is influenced by market conditions, trading tools, and cost control. Jinsheng Precious Metals utilizes the MT4 & MT5 dual-platform system, allowing investors to set stop-loss and take-profit points, effectively acting as a safety net for investments [7] - The platform also implements a zero-commission policy, with a favorable spread of 30 USD per lot for London gold, combined with a 2% margin requirement, significantly improving capital efficiency, especially for beginners [7] Price Influencing Factors - Understanding the fluctuations in futures gold prices requires attention to three key dimensions: monetary policy, geopolitical tensions, and physical demand. The market currently anticipates a 89.4% probability of a rate cut by the Federal Reserve in September [8] Risk Management Principles - New investors in gold should adhere to fundamental principles: confirm the regulatory qualifications of the trading platform, utilize stop-loss tools based on personal risk tolerance, and establish diverse information channels to form independent judgments [9]