受欧盟逆转 2035 年燃油车禁令政策、供应持续紧缺，以及贵金属投资需求升温提振，铂金价格在 12 月 迎来近 40 年来最强劲月度涨幅。 作为全球第二大经济体、铂族金属最大消费国，中国高度依赖该类金属进口，此次上市的期货合约，也 是国内首个铂族金属价格对冲工具。 麦格理集团分析师表示：'若中国现货进口采购需求持续高企，铂族金属价格的关键考验，或将在美关 祱政策落地后到来。' 新浪合作大平台期货开户 安全快捷有保障 责任编辑：郭明煜 受欧盟逆转 2035 年燃油车禁令政策、供应持续紧缺，以及贵金属投资需求升温提振，铂金价格在 12 月 迎来近 40 年来最强劲月度涨幅。 铂金和钯金均用于生产汽车尾气净化催化剂，今年以来价格大幅飙升。尽管电动汽车崛起带来长期利 空，但美国关祱政策的不确定性，叠加黄金、白银价格大涨，对冲了这一不利因素。 三菱集团分析师表示，欧盟 12 月公布的新政'堪称铂族金属的强心剂，将延长其在汽车催化转化器中的 应用周期'。 '欧盟不仅无限期放宽燃油车禁令，还将持续收紧尾气排放标准，这势必要求汽车催化剂中铂族金属的 装载量进一步提升。' 伦敦证券交易所集团（LSEG）数据显示，铂金 12 月 ...

虽然近期贵金属价格已创下新高，但前期上涨过快，可能导致短期整固。Heraeus报告显示，黄金从4月 到8月的横盘整理显示价格回调可能需要数月时间，而白银需求在部分行业受到高价影响，若黄金继续 上涨，白银仍有跟涨可能。此外，Easy Markets易汇表示，白金市场预计仍将紧张，但需求下降可能导 致赤字缩小，而钯金和铑金受燃油车销量下降影响，缺口可能同样减小。 在具体金价走势上，Easy Markets易汇认为，央行持续购买将是黄金价格的主要支撑。Heraeus数据显 示，全球央行今年的黄金购买虽高于往年，但仍低于过去三年每年超过1000吨的增幅趋势。通胀若维持 高位、实际利率下降，也将对黄金形成利好。投资需求方面，金条、金币及ETF购买持续增长，今年 ETF持仓增加14.7百万盎司，总量升至97.5百万盎司，但仍低于2020年的历史高位，为投资者提供进一 步增持空间。预计2026年金价将在3750至5000美元/盎司区间波动，而在价格回调期后，黄金仍有再次 上行潜力。 白银市场在2026年可能面临更多需求压力。Heraeus认为，光伏银需求可能因节约措施而下降，而高价 也抑制了珠宝及银器购买。Easy Mar ...

Group 1 - The core viewpoint of the articles indicates a strong upward trend in precious metal prices, particularly gold, driven by multiple factors including geopolitical uncertainties, concerns over U.S. debt sustainability, and central bank purchases [1][3][4] - As of mid-October 2025, gold prices have increased by 66% year-to-date, reaching a peak of over $4,380 per ounce, with expectations for further increases in 2026 [1][3] - The average gold price for 2026 is projected to be around $4,560 per ounce, representing a 33% increase compared to the previous year [3] Group 2 - Silver prices are expected to be influenced by similar factors as gold, including policy uncertainties and rising demand for safe-haven assets, with short-term supply remaining tight [4][6] - The average silver price for 2026 is anticipated to reach $57 per ounce, with potential to exceed $60 per ounce in the latter half of the year [6] - Platinum prices have risen over 80% year-to-date, with expectations of continued upward momentum due to supply constraints and increased demand [6][9] Group 3 - Palladium has also seen a price increase of over 70% this year, driven by tariff risks and supply adjustments, with a projected average price of $1,340 per ounce for 2026 [9][10] - The supply-demand dynamics for other platinum group metals, such as rhodium and ruthenium, are expected to improve by 2026, with rhodium prices potentially spiking again due to low ground stocks [10][12] - Overall, the precious metals market is characterized by strong investment interest and ongoing central bank purchases, which are expected to support prices in the coming years [3][4][6]

Group 1: Platinum Market Overview - The sentiment during the "New York Platinum Week" from September 15 to 19 was predominantly bullish, with spot platinum prices fluctuating around $1,400 per ounce, marking a significant increase of over 30% from the average price of $1,061 per ounce during the "London Platinum Week" in May [1] - The market structure has strengthened this optimistic sentiment, with the "futures to spot" (EFP) spread showing a notable change, where futures prices remained above spot prices in July and August, leading to a premium exceeding $80 [1] - Concerns over tariffs have driven traders to increase demand for physical metal in the U.S., resulting in a significant inflow of physical platinum into certified warehouses in Chicago and a reduction in London market inventories, exacerbating supply tightness [1] Group 2: Leasing Market Dynamics - The leasing rates for platinum surged to historical highs, reaching nearly 40% on July 18, after starting at around 10% in early May, with rates remaining above 15% in early September [2] - The primary drivers for the rising leasing rates include tight physical supply in the London and Zurich OTC markets, along with significant inflows of platinum into the Chinese market and weak mining supply during the first half of the year [2] Group 3: Palladium Market Insights - Palladium prices also saw an increase, with spot prices rising by over $170 since May 19, driven more by speculative positioning and inflows into exchange-traded products (ETPs) rather than immediate physical demand [2][3] - In July, palladium futures also experienced a significant premium over spot prices, driven by similar tariff concerns, although leasing rates did not reach the extreme levels seen in platinum [3] Group 4: Tariff Policy Uncertainty - The uncertainty surrounding U.S. tariff policies continues to create market volatility, with the specifics of tariff implementation remaining unclear during the "New York Platinum Week" [4] - The complexity of tariff applicability for platinum group metals depends on specific trade agreements, leading to potential risks for semi-finished products and industrial goods containing platinum group metals [4] Group 5: Supply and Demand Trends - The global refined output of 3E platinum group metals is expected to decline by 8% year-on-year in the first half of 2025, with South African supply facing structural declines due to various factors [5] - The automotive sector, a major demand area for platinum group metals, is projected to see a 4% decrease in demand, influenced by the cancellation of electric vehicle tax credits in the U.S. and relaxed emissions targets [6] Group 6: Future Supply Shortages - All five platinum group metals are currently in a state of supply shortage, with expectations that this gap will persist until 2026 [7] - The supply shortage for platinum is anticipated to widen, while the palladium supply-demand gap is expected to narrow, contrasting sharply with previous market expectations of surplus [7]