<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/06/Blocks-of-silver.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1152" height="720" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/06/Blocks-of-silver.png"/></p>
<p>黄金价格在美国联邦储备委员会周三晚些时候的利率决策前小幅下跌。</p>
<p>与此同时，银价在强劲的工业需求和库存下降的推动下，继续创下超过每盎司 61 美元的历史新高。</p>
<p>油价基本保持稳定，投资者在等待美国联邦储备委员会为期两天的政策会议结果以及俄罗斯与乌克兰和平谈判的进展。</p>
<p>基本金属价格也呈现上涨趋势，市场预计美联储将降息，这对金属需求有利。</p>
<p>铜价今晨表现强劲，交易价格稳固，市场预期美联储将在今天晚些时候发布政策声明。</p>
<p>在周二下跌后，金属价格已恢复，当前价格接近 11639 美元，涨幅为 90 美元。</p>
<p>“对连续第三次降息 25 个基点的预期支撑了市场情绪，但真正的关注点将是美联储的前瞻性指引，” FCA 监管的多资产经纪公司 Britannia Global Markets 的金属部门负责人 Neil Welsh 在一封电子邮件评论中表示。</p>
<blockquote>
<p>任何放缓宽松步伐的信号都可能对风险资产产生压力，包括今年强劲反弹的工业金属。</p>
</blockquote>
<h2>黄金下跌</h2>
<p>黄金价格下跌，投资者在等待美国联邦储备委员会的降息，并寻求有关中央银行未来政策方向的信号。</p>
<p>预计将有 25 个基点的降息（市场概率为 88%），因为联邦公开市场委员会（FOMC）结束为期两天的政策会议。</p>
<p>降息公告定于格林威治标准时间 1900 发布，随后美联储主席杰罗姆·鲍威尔将在格林威治标准时间 1930 发表讲话。</p>
<p>基准 10 年期美国国债收益率已升至三个月以来的最高点，这进一步对黄金施加了压力。</p>
<p>‘25 个基点的降息似乎是板上钉钉的事。交易者可能会关注美联储对 2026 年货币宽松的展望，” Trade Nation 的高级市场分析师 David Morrison 表示。</p>
<blockquote>
<p>这意味着 FOMC 的季度经济预测摘要，以及美联储主席鲍威尔随后的新闻发布会的语气，将受到密切关注。</p>
</blockquote>
<p>截至撰写时，COMEX 黄金合约价格为每盎司 4225.55 美元，比前一交易日下跌 0.3%。</p>
<h2>银价创历史新高</h2>
<p>银价的创纪录反弹似乎没有尽头，金属首次在 COMEX 上突破每盎司 61 美元。</p>
<p>“买入兴趣非常强烈，受到持续的供应紧张和强劲的 ETF 流入的支持。但日线 MACD 指标显示，它再次进入严重超买区域，” Morrison 表示。</p>
<blockquote>
<p>没有什么能阻止银价继续超买。事实上，当银价如现在一样大幅上涨时，MACD 可能会变得极度超延伸。</p>
</blockquote>
<p>银价今年的爆炸性上涨，价格翻倍并显著超过黄金 60% 的大幅上涨，发出了一个警告：该金属可能上涨过快，过多，Morrison 指出。</p>
<p>这种对比的动能——黄金的稳定性与银的波动性——仍然是本周贵金属市场的定义特征。</p>
<p>此次反弹是由强劲的工业需求和投资增加推动的。</p>
<p>投资者寻求银的敞口，交易所交易基金的显著流入增强了动能，进一步加剧了投机性头寸。</p>
<p>“该金属作为工业原料和价值储存的双重角色使其特别具有吸引力，制造商争相确保供应，而投资者越来越将其视为黄金的更便宜替代品，” Britannia Global Markets 的 Welsh 表示。</p>
<p>截至撰写时，COMEX 三月银合约价格为每盎司 61.725 美元，比前一交易日上涨 1.5%。</p>
<h2>油价稳定</h2>
<p>随着投资者关注俄罗斯与乌克兰和平谈判的进展，并预期即将到来的美国利率决策，油价在周三保持稳定。</p>
<p>根据市场消息来源周二引用的 API 数据，上周美国原油库存减少了 478 万桶。</p>
<p>相比之下，汽油库存大幅增加 700 万桶，馏分油库存增长 103 万桶。官方政府数据预计将在格林威治标准时间 1530 发布。</p>
<p>在预期劳动力市场降温的背景下，市场预计美联储将在周三将主要利率下调 25 个基点。</p>
<p>尽管较低的利率可能通过促进经济增长来刺激油气需求，但油价上涨受到供应可能超过需求的担忧限制。</p>
<p>ING 分析师指出，油市正日益朝着预计的过剩发展，但俄罗斯的供应仍然构成风险。</p>
<p>“我们的基本情况仍然是，俄罗斯将找到方法绕过最新的美国制裁，” ING 集团商品战略负责人 Warren Patterson 在一份报告中表示。</p>
<blockquote>
<p>自 2022 年以来，俄罗斯在制裁、禁运和无人机攻击的情况下，已展示出保持石油流动的能力。</p>
</blockquote>
<p>与此同时，乌克兰总统泽连斯基宣布，他的国家及其欧洲盟友即将向美国提交 “精炼文件”，详细说明与俄罗斯结束冲突的和平计划。</p>
<p>解除对俄罗斯公司的国际制裁是乌克兰与俄罗斯和平协议的潜在结果，这可能随后导致限制的石油供应的释放。</p>
<p>截至撰写时，西德克萨斯中质原油价格为每桶 58.35 美元，上涨 0.2%；布伦特原油价格为每桶 62.02 美元，上涨 0.1%。</p>
<p>文章《商品综述：银价飙升至新高；黄金下跌，市场等待美联储利率决策》最初发表于 Invezz。</p>

<p>银价因强劲的工业需求和库存下降而创下每盎司超过 61 美元的历史新高，而黄金价格在美国联邦储备委员会的利率决策前小幅下跌。由于俄罗斯与乌克兰的和平谈判以及预计的美联储降息，油价保持稳定。铜价上涨，市场预期美联储的政策公告。市场在等待美联储的前瞻指引，这将影响风险资产和工业金属</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/06/Blocks-of-silver.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/06/Blocks-of-silver.png"/></p>
<p>Gold prices edged down ahead of the interest rate decision by the US Federal Reserve later on Wednesday.</p>
<div class="lb-trans"><p>黄金价格在美国联邦储备委员会周三晚些时候的利率决策前小幅下跌。</p>
</div><p>Meanwhile, silver prices extended its record-breaking rally above the $61 per ounce mark on robust industrial demand and declining inventories.</p>
<div class="lb-trans"><p>与此同时，银价在强劲的工业需求和库存下降的推动下，继续创下超过每盎司 61 美元的历史新高。</p>
</div><p>Oil prices were largely steady as investors waited for the outcome of the US Fed’s two-day policy meeting and progress in the Russia-Ukraine peace talks.</p>
<div class="lb-trans"><p>油价基本保持稳定，投资者在等待美国联邦储备委员会为期两天的政策会议结果以及俄罗斯与乌克兰和平谈判的进展。</p>
</div><p>Base metal prices were also in the green as the market expected the Fed to cut rates, which is supportive for demand for metals.</p>
<div class="lb-trans"><p>基本金属价格也呈现上涨趋势，市场预计美联储将降息，这对金属需求有利。</p>
</div><p>Copper prices are showing strength this morning, trading firmer as markets anticipate the Federal Reserve’s policy announcement scheduled for later today.</p>
<div class="lb-trans"><p>铜价今晨表现强劲，交易价格稳固，市场预期美联储将在今天晚些时候发布政策声明。</p>
</div><p>The metal has regained ground following Tuesday’s decline, with the price currently near $11,639, marking a $90 increase.</p>
<div class="lb-trans"><p>在周二下跌后，金属价格已恢复，当前价格接近 11639 美元，涨幅为 90 美元。</p>
</div><p>“The expectation of a third consecutive quarter-point cut is underpinning sentiment, but the real focus will be on the Fed’s forward guidance,” Neil Welsh, head of metals at FCA-regulated multi-asset brokerage Britannia Global Markets, said in an emailed commentary.</p>
<div class="lb-trans"><p>“对连续第三次降息 25 个基点的预期支撑了市场情绪，但真正的关注点将是美联储的前瞻性指引，” FCA 监管的多资产经纪公司 Britannia Global Markets 的金属部门负责人 Neil Welsh 在一封电子邮件评论中表示。</p>
</div><blockquote>
<p>Any signal of a slower pace of easing could weigh on risk assets, including industrial metals, which have rallied strongly this year.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>任何放缓宽松步伐的信号都可能对风险资产产生压力，包括今年强劲反弹的工业金属。</p>
</blockquote>
</div><h2>Gold down</h2>
<div class="lb-trans"><h2>黄金下跌</h2>
</div><p>Gold prices dipped as investors waited for a US Federal Reserve rate cut and sought signals regarding the central bank’s future policy direction.</p>
<div class="lb-trans"><p>黄金价格下跌，投资者在等待美国联邦储备委员会的降息，并寻求有关中央银行未来政策方向的信号。</p>
</div><p>A 25-basis-point rate reduction is highly anticipated (with an 88% market probability) as the Federal Open Market Committee (FOMC) concludes its two-day policy meeting.</p>
<div class="lb-trans"><p>预计将有 25 个基点的降息（市场概率为 88%），因为联邦公开市场委员会（FOMC）结束为期两天的政策会议。</p>
</div><p>The rate cut announcement is scheduled for 1900 GMT, followed by a speech from Chair Jerome Powell at 1930 GMT.</p>
<div class="lb-trans"><p>降息公告定于格林威治标准时间 1900 发布，随后美联储主席杰罗姆·鲍威尔将在格林威治标准时间 1930 发表讲话。</p>
</div><p>The yield on the benchmark 10-year US Treasury has climbed to its highest point in over three months, which further weighed on gold.</p>
<div class="lb-trans"><p>基准 10 年期美国国债收益率已升至三个月以来的最高点，这进一步对黄金施加了压力。</p>
</div><p>‘A quarter-point rate cut appears to be a done deal. Traders are likely to focus on the Fed’s outlook for monetary easing into 2026,” said David Morrison, senior market analyst at Trade Nation.</p>
<div class="lb-trans"><p>‘25 个基点的降息似乎是板上钉钉的事。交易者可能会关注美联储对 2026 年货币宽松的展望，” Trade Nation 的高级市场分析师 David Morrison 表示。</p>
</div><blockquote>
<p>That means the FOMC’s quarterly Summary of Economic Projections, along with the tone of Fed Chair Powell’s subsequent press conference, will be parsed closely.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>这意味着 FOMC 的季度经济预测摘要，以及美联储主席鲍威尔随后的新闻发布会的语气，将受到密切关注。</p>
</blockquote>
</div><p>At the time of writing, the COMEX gold contract was at $4,225.55 per ounce, down 0.3% from the previous close.</p>
<div class="lb-trans"><p>截至撰写时，COMEX 黄金合约价格为每盎司 4225.55 美元，比前一交易日下跌 0.3%。</p>
</div><h2>Silver hits record high</h2>
<div class="lb-trans"><h2>银价创历史新高</h2>
</div><p>Silver’s record-breaking rally seems to be never-ending as the metal crossed $61 per ounce for the first time on COMEX.</p>
<div class="lb-trans"><p>银价的创纪录反弹似乎没有尽头，金属首次在 COMEX 上突破每盎司 61 美元。</p>
</div><p>“Buying interest has been intense, supported by lingering supply tightness and strong ETF inflows. But the daily MACD indicates that it is once again entering seriously overbought territory,” Morrison said.</p>
<div class="lb-trans"><p>“买入兴趣非常强烈，受到持续的供应紧张和强劲的 ETF 流入的支持。但日线 MACD 指标显示，它再次进入严重超买区域，” Morrison 表示。</p>
</div><blockquote>
<p>There’s nothing that says silver can’t continue to be overbought. In fact, when silver is on a tear, as it is now, the MACD can become exceedingly overextended.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>没有什么能阻止银价继续超买。事实上，当银价如现在一样大幅上涨时，MACD 可能会变得极度超延伸。</p>
</blockquote>
</div><p>Silver’s explosive surge this year, more than doubling its price and significantly outperforming gold’s substantial 60% gain, underscores a warning: the metal may have risen too much, too quickly, according to Morrison.</p>
<div class="lb-trans"><p>银价今年的爆炸性上涨，价格翻倍并显著超过黄金 60% 的大幅上涨，发出了一个警告：该金属可能上涨过快，过多，Morrison 指出。</p>
</div><p>The contrasting momentum—gold’s steadiness versus silver’s volatility—remains the defining characteristic of the precious metals market this week.</p>
<div class="lb-trans"><p>这种对比的动能——黄金的稳定性与银的波动性——仍然是本周贵金属市场的定义特征。</p>
</div><p>The rally has been driven by a strong combination of industrial demand and increased investment.</p>
<div class="lb-trans"><p>此次反弹是由强劲的工业需求和投资增加推动的。</p>
</div><p>Significant inflows into exchange-traded funds, as investors sought silver exposure, boosted momentum, which was further amplified by speculative positioning.</p>
<div class="lb-trans"><p>投资者寻求银的敞口，交易所交易基金的显著流入增强了动能，进一步加剧了投机性头寸。</p>
</div><p>“The metal’s dual role as both an industrial input and a store of value has made it particularly attractive, with manufacturers racing to secure supplies while investors increasingly view it as a cheaper alternative to gold,” Britannia Global Markets’ Welsh said.</p>
<div class="lb-trans"><p>“该金属作为工业原料和价值储存的双重角色使其特别具有吸引力，制造商争相确保供应，而投资者越来越将其视为黄金的更便宜替代品，” Britannia Global Markets 的 Welsh 表示。</p>
</div><p>At the time of writing, the March silver contract on COMEX was at $61.725 per ounce, up 1.5% from the previous close.</p>
<div class="lb-trans"><p>截至撰写时，COMEX 三月银合约价格为每盎司 61.725 美元，比前一交易日上涨 1.5%。</p>
</div><h2>Oil steady</h2>
<div class="lb-trans"><h2>油价稳定</h2>
</div><p>As investors monitored developments in Russia-Ukraine peace negotiations and anticipated the forthcoming US interest rate decision, oil prices held steady on Wednesday.</p>
<div class="lb-trans"><p>随着投资者关注俄罗斯与乌克兰和平谈判的进展，并预期即将到来的美国利率决策，油价在周三保持稳定。</p>
</div><p>According to API figures cited by market sources on Tuesday, US crude inventories decreased last week by 4.78 million barrels.</p>
<div class="lb-trans"><p>根据市场消息来源周二引用的 API 数据，上周美国原油库存减少了 478 万桶。</p>
</div><p>In contrast, gasoline stocks saw a significant increase of 7 million barrels, and distillate inventories grew by 1.03 million barrels. Official government data is expected at 1530 GMT.</p>
<div class="lb-trans"><p>相比之下，汽油库存大幅增加 700 万桶，馏分油库存增长 103 万桶。官方政府数据预计将在格林威治标准时间 1530 发布。</p>
</div><p>Amid expectations of a cooling labor market, markets were anticipating that the Fed would reduce its main interest rate by a quarter of a point on Wednesday.</p>
<div class="lb-trans"><p>在预期劳动力市场降温的背景下，市场预计美联储将在周三将主要利率下调 25 个基点。</p>
</div><p>Despite the potential for lower interest rates to stimulate oil demand by fostering economic growth, oil price gains are limited by concerns that supply may exceed demand.</p>
<div class="lb-trans"><p>尽管较低的利率可能通过促进经济增长来刺激油气需求，但油价上涨受到供应可能超过需求的担忧限制。</p>
</div><p>ING analysts noted that the oil market is increasingly moving toward a projected surplus, yet Russian supply continues to pose a risk.</p>
<div class="lb-trans"><p>ING 分析师指出，油市正日益朝着预计的过剩发展，但俄罗斯的供应仍然构成风险。</p>
</div><p>“Our base case remains that Russia will find ways to work around the latest US sanctions,’ Warren Patterson, head of commodities strategy at ING Group, said in a note.</p>
<div class="lb-trans"><p>“我们的基本情况仍然是，俄罗斯将找到方法绕过最新的美国制裁，” ING 集团商品战略负责人 Warren Patterson 在一份报告中表示。</p>
</div><blockquote>
<p>Russia has demonstrated an ability to keep oil flowing since 2022 despite sanctions, embargoes, and drone attacks.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>自 2022 年以来，俄罗斯在制裁、禁运和无人机攻击的情况下，已展示出保持石油流动的能力。</p>
</blockquote>
</div><p>Meanwhile, President Volodymyr Zelenskiy of Ukraine announced that his nation and its European allies are set to shortly present the US with “refined documents” detailing a peace plan to conclude the conflict with Russia.</p>
<div class="lb-trans"><p>与此同时，乌克兰总统泽连斯基宣布，他的国家及其欧洲盟友即将向美国提交 “精炼文件”，详细说明与俄罗斯结束冲突的和平计划。</p>
</div><p>The removal of international sanctions on Russian companies is a potential outcome of a peace deal between Ukraine and Russia, which could subsequently lead to the release of restricted oil supply.</p>
<div class="lb-trans"><p>解除对俄罗斯公司的国际制裁是乌克兰与俄罗斯和平协议的潜在结果，这可能随后导致限制的石油供应的释放。</p>
</div><p>At the time of writing, the price of West Texas Intermediate crude oil was at $58.35 per barrel, up 0.2%, while Brent was at $62.02 per barrel, up 0.1% from the previous close.</p>
<div class="lb-trans"><p>截至撰写时，西德克萨斯中质原油价格为每桶 58.35 美元，上涨 0.2%；布伦特原油价格为每桶 62.02 美元，上涨 0.1%。</p>
</div><p>The post Commodity wrap: silver soars to new highs; gold dips as markets await Fed rate decision appeared first on Invezz</p>
<div class="lb-trans"><p>文章《商品综述：银价飙升至新高；黄金下跌，市场等待美联储利率决策》最初发表于 Invezz。</p>
</div>

商品综述：白银价格飙升至历史新高；黄金价格下跌，市场正在等待美联储的利率决策