<p>银价在创纪录的速度上涨后，从最高点回落。另一方面，黄金作为市场的情感支撑资产，对那些已经锁定利润的投资者来说，也变得不那么耀眼。</p>
<p>这并不是恐慌的迹象，而是一种暂停，交易者在此期间展示了他们在风险、地缘政治和美国利率变化方面的不同策略。</p>
<h2>银价回落</h2>
<p><strong>银价在触及每盎司 80 美元的峰值后迅速下跌</strong>。现货银价 <strong>下跌了 5.4%</strong>，降至每盎司 74.90 美元，从 83.62 美元的日内高点回落。然而，这一下跌并没有削弱银价作为今年最强金属之一的地位，迄今为止 <strong>上涨了 181%</strong>。</p>
<p>此次上涨是由于现有供应短缺、工业需求增加和投资者兴趣上升的综合因素，以及该金属在美国被归类为关键矿物。</p>
<p>此次回调被视为获利了结，而不是市场情绪的变化。在如此快速的上涨之后，投资者似乎准备好锁定利润，尤其是在更大市场的风险显示出放缓迹象时。</p>
<h2>黄金下滑</h2>
<p>黄金也失去了光泽，从接近历史高点的位置滑落。现货黄金价格下跌了 1.9%，降至每盎司 4,448.23 美元，此前在周五曾达到 <strong>4,549.71 美元的历史高点</strong>。美国 2 月份交割的黄金期货也 <strong>下跌</strong> 了类似幅度，降至 4,467.90 美元。</p>
<p>贵金属的下跌主要与年末的获利了结有关，分析师指出这也是价格下跌的原因。</p>
<p>ActivTrades 的 Evangelista 指出，价格达到历史高点后，交易者的抛售至少部分导致了下跌。此外，地缘政治局势变得稍微不那么紧张，也减少了黄金作为安全投资的需求。</p>
<p><strong>Evangelista 表示，</strong></p>
<blockquote>
<p>“今天早上的（黄金）价格下跌，跟随历史高点，主要是由于交易者在年末前获利了结。”</p>
</blockquote>
<h2>地缘政治紧张局势缓解对贵金属的影响</h2>
<p>市场对地缘政治风险降低的看法削弱了黄金价格。美国总统 <strong>唐纳德·特朗普表示</strong>，他和乌克兰总统弗拉基米尔·泽连斯基 “正在变得更加接近，可能非常接近” 达成结束乌克兰战争的和平协议。</p>
<p>解决方案仍然远未解决，但这种初步的乐观情绪足以稍微降低黄金的防御吸引力。</p>
<p>无论如何，贵金属价格今年几乎上涨了 <strong>72%</strong>，这得益于对美国货币政策放松、美元走弱、中央银行强劲购买以及地缘政治紧张局势远未解决的预期。</p>
<h2>铂金和钯金价格下滑</h2>
<p>其他贵金属也经历了更大的损失。<strong>铂金市场价格下跌了 6.5%</strong>，降至每盎司 2,291 美元，此前曾达到 2,478.50 美元的历史高点。此外，钯金市场价格 <strong>下跌了 13%</strong>，降至 1,674.25 美元。</p>
<p>更大的下跌表明这些市场流动性较薄，波动性较高，价格波动在获利了结时往往更加夸张，交易者在此时出售以锁定利润。</p>
<h2>关注美联储</h2>
<p>目前所有的关注点都在美联储 12 月份的会议纪要上。它们 <strong>定于周二发布</strong>，可能会提供有关利率前景的新指示。目前，交易者预计明年将有两次降息，这种情景通常对黄金和白银等无收益资产是有利的。</p>
<p>然而，<strong>瑞银分析师警告</strong> 称，黄金的交易溢价较高，如果美联储采取更激进的政策或大型 ETF 资金流出，可能会出现下行风险。政策预期的任何突然变化都可能迅速改变贵金属市场的局面。</p>
<p><strong>瑞银分析师表示，</strong></p>
<blockquote>
<p>“黄金价格的交易溢价较高，如果美联储采取鹰派转变令市场感到意外，或大型 ETF 资金流出影响市场，可能会出现下行风险。”</p>
</blockquote>
<h2>总结</h2>
<p>在显著的涨幅之后，获利了结和地缘政治紧张局势的缓和对市场施加了短期压力，但主要驱动因素仍然不变，即货币政策预期、供应约束和长期需求。因此，目前贵金属似乎更像是一个暂停的故事，而不是消失的故事。</p>

<p>黄金和白银价格下跌，因为投资者在近期高位锁定利润。白银价格下跌 5.4%，至每盎司 74.90 美元，尽管今年上涨了 181%；黄金价格下跌 1.9%，至每盎司 4,448.23 美元。这些下跌归因于获利了结和地缘政治紧张局势的缓解，特别是关于乌克兰冲突的情况。其他贵金属如铂金和钯金也出现了显著损失。市场目前关注美联储即将召开的会议，可能的降息将对黄金和白银价格产生影响。总体而言，市场正面临短期压力，但长期需求依然强劲</p>

<p>Silver, which was going like a rocket at a record speed, stepped down from its highest point. On the other hand, gold, which has always been the market’s emotional support asset, has also become less radiant for investors who have been securing profits.</p>
<div class="lb-trans"><p>银价在创纪录的速度上涨后，从最高点回落。另一方面，黄金作为市场的情感支撑资产，对那些已经锁定利润的投资者来说，也变得不那么耀眼。</p>
</div><p>This is not an indication of panic, instead it is a pause, where traders reveal their different strategies on risks, geopolitics, and the evolution of U.S interest rates.</p>
<div class="lb-trans"><p>这并不是恐慌的迹象，而是一种暂停，交易者在此期间展示了他们在风险、地缘政治和美国利率变化方面的不同策略。</p>
</div><h2>Silver Steps Back</h2>
<div class="lb-trans"><h2>银价回落</h2>
</div><p>The <strong>silver price fell</strong> quickly after it touched the peak of $80 an ounce earlier in the session. The spot silver price <strong>declined by 5.4%</strong> and reached $74.90 an ounce, thus withdrawing from its $83.62 intraday high. However, the decline does not take away the silver’s title of being one of the strongest metals this year with a staggering <strong>increase of 181% so far</strong>.</p>
<div class="lb-trans"><p><strong>银价在触及每盎司 80 美元的峰值后迅速下跌</strong>。现货银价 <strong>下跌了 5.4%</strong>，降至每盎司 74.90 美元，从 83.62 美元的日内高点回落。然而，这一下跌并没有削弱银价作为今年最强金属之一的地位，迄今为止 <strong>上涨了 181%</strong>。</p>
</div><p>The rally was driven by a combination of existing supply shortages, which increased industrial demand and investor’s interest, along with the metal’s classification as a critical mineral in the U.S.</p>
<div class="lb-trans"><p>此次上涨是由于现有供应短缺、工业需求增加和投资者兴趣上升的综合因素，以及该金属在美国被归类为关键矿物。</p>
</div><p>The pullback is seen as profit-taking rather than a change in market sentiment. After such a quick climb, investors appeared to be ready to take their profits and cash in, particularly as the risks in the larger market were showing some signs of slowing down.</p>
<div class="lb-trans"><p>此次回调被视为获利了结，而不是市场情绪的变化。在如此快速的上涨之后，投资者似乎准备好锁定利润，尤其是在更大市场的风险显示出放缓迹象时。</p>
</div><h2>Gold Slips</h2>
<div class="lb-trans"><h2>黄金下滑</h2>
</div><p>Gold, which also lost its gleam and slipped from a close to its historic heights. The spot gold price fell by 1.9% and reached $4,448.23 an ounce after it had been at a <strong>record high of $4,549.71</strong> on Friday. The U.S gold futures for February delivery also <strong>declined</strong> by a similar amount to $4,467.90.</p>
<div class="lb-trans"><p>黄金也失去了光泽，从接近历史高点的位置滑落。现货黄金价格下跌了 1.9%，降至每盎司 4,448.23 美元，此前在周五曾达到 <strong>4,549.71 美元的历史高点</strong>。美国 2 月份交割的黄金期货也 <strong>下跌</strong> 了类似幅度，降至 4,467.90 美元。</p>
</div><p>The fall of the precious metal was mainly related to profit-taking at the end of the year, and that was the reason behind the price decrease as well, as <strong>per the analysts</strong>.</p>
<div class="lb-trans"><p>贵金属的下跌主要与年末的获利了结有关，分析师指出这也是价格下跌的原因。</p>
</div><p>ActivTrades’ Evangelista pointed out that the decline was at least partly the result of the traders’ selling off after the prices hit their all-time highs. Also, the geopolitical scene becoming somewhat less tense had also reduced the demand for gold as a safe investment.</p>
<div class="lb-trans"><p>ActivTrades 的 Evangelista 指出，价格达到历史高点后，交易者的抛售至少部分导致了下跌。此外，地缘政治局势变得稍微不那么紧张，也减少了黄金作为安全投资的需求。</p>
</div><p><strong>Evangelista said</strong>,</p>
<div class="lb-trans"><p><strong>Evangelista 表示，</strong></p>
</div><blockquote>
<p>“This morning’s (gold) price decline, which follows record highs, is attributable mainly to traders taking profits ahead of the year-end,”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“今天早上的（黄金）价格下跌，跟随历史高点，主要是由于交易者在年末前获利了结。”</p>
</blockquote>
</div><h2>Easing Geopolitical Tensions Weigh on Bullion</h2>
<div class="lb-trans"><h2>地缘政治紧张局势缓解对贵金属的影响</h2>
</div><p>The gold prices were cut down by the market perception of decreased geopolitical risk. U.S President <strong>Donald Trump said</strong> that he and President of Ukraine Volodymyr Zelenskiy were “getting a lot closer, maybe very close” to a possible peace deal for ending the war in Ukraine.</p>
<div class="lb-trans"><p>市场对地缘政治风险降低的看法削弱了黄金价格。美国总统 <strong>唐纳德·特朗普表示</strong>，他和乌克兰总统弗拉基米尔·泽连斯基 “正在变得更加接近，可能非常接近” 达成结束乌克兰战争的和平协议。</p>
</div><p>The solution is still far from being resolved, but the tentative optimism was enough to slightly lower gold’s defensive appeal.</p>
<div class="lb-trans"><p>解决方案仍然远未解决，但这种初步的乐观情绪足以稍微降低黄金的防御吸引力。</p>
</div><p>In any case, bullion prices have gone up by almost <strong>72% this year</strong>, thanks to the anticipation of a softer U.S monetary policy, a weaker dollar, strong central bank purchases, and geopolitical tensions that are far from being resolved.</p>
<div class="lb-trans"><p>无论如何，贵金属价格今年几乎上涨了 <strong>72%</strong>，这得益于对美国货币政策放松、美元走弱、中央银行强劲购买以及地缘政治紧张局势远未解决的预期。</p>
</div><h2>Platinum and Palladium Sees Decline</h2>
<div class="lb-trans"><h2>铂金和钯金价格下滑</h2>
</div><p>The other precious metals also experienced larger losses. The market price for <strong>platinum fell by 6.5%</strong> to $2,291 per ounce, after reaching a record of $2,478.50. Also, the market price for palladium <strong>fell by 13%</strong> to $1,674.25.</p>
<div class="lb-trans"><p>其他贵金属也经历了更大的损失。<strong>铂金市场价格下跌了 6.5%</strong>，降至每盎司 2,291 美元，此前曾达到 2,478.50 美元的历史高点。此外，钯金市场价格 <strong>下跌了 13%</strong>，降至 1,674.25 美元。</p>
</div><p>The larger decreases indicate thinner liquidity and higher volatility in these markets, where price movements are often more exaggerated during the times of profit-taking, when traders are selling to secure their profits.</p>
<div class="lb-trans"><p>更大的下跌表明这些市场流动性较薄，波动性较高，价格波动在获利了结时往往更加夸张，交易者在此时出售以锁定利润。</p>
</div><h2>Eyes on the Federal Reserve</h2>
<div class="lb-trans"><h2>关注美联储</h2>
</div><p>All the attention now is on the Federal Reserve’s December meeting minutes. They are <strong>set to be released on Tuesday</strong>, which could provide new indications regarding the interest rate outlook. Currently, traders are factoring in 2 rate cuts for the next year, a scenario that is usually favorable for non-yielding assets like gold and silver.</p>
<div class="lb-trans"><p>目前所有的关注点都在美联储 12 月份的会议纪要上。它们 <strong>定于周二发布</strong>，可能会提供有关利率前景的新指示。目前，交易者预计明年将有两次降息，这种情景通常对黄金和白银等无收益资产是有利的。</p>
</div><p>However, <strong>UBS analysts warned</strong> that gold is trading at a high premium and that if the Fed turns out to be more aggressive or large ETF outflows materialize, the downside risks could surface. Any sudden shift in the policy expectations could swiftly change the scenario in the precious metals market.</p>
<div class="lb-trans"><p>然而，<strong>瑞银分析师警告</strong> 称，黄金的交易溢价较高，如果美联储采取更激进的政策或大型 ETF 资金流出，可能会出现下行风险。政策预期的任何突然变化都可能迅速改变贵金属市场的局面。</p>
</div><p><strong>UBS analysts said</strong>,</p>
<div class="lb-trans"><p><strong>瑞银分析师表示，</strong></p>
</div><blockquote>
<p>“Gold prices are trading at an elevated premium, and downside risks could emerge if a hawkish pivot by the Federal Reserve were to surprise and/or large ETF outflows were to affect the market”.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“黄金价格的交易溢价较高，如果美联储采取鹰派转变令市场感到意外，或大型 ETF 资金流出影响市场，可能会出现下行风险。”</p>
</blockquote>
</div><h2>Bottom Line</h2>
<div class="lb-trans"><h2>总结</h2>
</div><p>After the remarkable gains, profit-taking and cooling down of geopolitical tensions have put short-term pressure on the market, but the major driving forces remain unchanged, which are monetary policy expectations, supply constraints, and long-term demand. So, at the moment, the precious metals appear less like a vanishing story and more like a pausing story.</p>
<div class="lb-trans"><p>在显著的涨幅之后，获利了结和地缘政治紧张局势的缓和对市场施加了短期压力，但主要驱动因素仍然不变，即货币政策预期、供应约束和长期需求。因此，目前贵金属似乎更像是一个暂停的故事，而不是消失的故事。</p>
</div>

黄金和白银价格从高点回落，投资者纷纷锁定收益