<p>（更新最新里程碑，第二段添加数据，第十三段详细说明金条和金币购买情况，最后一段提到波兰中央银行的购买情况）</p>
<p>1 月 26 日（路透社）- 黄金在周一飙升至每盎司超过 5000 美元的历史高位，随着地缘政治紧张局势加剧，投资者纷纷涌入这一避险资产，延续了历史性的上涨行情。</p>
<p>2025 年，黄金的价值增加了 64%，是自 1979 年以来最大的年度涨幅，这主要受到避险需求、对美国降息的押注、强劲的中央银行购买、去美元化趋势以及交易所交易基金的资金流入的推动。今年迄今为止，黄金价格上涨了 18%。</p>
<p>以下是一些投资黄金的方法：</p>
<h3>现货市场</h3>
<p>大型买家和机构投资者通常从大银行购买黄金。现货市场的价格由实时供需动态决定。</p>
<p>伦敦是现货市场最具影响力的中心，伦敦金银市场协会设定黄金交易标准，并为场外市场提供框架，以促进银行、交易商和机构之间的交易。</p>
<p>中国、印度、中东和美国是其他主要的黄金交易中心。</p>
<h3>期货市场</h3>
<p>投资者还可以通过期货交易所获得黄金的敞口，参与者在未来的特定日期以固定价格买卖特定商品。</p>
<p>COMEX 是纽约商业交易所的一部分，是交易量最大的黄金期货市场。</p>
<p>上海期货交易所是中国领先的商品交易所，也提供黄金期货合约。东京商品交易所（TOCOM）是亚洲黄金市场的另一个重要参与者。</p>
<h3>交易所交易产品</h3>
<p>交易所交易产品或交易所交易基金发行由实物金属支持的证券，使人们能够在不实际交割金属的情况下获得黄金价格的敞口。（GOL/ETF）</p>
<p>根据世界黄金协会的数据，全球黄金 ETF 在 2025 年实现了创纪录的资金流入，北美基金领跑。年度资金流入激增至 890 亿美元。</p>
<h3>金条和金币</h3>
<p>零售消费者可以从商店或在线交易商购买金条和金币。金条和金币都是投资实物黄金的有效方式。</p>
<p>在中国和印度等主要消费国，投资者在黄金现货价格飙升的情况下，越来越倾向于购买金条和金币，而非珠宝。（GOL/AS）</p>
<h3>市场驱动因素：</h3>
<h3>投资者兴趣和市场情绪</h3>
<p>近年来，投资基金的兴趣上升是推动黄金价格波动的主要因素，市场趋势、新闻和全球事件驱动的情绪促使投资者进行黄金的投机性买卖。</p>
<h3>外汇汇率</h3>
<p>黄金是对抗货币市场波动的热门对冲工具。由于美元疲软使得以美元计价的黄金对其他货币持有者变得更便宜，黄金价格通常与美元呈反向波动关系，反之亦然。</p>
<h3>货币政策和政治紧张局势</h3>
<p>在不确定时期，贵金属被广泛视为避风港。</p>
<p>美国总统唐纳德·特朗普的贸易关税在过去一年引发了全球贸易战，动摇了货币市场。</p>
<p>特朗普对委内瑞拉领导人尼古拉斯·马杜罗的捕获以及对收购格林兰岛的激进言论，自 2026 年初以来增加了市场波动。</p>
<p>全球中央银行的政策决策也影响黄金的走势。较低的利率降低了持有黄金的机会成本，因为黄金不支付利息。</p>
<h3>中央银行黄金储备</h3>
<p>中央银行在其储备中持有黄金，近年来该领域的需求因宏观经济和政治不确定性而强劲。</p>
<p>世界黄金协会在 6 月的年度调查中表示，尽管价格高企，更多中央银行计划在一年内增加其黄金储备。</p>
<p>根据世界黄金协会的数据，11 月份净中央银行购买总计 45 公吨，使 2025 年前 11 个月的总数达到 297 公吨，新兴市场中央银行持续进行显著的黄金购买。</p>
<p>中国继续增加黄金储备，截至 12 月底，其持有量从上个月的 741.2 万盎司增至 741.5 万盎司，连续第 14 个月扩张购买。</p>
<p>波兰中央银行在 2025 年底持有 550 公吨黄金，行长亚当·格拉平斯基本月表示，计划将储备提升至 700 公吨。</p>

<p>黄金价格飙升至每盎司超过 5000 美元的历史新高，主要受到地缘政治紧张局势下避险需求的推动，预计 2025 年将增长 64%。主要投资渠道包括现货市场、期货交易所和交易所交易产品。各国央行，特别是中国和波兰，正在增加黄金储备，2025 年的净购买量达到 297 吨。投资者兴趣、货币波动和货币政策是市场的主要驱动因素，因为黄金在不确定时期仍然是首选的对冲工具</p>

<p>(Updates with latest milestone, adds data in paragraph 2, details on bar and coin purchases in paragraph 13, Poland’s central bank buying in last paragraph)</p>
<div class="lb-trans"><p>（更新最新里程碑，第二段添加数据，第十三段详细说明金条和金币购买情况，最后一段提到波兰中央银行的购买情况）</p>
</div><p>Jan 26 (Reuters) - Gold surged to a record high above $5,000 an ounce on Monday, extending a historic rally as investors piled into the safe-haven asset amid rising geopolitical tensions.</p>
<div class="lb-trans"><p>1 月 26 日（路透社）- 黄金在周一飙升至每盎司超过 5000 美元的历史高位，随着地缘政治紧张局势加剧，投资者纷纷涌入这一避险资产，延续了历史性的上涨行情。</p>
</div><p>Bullion added 64% to its value in 2025, its biggest annual rise since 1979, driven by a mix of safe-haven demand, bets on U.S. rate cuts, robust central-bank buying, de-dollarisation trends and inflows into exchange-traded funds. It is up 18% so far this year.</p>
<div class="lb-trans"><p>2025 年，黄金的价值增加了 64%，是自 1979 年以来最大的年度涨幅，这主要受到避险需求、对美国降息的押注、强劲的中央银行购买、去美元化趋势以及交易所交易基金的资金流入的推动。今年迄今为止，黄金价格上涨了 18%。</p>
</div><p>Here are some ways to invest in gold:</p>
<div class="lb-trans"><p>以下是一些投资黄金的方法：</p>
</div><h3>SPOT MARKET</h3>
<div class="lb-trans"><h3>现货市场</h3>
</div><p>Large buyers and institutional investors usually buy gold from big banks. Prices in the spot market are determined by real-time supply and demand dynamics.</p>
<div class="lb-trans"><p>大型买家和机构投资者通常从大银行购买黄金。现货市场的价格由实时供需动态决定。</p>
</div><p>London is the most influential hub for the spot market, with the London Bullion Market Association setting standards for gold trading and providing a framework for the over-the-counter market to facilitate trades among banks, dealers, and institutions.</p>
<div class="lb-trans"><p>伦敦是现货市场最具影响力的中心，伦敦金银市场协会设定黄金交易标准，并为场外市场提供框架，以促进银行、交易商和机构之间的交易。</p>
</div><p>China, India, the Middle East and the U.S. are other major gold-trading centres.</p>
<div class="lb-trans"><p>中国、印度、中东和美国是其他主要的黄金交易中心。</p>
</div><h3>FUTURES MARKET</h3>
<div class="lb-trans"><h3>期货市场</h3>
</div><p>Investors can also get exposure to gold via futures exchanges, where people buy or sell a particular commodity at a fixed price on a particular date in the future.</p>
<div class="lb-trans"><p>投资者还可以通过期货交易所获得黄金的敞口，参与者在未来的特定日期以固定价格买卖特定商品。</p>
</div><p>COMEX, part of the New York Mercantile Exchange, is the largest gold futures market in terms of trading volumes.</p>
<div class="lb-trans"><p>COMEX 是纽约商业交易所的一部分，是交易量最大的黄金期货市场。</p>
</div><p>The Shanghai Futures Exchange, China’s leading commodities exchange, also offers gold futures contracts. The Tokyo Commodity Exchange, popularly known as TOCOM, is another big player in the Asian gold market.</p>
<div class="lb-trans"><p>上海期货交易所是中国领先的商品交易所，也提供黄金期货合约。东京商品交易所（TOCOM）是亚洲黄金市场的另一个重要参与者。</p>
</div><h3>EXCHANGE-TRADED PRODUCTS</h3>
<div class="lb-trans"><h3>交易所交易产品</h3>
</div><p>Exchange-traded products or exchange-traded funds issue securities backed by physical metal, allowing people to gain exposure to gold prices without taking delivery of the metal itself. (GOL/ETF)</p>
<div class="lb-trans"><p>交易所交易产品或交易所交易基金发行由实物金属支持的证券，使人们能够在不实际交割金属的情况下获得黄金价格的敞口。（GOL/ETF）</p>
</div><p>Global gold ETFs saw record inflows in 2025, led by North American funds, according to World Gold Council data. Annual inflows surged to $89 billion.</p>
<div class="lb-trans"><p>根据世界黄金协会的数据，全球黄金 ETF 在 2025 年实现了创纪录的资金流入，北美基金领跑。年度资金流入激增至 890 亿美元。</p>
</div><h3>BARS AND COINS</h3>
<div class="lb-trans"><h3>金条和金币</h3>
</div><p>Retail consumers can buy gold from traders selling bars and coins in shops or online. Gold bars and coins are both effective means of investing in physical gold.</p>
<div class="lb-trans"><p>零售消费者可以从商店或在线交易商购买金条和金币。金条和金币都是投资实物黄金的有效方式。</p>
</div><p>Investors in top consumers China and India have moved more towards purchasing bars and coins as opposed to jewellery amid surging spot prices. (GOL/AS)</p>
<div class="lb-trans"><p>在中国和印度等主要消费国，投资者在黄金现货价格飙升的情况下，越来越倾向于购买金条和金币，而非珠宝。（GOL/AS）</p>
</div><h3>WHAT DRIVES THE MARKET?:</h3>
<div class="lb-trans"><h3>市场驱动因素：</h3>
</div><h3>INVESTOR INTEREST AND MARKET SENTIMENT</h3>
<div class="lb-trans"><h3>投资者兴趣和市场情绪</h3>
</div><p>Rising interest from investment funds in recent years has been a major factor behind bullion’s price moves, with sentiment driven by market trends, news and global events fuelling speculative buying or selling of gold.</p>
<div class="lb-trans"><p>近年来，投资基金的兴趣上升是推动黄金价格波动的主要因素，市场趋势、新闻和全球事件驱动的情绪促使投资者进行黄金的投机性买卖。</p>
</div><h3>FOREIGN EXCHANGE RATES</h3>
<div class="lb-trans"><h3>外汇汇率</h3>
</div><p>Gold is a popular hedge against currency market volatility. It has traditionally moved in the opposite direction to the U.S. dollar, since weakness in the U.S. currency makes dollar-priced gold cheaper for holders of other currencies and vice versa.</p>
<div class="lb-trans"><p>黄金是对抗货币市场波动的热门对冲工具。由于美元疲软使得以美元计价的黄金对其他货币持有者变得更便宜，黄金价格通常与美元呈反向波动关系，反之亦然。</p>
</div><h3>MONETARY POLICY AND POLITICAL TENSIONS</h3>
<div class="lb-trans"><h3>货币政策和政治紧张局势</h3>
</div><p>The precious metal is widely considered a safe haven during times of uncertainty.</p>
<div class="lb-trans"><p>在不确定时期，贵金属被广泛视为避风港。</p>
</div><p>U.S. President Donald Trump’s trade tariffs have over the last year sparked a global trade war, rattling currency markets.</p>
<div class="lb-trans"><p>美国总统唐纳德·特朗普的贸易关税在过去一年引发了全球贸易战，动摇了货币市场。</p>
</div><p>Trump’s capture of Venezuelan leader Nicolas Maduro and aggressive statements on acquiring Greenland have added to volatility since the start of 2026.</p>
<div class="lb-trans"><p>特朗普对委内瑞拉领导人尼古拉斯·马杜罗的捕获以及对收购格林兰岛的激进言论，自 2026 年初以来增加了市场波动。</p>
</div><p>Global central banks’ policy decisions also influence gold’s trajectory. Lower interest rates reduce the opportunity cost of holding gold, since it pays no interest.</p>
<div class="lb-trans"><p>全球中央银行的政策决策也影响黄金的走势。较低的利率降低了持有黄金的机会成本，因为黄金不支付利息。</p>
</div><h3>CENTRAL BANK GOLD RESERVES</h3>
<div class="lb-trans"><h3>中央银行黄金储备</h3>
</div><p>Central banks hold gold in their reserves, and demand from this sector has been robust in recent years because of macroeconomic and political uncertainty.</p>
<div class="lb-trans"><p>中央银行在其储备中持有黄金，近年来该领域的需求因宏观经济和政治不确定性而强劲。</p>
</div><p>The World Gold Council said in its annual survey in June that more central banks plan to add to their gold reserves within a year despite high prices.</p>
<div class="lb-trans"><p>世界黄金协会在 6 月的年度调查中表示，尽管价格高企，更多中央银行计划在一年内增加其黄金储备。</p>
</div><p>Net central bank purchases in November totalled 45 metric tons, World Gold Council data showed, pushing the figure for the first 11 months of 2025 to 297 tons as emerging market central banks continued their significant gold buying.</p>
<div class="lb-trans"><p>根据世界黄金协会的数据，11 月份净中央银行购买总计 45 公吨，使 2025 年前 11 个月的总数达到 297 公吨，新兴市场中央银行持续进行显著的黄金购买。</p>
</div><p>China kept adding gold to its reserves, with its holdings totalling 74.15 million troy ounces at the end of December from 74.12 million in the previous month as it extended its buying spree for the 14th month in a row.</p>
<div class="lb-trans"><p>中国继续增加黄金储备，截至 12 月底，其持有量从上个月的 741.2 万盎司增至 741.5 万盎司，连续第 14 个月扩张购买。</p>
</div><p>Poland’s central bank, which held 550 tons of gold at end-2025, aims to lift reserves to 700 tons, Governor Adam Glapinski said this month.</p>
<div class="lb-trans"><p>波兰中央银行在 2025 年底持有 550 公吨黄金，行长亚当·格拉平斯基本月表示，计划将储备提升至 700 公吨。</p>
</div>

FACTBOX-投资者如何购买黄金以及是什么推动黄金市场