<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/gold-bars-cash-transaction.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/gold-bars-cash-transaction.png"/></p>
<p>周四，COMEX 黄金价格下跌近 1%，触及一个多月来的低点，此前美国联邦储备委员会抑制了市场对即将召开的会议上降息的希望。</p>
<p>尽管联邦储备委员会在周三的货币政策会议上维持利率不变，但黄金市场仍在努力建立稳定的地位。</p>
<p>美联储持续预测到 2026 年利率将降低是影响这一情绪的关键因素。</p>
<p>美联储如预期维持利率不变，保持在 3.50% 至 3.75% 的区间内。</p>
<p>尽管如此，中央银行修订的经济预测显示今年可能会降息，预计到年底利率将降至 3.4%。</p>
<h2>美联储政策抑制降息希望</h2>
<p>能源价格的大幅上涨加剧了通胀担忧，这限制了贵金属的上涨。</p>
<p>由于中东局势的再次升级，油价上涨。</p>
<p>因此，市场越来越多地考虑到能源供应和运输路线中断的风险。</p>
<p>“虽然地缘政治紧张局势通常会支持避险需求，但更高能源成本的通胀影响正在压制黄金，” ING 集团商品策略师 Ewa Manthey 在一份报告中表示。</p>
<p>“这推动了实际收益率的上升，并限制了上涨空间，” 她补充道。</p>
<p>然而，尽管通胀持续，美联储的利率预测与 12 月的预测保持不变。</p>
<p>在一些经济学家看来，这比预期的稍微鸽派，因为市场原本预期会有更鹰派的立场。</p>
<p>尽管没有提供具体的前瞻性指引，美联储对经济健康表示乐观。</p>
<p>“可用指标表明，经济活动正在以稳健的速度扩张，” 中央银行在其货币政策声明中表示。</p>
<p>“中东局势的发展对美国经济的影响尚不确定。委员会关注其双重任务两方面的风险。”</p>
<h2>通胀逆风限制黄金上涨空间</h2>
<p>美联储更为细致的立场并未在黄金市场引起显著反应。</p>
<p>截至撰写时，COMEX 上的黄金价格为每盎司 4,839.76 美元，下跌 1.2%，而白银价格为每盎司 75.120 美元，比前一交易日下跌 3.2%。</p>
<p>中央银行更新的经济预测表明，委员会对增长的乐观态度以及其认为更高的通胀将仅产生有限影响。</p>
<p>“美联储选择暂时忽视冲突的迷雾。一个双重任务的美联储在供应冲击期间不会轻易改变利率，” 哈里斯金融集团的管理合伙人 Jamie Cox 在一份报告中表示。</p>
<p>一些黄金投资者对近期的抛售感到沮丧，特别是考虑到尽管中东局势日益不稳定，贵金属仍未获得持久的避险地位，Kitco.com 引用 Saxo Bank 商品策略主管 Ole Hansen 的话说。</p>
<p>“战争对能源市场的影响在中央银行已经对放松政策保持谨慎的时刻提升了通胀预期，” Hansen 说。</p>
<p>“油价和精炼产品价格的飙升，特别是柴油，降低了近期降息的可能性，并在某些情况下将市场定价推向 ‘长期高位’ 的利率展望。这支持了实际收益率，这是对黄金等无收益资产的主要逆风，” 他说。</p>
<p>Hansen 预测黄金和白银将继续面临困境，特别是白银的下行风险进一步加大。</p>
<p>“除了跟随黄金下跌外，白银由于其工业用途对增长预期更为敏感，铜价也大幅下跌，” Hansen 说。</p>
<p>文章《黄金、白银触及一个月低点，鹰派美联储：下行趋势会加深吗？》首发于 Invezz。</p>

GOLD

阿尼科伊格尔矿业

<p>COMEX 黄金价格下跌近 1%，创下一个月来的新低，此前美国联邦储备委员会抑制了降息的希望。尽管将利率维持在 3.50%-3.75% 不变，但美联储的预测显示到年底可能降至 3.4%。由于能源价格上涨引发的通胀担忧，限制了黄金的上涨空间。分析师预测黄金和白银将继续面临困难，尤其是白银对经济增长预期特别敏感。在地缘政治紧张局势下，美联储的谨慎态度加剧了贵金属市场的不确定性</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/gold-bars-cash-transaction.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/gold-bars-cash-transaction.png"/></p>
<p>Gold prices on COMEX fell nearly 1% on Thursday to hit a more than one-month low after the US Federal Reserve dampened hopes for an interest-rate cut at the upcoming meetings.</p>
<div class="lb-trans"><p>周四，COMEX 黄金价格下跌近 1%，触及一个多月来的低点，此前美国联邦储备委员会抑制了市场对即将召开的会议上降息的希望。</p>
</div><p>Despite the Federal Reserve holding interest rates steady at its monetary policy meeting on Wednesday, the gold market is still struggling to establish a stable position.</p>
<div class="lb-trans"><p>尽管联邦储备委员会在周三的货币政策会议上维持利率不变，但黄金市场仍在努力建立稳定的地位。</p>
</div><p>The Fed's continued projection for lower rates through 2026 is a key factor influencing this sentiment.</p>
<div class="lb-trans"><p>美联储持续预测到 2026 年利率将降低是影响这一情绪的关键因素。</p>
</div><p>The Federal Reserve held interest rates steady, as anticipated, keeping the range at 3.50% to 3.75%.</p>
<div class="lb-trans"><p>美联储如预期维持利率不变，保持在 3.50% 至 3.75% 的区间内。</p>
</div><p>Despite this, the central bank's revised economic projections indicate a potential interest rate cut this year, with rates projected to decrease to 3.4% by year-end.</p>
<div class="lb-trans"><p>尽管如此，中央银行修订的经济预测显示今年可能会降息，预计到年底利率将降至 3.4%。</p>
</div><h2>Fed policy dampens rate cut hopes</h2>
<div class="lb-trans"><h2>美联储政策抑制降息希望</h2>
</div><p>A significant surge in energy prices has fueled inflation worries, which has kept a lid on precious metals’ surge.</p>
<div class="lb-trans"><p>能源价格的大幅上涨加剧了通胀担忧，这限制了贵金属的上涨。</p>
</div><p>Oil prices rallied due to a renewed escalation in the Middle East.</p>
<div class="lb-trans"><p>由于中东局势的再次升级，油价上涨。</p>
</div><p>Consequently, markets are increasingly factoring in the risk of disruptions to both energy supplies and shipping routes.</p>
<div class="lb-trans"><p>因此，市场越来越多地考虑到能源供应和运输路线中断的风险。</p>
</div><p>“While geopolitical tensions typically support safe‑haven demand, the inflationary impact of higher energy costs is weighing on gold,” Ewa Manthey, commodities strategist at ING Group, said in a note.</p>
<div class="lb-trans"><p>“虽然地缘政治紧张局势通常会支持避险需求，但更高能源成本的通胀影响正在压制黄金，” ING 集团商品策略师 Ewa Manthey 在一份报告中表示。</p>
</div><p>“It’s pushing real yields higher and capping the upside,” she added.</p>
<div class="lb-trans"><p>“这推动了实际收益率的上升，并限制了上涨空间，” 她补充道。</p>
</div><p>However, despite persistent inflation, the Federal Reserve's interest rate projections remained the same as the December forecast.</p>
<div class="lb-trans"><p>然而，尽管通胀持续，美联储的利率预测与 12 月的预测保持不变。</p>
</div><p>This, in the view of some economists, was a slightly more dovish stance than anticipated, as markets had been expecting a more hawkish position.</p>
<div class="lb-trans"><p>在一些经济学家看来，这比预期的稍微鸽派，因为市场原本预期会有更鹰派的立场。</p>
</div><p>While offering little specific forward guidance, the Fed expressed optimism regarding the economy's health.</p>
<div class="lb-trans"><p>尽管没有提供具体的前瞻性指引，美联储对经济健康表示乐观。</p>
</div><p>“Available indicators suggest that economic activity has been expanding at a solid pace,” the central bank said in its monetary policy statement.</p>
<div class="lb-trans"><p>“可用指标表明，经济活动正在以稳健的速度扩张，” 中央银行在其货币政策声明中表示。</p>
</div><p>“The implications of developments in the Middle East for the US economy are uncertain. The Committee is attentive to the risks to both sides of its dual mandate.”</p>
<div class="lb-trans"><p>“中东局势的发展对美国经济的影响尚不确定。委员会关注其双重任务两方面的风险。”</p>
</div><h2>Inflationary headwinds cap gold's upside</h2>
<div class="lb-trans"><h2>通胀逆风限制黄金上涨空间</h2>
</div><p>The Federal Reserve's more nuanced position is not causing a significant reaction in the gold market.</p>
<div class="lb-trans"><p>美联储更为细致的立场并未在黄金市场引起显著反应。</p>
</div><p>At the time of writing, the price of gold on COMEX was at $4,839.76 per ounce, down 1.2%, while silver was at $75.120 per ounce, down 3.2% from the previous close.</p>
<div class="lb-trans"><p>截至撰写时，COMEX 上的黄金价格为每盎司 4,839.76 美元，下跌 1.2%，而白银价格为每盎司 75.120 美元，比前一交易日下跌 3.2%。</p>
</div><p>The central bank's updated economic projections indicate the committee's optimism regarding growth and its view that higher inflation will have only a limited impact.</p>
<div class="lb-trans"><p>中央银行更新的经济预测表明，委员会对增长的乐观态度以及其认为更高的通胀将仅产生有限影响。</p>
</div><p>“The Fed is choosing to look through the fog of conflict, for now. A dual mandate Federal Reserve is not going to rock the interest rate boat during a supply shock,” said Jamie Cox, Managing Partner for Harris Financial Group, in a note.</p>
<div class="lb-trans"><p>“美联储选择暂时忽视冲突的迷雾。一个双重任务的美联储在供应冲击期间不会轻易改变利率，” 哈里斯金融集团的管理合伙人 Jamie Cox 在一份报告中表示。</p>
</div><p>Some gold investors are frustrated by the recent selloff, particularly since the precious metal hasn't secured a lasting safe-haven status, despite the escalating instability in the Middle East, Kitco.com quoted Ole Hansen, head of commodity strategy at Saxo Bank, in a report.</p>
<div class="lb-trans"><p>一些黄金投资者对近期的抛售感到沮丧，特别是考虑到尽管中东局势日益不稳定，贵金属仍未获得持久的避险地位，Kitco.com 引用 Saxo Bank 商品策略主管 Ole Hansen 的话说。</p>
</div><p>“The war’s impact on energy markets has lifted inflation expectations at a time when central banks were already cautious about easing,” Hansen said.</p>
<div class="lb-trans"><p>“战争对能源市场的影响在中央银行已经对放松政策保持谨慎的时刻提升了通胀预期，” Hansen 说。</p>
</div><p>“The surge in oil and refined product prices—particularly diesel—has reduced the likelihood of near-term rate cuts and, in some cases, pushed market pricing toward a ‘higher-for-longer’ rate outlook. This has supported real yields, a key headwind for non-yielding assets such as gold,” he said.</p>
<div class="lb-trans"><p>“油价和精炼产品价格的飙升，特别是柴油，降低了近期降息的可能性，并在某些情况下将市场定价推向 ‘长期高位’ 的利率展望。这支持了实际收益率，这是对黄金等无收益资产的主要逆风，” 他说。</p>
</div><p>Hansen predicts continued struggles for both gold and silver, seeing further downside risk for silver in particular.</p>
<div class="lb-trans"><p>Hansen 预测黄金和白银将继续面临困境，特别是白银的下行风险进一步加大。</p>
</div><p>“In addition to following gold lower, it is more sensitive to growth expectations due to its industrial use, with copper trading sharply lower as well,” Hansen said.</p>
<div class="lb-trans"><p>“除了跟随黄金下跌外，白银由于其工业用途对增长预期更为敏感，铜价也大幅下跌，” Hansen 说。</p>
</div><p>The post Gold, silver hit one-month lows on hawkish Fed: will downtrend deepen? appeared first on Invezz</p>
<div class="lb-trans"><p>文章《黄金、白银触及一个月低点，鹰派美联储：下行趋势会加深吗？》首发于 Invezz。</p>
</div>

Gold, silver hit one-month lows on hawkish Fed: will downtrend deepen?

invezz

Gold.com

Kinross Gold

山东黄金

纽蒙特矿业

中金黄金

Sprott Silver Mnrs & Physical Silver ETF

黄金 ETF - iShares

2 倍做多金矿指数 ETF - Direxion

黄金 ETF - SPDR

黄金勘探商 ETF - GlobalX

YieldMax Gold Miners Opt Inc Strgy ETF

2 倍做多白银 ETF - ProShares

德银贵金属基金 - PowerShares

全球黄金矿业股 MSCI ETF - iShares

Sprott PHYs Silver

华夏中证沪深港黄金产业股票ETF

初级黄金矿股 ETF

实物黄金股 ETF - ETFS

环球银矿 MSCI ETF - iShares

白银信托 ETF - iShares

贵金属股 ETF -ETFS

2 倍做多小型金矿指数 ETF - Direxion

黄金和贵金属矿商 ETF - U.S. Global

金矿股 ETF - VanEck Vectors

白银矿业股 ETF - GlobalX

金矿小盘股 ETF - VanEck Vectors

黄金矿 ETF - Sprott

由于美联储的鹰派立场，黄金和白银跌至一个月低点：这种下跌趋势会加剧吗？