<p>周三，黄金价格上涨超过 4%，因能源价格下跌，缓解了对更高通胀的担忧。</p>
<p>周三，银价也上涨超过 5%，跟随黄金的上涨。</p>
<p>与此同时，油价在当天一度暴跌超过 5%，因美伊和平协议的希望浮现。</p>
<p>另一方面，基本金属因对美伊和平谈判的乐观情绪而上涨。</p>
<p>伦敦金属交易所的铝价保持稳定。</p>
<p><strong>黄金反弹</strong></p>
<p>周三，黄金价格上涨超过 4%，因通胀担忧减轻和对加息预期降低，油价下跌后推动了这一走势。</p>
<p>然而，中东冲突带来的持续不确定性仍然是一个因素。</p>
<p>今天早上，黄金价格一度超过 4600 美元，随后略微回落。</p>
<p>黄金价格的初步下跌归因于近期美元的强劲表现。</p>
<p>在中东动荡的背景下，许多投资者惊讶地发现，美元而非黄金成为了首选的避险资产。</p>
<p>黄金的极端波动性——在 1 月底的急剧上涨后随之而来的急剧下跌——削弱了其在不确定时期作为可靠资产的形象。</p>
<p>“本周初的抛售是否会为重新思考铺平道路？好吧，价格波动仍然很大。但多头可能会因美元的回落而受到鼓舞，黄金也成功回升至 4400 美元以上，” Trade Nation 的高级市场分析师 David Morrison 表示。</p>
<p>“另一方面，许多投资者不再期待美联储今年降息，有些人认为下一步可能是加息，” Morrison 说。</p>
<p>银价已连续第三个交易日上涨，在周一跌至每盎司 61 美元的四个月低点后显著反弹。</p>
<p>当天早些时候，银价飙升至 74.50 美元以上，随后回吐了一些涨幅。</p>
<p>截至撰写时，银价约为 73 美元，上涨近 5%，因持续的外交努力促进了对改善能源供应状况的乐观情绪。</p>
<p>“周一的抛售可能是银价所需的洗盘；这一举动驱逐了较弱的持有者。如果是这样，那么当前的反弹可能会持续，80 美元是下一个明显的上涨目标，” Morrison 表示。</p>
<p><strong>油价因和平谈判可能性下跌</strong></p>
<p>关于美国向伊朗提出的 15 点提案的报道引发了对停火进展的讨论，周三油价下跌约 4%。</p>
<p>截至撰写时，西德克萨斯中质原油价格为每桶 90.43 美元，下跌 2.1%；布伦特原油下跌 2.6%，报 101.92 美元每桶。</p>
<p>据报道，美国提案已通过巴基斯坦传达给伊朗。</p>
<p>报告还补充说，巴基斯坦或土耳其被考虑作为旨在缓解冲突的谈判地点。</p>
<p>一名伊朗军事发言人声称，美国正在 “与自己谈判”，而伊朗同时否认任何直接谈判的发生。</p>
<p>尽管市场初步缓解，但不确定性依然存在。</p>
<p>德黑兰通过向以色列发射另一轮导弹表现出持续的强硬立场，显示出对谈判的最低愿望。</p>
<p>此外，伊朗重申了对外国船只通过霍尔木兹海峡的条件：必须遵守德黑兰的规定，并避免侵略行为。</p>
<p>美国石油协会的看跌库存报告也给油市施加了压力。</p>
<p>与预期的 19 万桶小幅减少相反，上周美国原油库存实际上增加了 230 万桶。此外，汽油库存增加了 50 万桶，馏分油库存增加了 140 万桶。</p>
<p>“总体而言，波动性仍然较高，地缘政治风险溢价依然存在，” ING 集团商品策略主管 Warren Patterson 在一份报告中表示。</p>
<p>“持续的紧张局势继续支撑高价格，激发通胀担忧，并强化政策制定者可能推迟宽松，甚至收紧货币政策的预期。”</p>
<p><strong>基本金属上涨</strong></p>
<p>基本金属价格开盘走高，延续了周二的反弹，因中东的地缘政治紧张局势趋于稳定而非升级。</p>
<p>具体而言，铜价在改善的风险偏好下找到了回升至 12000 美元低位的支撑。</p>
<p>然而，鉴于持续的冲突，市场仍然高度易受波动和新闻头条的影响。</p>
<p>中国铜废料的供应紧缩正在微妙地提升对精炼铜的微观需求。</p>
<p>由于废料有时以高于精炼金属的价格交易，制造商正在将采购转回精炼市场。</p>
<p>这一转变导致今年最大的周库存减少，预计随着冶炼厂进入季节性维护，进一步的库存减少将会发生。</p>
<p>与此同时，铝价今天早上是唯一在负区间的基本金属。</p>
<p>然而，截至撰写时，价格基本保持不变。</p>
<p>高盛预计铝价将在第二季度徘徊在 3200 美元左右，并在 2026 年平均为 3100 美元。</p>
<p>这一预测考虑了霍尔木兹海峡附近等潜在供应中断，以及近期价格飙升。</p>
<p>然而，该银行预计与战争相关的供应损失将主要被全球需求的下降所抵消。</p>
<p>由于大量投机持仓和中国持续的生产增长，进一步的价格上涨预计将受到限制。</p>
<p>伦敦金属交易所的三个月铜合约报每吨 12342.70 美元，上涨 2.3%；铝价几乎持平，报每吨 3246.90 美元。</p>

山东黄金

中金黄金

纽蒙特矿业

<p>黄金价格在周三上涨超过 4%，主要受到通胀担忧缓解和油价下跌的推动，油价因对美伊和平协议的希望而下跌超过 5%。白银也上涨超过 5%，而基本金属因对谈判的乐观情绪而上涨。尽管市场反应积极，但由于持续的地缘政治紧张局势，仍然存在不确定性。油价受到看跌库存报告的压力，显示美国原油库存意外增加。分析师指出，市场波动性依然存在，地缘政治风险继续影响市场动态</p>

<p>Gold edged up more than 4% on Wednesday as energy prices dropped, easing concerns about higher inflation.</p>
<div class="lb-trans"><p>周三，黄金价格上涨超过 4%，因能源价格下跌，缓解了对更高通胀的担忧。</p>
</div><p>Silver prices also climbed more than 5% on Wednesday, tracking gold’s rise.</p>
<div class="lb-trans"><p>周三，银价也上涨超过 5%，跟随黄金的上涨。</p>
</div><p>Meanwhile, oil prices plunged more than 5% at one point during the day as hopes for a peace deal between the US and Iran emerged.</p>
<div class="lb-trans"><p>与此同时，油价在当天一度暴跌超过 5%，因美伊和平协议的希望浮现。</p>
</div><p>Base metals, on the other hand, rose due to optimism over peace negotiations between the US and Iran.</p>
<div class="lb-trans"><p>另一方面，基本金属因对美伊和平谈判的乐观情绪而上涨。</p>
</div><p>Aluminium prices were steady on the London Metal Exchange.</p>
<div class="lb-trans"><p>伦敦金属交易所的铝价保持稳定。</p>
</div><p><strong>Gold rebounds</strong></p>
<div class="lb-trans"><p><strong>黄金反弹</strong></p>
</div><p>Gold prices climbed by over 4% on Wednesday, driven by easing inflation concerns and reduced expectations of interest rate increases, following a drop in oil prices.</p>
<div class="lb-trans"><p>周三，黄金价格上涨超过 4%，因通胀担忧减轻和对加息预期降低，油价下跌后推动了这一走势。</p>
</div><p>The lingering uncertainty from the Middle East conflict, however, remained a factor.</p>
<div class="lb-trans"><p>然而，中东冲突带来的持续不确定性仍然是一个因素。</p>
</div><p>Gold briefly surpassed $4,600 this morning before retreating slightly.</p>
<div class="lb-trans"><p>今天早上，黄金价格一度超过 4600 美元，随后略微回落。</p>
</div><p>This initial decline in gold's price was attributed to the recent strength of the US dollar.</p>
<div class="lb-trans"><p>黄金价格的初步下跌归因于近期美元的强劲表现。</p>
</div><p>Amid the turmoil in the Middle East, many investors were taken aback to see the US dollar, not gold, emerge as the preferred safe-haven asset.</p>
<div class="lb-trans"><p>在中东动荡的背景下，许多投资者惊讶地发现，美元而非黄金成为了首选的避险资产。</p>
</div><p>Gold's extreme volatility—a steep rise in late January followed by a sharp drop—had eroded its perception as a reliably solid asset during periods of uncertainty.</p>
<div class="lb-trans"><p>黄金的极端波动性——在 1 月底的急剧上涨后随之而来的急剧下跌——削弱了其在不确定时期作为可靠资产的形象。</p>
</div><p>“Could this week’s early flush-out now set the stage for a rethink? Well, there’s still plenty of price volatility. But the bulls may be encouraged by the pullback in the dollar and as gold has managed to push back comfortably above $4,400,” said David Morrison, senior market analyst at Trade Nation.</p>
<div class="lb-trans"><p>“本周初的抛售是否会为重新思考铺平道路？好吧，价格波动仍然很大。但多头可能会因美元的回落而受到鼓舞，黄金也成功回升至 4400 美元以上，” Trade Nation 的高级市场分析师 David Morrison 表示。</p>
</div><p>“On the other hand, many investors are no longer expecting rate cuts this year from the Fed, and some think the next move could be a hike,” Morrison said.</p>
<div class="lb-trans"><p>“另一方面，许多投资者不再期待美联储今年降息，有些人认为下一步可能是加息，” Morrison 说。</p>
</div><p>Silver has extended its winning streak to a third straight session, making a significant rebound after dropping to a four-month low of $61 per ounce on Monday.</p>
<div class="lb-trans"><p>银价已连续第三个交易日上涨，在周一跌至每盎司 61 美元的四个月低点后显著反弹。</p>
</div><p>Early in the day, silver surged to trade above $74.50 before paring some gains.</p>
<div class="lb-trans"><p>当天早些时候，银价飙升至 74.50 美元以上，随后回吐了一些涨幅。</p>
</div><p>At the time of writing, silver was trading around $73, up nearly 5%, as ongoing diplomatic efforts to resolve the conflict fostered optimism about improved energy supply conditions.</p>
<div class="lb-trans"><p>截至撰写时，银价约为 73 美元，上涨近 5%，因持续的外交努力促进了对改善能源供应状况的乐观情绪。</p>
</div><p>“Monday’s selloff could prove to be the shake-out that silver needed; a move that drove out the weaker holders. If so, then it’s possible that the current rally has some legs, with $80 the next obvious upside target,” Morrison said.</p>
<div class="lb-trans"><p>“周一的抛售可能是银价所需的洗盘；这一举动驱逐了较弱的持有者。如果是这样，那么当前的反弹可能会持续，80 美元是下一个明显的上涨目标，” Morrison 表示。</p>
</div><p><strong>Oil falls amid peace negotiation possibility</strong></p>
<div class="lb-trans"><p><strong>油价因和平谈判可能性下跌</strong></p>
</div><p>Reports of a 15-point US proposal sent to Iran, reportedly aimed at ending the conflict, sparked discussions of progress toward a ceasefire, sending oil prices down by approximately 4% on Wednesday.</p>
<div class="lb-trans"><p>关于美国向伊朗提出的 15 点提案的报道引发了对停火进展的讨论，周三油价下跌约 4%。</p>
</div><p>At the time of writing, the price of West Texas Intermediate crude oil was at $90.43 per barrel, down 2.1%, while Brent was down 2.6% at $101.92 per barrel.</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 90.43 美元，下跌 2.1%；布伦特原油下跌 2.6%，报 101.92 美元每桶。</p>
</div><p>According to reports, the US proposal had been conveyed to Iran via Pakistan.</p>
<div class="lb-trans"><p>据报道，美国提案已通过巴基斯坦传达给伊朗。</p>
</div><p>Reports also added that either Pakistan or Turkey is being considered as a possible location for talks aimed at de-escalating the conflict.</p>
<div class="lb-trans"><p>报告还补充说，巴基斯坦或土耳其被考虑作为旨在缓解冲突的谈判地点。</p>
</div><p>An Iranian military spokesman asserted that the US is &#34;negotiating with itself,&#34; while Iran simultaneously denied that any direct talks had occurred.</p>
<div class="lb-trans"><p>一名伊朗军事发言人声称，美国正在 “与自己谈判”，而伊朗同时否认任何直接谈判的发生。</p>
</div><p>Uncertainty persisted despite the initial market relief.</p>
<div class="lb-trans"><p>尽管市场初步缓解，但不确定性依然存在。</p>
</div><p>Tehran demonstrated a continued hardline stance by launching another round of missiles at Israel and showing minimal desire for negotiation.</p>
<div class="lb-trans"><p>德黑兰通过向以色列发射另一轮导弹表现出持续的强硬立场，显示出对谈判的最低愿望。</p>
</div><p>Additionally, Iran reiterated its condition for the transit of foreign ships through the Strait of Hormuz: they must adhere to Tehran's regulations and refrain from acts of aggression.</p>
<div class="lb-trans"><p>此外，伊朗重申了对外国船只通过霍尔木兹海峡的条件：必须遵守德黑兰的规定，并避免侵略行为。</p>
</div><p>A bearish American Petroleum Institute inventory report also pressured the oil market.</p>
<div class="lb-trans"><p>美国石油协会的看跌库存报告也给油市施加了压力。</p>
</div><p>Contrary to expectations of a modest 190,000 barrel draw, US crude inventories actually increased by 2.3 million barrels last week. Furthermore, gasoline stocks rose by 0.5 million barrels, while distillate inventories rose by 1.4 million barrels.</p>
<div class="lb-trans"><p>与预期的 19 万桶小幅减少相反，上周美国原油库存实际上增加了 230 万桶。此外，汽油库存增加了 50 万桶，馏分油库存增加了 140 万桶。</p>
</div><p>“Overall, volatility remains elevated and a geopolitical risk premium persists,” Warren Patterson, head of commodities strategy at ING Group, said in a note.</p>
<div class="lb-trans"><p>“总体而言，波动性仍然较高，地缘政治风险溢价依然存在，” ING 集团商品策略主管 Warren Patterson 在一份报告中表示。</p>
</div><p>“Ongoing tensions continue to support higher prices, stoke inflation concerns, and reinforce expectations that policymakers may delay easing, or even tighten, monetary policy.”</p>
<div class="lb-trans"><p>“持续的紧张局势继续支撑高价格，激发通胀担忧，并强化政策制定者可能推迟宽松，甚至收紧货币政策的预期。”</p>
</div><p><strong>Base metals rise</strong></p>
<div class="lb-trans"><p><strong>基本金属上涨</strong></p>
</div><p>Base metal prices opened higher, continuing Tuesday’s rebound as geopolitical tensions in the Middle East stabilised instead of escalating.</p>
<div class="lb-trans"><p>基本金属价格开盘走高，延续了周二的反弹，因中东的地缘政治紧张局势趋于稳定而非升级。</p>
</div><p>Copper, specifically, found support for a move back to the low $12,000s amid improved risk appetite.</p>
<div class="lb-trans"><p>具体而言，铜价在改善的风险偏好下找到了回升至 12000 美元低位的支撑。</p>
</div><p>However, given the ongoing conflict, the market remains highly susceptible to volatility and news headlines.</p>
<div class="lb-trans"><p>然而，鉴于持续的冲突，市场仍然高度易受波动和新闻头条的影响。</p>
</div><p>The tightening supply of copper scrap in China is subtly boosting micro-level demand for refined copper.</p>
<div class="lb-trans"><p>中国铜废料的供应紧缩正在微妙地提升对精炼铜的微观需求。</p>
</div><p>With scrap sometimes trading at a premium to refined metal, fabricators are shifting their purchases back to the refined market.</p>
<div class="lb-trans"><p>由于废料有时以高于精炼金属的价格交易，制造商正在将采购转回精炼市场。</p>
</div><p>This shift has led to the year's largest weekly inventory draw, and further stock reductions are anticipated as smelters enter seasonal maintenance.</p>
<div class="lb-trans"><p>这一转变导致今年最大的周库存减少，预计随着冶炼厂进入季节性维护，进一步的库存减少将会发生。</p>
</div><p>Meanwhile, aluminium is the outlier this morning as the only base metal on the board in negative territory.</p>
<div class="lb-trans"><p>与此同时，铝价今天早上是唯一在负区间的基本金属。</p>
</div><p>However, prices were largely unchanged at the time of writing.</p>
<div class="lb-trans"><p>然而，截至撰写时，价格基本保持不变。</p>
</div><p>Goldman Sachs anticipates that aluminium prices will hover around $3,200 in the second quarter and average $3,100 for 2026.</p>
<div class="lb-trans"><p>高盛预计铝价将在第二季度徘徊在 3200 美元左右，并在 2026 年平均为 3100 美元。</p>
</div><p>This forecast factors in potential supply disruptions, such as those near the Strait of Hormuz, as well as recent price surges.</p>
<div class="lb-trans"><p>这一预测考虑了霍尔木兹海峡附近等潜在供应中断，以及近期价格飙升。</p>
</div><p>However, the bank projected that war-related supply losses will be largely compensated by a dip in global demand.</p>
<div class="lb-trans"><p>然而，该银行预计与战争相关的供应损失将主要被全球需求的下降所抵消。</p>
</div><p>Further upward price movement is expected to be limited due to substantial speculative holdings and continued production growth in China.</p>
<div class="lb-trans"><p>由于大量投机持仓和中国持续的生产增长，进一步的价格上涨预计将受到限制。</p>
</div><p>The three-month copper contract on the London Metal Exchange was at $12,342.70 per ton, up 2.3%, while aluminium was nearly flat at $3,246.90 a ton.</p>
<div class="lb-trans"><p>伦敦金属交易所的三个月铜合约报每吨 12342.70 美元，上涨 2.3%；铝价几乎持平，报每吨 3246.90 美元。</p>
</div>

Commodity wrap: gold jumps, oil plunges on US-Iran peace talks hope

Invezz

Gold.com

3 倍做多黄金矿业 ETN - MicroSectors

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黄金和贵金属矿商 ETF - U.S. Global

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全球黄金矿业股 MSCI ETF - iShares

商品综述：因美伊和平谈判的希望，黄金价格上涨，石油价格暴跌