<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>黃金價格在美國聯邦儲備委員會週三晚些時候的利率決策前小幅下跌。</p>
<p>與此同時，銀價在強勁的工業需求和庫存下降的推動下，繼續創下超過每盎司 61 美元的歷史新高。</p>
<p>油價基本保持穩定，投資者在等待美國聯邦儲備委員會為期兩天的政策會議結果以及俄羅斯與烏克蘭和平談判的進展。</p>
<p>基本金屬價格也呈現上漲趨勢，市場預計美聯儲將降息，這對金屬需求有利。</p>
<p>銅價今晨表現強勁，交易價格穩固，市場預期美聯儲將在今天晚些時候發佈政策聲明。</p>
<p>在週二下跌後，金屬價格已恢復，當前價格接近 11639 美元，漲幅為 90 美元。</p>
<p>“對連續第三次降息 25 個基點的預期支撐了市場情緒，但真正的關注點將是美聯儲的前瞻性指引，” FCA 監管的多資產經紀公司 Britannia Global Markets 的金屬部門負責人 Neil Welsh 在一封電子郵件評論中表示。</p>
<blockquote>
<p>任何放緩寬鬆步伐的信號都可能對風險資產產生壓力，包括今年強勁反彈的工業金屬。</p>
</blockquote>
<h2>黃金下跌</h2>
<p>黃金價格下跌，投資者在等待美國聯邦儲備委員會的降息，並尋求有關中央銀行未來政策方向的信號。</p>
<p>預計將有 25 個基點的降息（市場概率為 88%），因為聯邦公開市場委員會（FOMC）結束為期兩天的政策會議。</p>
<p>降息公告定於格林威治標準時間 1900 發佈，隨後美聯儲主席傑羅姆·鮑威爾將在格林威治標準時間 1930 發表講話。</p>
<p>基準 10 年期美國國債收益率已升至三個月以來的最高點，這進一步對黃金施加了壓力。</p>
<p>‘25 個基點的降息似乎是板上釘釘的事。交易者可能會關注美聯儲對 2026 年貨幣寬鬆的展望，” Trade Nation 的高級市場分析師 David Morrison 表示。</p>
<blockquote>
<p>這意味着 FOMC 的季度經濟預測摘要，以及美聯儲主席鮑威爾隨後的新聞發佈會的語氣，將受到密切關注。</p>
</blockquote>
<p>截至撰寫時，COMEX 黃金合約價格為每盎司 4225.55 美元，比前一交易日下跌 0.3%。</p>
<h2>銀價創歷史新高</h2>
<p>銀價的創紀錄反彈似乎沒有盡頭，金屬首次在 COMEX 上突破每盎司 61 美元。</p>
<p>“買入興趣非常強烈，受到持續的供應緊張和強勁的 ETF 流入的支持。但日線 MACD 指標顯示，它再次進入嚴重超買區域，” Morrison 表示。</p>
<blockquote>
<p>沒有什麼能阻止銀價繼續超買。事實上，當銀價如現在一樣大幅上漲時，MACD 可能會變得極度超延伸。</p>
</blockquote>
<p>銀價今年的爆炸性上漲，價格翻倍並顯著超過黃金 60% 的大幅上漲，發出了一個警告：該金屬可能上漲過快，過多，Morrison 指出。</p>
<p>這種對比的動能——黃金的穩定性與銀的波動性——仍然是本週貴金屬市場的定義特徵。</p>
<p>此次反彈是由強勁的工業需求和投資增加推動的。</p>
<p>投資者尋求銀的敞口，交易所交易基金的顯著流入增強了動能，進一步加劇了投機性頭寸。</p>
<p>“該金屬作為工業原料和價值儲存的雙重角色使其特別具有吸引力，製造商爭相確保供應，而投資者越來越將其視為黃金的更便宜替代品，” Britannia Global Markets 的 Welsh 表示。</p>
<p>截至撰寫時，COMEX 三月銀合約價格為每盎司 61.725 美元，比前一交易日上漲 1.5%。</p>
<h2>油價穩定</h2>
<p>隨着投資者關注俄羅斯與烏克蘭和平談判的進展，並預期即將到來的美國利率決策，油價在週三保持穩定。</p>
<p>根據市場消息來源週二引用的 API 數據，上週美國原油庫存減少了 478 萬桶。</p>
<p>相比之下，汽油庫存大幅增加 700 萬桶，餾分油庫存增長 103 萬桶。官方政府數據預計將在格林威治標準時間 1530 發佈。</p>
<p>在預期勞動力市場降温的背景下，市場預計美聯儲將在週三將主要利率下調 25 個基點。</p>
<p>儘管較低的利率可能通過促進經濟增長來刺激油氣需求，但油價上漲受到供應可能超過需求的擔憂限制。</p>
<p>ING 分析師指出，油市正日益朝着預計的過剩發展，但俄羅斯的供應仍然構成風險。</p>
<p>“我們的基本情況仍然是，俄羅斯將找到方法繞過最新的美國製裁，” ING 集團商品戰略負責人 Warren Patterson 在一份報告中表示。</p>
<blockquote>
<p>自 2022 年以來，俄羅斯在制裁、禁運和無人機攻擊的情況下，已展示出保持石油流動的能力。</p>
</blockquote>
<p>與此同時，烏克蘭總統澤連斯基宣佈，他的國家及其歐洲盟友即將向美國提交 “精煉文件”，詳細説明與俄羅斯結束衝突的和平計劃。</p>
<p>解除對俄羅斯公司的國際制裁是烏克蘭與俄羅斯和平協議的潛在結果，這可能隨後導致限制的石油供應的釋放。</p>
<p>截至撰寫時，西德克薩斯中質原油價格為每桶 58.35 美元，上漲 0.2%；布倫特原油價格為每桶 62.02 美元，上漲 0.1%。</p>
<p>文章《商品綜述：銀價飆升至新高；黃金下跌，市場等待美聯儲利率決策》最初發表於 Invezz。</p>

<p>銀價因強勁的工業需求和庫存下降而創下每盎司超過 61 美元的歷史新高，而黃金價格在美國聯邦儲備委員會的利率決策前小幅下跌。由於俄羅斯與烏克蘭的和平談判以及預計的美聯儲降息，油價保持穩定。銅價上漲，市場預期美聯儲的政策公告。市場在等待美聯儲的前瞻指引，這將影響風險資產和工業金屬</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>黃金價格在美國聯邦儲備委員會週三晚些時候的利率決策前小幅下跌。</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>與此同時，銀價在強勁的工業需求和庫存下降的推動下，繼續創下超過每盎司 61 美元的歷史新高。</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>油價基本保持穩定，投資者在等待美國聯邦儲備委員會為期兩天的政策會議結果以及俄羅斯與烏克蘭和平談判的進展。</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>基本金屬價格也呈現上漲趨勢，市場預計美聯儲將降息，這對金屬需求有利。</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>銅價今晨表現強勁，交易價格穩固，市場預期美聯儲將在今天晚些時候發佈政策聲明。</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>在週二下跌後，金屬價格已恢復，當前價格接近 11639 美元，漲幅為 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>“對連續第三次降息 25 個基點的預期支撐了市場情緒，但真正的關注點將是美聯儲的前瞻性指引，” FCA 監管的多資產經紀公司 Britannia Global Markets 的金屬部門負責人 Neil Welsh 在一封電子郵件評論中表示。</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>任何放緩寬鬆步伐的信號都可能對風險資產產生壓力，包括今年強勁反彈的工業金屬。</p>
</blockquote>
</div><h2>Gold down</h2>
<div class="lb-trans"><h2>黃金下跌</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>黃金價格下跌，投資者在等待美國聯邦儲備委員會的降息，並尋求有關中央銀行未來政策方向的信號。</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>預計將有 25 個基點的降息（市場概率為 88%），因為聯邦公開市場委員會（FOMC）結束為期兩天的政策會議。</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>降息公告定於格林威治標準時間 1900 發佈，隨後美聯儲主席傑羅姆·鮑威爾將在格林威治標準時間 1930 發表講話。</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>基準 10 年期美國國債收益率已升至三個月以來的最高點，這進一步對黃金施加了壓力。</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 個基點的降息似乎是板上釘釘的事。交易者可能會關注美聯儲對 2026 年貨幣寬鬆的展望，” Trade Nation 的高級市場分析師 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>這意味着 FOMC 的季度經濟預測摘要，以及美聯儲主席鮑威爾隨後的新聞發佈會的語氣，將受到密切關注。</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>截至撰寫時，COMEX 黃金合約價格為每盎司 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>銀價創歷史新高</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>銀價的創紀錄反彈似乎沒有盡頭，金屬首次在 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>“買入興趣非常強烈，受到持續的供應緊張和強勁的 ETF 流入的支持。但日線 MACD 指標顯示，它再次進入嚴重超買區域，” 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>沒有什麼能阻止銀價繼續超買。事實上，當銀價如現在一樣大幅上漲時，MACD 可能會變得極度超延伸。</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>銀價今年的爆炸性上漲，價格翻倍並顯著超過黃金 60% 的大幅上漲，發出了一個警告：該金屬可能上漲過快，過多，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>這種對比的動能——黃金的穩定性與銀的波動性——仍然是本週貴金屬市場的定義特徵。</p>
</div><p>The rally has been driven by a strong combination of industrial demand and increased investment.</p>
<div class="lb-trans"><p>此次反彈是由強勁的工業需求和投資增加推動的。</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>投資者尋求銀的敞口，交易所交易基金的顯著流入增強了動能，進一步加劇了投機性頭寸。</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>“該金屬作為工業原料和價值儲存的雙重角色使其特別具有吸引力，製造商爭相確保供應，而投資者越來越將其視為黃金的更便宜替代品，” 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>截至撰寫時，COMEX 三月銀合約價格為每盎司 61.725 美元，比前一交易日上漲 1.5%。</p>
</div><h2>Oil steady</h2>
<div class="lb-trans"><h2>油價穩定</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>隨着投資者關注俄羅斯與烏克蘭和平談判的進展，並預期即將到來的美國利率決策，油價在週三保持穩定。</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>根據市場消息來源週二引用的 API 數據，上週美國原油庫存減少了 478 萬桶。</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，汽油庫存大幅增加 700 萬桶，餾分油庫存增長 103 萬桶。官方政府數據預計將在格林威治標準時間 1530 發佈。</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>在預期勞動力市場降温的背景下，市場預計美聯儲將在週三將主要利率下調 25 個基點。</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>儘管較低的利率可能通過促進經濟增長來刺激油氣需求，但油價上漲受到供應可能超過需求的擔憂限制。</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 分析師指出，油市正日益朝着預計的過剩發展，但俄羅斯的供應仍然構成風險。</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>“我們的基本情況仍然是，俄羅斯將找到方法繞過最新的美國製裁，” ING 集團商品戰略負責人 Warren Patterson 在一份報告中表示。</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 年以來，俄羅斯在制裁、禁運和無人機攻擊的情況下，已展示出保持石油流動的能力。</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>與此同時，烏克蘭總統澤連斯基宣佈，他的國家及其歐洲盟友即將向美國提交 “精煉文件”，詳細説明與俄羅斯結束衝突的和平計劃。</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>解除對俄羅斯公司的國際制裁是烏克蘭與俄羅斯和平協議的潛在結果，這可能隨後導致限制的石油供應的釋放。</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>截至撰寫時，西德克薩斯中質原油價格為每桶 58.35 美元，上漲 0.2%；布倫特原油價格為每桶 62.02 美元，上漲 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《商品綜述：銀價飆升至新高；黃金下跌，市場等待美聯儲利率決策》最初發表於 Invezz。</p>
</div>

商品綜述：白銀價格飆升至歷史新高；黃金價格下跌，市場正在等待美聯儲的利率決策