<p>銀價在創紀錄的速度上漲後，從最高點回落。另一方面，黃金作為市場的情感支撐資產，對那些已經鎖定利潤的投資者來説，也變得不那麼耀眼。</p>
<p>這並不是恐慌的跡象，而是一種暫停，交易者在此期間展示了他們在風險、地緣政治和美國利率變化方面的不同策略。</p>
<h2>銀價回落</h2>
<p><strong>銀價在觸及每盎司 80 美元的峯值後迅速下跌</strong>。現貨銀價 <strong>下跌了 5.4%</strong>，降至每盎司 74.90 美元，從 83.62 美元的日內高點回落。然而，這一下跌並沒有削弱銀價作為今年最強金屬之一的地位，迄今為止 <strong>上漲了 181%</strong>。</p>
<p>此次上漲是由於現有供應短缺、工業需求增加和投資者興趣上升的綜合因素，以及該金屬在美國被歸類為關鍵礦物。</p>
<p>此次回調被視為獲利了結，而不是市場情緒的變化。在如此快速的上漲之後，投資者似乎準備好鎖定利潤，尤其是在更大市場的風險顯示出放緩跡象時。</p>
<h2>黃金下滑</h2>
<p>黃金也失去了光澤，從接近歷史高點的位置滑落。現貨黃金價格下跌了 1.9%，降至每盎司 4,448.23 美元，此前在週五曾達到 <strong>4,549.71 美元的歷史高點</strong>。美國 2 月份交割的黃金期貨也 <strong>下跌</strong> 了類似幅度，降至 4,467.90 美元。</p>
<p>貴金屬的下跌主要與年末的獲利了結有關，分析師指出這也是價格下跌的原因。</p>
<p>ActivTrades 的 Evangelista 指出，價格達到歷史高點後，交易者的拋售至少部分導致了下跌。此外，地緣政治局勢變得稍微不那麼緊張，也減少了黃金作為安全投資的需求。</p>
<p><strong>Evangelista 表示，</strong></p>
<blockquote>
<p>“今天早上的（黃金）價格下跌，跟隨歷史高點，主要是由於交易者在年末前獲利了結。”</p>
</blockquote>
<h2>地緣政治緊張局勢緩解對貴金屬的影響</h2>
<p>市場對地緣政治風險降低的看法削弱了黃金價格。美國總統 <strong>唐納德·特朗普表示</strong>，他和烏克蘭總統弗拉基米爾·澤連斯基 “正在變得更加接近，可能非常接近” 達成結束烏克蘭戰爭的和平協議。</p>
<p>解決方案仍然遠未解決，但這種初步的樂觀情緒足以稍微降低黃金的防禦吸引力。</p>
<p>無論如何，貴金屬價格今年幾乎上漲了 <strong>72%</strong>，這得益於對美國貨幣政策放鬆、美元走弱、中央銀行強勁購買以及地緣政治緊張局勢遠未解決的預期。</p>
<h2>鉑金和鈀金價格下滑</h2>
<p>其他貴金屬也經歷了更大的損失。<strong>鉑金市場價格下跌了 6.5%</strong>，降至每盎司 2,291 美元，此前曾達到 2,478.50 美元的歷史高點。此外，鈀金市場價格 <strong>下跌了 13%</strong>，降至 1,674.25 美元。</p>
<p>更大的下跌表明這些市場流動性較薄，波動性較高，價格波動在獲利了結時往往更加誇張，交易者在此時出售以鎖定利潤。</p>
<h2>關注美聯儲</h2>
<p>目前所有的關注點都在美聯儲 12 月份的會議紀要上。它們 <strong>定於週二發佈</strong>，可能會提供有關利率前景的新指示。目前，交易者預計明年將有兩次降息，這種情景通常對黃金和白銀等無收益資產是有利的。</p>
<p>然而，<strong>瑞銀分析師警告</strong> 稱，黃金的交易溢價較高，如果美聯儲採取更激進的政策或大型 ETF 資金流出，可能會出現下行風險。政策預期的任何突然變化都可能迅速改變貴金屬市場的局面。</p>
<p><strong>瑞銀分析師表示，</strong></p>
<blockquote>
<p>“黃金價格的交易溢價較高，如果美聯儲採取鷹派轉變令市場感到意外，或大型 ETF 資金流出影響市場，可能會出現下行風險。”</p>
</blockquote>
<h2>總結</h2>
<p>在顯著的漲幅之後，獲利了結和地緣政治緊張局勢的緩和對市場施加了短期壓力，但主要驅動因素仍然不變，即貨幣政策預期、供應約束和長期需求。因此，目前貴金屬似乎更像是一個暫停的故事，而不是消失的故事。</p>

<p>黃金和白銀價格下跌，因為投資者在近期高位鎖定利潤。白銀價格下跌 5.4%，至每盎司 74.90 美元，儘管今年上漲了 181%；黃金價格下跌 1.9%，至每盎司 4,448.23 美元。這些下跌歸因於獲利了結和地緣政治緊張局勢的緩解，特別是關於烏克蘭衝突的情況。其他貴金屬如鉑金和鈀金也出現了顯著損失。市場目前關注美聯儲即將召開的會議，可能的降息將對黃金和白銀價格產生影響。總體而言，市場正面臨短期壓力，但長期需求依然強勁</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>銀價在創紀錄的速度上漲後，從最高點回落。另一方面，黃金作為市場的情感支撐資產，對那些已經鎖定利潤的投資者來説，也變得不那麼耀眼。</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>這並不是恐慌的跡象，而是一種暫停，交易者在此期間展示了他們在風險、地緣政治和美國利率變化方面的不同策略。</p>
</div><h2>Silver Steps Back</h2>
<div class="lb-trans"><h2>銀價回落</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>銀價在觸及每盎司 80 美元的峯值後迅速下跌</strong>。現貨銀價 <strong>下跌了 5.4%</strong>，降至每盎司 74.90 美元，從 83.62 美元的日內高點回落。然而，這一下跌並沒有削弱銀價作為今年最強金屬之一的地位，迄今為止 <strong>上漲了 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>此次上漲是由於現有供應短缺、工業需求增加和投資者興趣上升的綜合因素，以及該金屬在美國被歸類為關鍵礦物。</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>此次回調被視為獲利了結，而不是市場情緒的變化。在如此快速的上漲之後，投資者似乎準備好鎖定利潤，尤其是在更大市場的風險顯示出放緩跡象時。</p>
</div><h2>Gold Slips</h2>
<div class="lb-trans"><h2>黃金下滑</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>黃金也失去了光澤，從接近歷史高點的位置滑落。現貨黃金價格下跌了 1.9%，降至每盎司 4,448.23 美元，此前在週五曾達到 <strong>4,549.71 美元的歷史高點</strong>。美國 2 月份交割的黃金期貨也 <strong>下跌</strong> 了類似幅度，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>貴金屬的下跌主要與年末的獲利了結有關，分析師指出這也是價格下跌的原因。</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，價格達到歷史高點後，交易者的拋售至少部分導致了下跌。此外，地緣政治局勢變得稍微不那麼緊張，也減少了黃金作為安全投資的需求。</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（黃金）價格下跌，跟隨歷史高點，主要是由於交易者在年末前獲利了結。”</p>
</blockquote>
</div><h2>Easing Geopolitical Tensions Weigh on Bullion</h2>
<div class="lb-trans"><h2>地緣政治緊張局勢緩解對貴金屬的影響</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>市場對地緣政治風險降低的看法削弱了黃金價格。美國總統 <strong>唐納德·特朗普表示</strong>，他和烏克蘭總統弗拉基米爾·澤連斯基 “正在變得更加接近，可能非常接近” 達成結束烏克蘭戰爭的和平協議。</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>解決方案仍然遠未解決，但這種初步的樂觀情緒足以稍微降低黃金的防禦吸引力。</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>無論如何，貴金屬價格今年幾乎上漲了 <strong>72%</strong>，這得益於對美國貨幣政策放鬆、美元走弱、中央銀行強勁購買以及地緣政治緊張局勢遠未解決的預期。</p>
</div><h2>Platinum and Palladium Sees Decline</h2>
<div class="lb-trans"><h2>鉑金和鈀金價格下滑</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>其他貴金屬也經歷了更大的損失。<strong>鉑金市場價格下跌了 6.5%</strong>，降至每盎司 2,291 美元，此前曾達到 2,478.50 美元的歷史高點。此外，鈀金市場價格 <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>更大的下跌表明這些市場流動性較薄，波動性較高，價格波動在獲利了結時往往更加誇張，交易者在此時出售以鎖定利潤。</p>
</div><h2>Eyes on the Federal Reserve</h2>
<div class="lb-trans"><h2>關注美聯儲</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>目前所有的關注點都在美聯儲 12 月份的會議紀要上。它們 <strong>定於週二發佈</strong>，可能會提供有關利率前景的新指示。目前，交易者預計明年將有兩次降息，這種情景通常對黃金和白銀等無收益資產是有利的。</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>瑞銀分析師警告</strong> 稱，黃金的交易溢價較高，如果美聯儲採取更激進的政策或大型 ETF 資金流出，可能會出現下行風險。政策預期的任何突然變化都可能迅速改變貴金屬市場的局面。</p>
</div><p><strong>UBS analysts said</strong>,</p>
<div class="lb-trans"><p><strong>瑞銀分析師表示，</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>“黃金價格的交易溢價較高，如果美聯儲採取鷹派轉變令市場感到意外，或大型 ETF 資金流出影響市場，可能會出現下行風險。”</p>
</blockquote>
</div><h2>Bottom Line</h2>
<div class="lb-trans"><h2>總結</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>在顯著的漲幅之後，獲利了結和地緣政治緊張局勢的緩和對市場施加了短期壓力，但主要驅動因素仍然不變，即貨幣政策預期、供應約束和長期需求。因此，目前貴金屬似乎更像是一個暫停的故事，而不是消失的故事。</p>
</div>

黃金和白銀價格從高點回落，投資者紛紛鎖定收益