<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/11/AI-image-of-commodities.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.com/wp-content/uploads/2025/11/AI-image-of-commodities.png"/></p>
<p>週三黃金價格小幅下滑，但仍有望實現自 1979 年以來最大的年度漲幅。</p>
<p>儘管在 2025 年最後一個交易日白銀價格大幅回落，但其價格在 2025 年翻了一番以上。</p>
<p>與此同時，原油的情況則截然不同。油價正面臨自 2020 年以來最大的年度下跌。</p>
<p>在基本金屬中，銅價週三也有所回落，但有望實現自 2009 年以來最大的年度漲幅。2025 年的漲勢使該金屬創下了一系列歷史新高。</p>
<p>在撰寫本文時，倫敦金屬交易所的三個月銅合約價格為每噸 12,473.15 美元，下跌 1.3%。</p>
<h2>貴金屬在 2025 年的輝煌表現</h2>
<p>儘管週三有所下滑，貴金屬仍有望迎來一個非凡的漲幅年。</p>
<p>白銀和鉑金價格翻了一番，而黃金的歷史高位使其在四十多年中實現了最強勁的年度表現。</p>
<p>今年黃金價格出現了異常的飆升，約上漲了 65%——這是自 1979 年以來最陡峭的年度增幅。</p>
<p>這一顯著的漲勢主要歸因於幾個因素：美國利率的降低和預期的進一步貨幣寬鬆、地緣政治緊張局勢的上升、中央銀行的大量購買以及對交易所交易基金（ETFs）的強勁流入。</p>
<p>在 CME 決定提高貴金屬期貨的保證金後，價格從近期高點回落，交易者開始獲利了結。</p>
<p>“包括黃金在內的無利息貴金屬價格下滑，因為週二發佈的聯邦公開市場委員會（FOMC）12 月會議紀要顯示委員會內部存在嚴重分歧，” FXstreet 的編輯 Akhtar Faruqui 在一份報告中表示。</p>
<p>在今年進行三次降息後，一些聯邦儲備委員會（Fed）官員建議維持當前利率水平一段時間。</p>
<p>相反，其他政策制定者認為，如果通脹繼續下降，可能需要進一步降息。</p>
<p>與此同時，白銀年初至今的漲幅超過 145%，顯著超過黃金，並有望迎來迄今為止最成功的一年。</p>
<p>這一強勁的漲勢受到多個因素的推動，包括供應短缺、歷史低庫存、日益增長的工業和投資需求，以及其最近被美國列為關鍵礦物的分類。</p>
<p>在撰寫本文時，COMEX 的白銀合約價格為每盎司 71.487 美元，下跌 8.3%，而黃金價格為每盎司 4,324 美元，下跌 1.4%。</p>
<h2>油價面臨年度下跌</h2>
<p>在對供應中斷和過剩擔憂的背景下，油價在週三上漲，但預計在 2025 年將面臨超過 15% 的年度下跌。</p>
<p>這一下滑是由於地緣政治衝突、較高的關税、OPEC+ 的產量動態以及對包括俄羅斯、伊朗和委內瑞拉在內的主要生產國實施的制裁主導的一年。</p>
<p>布倫特原油期貨將面臨連續第三年的虧損——這是其有記錄以來最長的虧損週期——年百分比降幅接近 18%，是自 2020 年以來的最大跌幅。</p>
<p>同樣，美國西德克薩斯中質原油預計將面臨 19% 的年度下跌。</p>
<p>BNP Paribas 的商品分析師 Jason Ying 預測，布倫特原油在 2026 年第一季度將最初跌至每桶 55 美元。</p>
<p>然而，他預計會出現復甦，價格將在剩餘時間內穩定在每桶 60 美元。</p>
<p>這一預測基於供應增長將正常化而需求保持不變的預期。</p>
<p>“我們對短期內的看法比市場更悲觀的原因是，我們認為美國頁岩生產商能夠在高位進行對沖，” 他在路透社的報道中被引用。</p>
<blockquote>
<p>因此，頁岩生產商的供應將更加穩定，並且對價格波動不敏感。</p>
</blockquote>
<p>在撰寫本文時，西德克薩斯中質原油的價格為每桶 58.25 美元，上漲 0.5%，而布倫特原油也上漲 0.5%，為每桶 61.61 美元。</p>
<p>文章《黃金、白銀有望創下紀錄漲幅；油價面臨自 2020 年以來最大年度下跌》最初發表於 Invezz。</p>

銀禧科技

<p>黃金和白銀正朝着創紀錄的年度漲幅邁進，預計 2025 年黃金上漲約 65%，白銀上漲超過 145%。儘管最近有所回落，黃金仍有望實現自 1979 年以來的最佳表現，這主要受到美國降息和中央銀行購入的推動。相比之下，原油正面臨自 2020 年以來最大的年度下跌，布倫特原油價格下跌近 18%。分析師預測，2026 年油價將恢復，初期下跌後穩定在每桶約 60 美元</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/11/AI-image-of-commodities.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/11/AI-image-of-commodities.png"/></p>
<p>Gold prices slipped on Wednesday, but were on track for steepest annual gains since 1979.</p>
<div class="lb-trans"><p>週三黃金價格小幅下滑，但仍有望實現自 1979 年以來最大的年度漲幅。</p>
</div><p>Silver prices more than doubled in 2025 even as the white metal retreated sharply on the last trading of the year.</p>
<div class="lb-trans"><p>儘管在 2025 年最後一個交易日白銀價格大幅回落，但其價格在 2025 年翻了一番以上。</p>
</div><p>Meanwhile, the picture is quite different for crude oil. Oil prices were headed for its biggest annual decline since 2020.</p>
<div class="lb-trans"><p>與此同時，原油的情況則截然不同。油價正面臨自 2020 年以來最大的年度下跌。</p>
</div><p>Among base metals, copper prices also retreated on Wednesday, but were on course for its biggest annual gain since 2009. The rally in 2025 saw the metal hit a series of record highs.</p>
<div class="lb-trans"><p>在基本金屬中，銅價週三也有所回落，但有望實現自 2009 年以來最大的年度漲幅。2025 年的漲勢使該金屬創下了一系列歷史新高。</p>
</div><p>At the time of writing, the three-month copper contract on the London Metal Exchange was at $12,473.15 per ton, down 1.3%.</p>
<div class="lb-trans"><p>在撰寫本文時，倫敦金屬交易所的三個月銅合約價格為每噸 12,473.15 美元，下跌 1.3%。</p>
</div><h2>Precious metals’ stellar 2025</h2>
<div class="lb-trans"><h2>貴金屬在 2025 年的輝煌表現</h2>
</div><p>Despite a Wednesday slip, precious metals are set for a phenomenal year of gains.</p>
<div class="lb-trans"><p>儘管週三有所下滑，貴金屬仍有望迎來一個非凡的漲幅年。</p>
</div><p>Silver and platinum prices have more than doubled, and gold’s record-high run has secured its strongest annual performance in over four decades.</p>
<div class="lb-trans"><p>白銀和鉑金價格翻了一番，而黃金的歷史高位使其在四十多年中實現了最強勁的年度表現。</p>
</div><p>Gold prices have seen an exceptional surge this year, climbing by approximately 65%—the sharpest annual increase since 1979.</p>
<div class="lb-trans"><p>今年黃金價格出現了異常的飆升，約上漲了 65%——這是自 1979 年以來最陡峭的年度增幅。</p>
</div><p>This significant rally is primarily attributed to several factors: US interest rate cuts and anticipated further monetary easing, rising geopolitical tensions, substantial purchases by central banks, and strong inflows into Exchange-Traded Funds (ETFs).</p>
<div class="lb-trans"><p>這一顯著的漲勢主要歸因於幾個因素：美國利率的降低和預期的進一步貨幣寬鬆、地緣政治緊張局勢的上升、中央銀行的大量購買以及對交易所交易基金（ETFs）的強勁流入。</p>
</div><p>Following CME’s decision to increase margins on precious metal futures, prices have decreased from their recent highs as traders engaged in profit-taking.</p>
<div class="lb-trans"><p>在 CME 決定提高貴金屬期貨的保證金後，價格從近期高點回落，交易者開始獲利了結。</p>
</div><p>“The non-interest-bearing precious metals, including gold lose ground as the Federal Open Market Committee (FOMC) December Meeting Minutes, released on Tuesday, indicated a deeply divided committee,” Akhtar Faruqui, editor at FXstreet, said in a report.</p>
<div class="lb-trans"><p>“包括黃金在內的無利息貴金屬價格下滑，因為週二發佈的聯邦公開市場委員會（FOMC）12 月會議紀要顯示委員會內部存在嚴重分歧，” FXstreet 的編輯 Akhtar Faruqui 在一份報告中表示。</p>
</div><p>After three rate reductions this year, some Federal Reserve (Fed) officials suggested maintaining the current rate level for a period.</p>
<div class="lb-trans"><p>在今年進行三次降息後，一些聯邦儲備委員會（Fed）官員建議維持當前利率水平一段時間。</p>
</div><p>Conversely, other policymakers believed that additional rate cuts would likely be warranted if inflation continued its downward trend.</p>
<div class="lb-trans"><p>相反，其他政策制定者認為，如果通脹繼續下降，可能需要進一步降息。</p>
</div><p>Meanwhile, with a staggering year-to-date gain of over 145%, silver has significantly outperformed gold and is on track for its most successful year to date.</p>
<div class="lb-trans"><p>與此同時，白銀年初至今的漲幅超過 145%，顯著超過黃金，並有望迎來迄今為止最成功的一年。</p>
</div><p>This robust rally is fueled by several factors, including supply shortages, historically low inventories, burgeoning industrial and investor demand, and its recent classification as a critical mineral in the US.</p>
<div class="lb-trans"><p>這一強勁的漲勢受到多個因素的推動，包括供應短缺、歷史低庫存、日益增長的工業和投資需求，以及其最近被美國列為關鍵礦物的分類。</p>
</div><p>At the time of writing, the silver contract on COMEX was at $71.487 per ounce, down 8.3%, while gold was at $4,324 per ounce, down 1.4%.</p>
<div class="lb-trans"><p>在撰寫本文時，COMEX 的白銀合約價格為每盎司 71.487 美元，下跌 8.3%，而黃金價格為每盎司 4,324 美元，下跌 1.4%。</p>
</div><h2>Oil set for annual drop</h2>
<div class="lb-trans"><h2>油價面臨年度下跌</h2>
</div><p>Against the backdrop of concerns over supply disruptions and oversupply fears, oil prices rose on Wednesday, but are on track for an annual decline of over 15% in 2025.</p>
<div class="lb-trans"><p>在對供應中斷和過剩擔憂的背景下，油價在週三上漲，但預計在 2025 年將面臨超過 15% 的年度下跌。</p>
</div><p>This slump was fueled by a year dominated by geopolitical conflicts, elevated tariffs, OPEC+ output dynamics, and sanctions imposed on major producers, including Russia, Iran, and Venezuela.</p>
<div class="lb-trans"><p>這一下滑是由於地緣政治衝突、較高的關税、OPEC+ 的產量動態以及對包括俄羅斯、伊朗和委內瑞拉在內的主要生產國實施的制裁主導的一年。</p>
</div><p>Brent crude futures are set for a third consecutive year of losses—their longest losing streak on record—with a substantial annual percentage decline of nearly 18%, the most significant drop since 2020.</p>
<div class="lb-trans"><p>布倫特原油期貨將面臨連續第三年的虧損——這是其有記錄以來最長的虧損週期——年百分比降幅接近 18%，是自 2020 年以來的最大跌幅。</p>
</div><p>Similarly, US West Texas Intermediate crude is on track for an annual decline of 19%.</p>
<div class="lb-trans"><p>同樣，美國西德克薩斯中質原油預計將面臨 19% 的年度下跌。</p>
</div><p>Jason Ying, a commodities analyst at BNP Paribas, forecasts that Brent crude will initially drop to $55 a barrel in the first quarter of 2026.</p>
<div class="lb-trans"><p>BNP Paribas 的商品分析師 Jason Ying 預測，布倫特原油在 2026 年第一季度將最初跌至每桶 55 美元。</p>
</div><p>However, he expects a recovery, with the price stabilising at $60 a barrel for the remainder of the year.</p>
<div class="lb-trans"><p>然而，他預計會出現復甦，價格將在剩餘時間內穩定在每桶 60 美元。</p>
</div><p>This prediction is based on the expectation that supply growth will normalise while demand remains unchanged.</p>
<div class="lb-trans"><p>這一預測基於供應增長將正常化而需求保持不變的預期。</p>
</div><p>“The reason why we’re more bearish than the market in the near term is that we think that US shale producers were able to hedge at high levels,” he was quoted in a Reuters report.</p>
<div class="lb-trans"><p>“我們對短期內的看法比市場更悲觀的原因是，我們認為美國頁岩生產商能夠在高位進行對沖，” 他在路透社的報道中被引用。</p>
</div><blockquote>
<p>So the supply from shale producers will be more consistent and insensitive to price movements.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>因此，頁岩生產商的供應將更加穩定，並且對價格波動不敏感。</p>
</blockquote>
</div><p>At the time of writing, the price of West Texas Intermediate crude oil was at $58.25 per barrel, up 0.5%, while Brent was also 0.5% at $61.61 a barrel.</p>
<div class="lb-trans"><p>在撰寫本文時，西德克薩斯中質原油的價格為每桶 58.25 美元，上漲 0.5%，而布倫特原油也上漲 0.5%，為每桶 61.61 美元。</p>
</div><p>The post Gold, silver set to register record gains; oil faces biggest annual drop since 2020 appeared first on Invezz</p>
<div class="lb-trans"><p>文章《黃金、白銀有望創下紀錄漲幅；油價面臨自 2020 年以來最大年度下跌》最初發表於 Invezz。</p>
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黃金和白銀預計將創下歷史性的漲幅；石油則面臨自 2020 年以來最大的年度跌幅