<p>隨着新年的交易開始，黃金和白銀上漲，延續了自 1979 年以來最佳的年度表現。</p>
<p>黃金上漲至每盎司 4375 美元，而白銀上漲超過 2%。</p>
<p>儘管交易員指出，隨着美國進一步降息和美元走弱，金屬在今年可能表現良好，但近期擔憂廣泛指數的再平衡可能會對價格施加壓力。</p>
<p>鑑於金屬價格已經上漲，被動跟蹤基金可能會出售一些合約以匹配確認的新權重。</p>
<p>“我們預計在接下來的兩週內，Comex 白銀市場將有多達 13% 的總未平倉合約被出售，導致價格大幅下調，” TD 證券高級商品策略師 Daniel Ghali 在一份報告中寫道。</p>
<p>Ghali 表示，假期後的流動性降低可能會放大價格波動。</p>
<p>儘管去年貴金屬經歷了猛烈的上漲，但上個月底由於一些投資者獲利了結，交易指標顯示超買狀態，市場波動顯著。</p>
<p>去年黃金創下了一系列記錄，得益於中央銀行的購買、美國聯邦儲備政策的放鬆以及美元走弱。</p>
<p>由於地緣政治緊張局勢和美國主導的貿易摩擦，避險資產的需求也得到了支持。</p>
<p>去年白銀的漲幅甚至超過黃金，創下記錄並突破了直到最近對大多數市場觀察者而言似乎不可思議的水平。</p>
<p>除了推動黃金的因素外，白銀還受益於對美國政府最終可能對精煉金屬徵收進口關税的持續擔憂。</p>
<p>在主要銀行中，支持今年黃金進一步上漲的聲音較強，尤其是在預計美聯儲將進一步降息以及美國總統唐納德·特朗普重塑中央銀行領導層的背景下。</p>
<p>高盛集團上個月表示，其基本預期是黃金將上漲至每盎司 4900 美元，且存在上行風險。</p>
<p>在新加坡，黃金在中午 12:01 上漲 1.3%，至每盎司 4375.15 美元。彭博美元現貨指數下跌 0.1%。</p>
<p>白銀上漲 2.5%，至每盎司 73.4459 美元。鈀金和鉑金也大幅上漲。</p>

高盛

<p>黃金和白銀價格在新年初上漲，延續了 2022 年的強勁表現。黃金價格達到每盎司 4,375 美元，而白銀上漲超過 2%。分析師預測，由於指數再平衡，可能會出現價格壓力，預計將有大量白銀合約被出售。儘管存在擔憂，但由於預期美國利率將下調以及地緣政治緊張局勢，市場對進一步價格上漲持樂觀態度。高盛預測，今年黃金價格可能上漲至每盎司 4,900 美元</p>

<p>Gold and silver advanced as trading began in the new year, building on their best annual performances since 1979.</p>
<div class="lb-trans"><p>隨着新年的交易開始，黃金和白銀上漲，延續了自 1979 年以來最佳的年度表現。</p>
</div><p>Bullion rose to US$4,375 an ounce, while silver gained more than 2 percent.</p>
<div class="lb-trans"><p>黃金上漲至每盎司 4375 美元，而白銀上漲超過 2%。</p>
</div><p>While traders have flagged that the metals could do well this year on further US interest rate cuts and US dollar weakness, there is near-term concern that broad index rebalancing could pressure prices.</p>
<div class="lb-trans"><p>儘管交易員指出，隨着美國進一步降息和美元走弱，金屬在今年可能表現良好，但近期擔憂廣泛指數的再平衡可能會對價格施加壓力。</p>
</div><p>Given that the metals have rallied, passive tracking funds could sell some contracts to match new weightings as they are confirmed.</p>
<div class="lb-trans"><p>鑑於金屬價格已經上漲，被動跟蹤基金可能會出售一些合約以匹配確認的新權重。</p>
</div><p>“We expect a massive 13 percent of aggregate open interest in Comex silver markets will be sold over the coming two weeks, to result in a dramatic repricing lower,” TD Securities senior commodity strategist Daniel Ghali wrote in a note.</p>
<div class="lb-trans"><p>“我們預計在接下來的兩週內，Comex 白銀市場將有多達 13% 的總未平倉合約被出售，導致價格大幅下調，” TD 證券高級商品策略師 Daniel Ghali 在一份報告中寫道。</p>
</div><p>Lower post-holiday liquidity could amplify price moves, Ghali said.</p>
<div class="lb-trans"><p>Ghali 表示，假期後的流動性降低可能會放大價格波動。</p>
</div><p>Precious metals posted a ferocious run higher last year, although there was significant volatility late last month as some investors booked profits and trading metrics pointed to overbought conditions.</p>
<div class="lb-trans"><p>儘管去年貴金屬經歷了猛烈的上漲，但上個月底由於一些投資者獲利了結，交易指標顯示超買狀態，市場波動顯著。</p>
</div><p>Gold notched a series of records last year, aided by central bank buying, easing US Federal Reserve policy and a weaker US dollar.</p>
<div class="lb-trans"><p>去年黃金創下了一系列記錄，得益於中央銀行的購買、美國聯邦儲備政策的放鬆以及美元走弱。</p>
</div><p>Demand for haven assets driven by geopolitical tensions and US-led trade frictions was also supportive.</p>
<div class="lb-trans"><p>由於地緣政治緊張局勢和美國主導的貿易摩擦，避險資產的需求也得到了支持。</p>
</div><p>Silver rallied even harder than gold last year, hitting records and blowing through levels that until recently had seemed unthinkable to all but the most enthusiastic of market watchers.</p>
<div class="lb-trans"><p>去年白銀的漲幅甚至超過黃金，創下記錄並突破了直到最近對大多數市場觀察者而言似乎不可思議的水平。</p>
</div><p>In addition to the factors that aided gold, silver has also been a beneficiary of sustained concerns that the US administration could eventually impose import tariffs on the refined metal.</p>
<div class="lb-trans"><p>除了推動黃金的因素外，白銀還受益於對美國政府最終可能對精煉金屬徵收進口關税的持續擔憂。</p>
</div><p>Among leading banks, there is support for further rises in gold this year, especially with the Fed expected to deliver additional rate reductions and US President Donald Trump reshaping the central bank’s leadership.</p>
<div class="lb-trans"><p>在主要銀行中，支持今年黃金進一步上漲的聲音較強，尤其是在預計美聯儲將進一步降息以及美國總統唐納德·特朗普重塑中央銀行領導層的背景下。</p>
</div><p>Goldman Sachs Group Inc last month said that its base case was for a rally to US$4,900 an ounce, with risks to the upside.</p>
<div class="lb-trans"><p>高盛集團上個月表示，其基本預期是黃金將上漲至每盎司 4900 美元，且存在上行風險。</p>
</div><p>Gold gained 1.3 percent to US$4,375.15 an ounce at 12:01pm in Singapore. The Bloomberg Dollar Spot Index was 0.1 percent lower.</p>
<div class="lb-trans"><p>在新加坡，黃金在中午 12:01 上漲 1.3%，至每盎司 4375.15 美元。彭博美元現貨指數下跌 0.1%。</p>
</div><p>Silver advanced 2.5 percent to US$73.4459. Palladium and platinum also surged.</p>
<div class="lb-trans"><p>白銀上漲 2.5%，至每盎司 73.4459 美元。鈀金和鉑金也大幅上漲。</p>
</div>

黃金和白銀在新年開局上漲