<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/09/Commodities-illustration.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/2025/09/Commodities-illustration.png"/></p>
<p>由於持續的地緣政治緊張局勢，避險需求急劇增加，黃金和白銀價格在週一創下新高。</p>
<p>週一，COMEX 上的黃金價格首次突破每盎司 4600 美元，而白銀在當天早些時候達到了每盎司 85.720 美元的歷史新高。</p>
<p>與此同時，油價在大部分時間內上漲，但由於對額外供應的擔憂而回落，最終以下跌收盤。</p>
<p>此外，銅價在美元走弱的支持下持續上漲，推動了週一基礎金屬價格的上升。</p>
<h2>貴金屬創下新高</h2>
<p>黃金的上漲持續了第三個交易日，短暫突破每盎司 4600 美元，創造了歷史新高。</p>
<p>這種持續的上漲是由於強勁的避險需求，投資者對複雜的地緣政治形勢作出反應，包括美國在委內瑞拉的介入、伊朗的緊張局勢加劇、持續的俄烏衝突、中日之間的摩擦，以及關於格林蘭的重新討論。</p>
<p>美聯儲與特朗普政府之間日益緊張的關係導致華爾街期貨下跌，美元出現三週來的最大跌幅。</p>
<p>美聯儲主席傑羅姆·鮑威爾將針對他去年夏天在國會作證而面臨的起訴威脅稱為 “藉口”。</p>
<p>他暗示真正的動機是讓特朗普政府對利率施加更大影響，而美國總統正推動大幅降低利率。</p>
<p>鮑威爾對此舉表示批評，稱其與美國總統特朗普更廣泛的控制美聯儲的努力有關。</p>
<p>“不過，週五的就業數據可能會抑制上漲勢頭，這降低了市場對 2026 年美聯儲激進降息的預期，” Trade Nation 的高級市場分析師大衞·莫里森表示。</p>
<blockquote>
<p>隨着美國通脹數據將在明天和週三公佈，一些交易者似乎對從當前水平追逐黃金價格持謹慎態度。</p>
</blockquote>
<p>白銀繼續表現強勁，今天早些時候突破每盎司 84.60 美元的新歷史高點，漲幅超過 5%，隨後略有回落。值得注意的是，白銀的上漲幅度明顯強於黃金。</p>
<h2>油價下滑</h2>
<p>油價在本週初表現堅挺，但隨着價格從四周高點回落，初期漲幅被抹去。</p>
<p>前月西德克薩斯中質原油價格在上週後半段強勁反彈後，回落至 59 美元以下。</p>
<p>週一，油價因兩個主要因素出現下跌：伊朗宣佈在近年來最大規模的反政府抗議後已恢復完全控制，緩解了對該歐佩克成員國供應的擔憂，以及投資者評估重啓委內瑞拉石油出口的持續努力。</p>
<p>外交部長阿巴斯·阿拉基週一表示，經過週末的大規模示威，伊朗的局勢 “完全控制”。</p>
<p>一個權利組織週日報告稱，伊朗的社會動盪導致超過 500 人死亡。</p>
<p>這一局勢促使美國總統特朗普發出警告，如果對伊朗抗議活動的鎮壓變得暴力，可能會進行軍事幹預。</p>
<p>與此同時，在尼古拉斯·馬杜羅總統被罷免後，預計委內瑞拉將很快重啓石油出口。</p>
<p>上週，特朗普宣佈，加拉加斯政府準備將多達 5000 萬桶之前被制裁的石油轉移到美國。</p>
<p>根據四個熟悉該操作的消息來源，這一發展引發了石油公司之間的競爭。</p>
<p>他們的直接目標是確保油輪並建立安全運輸原油的程序，從委內瑞拉的船隻和老化港口出發。</p>
<p>“交易者還在關注俄羅斯的動態，烏克蘭對能源基礎設施的持續攻擊和潛在的新美國製裁增加了複雜性，” Trade Nation 的莫里森表示。</p>
<p>截至發稿時，WTI 原油價格為每桶 58.84 美元，下跌 0.2%，而布倫特原油價格為每桶 63.11 美元，下跌 0.4%。</p>
<h2>基礎金屬</h2>
<p>基礎金屬在早盤出現上漲，主要受到美元走弱和銅價持續上漲的推動。</p>
<p>此外，美國 12 月份的非農就業數據令人失望，低於預期，並對之前的數據進行了下調。</p>
<p>此外，美聯儲官員的聲明抑制了短期內降息的預期。</p>
<p>另外，傑羅姆·鮑威爾透露，美聯儲收到了大陪審團的傳票，威脅對他在中央銀行總部裝修方面的證詞提出刑事指控。</p>
<p>與此同時，上個月，泛太平洋銅業（PPC）向其日本國內客户提出了 2026 年創紀錄的銅溢價 330 美元/噸。</p>
<p>該公司是日本最大的精煉銅供應商。</p>
<p>“這個現貨交付價格是 2025 年 88 美元水平的三倍多，並且是在三個月 LME 銅價之上反映市場供需基本面，” FCA 監管的經紀公司 Britannia Global Markets 的金屬負責人尼爾·韋爾什表示。</p>
<p>截至發稿時，三個月期銅合約價格為每噸 13012 美元，上漲 0.2%，而鋁合約價格保持在每噸 3148 美元。</p>
<p>商品綜述：地緣政治緊張局勢推動貴金屬上漲；油價下滑，首發於 Invezz。</p>

<p>黃金和白銀價格因地緣政治緊張局勢下的避險需求激增而創下歷史新高，黃金價格超過每盎司 4600 美元，白銀價格達到 85.720 美元。油價最初上漲，但由於對供應的擔憂，尤其是在伊朗和委內瑞拉的局勢發展後，油價回落。基本金屬，特別是銅，因美元走弱而上漲。市場分析師指出，即將公佈的美國通脹數據可能會抑制黃金的上漲勢頭，而油價交易者則密切關注地緣政治動態和美國對俄羅斯可能實施的制裁</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/09/Commodities-illustration.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/09/Commodities-illustration.png"/></p>
<p>Gold and silver prices hit fresh record highs on Monday as safe-haven demand increased sharply due to ongoing geopolitical tensions.</p>
<div class="lb-trans"><p>由於持續的地緣政治緊張局勢，避險需求急劇增加，黃金和白銀價格在週一創下新高。</p>
</div><p>Gold prices on COMEX breached the $4,600-per-ounce mark for the first time ever on Monday, while silver hit a record $85.720 per ounce earlier in the day.</p>
<div class="lb-trans"><p>週一，COMEX 上的黃金價格首次突破每盎司 4600 美元，而白銀在當天早些時候達到了每盎司 85.720 美元的歷史新高。</p>
</div><p>Meanwhile, oil prices rose for most of the day before giving up those gains to trade in the red on concerns over additional supply.</p>
<div class="lb-trans"><p>與此同時，油價在大部分時間內上漲，但由於對額外供應的擔憂而回落，最終以下跌收盤。</p>
</div><p>Additionally, copper’s ongoing rally, supported by a weaker dollar, is contributing to a rise in base metal prices on Monday.</p>
<div class="lb-trans"><p>此外，銅價在美元走弱的支持下持續上漲，推動了週一基礎金屬價格的上升。</p>
</div><h2>Bullion hits record highs</h2>
<div class="lb-trans"><h2>貴金屬創下新高</h2>
</div><p>Gold’s rally continued for a third consecutive session, briefly surpassing the $4,600 an ounce mark, a historic first.</p>
<div class="lb-trans"><p>黃金的上漲持續了第三個交易日，短暫突破每盎司 4600 美元，創造了歷史新高。</p>
</div><p>This sustained ascent is driven by robust safe-haven demand, with investors responding to a complex geopolitical landscape including US involvement in Venezuela, heightened tensions in Iran, the ongoing Russia-Ukraine conflict, friction between China and Japan, and renewed discourse concerning Greenland.</p>
<div class="lb-trans"><p>這種持續的上漲是由於強勁的避險需求，投資者對複雜的地緣政治形勢作出反應，包括美國在委內瑞拉的介入、伊朗的緊張局勢加劇、持續的俄烏衝突、中日之間的摩擦，以及關於格林蘭的重新討論。</p>
</div><p>Growing tensions between the Federal Reserve and the Trump administration led to a drop in Wall Street futures and the dollar’s largest three-week decline.</p>
<div class="lb-trans"><p>美聯儲與特朗普政府之間日益緊張的關係導致華爾街期貨下跌，美元出現三週來的最大跌幅。</p>
</div><p>Fed Chairman Jerome Powell characterised the threat of indictment against him, stemming from Congressional testimony he gave last summer, as a “pretext.”</p>
<div class="lb-trans"><p>美聯儲主席傑羅姆·鮑威爾將針對他去年夏天在國會作證而面臨的起訴威脅稱為 “藉口”。</p>
</div><p>He suggested the true motivation was to allow the Trump administration to exert greater influence over interest rates, which the US President is pushing to have drastically reduced.</p>
<div class="lb-trans"><p>他暗示真正的動機是讓特朗普政府對利率施加更大影響，而美國總統正推動大幅降低利率。</p>
</div><p>The action was criticised by Powell, who described it as being related to US President Donald Trump’s broader effort to increase control over the Fed.</p>
<div class="lb-trans"><p>鮑威爾對此舉表示批評，稱其與美國總統特朗普更廣泛的控制美聯儲的努力有關。</p>
</div><p>“Still, upside momentum may be tempered by Friday’s jobs data, which reduced expectations for aggressive Fed easing in 2026,” David Morrison, senior market analyst at Trade Nation, said.</p>
<div class="lb-trans"><p>“不過，週五的就業數據可能會抑制上漲勢頭，這降低了市場對 2026 年美聯儲激進降息的預期，” Trade Nation 的高級市場分析師大衞·莫里森表示。</p>
</div><blockquote>
<p>With US inflation data due tomorrow and Wednesday, some traders appear hesitant to chase gold prices higher from current levels.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>隨着美國通脹數據將在明天和週三公佈，一些交易者似乎對從當前水平追逐黃金價格持謹慎態度。</p>
</blockquote>
</div><p>Silver continues its strong performance, hitting a new all-time high above $84.60 per ounce earlier this morning with a gain of over 5%, before slightly easing. Notably, silver’s rally remains significantly stronger than that of gold.</p>
<div class="lb-trans"><p>白銀繼續表現強勁，今天早些時候突破每盎司 84.60 美元的新歷史高點，漲幅超過 5%，隨後略有回落。值得注意的是，白銀的上漲幅度明顯強於黃金。</p>
</div><h2>Oil slips</h2>
<div class="lb-trans"><h2>油價下滑</h2>
</div><p>Oil prices began the week on a firmer footing, but the initial gains were lost as they subsequently pulled back from a four-week high.</p>
<div class="lb-trans"><p>油價在本週初表現堅挺，但隨着價格從四周高點回落，初期漲幅被抹去。</p>
</div><p>Front-month West Texas Intermediate crude slipped back below $59 following a strong rally in the latter half of last week.</p>
<div class="lb-trans"><p>前月西德克薩斯中質原油價格在上週後半段強勁反彈後，回落至 59 美元以下。</p>
</div><p>Oil prices saw a decline on Monday due to two main factors: Iran’s announcement that it had regained complete control following the largest anti-government protests in years, which eased anxieties about supply from the OPEC member, and investors assessing ongoing efforts to restart oil exports from Venezuela.</p>
<div class="lb-trans"><p>週一，油價因兩個主要因素出現下跌：伊朗宣佈在近年來最大規模的反政府抗議後已恢復完全控制，緩解了對該歐佩克成員國供應的擔憂，以及投資者評估重啓委內瑞拉石油出口的持續努力。</p>
</div><p>Foreign Minister Abbas Araqchi stated on Monday that following widespread weekend demonstrations, the situation in Iran is “under total control.”</p>
<div class="lb-trans"><p>外交部長阿巴斯·阿拉基週一表示，經過週末的大規模示威，伊朗的局勢 “完全控制”。</p>
</div><p>A rights group reported on Sunday that the civil unrest in Iran has resulted in over 500 deaths.</p>
<div class="lb-trans"><p>一個權利組織週日報告稱，伊朗的社會動盪導致超過 500 人死亡。</p>
</div><p>This situation prompted US President Donald Trump to issue a warning of potential military intervention should the crackdown on the Iranian protests turn violent.</p>
<div class="lb-trans"><p>這一局勢促使美國總統特朗普發出警告，如果對伊朗抗議活動的鎮壓變得暴力，可能會進行軍事幹預。</p>
</div><p>Meanwhile, following the removal of President Nicolas Maduro, Venezuela is anticipated to soon restart oil exports.</p>
<div class="lb-trans"><p>與此同時，在尼古拉斯·馬杜羅總統被罷免後，預計委內瑞拉將很快重啓石油出口。</p>
</div><p>Last week, Trump announced that the government in Caracas is prepared to transfer up to 50 million barrels of previously sanctioned oil to the US.</p>
<div class="lb-trans"><p>上週，特朗普宣佈，加拉加斯政府準備將多達 5000 萬桶之前被制裁的石油轉移到美國。</p>
</div><p>According to four sources familiar with the operations, this development has sparked a competition among oil companies.</p>
<div class="lb-trans"><p>根據四個熟悉該操作的消息來源，這一發展引發了石油公司之間的競爭。</p>
</div><p>Their immediate goals are to secure tankers and establish procedures for the safe shipment of crude oil from vessels and the ageing ports of Venezuela.</p>
<div class="lb-trans"><p>他們的直接目標是確保油輪並建立安全運輸原油的程序，從委內瑞拉的船隻和老化港口出發。</p>
</div><p>“Traders are also watching developments in Russia, where ongoing Ukrainian attacks on energy infrastructure and potential new US sanctions add another layer of complexity,” said Trade Nation’s Morrison.</p>
<div class="lb-trans"><p>“交易者還在關注俄羅斯的動態，烏克蘭對能源基礎設施的持續攻擊和潛在的新美國製裁增加了複雜性，” Trade Nation 的莫里森表示。</p>
</div><p>At the time of writing, the price of WTI crude was at $58.84 per barrel, down 0.2%, while Brent was at $63.11 a barrel, down 0.4%.</p>
<div class="lb-trans"><p>截至發稿時，WTI 原油價格為每桶 58.84 美元，下跌 0.2%，而布倫特原油價格為每桶 63.11 美元，下跌 0.4%。</p>
</div><h2>Base metals</h2>
<div class="lb-trans"><h2>基礎金屬</h2>
</div><p>Base metals are experiencing a morning rally, primarily driven by a weaker dollar and the continued surge in copper prices.</p>
<div class="lb-trans"><p>基礎金屬在早盤出現上漲，主要受到美元走弱和銅價持續上漲的推動。</p>
</div><p>Adding to market developments, US non-farm payrolls data for December disappointed, falling below expectations and including a downward revision of previous figures.</p>
<div class="lb-trans"><p>此外，美國 12 月份的非農就業數據令人失望，低於預期，並對之前的數據進行了下調。</p>
</div><p>Furthermore, statements from US Fed officials have dampened short-term anticipation for interest rate cuts.</p>
<div class="lb-trans"><p>此外，美聯儲官員的聲明抑制了短期內降息的預期。</p>
</div><p>Separately, Jerome Powell disclosed that the Fed was served grand jury subpoenas, which threatened criminal charges concerning his testimony on renovations at the central bank’s headquarters.</p>
<div class="lb-trans"><p>另外，傑羅姆·鮑威爾透露，美聯儲收到了大陪審團的傳票，威脅對他在中央銀行總部裝修方面的證詞提出刑事指控。</p>
</div><p>Meanwhile, last month, Pan Pacific Copper (PPC) proposed a record-high copper premium of $330/mt to its domestic Japanese customers for 2026.</p>
<div class="lb-trans"><p>與此同時，上個月，泛太平洋銅業（PPC）向其日本國內客户提出了 2026 年創紀錄的銅溢價 330 美元/噸。</p>
</div><p>The company is Japan’s largest refined copper supplier.</p>
<div class="lb-trans"><p>該公司是日本最大的精煉銅供應商。</p>
</div><p>“This spot delivery price is more than three times the 2025 level of $88, and is a premium on top of the three-month LME copper price, reflecting market supply and demand fundamentals,” Neil Welsh, head of metals at FCA-regulated brokerage Britannia Global Markets.</p>
<div class="lb-trans"><p>“這個現貨交付價格是 2025 年 88 美元水平的三倍多，並且是在三個月 LME 銅價之上反映市場供需基本面，” FCA 監管的經紀公司 Britannia Global Markets 的金屬負責人尼爾·韋爾什表示。</p>
</div><p>At the time of writing, the three-month copper contract was at $13,012 per ton, up 0.2%, while the aluminium contract was steady at $3,148 per ton.</p>
<div class="lb-trans"><p>截至發稿時，三個月期銅合約價格為每噸 13012 美元，上漲 0.2%，而鋁合約價格保持在每噸 3148 美元。</p>
</div><p>The post Commodity wrap: geopolitical tensions boost bullion; oil prices slump appeared first on Invezz</p>
<div class="lb-trans"><p>商品綜述：地緣政治緊張局勢推動貴金屬上漲；油價下滑，首發於 Invezz。</p>
</div>

商品綜述：地緣政治緊張局勢推動金價上漲，而油價則出現下跌