<p>[新加坡] 在週一（2 月 2 日）經歷了高達 10% 的劇烈回調後，新加坡交易所（SGX）上的典當商和其他黃金相關股票受到拖累。此次回落發生在一個波動的週末，現貨黃金價格跌破每盎司 5000 美元，創下十年來最糟糕的反轉。CMC Markets 亞太及中東負責人 Christopher Forbes 將這一走勢形容為 “在非凡表現後的經典空氣口袋”。</p>
<p>他表示，獲利了結、美元走強以及華盛頓的新地緣政治頭條 “衝擊了擁擠交易的泡沫”。</p>
<p>上週五拋售的觸發因素是關於美國聯邦儲備委員會主席提名人 Kevin Warsh 的頭條新聞。Saxo Markets 首席投資策略師 Charu Chanana 在週一的一份報告中表示，Warsh 對美聯儲領導層的潛在影響與美元走強相吻合，這可能在短期內加大對金屬的壓力。Klay Group 的聯合首席投資官 Uday Vikram 指出，市場已經定價了一個更受政治壓力和鴿派的美聯儲的敍事，強化了對美元貶值和對硬資產作為法定貨幣替代品的強勁需求的主題。“這次拋售是一次直面現實的檢驗，” Uday 説。他指出，投資者現在正在重新評估市場是否即將轉向更嚴格的貨幣政策——一個優先考慮信譽、紀律和獨立性的美聯儲領導層，超出了市場的假設。</p>
<p>Chanana 補充説，美聯儲即將進行領導層過渡的頭條新聞與 CME 集團提高保證金要求的消息相疊加，這一舉措迫使槓桿投資者迅速平倉。</p>
<p>價格下跌進一步加速，原因是有報道稱中國暫停了對多個與商品相關的基金的交易——尤其是白銀。這增加了不確定性，並迫使一些持有者進行拋售，她指出。</p>
<h2>本地股票失去動力</h2>
<p>黃金生產商中色金礦在拋售中受到的打擊最大，截至週一下午 2:28 下跌 12.6%。儘管受到打擊，該股票年同比仍上漲超過 337%。</p>
<p>與現貨價格直接相關的黃金零售商和典當商的庫存價值也有所回落。</p>
<p>截至下午 2:28，ValueMax 下跌 10.3%，但年初至今仍保持超過 11% 的漲幅。過去一年上漲約 130%。</p>
<p>與此同時，金融和奢侈品零售商 MoneyMax Financial Services 下跌 2.8%，儘管其股價仍接近一年前的兩倍。該典當商在週一的交易所公告中表示，預計 2025 年下半年和全年淨利潤將顯著改善，與 2024 年同期相比。</p>
<p>這主要得益於兩個關鍵領域：公司的典當業務受益於更高的利息收入，以及其黃金和奢侈品零售部門受益於高企的黃金價格和銷售量激增，MoneyMax 表示。</p>
<p>在 1 月份，MoneyMax 獲得了 SGX 的原則性批准，允許其從 Catalist 轉至主板。這一轉變反映了集團的快速擴張，並使公司在更大的同行中更好地釋放股東價值。</p>
<p>Aspial Lifestyle，擁有 Lee Hwa 和 Goldheart 珠寶連鎖店以及典當商 Maxi-Cash，截至下午 2:28 下跌 5.4%。自年初以來，該公司股價已上漲超過 23%。</p>
<p>與此同時，整體市場表現謹慎，截至下午 2:28，SPDR 黃金股票交易所交易基金下跌 11.9%，而過去一年上漲 48.5%。</p>
<h2>前方波動</h2>
<p>在短期內，CMC Markets 的 Forbes 認為，黃金更可能在一個高位平台內 “劇烈” 交易，而不是崩潰，關鍵區間為每盎司 4800 至 5000 美元。</p>
<p>他補充説，從長遠來看，推動此次反彈的力量——負實際利率、寬鬆的財政政策和地緣政治風險——仍然支持結構性更高的價格。然而，他指出，黃金的走勢將更加波動。</p>
<p>同樣，Klay Group 的 Uday 表示：“在短期內，由於獲利了結、槓桿和弱勢投資者被迫退出，我們可能會看到持續的下行壓力……</p>
<p>“但從長遠來看，推動黃金和部分商品的結構性因素仍然存在，為長期投資者提供了重新參與的明確機會。”</p>

銀豐當

中色金礦

方圓集團

<p>在新加坡交易所上市的黃金相關股票在 2 月 2 日黃金價格下跌 10% 後大幅下跌，創下十年來的最低點。主要參與者如中色金礦和方圓集團均出現顯著下滑，其中中色金礦下跌了 12.6%。此次拋售是由於地緣政治新聞和美元走強所引發，導致投資者獲利了結和保證金要求增加。儘管出現下滑，一些公司如銀豐當預計由於利息收入和銷售量的增加，利潤將有所改善。分析師預測黃金價格將繼續波動，並可能在長期內形成更高價值的結構性支撐</p>

<p>[SINGAPORE] After a sharp correction that saw gold shed as much as 10 per cent on Monday (Feb 2), shares of pawnbrokers and other gold players on the Singapore Exchange (SGX) were dragged lower. The retreat follows a volatile weekend where spot gold dipped below the US$5,000 an ounce mark and logged its decade-worst reversal. Christopher Forbes, head of Asia and the Middle East at CMC Markets, described the move as a “classic air-pocket after an extraordinary run”.</p>
<div class="lb-trans"><p>[新加坡] 在週一（2 月 2 日）經歷了高達 10% 的劇烈回調後，新加坡交易所（SGX）上的典當商和其他黃金相關股票受到拖累。此次回落發生在一個波動的週末，現貨黃金價格跌破每盎司 5000 美元，創下十年來最糟糕的反轉。CMC Markets 亞太及中東負責人 Christopher Forbes 將這一走勢形容為 “在非凡表現後的經典空氣口袋”。</p>
</div><p>He remarked that profit-taking, a firmer US dollar and fresh geopolitical headlines from Washington have “knocked froth off a crowded trade”.</p>
<div class="lb-trans"><p>他表示，獲利了結、美元走強以及華盛頓的新地緣政治頭條 “衝擊了擁擠交易的泡沫”。</p>
</div><p>The trigger for last Friday’s sell-off was the headlines surrounding US Federal Reserve chair nominee Kevin Warsh. Warsh’s potential impact on the Fed’s leadership coincided with a firmer US dollar which can amplify pressure on metals in the short run, said Charu Chanana, chief investment strategist at Saxo Markets, in a note on Monday. Uday Vikram, co-chief investment officer at Klay Group, remarked that markets had priced in a narrative of a more politically pressured and dovish Fed, reinforcing themes of dollar debasement and strong demand for hard assets as alternatives to fiat. “This sell-off is a gut check,” said Uday. He noted that investors are now reassessing whether the market is on the cusp of a turn towards harder money –a Fed leadership that prioritises credibility, discipline and independence more than markets had assumed.</p>
<div class="lb-trans"><p>上週五拋售的觸發因素是關於美國聯邦儲備委員會主席提名人 Kevin Warsh 的頭條新聞。Saxo Markets 首席投資策略師 Charu Chanana 在週一的一份報告中表示，Warsh 對美聯儲領導層的潛在影響與美元走強相吻合，這可能在短期內加大對金屬的壓力。Klay Group 的聯合首席投資官 Uday Vikram 指出，市場已經定價了一個更受政治壓力和鴿派的美聯儲的敍事，強化了對美元貶值和對硬資產作為法定貨幣替代品的強勁需求的主題。“這次拋售是一次直面現實的檢驗，” Uday 説。他指出，投資者現在正在重新評估市場是否即將轉向更嚴格的貨幣政策——一個優先考慮信譽、紀律和獨立性的美聯儲領導層，超出了市場的假設。</p>
</div><p>Chanana added that headlines over the Fed’s looming leadership transition were compounded by CME Group raising margin requirements, a move that forced leveraged investors to liquidate positions rapidly.</p>
<div class="lb-trans"><p>Chanana 補充説，美聯儲即將進行領導層過渡的頭條新聞與 CME 集團提高保證金要求的消息相疊加，這一舉措迫使槓桿投資者迅速平倉。</p>
</div><p>The price decline was further accelerated by reports that China halted trading in several commodity-linked funds – notably silver. This increased uncertainty and forced selling dynamics for some holders, she noted.</p>
<div class="lb-trans"><p>價格下跌進一步加速，原因是有報道稱中國暫停了對多個與商品相關的基金的交易——尤其是白銀。這增加了不確定性，並迫使一些持有者進行拋售，她指出。</p>
</div><h2>Local counters lose steam</h2>
<div class="lb-trans"><h2>本地股票失去動力</h2>
</div><p>Gold producer CNMC Goldmine bore the greatest hit from the sell-off, declining 12.6 per cent as at 2.28 pm on Monday. Despite the hit, the counter remained up more than 337 per cent year on year.</p>
<div class="lb-trans"><p>黃金生產商中色金礦在拋售中受到的打擊最大，截至週一下午 2:28 下跌 12.6%。儘管受到打擊，該股票年同比仍上漲超過 337%。</p>
</div><p>Bullion retailers and pawnbrokers whose inventory values are directly tied to spot prices also retreated.</p>
<div class="lb-trans"><p>與現貨價格直接相關的黃金零售商和典當商的庫存價值也有所回落。</p>
</div><p>ValueMax dropped 10.3 per cent as at 2.28 pm, while maintaining gains of more than 11 per cent year to date. It climbed around 130 per cent in the past year.</p>
<div class="lb-trans"><p>截至下午 2:28，ValueMax 下跌 10.3%，但年初至今仍保持超過 11% 的漲幅。過去一年上漲約 130%。</p>
</div><p>Meanwhile, financial and luxury retailer MoneyMax Financial Services was down 2.8 per cent, though its shares remain at nearly double its value from a year earlier. The pawnbroker said in a bourse filing on Monday that it anticipates a “significant improvement” in net profit for both the second half and full year of 2025 compared with the same periods in 2024.</p>
<div class="lb-trans"><p>與此同時，金融和奢侈品零售商 MoneyMax Financial Services 下跌 2.8%，儘管其股價仍接近一年前的兩倍。該典當商在週一的交易所公告中表示，預計 2025 年下半年和全年淨利潤將顯著改善，與 2024 年同期相比。</p>
</div><p>This is primarily driven by two key areas: the company’s pawnbroking division, which benefited from higher interest income, and its gold and luxury retail segment, which got a boost from elevated bullion prices and a surge in sales volume, said MoneyMax.</p>
<div class="lb-trans"><p>這主要得益於兩個關鍵領域：公司的典當業務受益於更高的利息收入，以及其黃金和奢侈品零售部門受益於高企的黃金價格和銷售量激增，MoneyMax 表示。</p>
</div><p>In January, MoneyMax received in-principle approval from SGX to move from the Catalist to the mainboard. This transition reflects the group’s rapid expansion and positions the company among larger peers to better unlock shareholder value.</p>
<div class="lb-trans"><p>在 1 月份，MoneyMax 獲得了 SGX 的原則性批准，允許其從 Catalist 轉至主板。這一轉變反映了集團的快速擴張，並使公司在更大的同行中更好地釋放股東價值。</p>
</div><p>Aspial Lifestyle , owner of jewellery chains Lee Hwa and Goldheart and pawnbroker Maxi-Cash, shed 5.4 per cent as at 2.28 pm. It has advanced more than 23 per cent year since the start of the year.</p>
<div class="lb-trans"><p>Aspial Lifestyle，擁有 Lee Hwa 和 Goldheart 珠寶連鎖店以及典當商 Maxi-Cash，截至下午 2:28 下跌 5.4%。自年初以來，該公司股價已上漲超過 23%。</p>
</div><p>Meanwhile, the broader market reflected caution as the SPDR Gold Shares exchange-traded fund retreated 11.9 per cent as at 2.28 pm, having risen 48.5 per cent over the past year.</p>
<div class="lb-trans"><p>與此同時，整體市場表現謹慎，截至下午 2:28，SPDR 黃金股票交易所交易基金下跌 11.9%，而過去一年上漲 48.5%。</p>
</div><h2>Volatility ahead</h2>
<div class="lb-trans"><h2>前方波動</h2>
</div><p>In the near term, CMC Markets’ Forbes believes that gold is more likely to trade “violently” within a high plateau than collapse, with a key range of US$4,800 to US$5,000 an ounce.</p>
<div class="lb-trans"><p>在短期內，CMC Markets 的 Forbes 認為，黃金更可能在一個高位平台內 “劇烈” 交易，而不是崩潰，關鍵區間為每盎司 4800 至 5000 美元。</p>
</div><p>He added that in the longer term, the forces behind this rally – negative real rates, loose fiscal policy and geopolitical risk – still support structurally higher prices. However, he noted that gold’s path will be choppier.</p>
<div class="lb-trans"><p>他補充説，從長遠來看，推動此次反彈的力量——負實際利率、寬鬆的財政政策和地緣政治風險——仍然支持結構性更高的價格。然而，他指出，黃金的走勢將更加波動。</p>
</div><p>Similarly, Klay Group’s Uday said: “In the near term, we could see continued downward pressure as positions unwind due to profit-taking, leverage and weaker hands being forced out…</p>
<div class="lb-trans"><p>同樣，Klay Group 的 Uday 表示：“在短期內，由於獲利了結、槓桿和弱勢投資者被迫退出，我們可能會看到持續的下行壓力……</p>
</div><p>“But over the longer term, the structural drivers behind gold and select commodities remain intact, offering long-term investors a clear opportunity to re-engage.”</p>
<div class="lb-trans"><p>“但從長遠來看，推動黃金和部分商品的結構性因素仍然存在，為長期投資者提供了重新參與的明確機會。”</p>
</div>

在新加坡交易所上市的與黃金掛鈎的股票因黃金十年來最嚴重的下跌而失去動力