<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/gold-bars-cash-transaction.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-wp-media.lon1.digitaloceanspaces.com/2026/02/gold-bars-cash-transaction.png"/></p>
<p>週四，COMEX 黃金價格下跌近 1%，觸及一個多月來的低點，此前美國聯邦儲備委員會抑制了市場對即將召開的會議上降息的希望。</p>
<p>儘管聯邦儲備委員會在週三的貨幣政策會議上維持利率不變，但黃金市場仍在努力建立穩定的地位。</p>
<p>美聯儲持續預測到 2026 年利率將降低是影響這一情緒的關鍵因素。</p>
<p>美聯儲如預期維持利率不變，保持在 3.50% 至 3.75% 的區間內。</p>
<p>儘管如此，中央銀行修訂的經濟預測顯示今年可能會降息，預計到年底利率將降至 3.4%。</p>
<h2>美聯儲政策抑制降息希望</h2>
<p>能源價格的大幅上漲加劇了通脹擔憂，這限制了貴金屬的上漲。</p>
<p>由於中東局勢的再次升級，油價上漲。</p>
<p>因此，市場越來越多地考慮到能源供應和運輸路線中斷的風險。</p>
<p>“雖然地緣政治緊張局勢通常會支持避險需求，但更高能源成本的通脹影響正在壓制黃金，” ING 集團商品策略師 Ewa Manthey 在一份報告中表示。</p>
<p>“這推動了實際收益率的上升，並限制了上漲空間，” 她補充道。</p>
<p>然而，儘管通脹持續，美聯儲的利率預測與 12 月的預測保持不變。</p>
<p>在一些經濟學家看來，這比預期的稍微鴿派，因為市場原本預期會有更鷹派的立場。</p>
<p>儘管沒有提供具體的前瞻性指引，美聯儲對經濟健康表示樂觀。</p>
<p>“可用指標表明，經濟活動正在以穩健的速度擴張，” 中央銀行在其貨幣政策聲明中表示。</p>
<p>“中東局勢的發展對美國經濟的影響尚不確定。委員會關注其雙重任務兩方面的風險。”</p>
<h2>通脹逆風限制黃金上漲空間</h2>
<p>美聯儲更為細緻的立場並未在黃金市場引起顯著反應。</p>
<p>截至撰寫時，COMEX 上的黃金價格為每盎司 4,839.76 美元，下跌 1.2%，而白銀價格為每盎司 75.120 美元，比前一交易日下跌 3.2%。</p>
<p>中央銀行更新的經濟預測表明，委員會對增長的樂觀態度以及其認為更高的通脹將僅產生有限影響。</p>
<p>“美聯儲選擇暫時忽視衝突的迷霧。一個雙重任務的美聯儲在供應衝擊期間不會輕易改變利率，” 哈里斯金融集團的管理合夥人 Jamie Cox 在一份報告中表示。</p>
<p>一些黃金投資者對近期的拋售感到沮喪，特別是考慮到儘管中東局勢日益不穩定，貴金屬仍未獲得持久的避險地位，Kitco.com 引用 Saxo Bank 商品策略主管 Ole Hansen 的話説。</p>
<p>“戰爭對能源市場的影響在中央銀行已經對放鬆政策保持謹慎的時刻提升了通脹預期，” Hansen 説。</p>
<p>“油價和精煉產品價格的飆升，特別是柴油，降低了近期降息的可能性，並在某些情況下將市場定價推向 ‘長期高位’ 的利率展望。這支持了實際收益率，這是對黃金等無收益資產的主要逆風，” 他説。</p>
<p>Hansen 預測黃金和白銀將繼續面臨困境，特別是白銀的下行風險進一步加大。</p>
<p>“除了跟隨黃金下跌外，白銀由於其工業用途對增長預期更為敏感，銅價也大幅下跌，” Hansen 説。</p>
<p>文章《黃金、白銀觸及一個月低點，鷹派美聯儲：下行趨勢會加深嗎？》首發於 Invezz。</p>

GOLD

阿尼科伊格爾礦業

<p>COMEX 黃金價格下跌近 1%，創下一個月來的新低，此前美國聯邦儲備委員會抑制了降息的希望。儘管將利率維持在 3.50%-3.75% 不變，但美聯儲的預測顯示到年底可能降至 3.4%。由於能源價格上漲引發的通脹擔憂，限制了黃金的上漲空間。分析師預測黃金和白銀將繼續面臨困難，尤其是白銀對經濟增長預期特別敏感。在地緣政治緊張局勢下，美聯儲的謹慎態度加劇了貴金屬市場的不確定性</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/gold-bars-cash-transaction.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/gold-bars-cash-transaction.png"/></p>
<p>Gold prices on COMEX fell nearly 1% on Thursday to hit a more than one-month low after the US Federal Reserve dampened hopes for an interest-rate cut at the upcoming meetings.</p>
<div class="lb-trans"><p>週四，COMEX 黃金價格下跌近 1%，觸及一個多月來的低點，此前美國聯邦儲備委員會抑制了市場對即將召開的會議上降息的希望。</p>
</div><p>Despite the Federal Reserve holding interest rates steady at its monetary policy meeting on Wednesday, the gold market is still struggling to establish a stable position.</p>
<div class="lb-trans"><p>儘管聯邦儲備委員會在週三的貨幣政策會議上維持利率不變，但黃金市場仍在努力建立穩定的地位。</p>
</div><p>The Fed's continued projection for lower rates through 2026 is a key factor influencing this sentiment.</p>
<div class="lb-trans"><p>美聯儲持續預測到 2026 年利率將降低是影響這一情緒的關鍵因素。</p>
</div><p>The Federal Reserve held interest rates steady, as anticipated, keeping the range at 3.50% to 3.75%.</p>
<div class="lb-trans"><p>美聯儲如預期維持利率不變，保持在 3.50% 至 3.75% 的區間內。</p>
</div><p>Despite this, the central bank's revised economic projections indicate a potential interest rate cut this year, with rates projected to decrease to 3.4% by year-end.</p>
<div class="lb-trans"><p>儘管如此，中央銀行修訂的經濟預測顯示今年可能會降息，預計到年底利率將降至 3.4%。</p>
</div><h2>Fed policy dampens rate cut hopes</h2>
<div class="lb-trans"><h2>美聯儲政策抑制降息希望</h2>
</div><p>A significant surge in energy prices has fueled inflation worries, which has kept a lid on precious metals’ surge.</p>
<div class="lb-trans"><p>能源價格的大幅上漲加劇了通脹擔憂，這限制了貴金屬的上漲。</p>
</div><p>Oil prices rallied due to a renewed escalation in the Middle East.</p>
<div class="lb-trans"><p>由於中東局勢的再次升級，油價上漲。</p>
</div><p>Consequently, markets are increasingly factoring in the risk of disruptions to both energy supplies and shipping routes.</p>
<div class="lb-trans"><p>因此，市場越來越多地考慮到能源供應和運輸路線中斷的風險。</p>
</div><p>“While geopolitical tensions typically support safe‑haven demand, the inflationary impact of higher energy costs is weighing on gold,” Ewa Manthey, commodities strategist at ING Group, said in a note.</p>
<div class="lb-trans"><p>“雖然地緣政治緊張局勢通常會支持避險需求，但更高能源成本的通脹影響正在壓制黃金，” ING 集團商品策略師 Ewa Manthey 在一份報告中表示。</p>
</div><p>“It’s pushing real yields higher and capping the upside,” she added.</p>
<div class="lb-trans"><p>“這推動了實際收益率的上升，並限制了上漲空間，” 她補充道。</p>
</div><p>However, despite persistent inflation, the Federal Reserve's interest rate projections remained the same as the December forecast.</p>
<div class="lb-trans"><p>然而，儘管通脹持續，美聯儲的利率預測與 12 月的預測保持不變。</p>
</div><p>This, in the view of some economists, was a slightly more dovish stance than anticipated, as markets had been expecting a more hawkish position.</p>
<div class="lb-trans"><p>在一些經濟學家看來，這比預期的稍微鴿派，因為市場原本預期會有更鷹派的立場。</p>
</div><p>While offering little specific forward guidance, the Fed expressed optimism regarding the economy's health.</p>
<div class="lb-trans"><p>儘管沒有提供具體的前瞻性指引，美聯儲對經濟健康表示樂觀。</p>
</div><p>“Available indicators suggest that economic activity has been expanding at a solid pace,” the central bank said in its monetary policy statement.</p>
<div class="lb-trans"><p>“可用指標表明，經濟活動正在以穩健的速度擴張，” 中央銀行在其貨幣政策聲明中表示。</p>
</div><p>“The implications of developments in the Middle East for the US economy are uncertain. The Committee is attentive to the risks to both sides of its dual mandate.”</p>
<div class="lb-trans"><p>“中東局勢的發展對美國經濟的影響尚不確定。委員會關注其雙重任務兩方面的風險。”</p>
</div><h2>Inflationary headwinds cap gold's upside</h2>
<div class="lb-trans"><h2>通脹逆風限制黃金上漲空間</h2>
</div><p>The Federal Reserve's more nuanced position is not causing a significant reaction in the gold market.</p>
<div class="lb-trans"><p>美聯儲更為細緻的立場並未在黃金市場引起顯著反應。</p>
</div><p>At the time of writing, the price of gold on COMEX was at $4,839.76 per ounce, down 1.2%, while silver was at $75.120 per ounce, down 3.2% from the previous close.</p>
<div class="lb-trans"><p>截至撰寫時，COMEX 上的黃金價格為每盎司 4,839.76 美元，下跌 1.2%，而白銀價格為每盎司 75.120 美元，比前一交易日下跌 3.2%。</p>
</div><p>The central bank's updated economic projections indicate the committee's optimism regarding growth and its view that higher inflation will have only a limited impact.</p>
<div class="lb-trans"><p>中央銀行更新的經濟預測表明，委員會對增長的樂觀態度以及其認為更高的通脹將僅產生有限影響。</p>
</div><p>“The Fed is choosing to look through the fog of conflict, for now. A dual mandate Federal Reserve is not going to rock the interest rate boat during a supply shock,” said Jamie Cox, Managing Partner for Harris Financial Group, in a note.</p>
<div class="lb-trans"><p>“美聯儲選擇暫時忽視衝突的迷霧。一個雙重任務的美聯儲在供應衝擊期間不會輕易改變利率，” 哈里斯金融集團的管理合夥人 Jamie Cox 在一份報告中表示。</p>
</div><p>Some gold investors are frustrated by the recent selloff, particularly since the precious metal hasn't secured a lasting safe-haven status, despite the escalating instability in the Middle East, Kitco.com quoted Ole Hansen, head of commodity strategy at Saxo Bank, in a report.</p>
<div class="lb-trans"><p>一些黃金投資者對近期的拋售感到沮喪，特別是考慮到儘管中東局勢日益不穩定，貴金屬仍未獲得持久的避險地位，Kitco.com 引用 Saxo Bank 商品策略主管 Ole Hansen 的話説。</p>
</div><p>“The war’s impact on energy markets has lifted inflation expectations at a time when central banks were already cautious about easing,” Hansen said.</p>
<div class="lb-trans"><p>“戰爭對能源市場的影響在中央銀行已經對放鬆政策保持謹慎的時刻提升了通脹預期，” Hansen 説。</p>
</div><p>“The surge in oil and refined product prices—particularly diesel—has reduced the likelihood of near-term rate cuts and, in some cases, pushed market pricing toward a ‘higher-for-longer’ rate outlook. This has supported real yields, a key headwind for non-yielding assets such as gold,” he said.</p>
<div class="lb-trans"><p>“油價和精煉產品價格的飆升，特別是柴油，降低了近期降息的可能性，並在某些情況下將市場定價推向 ‘長期高位’ 的利率展望。這支持了實際收益率，這是對黃金等無收益資產的主要逆風，” 他説。</p>
</div><p>Hansen predicts continued struggles for both gold and silver, seeing further downside risk for silver in particular.</p>
<div class="lb-trans"><p>Hansen 預測黃金和白銀將繼續面臨困境，特別是白銀的下行風險進一步加大。</p>
</div><p>“In addition to following gold lower, it is more sensitive to growth expectations due to its industrial use, with copper trading sharply lower as well,” Hansen said.</p>
<div class="lb-trans"><p>“除了跟隨黃金下跌外，白銀由於其工業用途對增長預期更為敏感，銅價也大幅下跌，” Hansen 説。</p>
</div><p>The post Gold, silver hit one-month lows on hawkish Fed: will downtrend deepen? appeared first on Invezz</p>
<div class="lb-trans"><p>文章《黃金、白銀觸及一個月低點，鷹派美聯儲：下行趨勢會加深嗎？》首發於 Invezz。</p>
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Gold, silver hit one-month lows on hawkish Fed: will downtrend deepen?

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由於美聯儲的鷹派立場，黃金和白銀跌至一個月低點：這種下跌趨勢會加劇嗎？