<p>週三，黃金價格上漲超過 4%，因能源價格下跌，緩解了對更高通脹的擔憂。</p>
<p>週三，銀價也上漲超過 5%，跟隨黃金的上漲。</p>
<p>與此同時，油價在當天一度暴跌超過 5%，因美伊和平協議的希望浮現。</p>
<p>另一方面，基本金屬因對美伊和平談判的樂觀情緒而上漲。</p>
<p>倫敦金屬交易所的鋁價保持穩定。</p>
<p><strong>黃金反彈</strong></p>
<p>週三，黃金價格上漲超過 4%，因通脹擔憂減輕和對加息預期降低，油價下跌後推動了這一走勢。</p>
<p>然而，中東衝突帶來的持續不確定性仍然是一個因素。</p>
<p>今天早上，黃金價格一度超過 4600 美元，隨後略微回落。</p>
<p>黃金價格的初步下跌歸因於近期美元的強勁表現。</p>
<p>在中東動盪的背景下，許多投資者驚訝地發現，美元而非黃金成為了首選的避險資產。</p>
<p>黃金的極端波動性——在 1 月底的急劇上漲後隨之而來的急劇下跌——削弱了其在不確定時期作為可靠資產的形象。</p>
<p>“本週初的拋售是否會為重新思考鋪平道路？好吧，價格波動仍然很大。但多頭可能會因美元的回落而受到鼓舞，黃金也成功回升至 4400 美元以上，” Trade Nation 的高級市場分析師 David Morrison 表示。</p>
<p>“另一方面，許多投資者不再期待美聯儲今年降息，有些人認為下一步可能是加息，” Morrison 説。</p>
<p>銀價已連續第三個交易日上漲，在週一跌至每盎司 61 美元的四個月低點後顯著反彈。</p>
<p>當天早些時候，銀價飆升至 74.50 美元以上，隨後回吐了一些漲幅。</p>
<p>截至撰寫時，銀價約為 73 美元，上漲近 5%，因持續的外交努力促進了對改善能源供應狀況的樂觀情緒。</p>
<p>“週一的拋售可能是銀價所需的洗盤；這一舉動驅逐了較弱的持有者。如果是這樣，那麼當前的反彈可能會持續，80 美元是下一個明顯的上漲目標，” Morrison 表示。</p>
<p><strong>油價因和平談判可能性下跌</strong></p>
<p>關於美國向伊朗提出的 15 點提案的報道引發了對停火進展的討論，週三油價下跌約 4%。</p>
<p>截至撰寫時，西德克薩斯中質原油價格為每桶 90.43 美元，下跌 2.1%；布倫特原油下跌 2.6%，報 101.92 美元每桶。</p>
<p>據報道，美國提案已通過巴基斯坦傳達給伊朗。</p>
<p>報告還補充説，巴基斯坦或土耳其被考慮作為旨在緩解衝突的談判地點。</p>
<p>一名伊朗軍事發言人聲稱，美國正在 “與自己談判”，而伊朗同時否認任何直接談判的發生。</p>
<p>儘管市場初步緩解，但不確定性依然存在。</p>
<p>德黑蘭通過向以色列發射另一輪導彈表現出持續的強硬立場，顯示出對談判的最低願望。</p>
<p>此外，伊朗重申了對外國船隻通過霍爾木茲海峽的條件：必須遵守德黑蘭的規定，並避免侵略行為。</p>
<p>美國石油協會的看跌庫存報告也給油市施加了壓力。</p>
<p>與預期的 19 萬桶小幅減少相反，上週美國原油庫存實際上增加了 230 萬桶。此外，汽油庫存增加了 50 萬桶，餾分油庫存增加了 140 萬桶。</p>
<p>“總體而言，波動性仍然較高，地緣政治風險溢價依然存在，” ING 集團商品策略主管 Warren Patterson 在一份報告中表示。</p>
<p>“持續的緊張局勢繼續支撐高價格，激發通脹擔憂，並強化政策制定者可能推遲寬鬆，甚至收緊貨幣政策的預期。”</p>
<p><strong>基本金屬上漲</strong></p>
<p>基本金屬價格開盤走高，延續了週二的反彈，因中東的地緣政治緊張局勢趨於穩定而非升級。</p>
<p>具體而言，銅價在改善的風險偏好下找到了回升至 12000 美元低位的支撐。</p>
<p>然而，鑑於持續的衝突，市場仍然高度易受波動和新聞頭條的影響。</p>
<p>中國銅廢料的供應緊縮正在微妙地提升對精煉銅的微觀需求。</p>
<p>由於廢料有時以高於精煉金屬的價格交易，製造商正在將採購轉回精煉市場。</p>
<p>這一轉變導致今年最大的周庫存減少，預計隨着冶煉廠進入季節性維護，進一步的庫存減少將會發生。</p>
<p>與此同時，鋁價今天早上是唯一在負區間的基本金屬。</p>
<p>然而，截至撰寫時，價格基本保持不變。</p>
<p>高盛預計鋁價將在第二季度徘徊在 3200 美元左右，並在 2026 年平均為 3100 美元。</p>
<p>這一預測考慮了霍爾木茲海峽附近等潛在供應中斷，以及近期價格飆升。</p>
<p>然而，該銀行預計與戰爭相關的供應損失將主要被全球需求的下降所抵消。</p>
<p>由於大量投機持倉和中國持續的生產增長，進一步的價格上漲預計將受到限制。</p>
<p>倫敦金屬交易所的三個月銅合約報每噸 12342.70 美元，上漲 2.3%；鋁價幾乎持平，報每噸 3246.90 美元。</p>

山東黃金

中金黃金

紐蒙特礦業

<p>黃金價格在週三上漲超過 4%，主要受到通脹擔憂緩解和油價下跌的推動，油價因對美伊和平協議的希望而下跌超過 5%。白銀也上漲超過 5%，而基本金屬因對談判的樂觀情緒而上漲。儘管市場反應積極，但由於持續的地緣政治緊張局勢，仍然存在不確定性。油價受到看跌庫存報告的壓力，顯示美國原油庫存意外增加。分析師指出，市場波動性依然存在，地緣政治風險繼續影響市場動態</p>

<p>Gold edged up more than 4% on Wednesday as energy prices dropped, easing concerns about higher inflation.</p>
<div class="lb-trans"><p>週三，黃金價格上漲超過 4%，因能源價格下跌，緩解了對更高通脹的擔憂。</p>
</div><p>Silver prices also climbed more than 5% on Wednesday, tracking gold’s rise.</p>
<div class="lb-trans"><p>週三，銀價也上漲超過 5%，跟隨黃金的上漲。</p>
</div><p>Meanwhile, oil prices plunged more than 5% at one point during the day as hopes for a peace deal between the US and Iran emerged.</p>
<div class="lb-trans"><p>與此同時，油價在當天一度暴跌超過 5%，因美伊和平協議的希望浮現。</p>
</div><p>Base metals, on the other hand, rose due to optimism over peace negotiations between the US and Iran.</p>
<div class="lb-trans"><p>另一方面，基本金屬因對美伊和平談判的樂觀情緒而上漲。</p>
</div><p>Aluminium prices were steady on the London Metal Exchange.</p>
<div class="lb-trans"><p>倫敦金屬交易所的鋁價保持穩定。</p>
</div><p><strong>Gold rebounds</strong></p>
<div class="lb-trans"><p><strong>黃金反彈</strong></p>
</div><p>Gold prices climbed by over 4% on Wednesday, driven by easing inflation concerns and reduced expectations of interest rate increases, following a drop in oil prices.</p>
<div class="lb-trans"><p>週三，黃金價格上漲超過 4%，因通脹擔憂減輕和對加息預期降低，油價下跌後推動了這一走勢。</p>
</div><p>The lingering uncertainty from the Middle East conflict, however, remained a factor.</p>
<div class="lb-trans"><p>然而，中東衝突帶來的持續不確定性仍然是一個因素。</p>
</div><p>Gold briefly surpassed $4,600 this morning before retreating slightly.</p>
<div class="lb-trans"><p>今天早上，黃金價格一度超過 4600 美元，隨後略微回落。</p>
</div><p>This initial decline in gold's price was attributed to the recent strength of the US dollar.</p>
<div class="lb-trans"><p>黃金價格的初步下跌歸因於近期美元的強勁表現。</p>
</div><p>Amid the turmoil in the Middle East, many investors were taken aback to see the US dollar, not gold, emerge as the preferred safe-haven asset.</p>
<div class="lb-trans"><p>在中東動盪的背景下，許多投資者驚訝地發現，美元而非黃金成為了首選的避險資產。</p>
</div><p>Gold's extreme volatility—a steep rise in late January followed by a sharp drop—had eroded its perception as a reliably solid asset during periods of uncertainty.</p>
<div class="lb-trans"><p>黃金的極端波動性——在 1 月底的急劇上漲後隨之而來的急劇下跌——削弱了其在不確定時期作為可靠資產的形象。</p>
</div><p>“Could this week’s early flush-out now set the stage for a rethink? Well, there’s still plenty of price volatility. But the bulls may be encouraged by the pullback in the dollar and as gold has managed to push back comfortably above $4,400,” said David Morrison, senior market analyst at Trade Nation.</p>
<div class="lb-trans"><p>“本週初的拋售是否會為重新思考鋪平道路？好吧，價格波動仍然很大。但多頭可能會因美元的回落而受到鼓舞，黃金也成功回升至 4400 美元以上，” Trade Nation 的高級市場分析師 David Morrison 表示。</p>
</div><p>“On the other hand, many investors are no longer expecting rate cuts this year from the Fed, and some think the next move could be a hike,” Morrison said.</p>
<div class="lb-trans"><p>“另一方面，許多投資者不再期待美聯儲今年降息，有些人認為下一步可能是加息，” Morrison 説。</p>
</div><p>Silver has extended its winning streak to a third straight session, making a significant rebound after dropping to a four-month low of $61 per ounce on Monday.</p>
<div class="lb-trans"><p>銀價已連續第三個交易日上漲，在週一跌至每盎司 61 美元的四個月低點後顯著反彈。</p>
</div><p>Early in the day, silver surged to trade above $74.50 before paring some gains.</p>
<div class="lb-trans"><p>當天早些時候，銀價飆升至 74.50 美元以上，隨後回吐了一些漲幅。</p>
</div><p>At the time of writing, silver was trading around $73, up nearly 5%, as ongoing diplomatic efforts to resolve the conflict fostered optimism about improved energy supply conditions.</p>
<div class="lb-trans"><p>截至撰寫時，銀價約為 73 美元，上漲近 5%，因持續的外交努力促進了對改善能源供應狀況的樂觀情緒。</p>
</div><p>“Monday’s selloff could prove to be the shake-out that silver needed; a move that drove out the weaker holders. If so, then it’s possible that the current rally has some legs, with $80 the next obvious upside target,” Morrison said.</p>
<div class="lb-trans"><p>“週一的拋售可能是銀價所需的洗盤；這一舉動驅逐了較弱的持有者。如果是這樣，那麼當前的反彈可能會持續，80 美元是下一個明顯的上漲目標，” Morrison 表示。</p>
</div><p><strong>Oil falls amid peace negotiation possibility</strong></p>
<div class="lb-trans"><p><strong>油價因和平談判可能性下跌</strong></p>
</div><p>Reports of a 15-point US proposal sent to Iran, reportedly aimed at ending the conflict, sparked discussions of progress toward a ceasefire, sending oil prices down by approximately 4% on Wednesday.</p>
<div class="lb-trans"><p>關於美國向伊朗提出的 15 點提案的報道引發了對停火進展的討論，週三油價下跌約 4%。</p>
</div><p>At the time of writing, the price of West Texas Intermediate crude oil was at $90.43 per barrel, down 2.1%, while Brent was down 2.6% at $101.92 per barrel.</p>
<div class="lb-trans"><p>截至撰寫時，西德克薩斯中質原油價格為每桶 90.43 美元，下跌 2.1%；布倫特原油下跌 2.6%，報 101.92 美元每桶。</p>
</div><p>According to reports, the US proposal had been conveyed to Iran via Pakistan.</p>
<div class="lb-trans"><p>據報道，美國提案已通過巴基斯坦傳達給伊朗。</p>
</div><p>Reports also added that either Pakistan or Turkey is being considered as a possible location for talks aimed at de-escalating the conflict.</p>
<div class="lb-trans"><p>報告還補充説，巴基斯坦或土耳其被考慮作為旨在緩解衝突的談判地點。</p>
</div><p>An Iranian military spokesman asserted that the US is &#34;negotiating with itself,&#34; while Iran simultaneously denied that any direct talks had occurred.</p>
<div class="lb-trans"><p>一名伊朗軍事發言人聲稱，美國正在 “與自己談判”，而伊朗同時否認任何直接談判的發生。</p>
</div><p>Uncertainty persisted despite the initial market relief.</p>
<div class="lb-trans"><p>儘管市場初步緩解，但不確定性依然存在。</p>
</div><p>Tehran demonstrated a continued hardline stance by launching another round of missiles at Israel and showing minimal desire for negotiation.</p>
<div class="lb-trans"><p>德黑蘭通過向以色列發射另一輪導彈表現出持續的強硬立場，顯示出對談判的最低願望。</p>
</div><p>Additionally, Iran reiterated its condition for the transit of foreign ships through the Strait of Hormuz: they must adhere to Tehran's regulations and refrain from acts of aggression.</p>
<div class="lb-trans"><p>此外，伊朗重申了對外國船隻通過霍爾木茲海峽的條件：必須遵守德黑蘭的規定，並避免侵略行為。</p>
</div><p>A bearish American Petroleum Institute inventory report also pressured the oil market.</p>
<div class="lb-trans"><p>美國石油協會的看跌庫存報告也給油市施加了壓力。</p>
</div><p>Contrary to expectations of a modest 190,000 barrel draw, US crude inventories actually increased by 2.3 million barrels last week. Furthermore, gasoline stocks rose by 0.5 million barrels, while distillate inventories rose by 1.4 million barrels.</p>
<div class="lb-trans"><p>與預期的 19 萬桶小幅減少相反，上週美國原油庫存實際上增加了 230 萬桶。此外，汽油庫存增加了 50 萬桶，餾分油庫存增加了 140 萬桶。</p>
</div><p>“Overall, volatility remains elevated and a geopolitical risk premium persists,” Warren Patterson, head of commodities strategy at ING Group, said in a note.</p>
<div class="lb-trans"><p>“總體而言，波動性仍然較高，地緣政治風險溢價依然存在，” ING 集團商品策略主管 Warren Patterson 在一份報告中表示。</p>
</div><p>“Ongoing tensions continue to support higher prices, stoke inflation concerns, and reinforce expectations that policymakers may delay easing, or even tighten, monetary policy.”</p>
<div class="lb-trans"><p>“持續的緊張局勢繼續支撐高價格，激發通脹擔憂，並強化政策制定者可能推遲寬鬆，甚至收緊貨幣政策的預期。”</p>
</div><p><strong>Base metals rise</strong></p>
<div class="lb-trans"><p><strong>基本金屬上漲</strong></p>
</div><p>Base metal prices opened higher, continuing Tuesday’s rebound as geopolitical tensions in the Middle East stabilised instead of escalating.</p>
<div class="lb-trans"><p>基本金屬價格開盤走高，延續了週二的反彈，因中東的地緣政治緊張局勢趨於穩定而非升級。</p>
</div><p>Copper, specifically, found support for a move back to the low $12,000s amid improved risk appetite.</p>
<div class="lb-trans"><p>具體而言，銅價在改善的風險偏好下找到了回升至 12000 美元低位的支撐。</p>
</div><p>However, given the ongoing conflict, the market remains highly susceptible to volatility and news headlines.</p>
<div class="lb-trans"><p>然而，鑑於持續的衝突，市場仍然高度易受波動和新聞頭條的影響。</p>
</div><p>The tightening supply of copper scrap in China is subtly boosting micro-level demand for refined copper.</p>
<div class="lb-trans"><p>中國銅廢料的供應緊縮正在微妙地提升對精煉銅的微觀需求。</p>
</div><p>With scrap sometimes trading at a premium to refined metal, fabricators are shifting their purchases back to the refined market.</p>
<div class="lb-trans"><p>由於廢料有時以高於精煉金屬的價格交易，製造商正在將採購轉回精煉市場。</p>
</div><p>This shift has led to the year's largest weekly inventory draw, and further stock reductions are anticipated as smelters enter seasonal maintenance.</p>
<div class="lb-trans"><p>這一轉變導致今年最大的周庫存減少，預計隨着冶煉廠進入季節性維護，進一步的庫存減少將會發生。</p>
</div><p>Meanwhile, aluminium is the outlier this morning as the only base metal on the board in negative territory.</p>
<div class="lb-trans"><p>與此同時，鋁價今天早上是唯一在負區間的基本金屬。</p>
</div><p>However, prices were largely unchanged at the time of writing.</p>
<div class="lb-trans"><p>然而，截至撰寫時，價格基本保持不變。</p>
</div><p>Goldman Sachs anticipates that aluminium prices will hover around $3,200 in the second quarter and average $3,100 for 2026.</p>
<div class="lb-trans"><p>高盛預計鋁價將在第二季度徘徊在 3200 美元左右，並在 2026 年平均為 3100 美元。</p>
</div><p>This forecast factors in potential supply disruptions, such as those near the Strait of Hormuz, as well as recent price surges.</p>
<div class="lb-trans"><p>這一預測考慮了霍爾木茲海峽附近等潛在供應中斷，以及近期價格飆升。</p>
</div><p>However, the bank projected that war-related supply losses will be largely compensated by a dip in global demand.</p>
<div class="lb-trans"><p>然而，該銀行預計與戰爭相關的供應損失將主要被全球需求的下降所抵消。</p>
</div><p>Further upward price movement is expected to be limited due to substantial speculative holdings and continued production growth in China.</p>
<div class="lb-trans"><p>由於大量投機持倉和中國持續的生產增長，進一步的價格上漲預計將受到限制。</p>
</div><p>The three-month copper contract on the London Metal Exchange was at $12,342.70 per ton, up 2.3%, while aluminium was nearly flat at $3,246.90 a ton.</p>
<div class="lb-trans"><p>倫敦金屬交易所的三個月銅合約報每噸 12342.70 美元，上漲 2.3%；鋁價幾乎持平，報每噸 3246.90 美元。</p>
</div>

Commodity wrap: gold jumps, oil plunges on US-Iran peace talks hope

Invezz

Gold.com

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商品綜述：因美伊和平談判的希望，黃金價格上漲，石油價格暴跌