<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/Gold-jewellery-at-a-store.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-jewellery-at-a-store.png"/></p>
<p>週五黃金價格小幅波動並略有下跌，但仍然有望出現周度下滑，因為油價上漲、美元走強和國債收益率上升降低了黃金的吸引力，儘管中東地區的地緣政治緊張局勢持續。</p>
<p>現貨黃金最後接近每盎司 4675 美元，此前在上一交易日觸及 4697.06 美元，並進一步回落至 4700 美元水平。</p>
<p>這一走勢使得金屬承壓，因其從近期的歷史高點急劇回落，投資者越來越關注能源市場的通脹影響，而非黃金的傳統避險角色。</p>
<h2>油價和利率重塑交易格局</h2>
<p>對黃金的主要壓力來自原油。</p>
<p>由於美國與伊朗的衝突以及霍爾木茲海峽周圍的持續干擾，油價上漲引發了對供應緊張和通脹加劇的擔憂。</p>
<p>布倫特原油價格飆升至每桶 105 美元，市場對停火崩潰和航運中斷的擔憂作出反應。</p>
<p>這一背景對黃金至關重要，因為油價上漲往往會推高通脹預期，並降低近期降息的可能性。</p>
<p>路透社的一項調查發現，美聯儲可能需要至少六個月才能降息，因為戰爭驅動的能源成本將傳導至價格，強化了長期高利率的敍述。</p>
<p>對於黃金而言，這是一種困難的組合：通脹風險通常可能支持需求，但更高的收益率和更緊的政策預期往往會造成更大損害。</p>
<h2>美元強勢加大壓力</h2>
<p>美元也使貴金屬的處境更加艱難。</p>
<p>更強的美元使得以美元計價的黃金對持有其他貨幣的買家來説變得更加昂貴，從而削弱了海外需求。</p>
<p>與此同時，更高的國債收益率提高了持有黃金的機會成本，因為黃金不支付任何收入。</p>
<p>油價上漲加劇了通脹擔憂，並加強了美國借貸成本可能在更長時間內保持高位的觀點。</p>
<h2>價格和技術水平受到關注</h2>
<p>週四現貨黃金徘徊在 4675 美元附近，仍低於 4900 美元水平。</p>
<p>4 月 23 日的數據表明黃金價格為 4693.48 美元，進一步強化了向 4700 美元區域回調的趨勢。</p>
<p>這表明，清晰的故事是強勁反彈後的整合，而不是宏觀擔憂緩解的平穩市場。</p>
<p>黃金面臨獲利回吐、美元強勢支撐和收益率上行壓力，而油價仍然是通脹和利率預期的關鍵變量。</p>
<p>其他貴金屬也有所軟化，反映出投資者向收益資產輪動時，整個市場面臨的更廣泛壓力。</p>
<p>文章《黃金能否在油價飆升重塑降息預期的情況下守住 4700 美元？》首發於 Invezz。</p>

阿尼科伊格爾礦業

中金黃金

<p>黃金價格承壓，交易接近每盎司 4,675 美元，因油價上漲、美元走強以及國債收益率上升削弱了其吸引力。儘管地緣政治緊張局勢持續，投資者仍將重點放在能源市場驅動的通脹上。由於能源成本上升，美聯儲可能會推遲至少六個月的降息。強勢美元使得黃金對外國買家而言更加昂貴，而更高的收益率則增加了持有無收益黃金的機會成本。總體而言，黃金在近期高位後正經歷整合階段，受到油價和宏觀經濟因素的影響</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/Gold-jewellery-at-a-store.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/Gold-jewellery-at-a-store.png"/></p>
<p>Gold was little changed to lower on Friday but remained on course for a weekly decline, as higher oil prices, firmer dollar and rising Treasury yields reduced the appeal of bullion despite continued geopolitical tension in the Middle East.</p>
<div class="lb-trans"><p>週五黃金價格小幅波動並略有下跌，但仍然有望出現周度下滑，因為油價上漲、美元走強和國債收益率上升降低了黃金的吸引力，儘管中東地區的地緣政治緊張局勢持續。</p>
</div><p>Spot gold was last near $4,675 an ounce, after hitting $4,697.06 in the previous session and easing further toward the $4,700 level.</p>
<div class="lb-trans"><p>現貨黃金最後接近每盎司 4675 美元，此前在上一交易日觸及 4697.06 美元，並進一步回落至 4700 美元水平。</p>
</div><p>The move has left the metal under pressure after a sharp retreat from recent record highs, with investors increasingly focused on the inflationary impact of energy markets rather than gold’s traditional safe-haven role.</p>
<div class="lb-trans"><p>這一走勢使得金屬承壓，因其從近期的歷史高點急劇回落，投資者越來越關注能源市場的通脹影響，而非黃金的傳統避險角色。</p>
</div><h2>Oil and rates reset the trade</h2>
<div class="lb-trans"><h2>油價和利率重塑交易格局</h2>
</div><p>The main pressure on bullion has come from crude.</p>
<div class="lb-trans"><p>對黃金的主要壓力來自原油。</p>
</div><p>Oil prices have climbed as the US-Iran conflict and repeated disruption around the Strait of Hormuz raised fears of tighter supply and stickier inflation.</p>
<div class="lb-trans"><p>由於美國與伊朗的衝突以及霍爾木茲海峽周圍的持續干擾，油價上漲引發了對供應緊張和通脹加劇的擔憂。</p>
</div><p>Brent crude had surged to $105 a barrel, as markets reacted to worries over a ceasefire collapse and renewed shipping disruption.</p>
<div class="lb-trans"><p>布倫特原油價格飆升至每桶 105 美元，市場對停火崩潰和航運中斷的擔憂作出反應。</p>
</div><p>That backdrop matters for gold because rising oil prices tend to push inflation expectations higher and reduce the likelihood of near-term interest-rate cuts.</p>
<div class="lb-trans"><p>這一背景對黃金至關重要，因為油價上漲往往會推高通脹預期，並降低近期降息的可能性。</p>
</div><p>A Reuters poll found that the Federal Reserve may have to wait at least six months before cutting rates as war-driven energy costs feed through to prices, reinforcing a higher-for-longer rates narrative.</p>
<div class="lb-trans"><p>路透社的一項調查發現，美聯儲可能需要至少六個月才能降息，因為戰爭驅動的能源成本將傳導至價格，強化了長期高利率的敍述。</p>
</div><p>For gold, that is a difficult mix: inflation risk might usually support demand, but higher yields and tighter policy expectations often do more damage.</p>
<div class="lb-trans"><p>對於黃金而言，這是一種困難的組合：通脹風險通常可能支持需求，但更高的收益率和更緊的政策預期往往會造成更大損害。</p>
</div><h2>Dollar strength adds to the pressure</h2>
<div class="lb-trans"><h2>美元強勢加大壓力</h2>
</div><p>The dollar has also made life harder for precious metals.</p>
<div class="lb-trans"><p>美元也使貴金屬的處境更加艱難。</p>
</div><p>A stronger US currency makes dollar-priced bullion more expensive for buyers holding other currencies, weakening overseas demand.</p>
<div class="lb-trans"><p>更強的美元使得以美元計價的黃金對持有其他貨幣的買家來説變得更加昂貴，從而削弱了海外需求。</p>
</div><p>At the same time, higher Treasury yields raise the opportunity cost of holding gold, which pays no income.</p>
<div class="lb-trans"><p>與此同時，更高的國債收益率提高了持有黃金的機會成本，因為黃金不支付任何收入。</p>
</div><p>Rising oil has intensified inflation concerns and strengthened the view that US borrowing costs may stay elevated for longer.</p>
<div class="lb-trans"><p>油價上漲加劇了通脹擔憂，並加強了美國借貸成本可能在更長時間內保持高位的觀點。</p>
</div><h2>Prices and technical levels in focus</h2>
<div class="lb-trans"><h2>價格和技術水平受到關注</h2>
</div><p>Spot gold hovered near $4,675 on Thursday, remaining below the $4,900 level.</p>
<div class="lb-trans"><p>週四現貨黃金徘徊在 4675 美元附近，仍低於 4900 美元水平。</p>
</div><p>Data for April 23 showed gold at $4,693.48, reinforcing the pullback toward the $4,700 area.</p>
<div class="lb-trans"><p>4 月 23 日的數據表明黃金價格為 4693.48 美元，進一步強化了向 4700 美元區域回調的趨勢。</p>
</div><p>That suggests the cleaner story is one of consolidation after a powerful rally rather than a flat market with easing macro concerns.</p>
<div class="lb-trans"><p>這表明，清晰的故事是強勁反彈後的整合，而不是宏觀擔憂緩解的平穩市場。</p>
</div><p>Gold is facing profit-taking, stronger dollar support and upward pressure on yields, while oil remains the key variable for inflation and rate expectations.</p>
<div class="lb-trans"><p>黃金面臨獲利回吐、美元強勢支撐和收益率上行壓力，而油價仍然是通脹和利率預期的關鍵變量。</p>
</div><p>Other precious metals have also softened, reflecting the broader pressure across the complex as investors rotate towards yield-bearing assets.</p>
<div class="lb-trans"><p>其他貴金屬也有所軟化，反映出投資者向收益資產輪動時，整個市場面臨的更廣泛壓力。</p>
</div><p>The post Can gold hold $4,700 as oil surge reshapes rate cut expectations? appeared first on Invezz</p>
<div class="lb-trans"><p>文章《黃金能否在油價飆升重塑降息預期的情況下守住 4700 美元？》首發於 Invezz。</p>
</div>

Can gold hold $4,700 as oil surge reshapes rate cut expectations?

invezz

Kinross Gold

紐蒙特礦業

貴金屬股 ETF -ETFS

黃金勘探商 ETF - GlobalX

黃金 MiniShares 信託 - SPDR

3 倍做多黃金礦業 ETN - MicroSectors

易方達黃金礦業ETF

SPDR 金 ETF

初級黃金礦股 ETF

德銀貴金屬基金 - PowerShares

SPDR金-U

實物黃金股 ETF - ETFS

易方達黃金礦-R

金礦股 ETF - VanEck Vectors

價值黃金

SPDR金

YieldMax Gold Miners Opt Inc Strgy ETF

價值黃金-U

2 倍做多金礦指數 ETF - Direxion

金礦小盤股 ETF - VanEck Vectors

2 倍做多黃金 ETF - ProShares

全球黃金礦業股 MSCI ETF - iShares

黃金 ETF - iShares

華夏中證滬深港黃金產業股票ETF

黃金礦 ETF - Sprott

在油價飆升重塑降息預期的背景下，黃金能否保持在 4700 美元？