<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/gold-jewellery-bangles-shopping.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-bangles-shopping.png"/></p>
<p>週二，黃金價格小幅變動，早前的漲幅有所回落，投資者在不確定的美伊外交和央行決策密集的一週與強勢美元和堅挺油價的壓力之間權衡利弊。</p>
<p>儘管地緣政治風險持續為黃金提供了一定支持，但對利率前景的謹慎態度抵消了這一影響。</p>
<p>現貨黃金價格基本持平，報每盎司 4,679.06 美元，而美國黃金期貨價格小幅變動，報 4,693.20 美元。</p>
<p>市場情緒表明，投資者在華盛頓、德黑蘭和全球主要央行發出更明確信號之前，不願意建立大額頭寸。</p>
<h2>美元和油價抑制需求</h2>
<p>黃金面臨的直接壓力來自貨幣和能源市場。</p>
<p>由於對美伊談判迅速突破的希望減弱，美元走強，交易員們變得更加謹慎，而油價因擔憂中東緊張局勢可能使供應路線承壓而大幅上漲。</p>
<p>這種組合對黃金來説是一個挑戰。</p>
<p>近期，油價上漲和美元走強加重了黃金的壓力，強化了對利率將長期維持高位的看法，並降低了非收益資產的吸引力。</p>
<p>黃金在最近的交易中已經跌至超過一週的低點，約為 4,697 美元，突顯出隨着收益率和美元走強，黃金的反彈失去了動能。</p>
<p>本月早些時候追逐金屬的投資者現在正在重新評估，單靠地緣政治焦慮是否足以推動黃金再次上漲。</p>
<p>目前，答案似乎是否定的。</p>
<p>只要油價保持高位，美元保持強勢，即使對安全資產的需求依然存在，黃金也可能難以顯著突破。</p>
<h2>央行成為焦點</h2>
<p>另一個主要制約因素是貨幣政策。</p>
<p>投資者正在等待一系列利率決策和官方評論，這些可能有助於確定借貸成本是否會比市場預期的更長時間保持限制性。</p>
<p>市場普遍預計美聯儲將維持利率不變，但其指導語氣將至關重要。</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價格推動了通脹，強化了政策放鬆可能被推遲的觀點。</p>
<p>這對黃金很重要，因為更高的利率和更強的債券收益率增加了持有黃金的機會成本。</p>
<p>投資者還關注其他主要央行，包括日本銀行、歐洲中央銀行和英格蘭銀行。</p>
<p>隨着油價重新成為通脹辯論的中心，投資者希望瞭解政策制定者是否將近期的能源衝擊視為暫時噪音，還是對價格穩定的更持久威脅。</p>
<h2>伊朗談判仍是關鍵地緣政治驅動因素</h2>
<p>華盛頓與德黑蘭之間的發展繼續影響更廣泛的市場情緒。</p>
<p>據報道，特朗普總統對伊朗最新的核提案感到不滿，這讓人對快速達成外交解決的機會產生了懷疑。</p>
<p>這使得交易員們關注該地區進一步動盪的風險，尤其是在霍爾木茲海峽，航運不確定性仍然是油市的主要問題。</p>
<p>對於黃金而言，理論上的地緣政治背景是支持性的，但在實踐中卻複雜。</p>
<p>當衝突加劇時，避險需求往往會上升，但同樣的緊張局勢也可能推高油價，提高通脹預期，並加強維持高利率的理由。</p>
<p>這就是為什麼黃金保持在區間內，而不是在任何方向上明顯突破。</p>
<p>結果是市場在恐懼與剋制之間徘徊：足夠的焦慮使黃金得到支撐，但不足以壓倒強勢美元、更高收益率和高昂能源的共同逆風。</p>
<p>本文的標題是《為什麼黃金價格在全球不確定性上升的情況下仍未飆升？》，最初發布在 Invezz 上。</p>

GOLD

紐蒙特礦業

阿尼科伊格爾礦業

<p>黃金價格在週二保持穩定，現貨黃金報每盎司 4,679.06 美元，美國黃金期貨報 4,693.20 美元。由於美國與伊朗的外交關係不確定以及即將到來的中央銀行決策，投資者保持謹慎，而強勢美元和上漲的油價抑制了需求。預計美聯儲將維持利率不變，這影響了黃金作為無收益資產的吸引力。地緣政治緊張局勢為黃金提供了一定支持，但強勢美元和高油價的組合阻止了價格的顯著上漲</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/gold-jewellery-bangles-shopping.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/gold-jewellery-bangles-shopping.png"/></p>
<p>Gold prices were little changed on Tuesday after giving up earlier gains, as investors weighed uncertain US-Iran diplomacy and a heavy week of central bank decisions against the pressure of a stronger dollar and firmer oil prices.</p>
<div class="lb-trans"><p>週二，黃金價格小幅變動，早前的漲幅有所回落，投資者在不確定的美伊外交和央行決策密集的一週與強勢美元和堅挺油價的壓力之間權衡利弊。</p>
</div><p>Bullion found some support from persistent geopolitical risk, but that was offset by caution over the outlook for interest rates.</p>
<div class="lb-trans"><p>儘管地緣政治風險持續為黃金提供了一定支持，但對利率前景的謹慎態度抵消了這一影響。</p>
</div><p>Spot gold was broadly steady at $4,679.06 an ounce, while US gold futures were little changed at $4,693.20.</p>
<div class="lb-trans"><p>現貨黃金價格基本持平，報每盎司 4,679.06 美元，而美國黃金期貨價格小幅變動，報 4,693.20 美元。</p>
</div><p>The market tone suggested investors were reluctant to build large positions before clearer signals emerged from Washington, Tehran and the world’s major central banks.</p>
<div class="lb-trans"><p>市場情緒表明，投資者在華盛頓、德黑蘭和全球主要央行發出更明確信號之前，不願意建立大額頭寸。</p>
</div><h2>US dollar and oil curb demand</h2>
<div class="lb-trans"><h2>美元和油價抑制需求</h2>
</div><p>The immediate drag on gold came from currency and energy markets.</p>
<div class="lb-trans"><p>黃金面臨的直接壓力來自貨幣和能源市場。</p>
</div><p>The dollar strengthened as traders turned defensive after hopes for a quick breakthrough in US-Iran negotiations faded, while oil prices rose sharply on concern that tensions in the Middle East could keep supply routes under strain.</p>
<div class="lb-trans"><p>由於對美伊談判迅速突破的希望減弱，美元走強，交易員們變得更加謹慎，而油價因擔憂中東緊張局勢可能使供應路線承壓而大幅上漲。</p>
</div><p>That combination has proved difficult for bullion.</p>
<div class="lb-trans"><p>這種組合對黃金來説是一個挑戰。</p>
</div><p>Rising oil prices and a firmer dollar have recently weighed on gold by reinforcing a higher-for-longer view on interest rates and reducing the appeal of non-yielding assets.</p>
<div class="lb-trans"><p>近期，油價上漲和美元走強加重了黃金的壓力，強化了對利率將長期維持高位的看法，並降低了非收益資產的吸引力。</p>
</div><p>Gold had already fallen to an over one-week low around $4,697 in recent sessions, highlighting how the rally has lost momentum as yields and the dollar strengthened.</p>
<div class="lb-trans"><p>黃金在最近的交易中已經跌至超過一週的低點，約為 4,697 美元，突顯出隨着收益率和美元走強，黃金的反彈失去了動能。</p>
</div><p>Investors who had chased the metal higher earlier in the month are now reassessing whether geopolitical anxiety alone is enough to drive a fresh leg up.</p>
<div class="lb-trans"><p>本月早些時候追逐金屬的投資者現在正在重新評估，單靠地緣政治焦慮是否足以推動黃金再次上漲。</p>
</div><p>For now, the answer appears to be no.</p>
<div class="lb-trans"><p>目前，答案似乎是否定的。</p>
</div><p>So long as oil remains elevated and the dollar stays firm, gold may struggle to break convincingly higher even when demand for safety remains intact.</p>
<div class="lb-trans"><p>只要油價保持高位，美元保持強勢，即使對安全資產的需求依然存在，黃金也可能難以顯著突破。</p>
</div><h2>Central banks take centre stage</h2>
<div class="lb-trans"><h2>央行成為焦點</h2>
</div><p>The other major restraint is monetary policy.</p>
<div class="lb-trans"><p>另一個主要制約因素是貨幣政策。</p>
</div><p>Investors are awaiting a series of interest-rate decisions and official comments that could help define whether borrowing costs stay restrictive for longer than markets had expected.</p>
<div class="lb-trans"><p>投資者正在等待一系列利率決策和官方評論，這些可能有助於確定借貸成本是否會比市場預期的更長時間保持限制性。</p>
</div><p>The Federal Reserve is widely expected to leave rates unchanged, but the tone of its guidance will matter.</p>
<div class="lb-trans"><p>市場普遍預計美聯儲將維持利率不變，但其指導語氣將至關重要。</p>
</div><p>A Reuters poll found that the Fed may have to wait at least six months before cutting rates as war-driven energy prices feed inflation, reinforcing the view that policy easing could be pushed further out.</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價格推動了通脹，強化了政策放鬆可能被推遲的觀點。</p>
</div><p>That matters for gold because higher rates and firmer bond yields increase the opportunity cost of holding bullion.</p>
<div class="lb-trans"><p>這對黃金很重要，因為更高的利率和更強的債券收益率增加了持有黃金的機會成本。</p>
</div><p>Attention is also on other major central banks, including the Bank of Japan, the European Central Bank and the Bank of England.</p>
<div class="lb-trans"><p>投資者還關注其他主要央行，包括日本銀行、歐洲中央銀行和英格蘭銀行。</p>
</div><p>With oil back at the centre of the inflation debate, investors will want to know whether policymakers see the recent energy shock as temporary noise or a more durable threat to price stability.</p>
<div class="lb-trans"><p>隨着油價重新成為通脹辯論的中心，投資者希望瞭解政策制定者是否將近期的能源衝擊視為暫時噪音，還是對價格穩定的更持久威脅。</p>
</div><h2>Iran talks remain the key geopolitical driver</h2>
<div class="lb-trans"><h2>伊朗談判仍是關鍵地緣政治驅動因素</h2>
</div><p>Developments between Washington and Tehran continue to shape the broader market mood.</p>
<div class="lb-trans"><p>華盛頓與德黑蘭之間的發展繼續影響更廣泛的市場情緒。</p>
</div><p>President Donald Trump was reported to be dissatisfied with Iran’s latest nuclear proposal, raising doubts about the chances of a quick diplomatic resolution.</p>
<div class="lb-trans"><p>據報道，特朗普總統對伊朗最新的核提案感到不滿，這讓人對快速達成外交解決的機會產生了懷疑。</p>
</div><p>That has kept traders focused on the risk of further disruption across the region, especially around Hormuz, where shipping uncertainty remains a major issue for oil markets.</p>
<div class="lb-trans"><p>這使得交易員們關注該地區進一步動盪的風險，尤其是在霍爾木茲海峽，航運不確定性仍然是油市的主要問題。</p>
</div><p>For gold, the geopolitical backdrop is supportive in theory but complicated in practice.</p>
<div class="lb-trans"><p>對於黃金而言，理論上的地緣政治背景是支持性的，但在實踐中卻複雜。</p>
</div><p>Safe-haven demand tends to rise when conflict intensifies, yet the same tensions can also push oil higher, lift inflation expectations and strengthen the case for keeping rates elevated.</p>
<div class="lb-trans"><p>當衝突加劇時，避險需求往往會上升，但同樣的緊張局勢也可能推高油價，提高通脹預期，並加強維持高利率的理由。</p>
</div><p>That is why bullion has stayed range-bound rather than breaking decisively in either direction.</p>
<div class="lb-trans"><p>這就是為什麼黃金保持在區間內，而不是在任何方向上明顯突破。</p>
</div><p>The result is a market caught between fear and restraint: enough anxiety to keep gold supported, but not enough to overpower the combined headwinds of a stronger dollar, higher yields and costly energy.</p>
<div class="lb-trans"><p>結果是市場在恐懼與剋制之間徘徊：足夠的焦慮使黃金得到支撐，但不足以壓倒強勢美元、更高收益率和高昂能源的共同逆風。</p>
</div><p>The post Why are gold prices failing to surge despite rising global uncertainty? appeared first on Invezz</p>
<div class="lb-trans"><p>本文的標題是《為什麼黃金價格在全球不確定性上升的情況下仍未飆升？》，最初發布在 Invezz 上。</p>
</div>

Why are gold prices failing to surge despite rising global uncertainty?

invezz

Gold.com

中金黃金

Kinross Gold

易方達黃金礦-U

初級黃金礦股 ETF

全球黃金礦業股 MSCI ETF - iShares

實物黃金股 ETF - ETFS

2 倍做多黃金 ETF - ProShares

華夏中證滬深港黃金產業股票ETF

黃金勘探商 ETF - GlobalX

2 倍做多小型金礦指數 ETF - Direxion

黃金 MiniShares 信託 - SPDR

易方達黃金ETF

易方達黃金礦-R

黃金礦 ETF - Sprott

金礦小盤股 ETF - VanEck Vectors

Roundhill Gold Miners Weeklypay ETF

YieldMax Gold Miners Opt Inc Strgy ETF

2 倍做多金礦指數 ETF - Direxion

華夏黃金ETF

黃金 ETF - iShares

黃金和貴金屬礦商 ETF - U.S. Global

3 倍做多黃金礦業 ETN - MicroSectors

SPDR 金 ETF

金礦股 ETF - VanEck Vectors

為什麼在全球不確定性上升的情況下，金價卻未能大幅上漲？