<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/Silver-bars-in-production-in-factory.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/Silver-bars-in-production-in-factory.png"/></p>
<p>銀價在週一連續第三個交易日下跌，XAG/USD 在亞洲時段交易約為每盎司 74.20 美元。</p>
<p>投資者對印度意外限制銀進口的反應、對美聯儲再次加息的預期上升以及瑞銀對投資需求的疲軟預測做出了反應。</p>
<p>由於中東地緣政治緊張局勢持續擾動投資者，貴金屬也受到美元走強和金融市場普遍風險厭惡的壓力。</p>
<h2>印度進口限制打擊市場情緒</h2>
<p>印度在週五晚間宣佈幾乎全面限制銀進口，旨在緩解盧比壓力並增加國內供應。</p>
<p>這些限制預計將收緊進口銀的本地供應，可能在短期內抬高國內溢價並支持當地價格。</p>
<p>然而，考慮到印度作為全球最大銀消費國之一的重要性，這一舉措被廣泛視為對全球銀價的看跌因素。</p>
<p>分析師表示，印度進口需求的缺失可能會在工業金屬情緒已經減弱的情況下，對國際市場造成重大壓力。</p>
<p>雖然本地交易者可能會因供應條件收緊和溢價上升而受益，但更廣泛的全球市場可能會因整體需求減弱而受到影響。</p>
<h2>美聯儲加息預期加強美元</h2>
<p>銀價也受到美聯儲可能在今年晚些時候進一步收緊貨幣政策的預期上升的壓力。</p>
<p>市場越來越多地將 12 月美國加息的可能性納入定價，因為能源價格上漲和地緣政治緊張局勢威脅到通脹的持續高企。</p>
<p>幾位美聯儲官員的最新評論強化了政策制定者仍然專注於控制通脹的觀點，並準備在必要時將利率維持在較高水平。</p>
<p>更緊的貨幣政策前景提升了美元，使得以美元計價的商品（如銀）對海外買家而言變得更加昂貴。</p>
<p>更高的利率通常也會通過增加持有非收益資產（如貴金屬）的機會成本，降低其吸引力。</p>
<h2>瑞銀下調需求展望</h2>
<p>在看跌情緒加重的背景下，瑞銀分析師下調了全球銀投資需求的展望，並減少了市場赤字的預測。</p>
<p>該銀行現在預計全球銀赤字將縮小至 6000 萬至 7000 萬盎司，低於之前約 3 億盎司的估計。</p>
<p>瑞銀表示，工業需求疲軟和新開採銀供應的增加顯著改變了之前支持銀價上漲預期的市場平衡。</p>
<p>根據該銀行的説法，礦產生產的增加抵消了工業需求的減弱，減少了對嚴重供應短缺的擔憂，而這種擔憂曾在年初支持了銀價。</p>
<p>此次下調削弱了銀價的一個關鍵看漲論點——持續結構性稀缺的前景。</p>
<h2>地緣政治緊張加劇波動性</h2>
<p>在霍爾木茲海峽、伊朗和台灣的地緣政治緊張局勢持續的背景下，市場情緒依然脆弱。</p>
<p>美國總統唐納德·特朗普對伊朗的公開警告以及對全球能源市場供應中斷的擔憂加劇了各類資產的風險厭惡情緒。</p>
<p>通常情況下，地緣政治不確定性加劇會提升對貴金屬的避險需求。</p>
<p>然而，分析師表示，銀的重工業暴露使其更容易受到全球增長放緩和製造活動減弱的擔憂影響。</p>
<p>與黃金不同，銀的需求相當大一部分來自工業應用，包括電子產品、太陽能電池板和製造業，使其對經濟狀況特別敏感。</p>
<h2>這對銀市場意味着什麼</h2>
<p>銀作為工業金屬和價值儲存的雙重角色，繼續使其暴露於相互競爭的宏觀經濟力量之中。</p>
<p>雖然地緣政治風險和通脹擔憂可能通過避險買盤提供一些支持，但這種影響目前被更強的美元、緊縮的貨幣政策預期和減弱的工業需求所抵消。</p>
<p>如果印度的進口限制持續一段時間，可能還會在全球需求流動中造成更持久的扭曲。</p>
<p>目前，交易者預計將繼續關注美聯儲的政策預期、美元的走勢以及任何進一步放緩的工業活動跡象。</p>
<p>隨着投資需求減弱和供應擔憂緩解，儘管地緣政治緊張局勢高企，銀價的短期前景仍然承壓。</p>
<p>該文章的標題為《銀價再次下跌：美聯儲加息擔憂是否將更大程度地影響價格？》，首次發佈在 Invezz 上。</p>

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<p>銀價連續第三個交易日下跌，交易價格約為每盎司 74.20 美元，受到印度對銀進口的限制、美聯儲加息預期上升以及瑞銀對需求預測下調的影響。強勢美元和地緣政治緊張局勢進一步加大了市場壓力。瑞銀修訂了全球銀需求展望，預測市場赤字將縮小，這削弱了看漲的價格預期。銀作為工業金屬和價值儲存工具的雙重角色使其容易受到宏觀經濟力量的影響，短期前景仍然承壓</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/Silver-bars-in-production-in-factory.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/Silver-bars-in-production-in-factory.png"/></p>
<p>Silver extended its decline for a third consecutive session on Monday, with XAG/USD trading around $74.20 per troy ounce during Asian hours.</p>
<div class="lb-trans"><p>銀價在週一連續第三個交易日下跌，XAG/USD 在亞洲時段交易約為每盎司 74.20 美元。</p>
</div><p>Investors reacted to India’s surprise restrictions on silver imports, rising expectations of another Federal Reserve rate hike and weaker investment demand projections from UBS.</p>
<div class="lb-trans"><p>投資者對印度意外限制銀進口的反應、對美聯儲再次加息的預期上升以及瑞銀對投資需求的疲軟預測做出了反應。</p>
</div><p>The precious metal also came under pressure from a stronger US Dollar and broader risk aversion across financial markets as geopolitical tensions in the Middle East continued to unsettle investors.</p>
<div class="lb-trans"><p>由於中東地緣政治緊張局勢持續擾動投資者，貴金屬也受到美元走強和金融市場普遍風險厭惡的壓力。</p>
</div><h2>India import clampdown hits market sentiment</h2>
<div class="lb-trans"><h2>印度進口限制打擊市場情緒</h2>
</div><p>India announced a near-total curb on silver imports late on Friday in a move aimed at easing pressure on the rupee and boosting domestic supply.</p>
<div class="lb-trans"><p>印度在週五晚間宣佈幾乎全面限制銀進口，旨在緩解盧比壓力並增加國內供應。</p>
</div><p>The restrictions are expected to tighten local availability of imported silver, potentially lifting domestic premiums and supporting local prices in the near term.</p>
<div class="lb-trans"><p>這些限制預計將收緊進口銀的本地供應，可能在短期內抬高國內溢價並支持當地價格。</p>
</div><p>However, the move is widely seen as bearish for global silver prices given India’s importance as one of the world’s largest consumers of the metal.</p>
<div class="lb-trans"><p>然而，考慮到印度作為全球最大銀消費國之一的重要性，這一舉措被廣泛視為對全球銀價的看跌因素。</p>
</div><p>Analysts said the absence of Indian import demand could weigh heavily on international markets at a time when sentiment toward industrial metals is already weakening.</p>
<div class="lb-trans"><p>分析師表示，印度進口需求的缺失可能會在工業金屬情緒已經減弱的情況下，對國際市場造成重大壓力。</p>
</div><p>While local traders may benefit from tighter supply conditions and stronger premiums, the broader global market is likely to feel the impact through softer overall demand.</p>
<div class="lb-trans"><p>雖然本地交易者可能會因供應條件收緊和溢價上升而受益，但更廣泛的全球市場可能會因整體需求減弱而受到影響。</p>
</div><h2>Fed hike fears strengthen dollar</h2>
<div class="lb-trans"><h2>美聯儲加息預期加強美元</h2>
</div><p>Silver was also pressured by rising expectations that the Federal Reserve may tighten monetary policy further later this year.</p>
<div class="lb-trans"><p>銀價也受到美聯儲可能在今年晚些時候進一步收緊貨幣政策的預期上升的壓力。</p>
</div><p>Markets are increasingly pricing in the possibility of a December US rate increase as higher energy prices and geopolitical tensions threaten to keep inflation elevated.</p>
<div class="lb-trans"><p>市場越來越多地將 12 月美國加息的可能性納入定價，因為能源價格上漲和地緣政治緊張局勢威脅到通脹的持續高企。</p>
</div><p>Recent comments from several Federal Reserve officials reinforced the view that policymakers remain focused on controlling inflation and are prepared to keep rates higher for longer if necessary.</p>
<div class="lb-trans"><p>幾位美聯儲官員的最新評論強化了政策制定者仍然專注於控制通脹的觀點，並準備在必要時將利率維持在較高水平。</p>
</div><p>The prospect of tighter monetary policy lifted the US Dollar, making dollar-denominated commodities such as silver more expensive for overseas buyers.</p>
<div class="lb-trans"><p>更緊的貨幣政策前景提升了美元，使得以美元計價的商品（如銀）對海外買家而言變得更加昂貴。</p>
</div><p>Higher interest rates also tend to reduce the appeal of non-yielding assets like precious metals by increasing the opportunity cost of holding them.</p>
<div class="lb-trans"><p>更高的利率通常也會通過增加持有非收益資產（如貴金屬）的機會成本，降低其吸引力。</p>
</div><h2>UBS cuts demand outlook</h2>
<div class="lb-trans"><h2>瑞銀下調需求展望</h2>
</div><p>Adding to the bearish tone, analysts at UBS lowered their outlook for global silver investment demand and reduced forecasts for the market deficit.</p>
<div class="lb-trans"><p>在看跌情緒加重的背景下，瑞銀分析師下調了全球銀投資需求的展望，並減少了市場赤字的預測。</p>
</div><p>The bank now expects the global silver deficit to narrow to between 60 million and 70 million ounces, down from previous estimates of around 300 million ounces.</p>
<div class="lb-trans"><p>該銀行現在預計全球銀赤字將縮小至 6000 萬至 7000 萬盎司，低於之前約 3 億盎司的估計。</p>
</div><p>UBS said weaker industrial demand and a rise in newly mined silver supply had significantly altered the market balance that previously supported bullish expectations for higher prices.</p>
<div class="lb-trans"><p>瑞銀表示，工業需求疲軟和新開採銀供應的增加顯著改變了之前支持銀價上漲預期的市場平衡。</p>
</div><p>According to the bank, increased mine production has offset softer industrial demand, reducing fears of a severe supply shortage that had helped support silver prices earlier in the year.</p>
<div class="lb-trans"><p>根據該銀行的説法，礦產生產的增加抵消了工業需求的減弱，減少了對嚴重供應短缺的擔憂，而這種擔憂曾在年初支持了銀價。</p>
</div><p>The downgrade undermined one of the key bullish arguments for silver — the prospect of sustained structural scarcity.</p>
<div class="lb-trans"><p>此次下調削弱了銀價的一個關鍵看漲論點——持續結構性稀缺的前景。</p>
</div><h2>Geopolitical tensions add to volatility</h2>
<div class="lb-trans"><h2>地緣政治緊張加劇波動性</h2>
</div><p>Broader market sentiment remained fragile amid ongoing geopolitical tensions involving the Strait of Hormuz, Iran and Taiwan.</p>
<div class="lb-trans"><p>在霍爾木茲海峽、伊朗和台灣的地緣政治緊張局勢持續的背景下，市場情緒依然脆弱。</p>
</div><p>Public warnings from US President Donald Trump to Iran and concerns over supply disruptions in global energy markets fuelled wider risk aversion across asset classes.</p>
<div class="lb-trans"><p>美國總統唐納德·特朗普對伊朗的公開警告以及對全球能源市場供應中斷的擔憂加劇了各類資產的風險厭惡情緒。</p>
</div><p>Ordinarily, heightened geopolitical uncertainty can boost safe-haven demand for precious metals.</p>
<div class="lb-trans"><p>通常情況下，地緣政治不確定性加劇會提升對貴金屬的避險需求。</p>
</div><p>However, analysts said silver’s heavy industrial exposure left it more vulnerable to concerns over slowing global growth and weaker manufacturing activity.</p>
<div class="lb-trans"><p>然而，分析師表示，銀的重工業暴露使其更容易受到全球增長放緩和製造活動減弱的擔憂影響。</p>
</div><p>Unlike gold, silver derives a substantial share of its demand from industrial applications including electronics, solar panels and manufacturing, making it especially sensitive to economic conditions.</p>
<div class="lb-trans"><p>與黃金不同，銀的需求相當大一部分來自工業應用，包括電子產品、太陽能電池板和製造業，使其對經濟狀況特別敏感。</p>
</div><h2>What it means for silver markets</h2>
<div class="lb-trans"><h2>這對銀市場意味着什麼</h2>
</div><p>Silver’s dual role as both an industrial metal and a store of value continues to leave it exposed to competing macroeconomic forces.</p>
<div class="lb-trans"><p>銀作為工業金屬和價值儲存的雙重角色，繼續使其暴露於相互競爭的宏觀經濟力量之中。</p>
</div><p>While geopolitical risks and inflation concerns could offer some support through safe-haven buying, that effect is currently being outweighed by a stronger dollar, tighter monetary policy expectations and weakening industrial demand.</p>
<div class="lb-trans"><p>雖然地緣政治風險和通脹擔憂可能通過避險買盤提供一些支持，但這種影響目前被更強的美元、緊縮的貨幣政策預期和減弱的工業需求所抵消。</p>
</div><p>India’s import restrictions may also create longer-lasting distortions in global demand flows if they remain in place for an extended period.</p>
<div class="lb-trans"><p>如果印度的進口限制持續一段時間，可能還會在全球需求流動中造成更持久的扭曲。</p>
</div><p>For now, traders are expected to remain focused on Federal Reserve policy expectations, movements in the dollar and any further signs of slowing industrial activity.</p>
<div class="lb-trans"><p>目前，交易者預計將繼續關注美聯儲的政策預期、美元的走勢以及任何進一步放緩的工業活動跡象。</p>
</div><p>With investment demand weakening and supply concerns easing, the near-term outlook for silver prices remains under pressure despite elevated geopolitical tensions.</p>
<div class="lb-trans"><p>隨着投資需求減弱和供應擔憂緩解，儘管地緣政治緊張局勢高企，銀價的短期前景仍然承壓。</p>
</div><p>The post Silver falls again: are Fed rate fears about to hit prices harder? appeared first on Invezz</p>
<div class="lb-trans"><p>該文章的標題為《銀價再次下跌：美聯儲加息擔憂是否將更大程度地影響價格？》，首次發佈在 Invezz 上。</p>
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Silver falls again: are Fed rate fears about to hit prices harder?

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白銀價格再次下跌：美聯儲加息的擔憂是否會對價格造成更大的衝擊？