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<p>週四，黃金價格變化不大，投資者在美國與伊朗達成協議的前景與持續的通脹擔憂以及長期高利率的背景下進行權衡。</p>
<p>現貨黃金在上午晚些時候的交易中報每盎司 4,534.69 美元，較前一交易日下跌 0.2%。</p>
<p>這一走勢是在週三黃金上漲超過 1% 之後出現的，當時金價創下兩週以來的最大單日漲幅。</p>
<p>紐約商業交易所 6 月交割的美國黃金期貨最近報每盎司 4,536.70 美元，較本交易日下跌 8.10 美元，或 0.2%。</p>
<p>這種平淡的交易反映出市場處於兩種對立力量之間。</p>
<p>對華盛頓與德黑蘭可能達成協議的樂觀情緒緩解了部分對油價驅動的通脹擔憂，而不斷上升的國債收益率則繼續對黃金等無收益資產施加壓力。</p>
<h2>伊朗談判緩解通脹擔憂</h2>
<p>在特朗普總統表示與伊朗的談判已進入最後階段後，投資者情緒有所改善，市場對達成協議的希望提高，可能會緩解該地區的緊張局勢。</p>
<p>局勢緩和可能會減輕對油價的壓力，自伊朗衝突在 2 月底爆發以來，油價一直是通脹預期的主要驅動因素。</p>
<p>較高的油價往往會加劇更廣泛的價格壓力，增強緊縮貨幣政策的必要性，降低黃金的吸引力。</p>
<p>OANDA 的高級市場分析師 Kelvin Wong 表示，關於談判的最新評論有助於改善黃金的市場情緒。</p>
<p>“在特朗普表示雙方已進入和平協議的最後階段後，市場對黃金的情緒轉為積極，” Wong 説。</p>
<p>儘管如此，市場仍然保持謹慎。</p>
<p>自衝突開始以來，黃金價格已下跌超過 14%，因為能源價格上漲加劇了通脹風險，並強化了利率可能長期維持在高位的預期。</p>
<h2>國債收益率對黃金施加壓力</h2>
<p>10 年期國債收益率在上午晚些時候的交易中上升至 2.418%，高於週三紐約交易結束時的 2.364%。</p>
<p>較高的長期收益率增加了持有黃金的機會成本，因為黃金不支付利息。</p>
<p>這種動態限制了黃金延續漲幅的能力，即使地緣政治風險繼續支撐避險需求。</p>
<p>Wong 表示，自 3 月初以來美國國債收益率的中期上升可能會在短期內限制黃金的任何大幅上漲。</p>
<p>市場也在逐漸提高對美聯儲進一步收緊政策的可能性評估。</p>
<p>根據 CME 集團的 FedWatch 工具，交易員預計 12 月加息 25 個基點的概率為 39%。</p>
<p>美聯儲 4 月會議的紀要顯示，大多數政策制定者認為，如果通脹持續高於中央銀行 2% 的目標，或者條件發展到需要採取額外行動的程度，進一步收緊政策是合理的。</p>
<h2>白銀、鉑金和鈀金下跌</h2>
<p>其他貴金屬的交易價格也有所下跌。</p>
<p>7 月白銀期貨在 Comex 上報每盎司 75.40 美元，較前一交易日下跌 0.8%。</p>
<p>7 月鉑金期貨下跌 0.7%，報每盎司 1,936.10 美元，而 8 月鈀金期貨下跌 0.4%，報每盎司 1,365.12 美元。</p>
<h2>黃金前景依然脆弱</h2>
<p>在短期內，黃金預計將繼續承壓，因為投資者關注收益率的方向、美聯儲的政策信號以及美國與伊朗談判的最新進展。</p>
<p>OANDA 預計黃金的阻力位在 4,645 美元附近，支撐位在 4,456 美元。</p>
<p>Wong 表示，黃金難以找到更堅實的支撐，因為它夾在對潛在伊朗協議的樂觀情緒與緊縮利率環境的拖累之間。</p>
<p>作為一種無收益資產，黃金通常在利率下降時表現更好。</p>
<p>隨着市場仍在為美聯儲進一步收緊政策的可能性做準備，任何持續的反彈可能需要更明確的證據表明通脹風險正在減輕，國債收益率正在穩定。</p>
<p>這篇文章最初出現在 Invezz 上，標題為 “黃金變化不大，交易者權衡伊朗談判與美聯儲利率風險”。</p>

紫金礦業

紐蒙特礦業

阿尼科伊格爾礦業

<p>黃金價格保持穩定，投資者考慮到美國與伊朗之間潛在的協議，同時面臨持續的通脹擔憂和高利率。現貨黃金報每盎司 4,534.69 美元，下跌 0.2%，此前一天上漲了 1%。市場受到對伊朗談判的樂觀情緒和國債收益率上升的影響，後者增加了持有黃金的機會成本。其他貴金屬也出現下跌，銀、鉑金和鈀金價格均有所下降。黃金的前景依然脆弱，正處於地緣政治樂觀情緒與限制性利率環境之間的掙扎</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/Workers-making-jewellery-from-gold.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/Workers-making-jewellery-from-gold.png"/></p>
<p>Gold prices were little changed on Thursday as investors weighed the prospect of a US-Iran agreement against persistent inflation concerns and a higher-for-longer interest rate backdrop.</p>
<div class="lb-trans"><p>週四，黃金價格變化不大，投資者在美國與伊朗達成協議的前景與持續的通脹擔憂以及長期高利率的背景下進行權衡。</p>
</div><p>Spot gold traded at $4,534.69 an ounce in late morning action, down 0.2% from the previous session.</p>
<div class="lb-trans"><p>現貨黃金在上午晚些時候的交易中報每盎司 4,534.69 美元，較前一交易日下跌 0.2%。</p>
</div><p>The move followed a gain of more than 1% on Wednesday, when bullion posted its strongest daily advance in two weeks.</p>
<div class="lb-trans"><p>這一走勢是在週三黃金上漲超過 1% 之後出現的，當時金價創下兩週以來的最大單日漲幅。</p>
</div><p>US gold futures for June delivery were recently at $4,536.70 an ounce on the Comex division of the New York Mercantile Exchange, down $8.10, or 0.2%, for the session.</p>
<div class="lb-trans"><p>紐約商業交易所 6 月交割的美國黃金期貨最近報每盎司 4,536.70 美元，較本交易日下跌 8.10 美元，或 0.2%。</p>
</div><p>The muted trading reflected a market caught between two opposing forces.</p>
<div class="lb-trans"><p>這種平淡的交易反映出市場處於兩種對立力量之間。</p>
</div><p>Optimism around a possible agreement between Washington and Tehran helped ease some concerns over oil-driven inflation, while rising Treasury yields continued to weigh on non-yielding assets such as gold.</p>
<div class="lb-trans"><p>對華盛頓與德黑蘭可能達成協議的樂觀情緒緩解了部分對油價驅動的通脹擔憂，而不斷上升的國債收益率則繼續對黃金等無收益資產施加壓力。</p>
</div><h2>Iran talks temper inflation fears</h2>
<div class="lb-trans"><h2>伊朗談判緩解通脹擔憂</h2>
</div><p>Investor sentiment improved after President Donald Trump said talks with Iran were in the final stages, raising hopes that a deal could reduce tensions in the region.</p>
<div class="lb-trans"><p>在特朗普總統表示與伊朗的談判已進入最後階段後，投資者情緒有所改善，市場對達成協議的希望提高，可能會緩解該地區的緊張局勢。</p>
</div><p>A de-escalation could ease pressure on oil prices, which have been a key driver of inflation expectations since the Iran conflict began in late February.</p>
<div class="lb-trans"><p>局勢緩和可能會減輕對油價的壓力，自伊朗衝突在 2 月底爆發以來，油價一直是通脹預期的主要驅動因素。</p>
</div><p>Higher oil prices tend to feed into broader price pressures, strengthening the case for tighter monetary policy and reducing gold’s appeal.</p>
<div class="lb-trans"><p>較高的油價往往會加劇更廣泛的價格壓力，增強緊縮貨幣政策的必要性，降低黃金的吸引力。</p>
</div><p>Kelvin Wong, senior market analyst at OANDA, said the latest comments around the negotiations had helped sentiment toward gold.</p>
<div class="lb-trans"><p>OANDA 的高級市場分析師 Kelvin Wong 表示，關於談判的最新評論有助於改善黃金的市場情緒。</p>
</div><p>“After Trump’s remarks that both sides are at the final stages of the peace agreement, sentiment turned positive on gold,” Wong said.</p>
<div class="lb-trans"><p>“在特朗普表示雙方已進入和平協議的最後階段後，市場對黃金的情緒轉為積極，” Wong 説。</p>
</div><p>Still, the market remained cautious.</p>
<div class="lb-trans"><p>儘管如此，市場仍然保持謹慎。</p>
</div><p>Since the start of the conflict, gold has fallen more than 14% as higher energy prices fuelled inflation risks and reinforced expectations that interest rates could stay elevated for longer.</p>
<div class="lb-trans"><p>自衝突開始以來，黃金價格已下跌超過 14%，因為能源價格上漲加劇了通脹風險，並強化了利率可能長期維持在高位的預期。</p>
</div><h2>Treasury yields keep pressure on bullion</h2>
<div class="lb-trans"><h2>國債收益率對黃金施加壓力</h2>
</div><p>The yield on the 10-year Treasury note rose to 2.418% in late morning trading, up from 2.364% in late New York trading on Wednesday.</p>
<div class="lb-trans"><p>10 年期國債收益率在上午晚些時候的交易中上升至 2.418%，高於週三紐約交易結束時的 2.364%。</p>
</div><p>Higher long-term yields increase the opportunity cost of holding gold, which does not pay interest.</p>
<div class="lb-trans"><p>較高的長期收益率增加了持有黃金的機會成本，因為黃金不支付利息。</p>
</div><p>That dynamic has limited bullion’s ability to extend gains, even as geopolitical risks continue to support safe-haven demand.</p>
<div class="lb-trans"><p>這種動態限制了黃金延續漲幅的能力，即使地緣政治風險繼續支撐避險需求。</p>
</div><p>Wong said the medium-term rise in US Treasury yields since early March was likely to cap any sharp upside in gold in the short term.</p>
<div class="lb-trans"><p>Wong 表示，自 3 月初以來美國國債收益率的中期上升可能會在短期內限制黃金的任何大幅上漲。</p>
</div><p>Markets are also assigning a growing probability to further Federal Reserve tightening.</p>
<div class="lb-trans"><p>市場也在逐漸提高對美聯儲進一步收緊政策的可能性評估。</p>
</div><p>According to CME Group’s FedWatch tool, traders are pricing in a 39% chance of a 25-basis-point rate increase in December.</p>
<div class="lb-trans"><p>根據 CME 集團的 FedWatch 工具，交易員預計 12 月加息 25 個基點的概率為 39%。</p>
</div><p>Minutes from the Fed’s April meeting showed that a majority of policymakers saw some further policy firming as likely to be warranted if inflation remained above the central bank’s 2% target or if conditions evolved in a way that required additional action.</p>
<div class="lb-trans"><p>美聯儲 4 月會議的紀要顯示，大多數政策制定者認為，如果通脹持續高於中央銀行 2% 的目標，或者條件發展到需要採取額外行動的程度，進一步收緊政策是合理的。</p>
</div><h2>Silver, platinum and palladium decline</h2>
<div class="lb-trans"><h2>白銀、鉑金和鈀金下跌</h2>
</div><p>Other precious metals also traded lower.</p>
<div class="lb-trans"><p>其他貴金屬的交易價格也有所下跌。</p>
</div><p>July silver futures were at $75.40 an ounce on Comex, down 0.8% from the previous session.</p>
<div class="lb-trans"><p>7 月白銀期貨在 Comex 上報每盎司 75.40 美元，較前一交易日下跌 0.8%。</p>
</div><p>July platinum futures fell 0.7% to $1,936.10 an ounce, while August palladium futures slipped 0.4% to $1,365.12 an ounce.</p>
<div class="lb-trans"><p>7 月鉑金期貨下跌 0.7%，報每盎司 1,936.10 美元，而 8 月鈀金期貨下跌 0.4%，報每盎司 1,365.12 美元。</p>
</div><h2>Gold outlook remains fragile</h2>
<div class="lb-trans"><h2>黃金前景依然脆弱</h2>
</div><p>In the near term, gold is expected to remain under pressure as investors track the direction of yields, the Fed’s policy signals and updates on the US-Iran talks.</p>
<div class="lb-trans"><p>在短期內，黃金預計將繼續承壓，因為投資者關注收益率的方向、美聯儲的政策信號以及美國與伊朗談判的最新進展。</p>
</div><p>OANDA sees resistance for gold near $4,645, with support around $4,456.</p>
<div class="lb-trans"><p>OANDA 預計黃金的阻力位在 4,645 美元附近，支撐位在 4,456 美元。</p>
</div><p>Wong said bullion was struggling to find a firmer footing because it was caught between optimism over a potential Iran deal and the drag from a restrictive rate environment.</p>
<div class="lb-trans"><p>Wong 表示，黃金難以找到更堅實的支撐，因為它夾在對潛在伊朗協議的樂觀情緒與緊縮利率環境的拖累之間。</p>
</div><p>As a non-yielding asset, gold typically performs better when interest rates are falling.</p>
<div class="lb-trans"><p>作為一種無收益資產，黃金通常在利率下降時表現更好。</p>
</div><p>With markets still preparing for the possibility of further Fed tightening, any sustained rally may require clearer evidence that inflation risks are easing and Treasury yields are stabilising.</p>
<div class="lb-trans"><p>隨着市場仍在為美聯儲進一步收緊政策的可能性做準備，任何持續的反彈可能需要更明確的證據表明通脹風險正在減輕，國債收益率正在穩定。</p>
</div><p>The post Gold little changed as traders weigh Iran talks, Fed rate risks appeared first on Invezz</p>
<div class="lb-trans"><p>這篇文章最初出現在 Invezz 上，標題為 “黃金變化不大，交易者權衡伊朗談判與美聯儲利率風險”。</p>
</div>

Gold little changed as traders weigh Iran talks, Fed rate risks

invezz

Kinross Gold

中金黃金

山東黃金

易方達黃金礦-R

黃金勘探商 ETF - GlobalX

2 倍做多小型金礦指數 ETF - Direxion

金礦小盤股 ETF - VanEck Vectors

華夏黃金ETF

2 倍做空金礦指數 ETF - Direxion

2 倍做多黃金 ETF - ProShares

黃金 ETF - iShares

初級黃金礦股 ETF

SPDR 金 ETF

YieldMax Gold Miners Opt Inc Strgy ETF

2 倍做多金礦指數 ETF - Direxion

易方達黃金礦業ETF

全球黃金礦業股 MSCI ETF - iShares

易方達黃金礦-U

黃金 MiniShares 信託 - SPDR

黃金和貴金屬礦商 ETF - U.S. Global

3 倍做多黃金礦業 ETN - MicroSectors

實物黃金股 ETF - ETFS

2 倍做空小型金礦指數 ETF - Direxion

金礦股 ETF - VanEck Vectors

Roundhill Gold Miners Weeklypay ETF

黃金礦 ETF - Sprott

芝加哥商品交易所

黃金價格幾乎沒有變化，交易員正在權衡伊朗談判和美聯儲利率風險