美元走软及美伊和平预期推动金价上涨，亚太股市因通胀担忧承压Gold Rises on Softer Dollar and Iran Peace Hopes as Markets Weigh Inflation

黄金价格的上涨主要归因于美元的走软。当美元汇率下跌时，对于使用非美元货币的投资者而言，黄金的购买成本相对降低，从而刺激了实物与投资需求。市场分析指出，美元的温和走弱为金价提供了必要的缓冲，使其在面对其他市场波动时表现出更强的韧性。此外，投资者在调整投资组合以应对能源市场的波动时，往往会将黄金视为一种对冲通胀和地缘政治风险的工具，这种避险属性在当前美伊谈判的关键时期尤为突出。

The rise in gold prices was primarily driven by the relative weakness of the U.S. dollar. As the dollar eased, bullion became more accessible to holders of other currencies, stimulating investment demand across global exchanges. Analysts suggest that the dollar's mild retreat provided a necessary buffer for gold, allowing it to remain resilient despite volatility in other sectors. Furthermore, as investors recalibrate their portfolios in response to energy market fluctuations, gold continues to serve as a critical hedge against inflation and geopolitical instability, particularly during the current high-stakes negotiations between Washington and Tehran.

亚太地区股市在周四未能延续涨势，普遍出现回落。这一走势反映了市场对中东局势的深度担忧。尽管美伊和平协议的传闻不断，但实际的紧张局势仍未完全消散，这使得油价维持在较高水平。高企的能源价格被视为通胀的主要驱动力，投资者担心这可能迫使各国央行在更长时间内维持高利率政策。在亚洲各主要交易中心，投资者情绪趋于谨慎，纷纷在不确定的宏观环境下寻求减持风险资产，导致主要指数追随华尔街的跌势而走低。

Asia-Pacific equity markets failed to sustain momentum on Thursday, experiencing widespread declines that reflect deep-seated market anxieties regarding the Middle East. Despite ongoing rumors of a potential U.S.-Iran peace deal, actual tensions remain high, keeping oil prices at levels that threaten to keep inflation elevated. High energy costs are viewed as a primary driver of inflation, leading to fears that central banks may be forced to maintain high interest rates for longer than previously anticipated. Across major Asian trading hubs, cautious sentiment prevailed as investors sought to reduce exposure to risk assets amid the uncertain macroeconomic backdrop.

• 亚太股市追随华尔街隔夜跌势，投资者情绪趋于谨慎。
• 中东紧张局势导致能源价格波动，加剧了全球通胀担忧。
• 科技股的回调进一步拖累了整体市场表现。

• Asia-Pacific markets tracked overnight losses from Wall Street as investor sentiment turned cautious.
• Ongoing Middle East tensions contributed to energy price volatility, exacerbating global inflation fears.
• A pullback in technology stocks further weighed on overall market performance across the region.

在黄金上涨的同时，工业用途更广的基础金属则表现不佳。铜和铝的价格延续了此前的跌势，这主要受到地缘政治不确定性和科技股整体回调的影响。由于科技行业是基础金属的重要消费端，科技股的走弱通常预示着工业需求的潜在放缓，从而对金属价格构成压力。市场分析师指出，特朗普总统在推动美伊和平协议过程中的反复，增加了市场对未来供应链稳定性的担忧，这种不确定性在基础金属市场表现得尤为明显。

In contrast to the rally in gold, base metals with broader industrial applications underperformed on Thursday. Copper and aluminum prices extended their recent declines, pressured by geopolitical uncertainty and a general pullback in technology stocks. Because the tech sector is a major consumer of base metals, weakness in tech equities often signals a potential slowdown in industrial demand, weighing on metal prices. Analysts noted that the fraught nature of President Trump's push for an Iran peace deal has added a layer of unpredictability to supply chain outlooks, which is being directly priced into the base metals market.