Yihui Xie 撰文称，能源价格持续高企，强化了市场对美联储需进一步加息以遏制通胀的预期，黄金本周料以跌势收场。
By Yihui Xie Gold was set to end to the week lower as elevated energy prices continued to fuel expectations the Federal Reserve will need to raise interest rates further to combat inflation.
黄金每盎司交易于约4,270美元附近，自上周五以来下跌逾2%。周四油价大涨后企稳，美伊双方在恢复霍尔木兹海峡能源运输的问题上仍陷入僵局。据称，谈判人员正在探讨一项分阶段协议，由德黑兰重新开放这条关键航道，华盛顿则解除港口封锁。
Bullion was trading around $4,270 an ounce, down more than 2% since last Friday. Oil steadied after surging on Thursday as the US and Iran remained at an impasse on restoring energy flows through the Strait of Hormuz. Negotiators were said to be exploring a phased deal that would see Tehran reopen the critical waterway and Washington lift a port blockade.
近几周，能源成本持续高企对美联储利率路径的影响主导了黄金走势。继美联储上周实施三年来首次加息后，投资者正评估高企的能源成本是否会令通胀压力持续处于高位，进而促使美联储进一步加息。由于黄金本身不产生利息，借贷成本上升通常不利于金价。
The impact of persistently high energy costs on the Fed’s rate path has dictated gold’s trajectory in recent weeks as investors gauge whether this will keep inflationary pressures strong enough to prompt more increases, after the first hike in three years last week. Higher borrowing costs are typically negative for bullion as it pays no interest.
周四当天油价飙升引发通胀担忧，加之市场对政府债务的担忧，美国国债市场跌势加剧。30年期美国国债收益率升至略低于5.5%，为二十多年来最高水平。华尔街开始认为，较高收益率可能成为长期常态。
Losses in the US Treasuries market intensified Thursday amid inflation fears stemming from the day’s spike in oil prices, as well as concerns about government debt. Yields on 30-year US bonds rose to just shy of 5.5%, the highest in more than two decades. Wall Street is starting to consider that higher yields might be here to stay.
不过，澳大利亚对冲基金经理拉斐尔·拉姆认为，金价下跌只是暂时的。他管理的黄金多空基金自去年推出以来，已为投资者带来逾200%的净回报；他表示，支撑黄金长期上涨的关键力量仍然完好。
Still, Australian hedge fund manager Raphael Lamm, whose long-short gold fund has delivered a net return of more than 200% to investors since its launch last year, sees the decline in gold prices as temporary, arguing that the key forces underpinning its long-term rally remain intact.
新加坡时间上午7时50分，现货黄金下跌0.1%，报每盎司4,271.54美元。白银下跌0.2%，报每盎司63.68美元，本周料累计下跌近4%。铂金和钯金基本持平。衡量美元走势的彭博美元现货指数在连续五天上涨后持稳。
Spot gold fell 0.1% to $4,271.54 an ounce at 7:50 a.m. in Singapore. Silver was down 0.2% at $63.68 an ounce and on track to end the week almost 4% lower. Platinum and palladium were little changed. The Bloomberg Dollar Spot Index, a gauge of the US currency, was steady after five days of gains.