山东黄金（01787）今日盘中大涨5.27%，引发市场关注。这一涨势与国际金价重拾升势密切相关，黄金股集体走强。除山东黄金外，赤峰黄金涨7.55%，灵宝黄金涨5.13%，招金矿业涨4.12%，黄金板块整体表现亮眼。
国际金价上涨是推动黄金股上涨的主要因素。现货黄金价格突破3360美元/盎司，日内涨幅达0.82%。这一涨势受多重因素影响：特朗普宣布对所有在国外制作并进入美国的电影征收100%关税，引发市场对贸易摩擦升级的担忧；中东局势再度紧张，以色列威胁要对也门胡塞武装和伊朗进行报复性袭击；此外，高盛重申对黄金的结构性看涨观点，预期年底金价将达到每盎司3700美元，2026年中期更可能触及4000美元。
银河证券最新研报指出，尽管黄金多头逻辑已经兑现，但推动黄金上行的因素尚未出现实质性改变。分析师认为，黄金市场已进入震荡阶段，美联储降息时间的不确定性可能影响黄金价格的进一步上涨。然而，实物黄金需求预计将在下半年继续支撑金价。此外，持续的地缘政治风险也使投资者对黄金保持热情，这可能为山东黄金等黄金股提供持续的上涨动力。
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