7月14日，贵金属价格近期承压，黄金和白银均受到收益率上行与资金避险路径变化影响，OEXN表示，市场并未简单把风险事件转化为金银买盘，实际利率仍是短线定价核心。
黄金对白银的驱动并不完全相同，在OEXN看来，黄金更受实际利率和美元影响，白银还会受到工业需求、实物销售和周期预期牵动，因此金银走势容易出现阶段分化。
白银条币需求下降也提示实物端情绪偏弱。投资者正在比较避险需求、持有成本和工业周期，导致贵金属市场在宏观数据公布前保持谨慎交易节奏。与此同时，贵金属市场还需要观察实物需求和投机仓位变化。若白银需求持续偏弱，金银比可能继续波动；若黄金ETF重新吸引资金，贵金属下方支撑会更清晰，市场情绪也会逐步改善。若工业需求与避险需求不能同步改善，金银分化可能继续存在。
后续可关注美元指数、实际利率和贵金属ETF资金变化，OEXN分析称，若资金重新流入，金银可能企稳；若收益率继续上行，贵金属震荡压力仍会延续。
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