受霍尔木兹海峡通行状况改善影响，国际油价24日显著下跌。

Due to the improvement in the traffic conditions of the Strait of Hormuz, international oil prices dropped significantly on the 24th.

纽约原油期货价格24日盘中跌破每桶70美元，为3月初以来最低水平；伦敦布伦特原油期货价格24日盘中跌破每桶75美元，为美以伊战事爆发以来首次。截至当天收盘，纽约商品交易所8月交货的轻质原油期货价格下跌2.87美元，收于每桶70.34美元，跌幅为3.92%；8月交货的伦敦布伦特原油期货价格下跌3.34美元，收于每桶73.74美元，跌幅为4.33%。

On the 24th, the price of New York crude oil futures dropped below $70 per barrel during the trading session, reaching the lowest level since early March. On the same day, the price of Brent crude oil futures in London also fell below $75 per barrel, marking the first time since the outbreak of the US-Iraq war. By the end of the trading session on that day, the price of light crude oil for August delivery on the New York Mercantile Exchange dropped by $2.87 to $70.34 per barrel, a decline of 3.92%; the price of Brent crude oil for August delivery in London dropped by $3.34 to $73.74 per barrel, a decline of 4.33%.

分析人士指出，油价回落的核心原因是市场对霍尔木兹海峡供应中断风险的担忧明显降温。尽管美伊谈判仍存在分歧，且谈判预计将持续较长时间，但市场已开始提前计入地缘风险缓和的预期，市场关注焦点正从供应中断转向供给恢复。

Analysts point out that the main reason for the decline in oil prices is that market concerns over the risk of supply disruption in the Strait of Hormuz have significantly diminished. Although there are still differences in the US-Iran negotiations and the negotiations are expected to last for a long time, the market has begun to incorporate the expectation of easing geopolitical risks in advance.

国际金价银价24日大跌

International gold and silver prices dropped sharply on the 24th.

与此同时，国际期货黄金价格24日盘中一度下跌近4%，国际现货黄金价格盘中一度下跌超3%，均跌破每盎司4000美元关口，为2025年11月初以来最低水平。国际期货和现货黄金价格自今年1月底创下每盎司约5600美元的历史高点以来，累计回撤均超25%。

Meanwhile, the international futures gold price dropped by nearly 4% during the trading session on the 24th, and the international spot gold price also fell by more than 3% during the session, both falling below the $4000 per ounce mark, reaching the lowest level since November 11, 2025. Since the beginning of this year in late January, when the international futures and spot gold prices reached a historical high of approximately $5600 per ounce, they have both experienced a cumulative decline of over 25%.

此外，国际现货白银价格24日盘中跌幅一度超9%，跌破每盎司60美元关口。国际现货白银价格自今年1月底创下每盎司约121美元的历史高点以来，累计回撤约50%。

Furthermore, the international spot silver price experienced a decline of over 9% during the trading session on the 24th, falling below the $60 per ounce mark. Since the beginning of this year in late January when it reached a historical high of approximately $121 per ounce, the international spot silver price has retreated by approximately 50%.

分析人士指出，本轮贵金属价格调整的核心原因，在于美联储政策预期改变、美元指数持续走强，以及避险需求明显降温，此前支撑贵金属价格上行的核心逻辑正遭遇实质性挑战。尽管近期油价随着美伊停火谈判推进而回落，但市场对通胀使美联储维持更高利率水平的警惕并未完全消退。同时，新任美联储主席沃什在首次议息会议上释放出明显鹰派信号。市场正在重新计算年底前美联储加息的可能性。

Analysts point out that the core reason for the current adjustment in precious metal prices lies in the change in the Fed's policy expectations, the continuous strengthening of the US dollar index, and the significant cooling of the demand for safe-haven assets. The previous core logic that supported the upward movement of precious metal prices is now facing substantial challenges. Although oil prices have declined recently as a result of the progress of the US-Iran ceasefire negotiations, the market's vigilance against inflation causing the Fed to maintain higher interest rates has not completely subsided. At the same time, the new Fed chair, Powell, released clear hawkish signals in his first interest rate meeting. The market is recalculating the possibility of the Fed raising interest rates before the end of the year.