黃金走軟,但降息押注和避險需求使金價保持在 2,500 美元以上

在週二的亞洲交易時段,儘管黃金價格因美元反彈而下降,但利率下調的可能性和避險需求增加,所以黃金價格仍維持在近期高位附近。


Goldprice.width-1200.format-jepg.jpg

在工業金屬領域,銅的價格持續上昇,因爲市場認爲降低利率將刺激未來幾個月的需求增長,並抵消第一大進口國中國的需求疲軟。

以下是截至美國東部時間00:54時的黃金價格:

下降率(%)每盎司(美元)
現貨黄金0.42,507.15
黄金期貨(到期日期12月)0.52,542.05

表1:美國東部時間00:54時的黃金價格

由於降息押注和避險需求的驅動,黃金有望繼續創造新的高點。

黃金現貨價格仍保持在8月早些時候創下的每盎司2,532美元左右的曆史高位。

在美聯儲連續髮出鴿派信號後,市場對9月份美聯儲將開始降息的信心不斷增強,導緻黃金需求也隨之上昇。

然而,CME Fedwatch顯示,交易員在降息 25 或 50 個基點方麵持有不同意見。美聯儲偏好的通脹指標--PCE物價指數數據將於週五髮佈,可能會有更多見解。

降低利率對黃金是利好,因爲這會降低投資非收益資産的機會成本。

由於以色列和哈馬斯之間的停火談判進展緩慢,地緣政治風險的增加也刺激了對黃金的避險需求。烏克蘭和俄羅斯之間的衝突持續不斷,而利比亞東部和西部部隊之間潛在的衝突導緻油價上漲,進一步擾亂了市場。

值得留意的是,黃金ETF需求也在回升。數據顯示,SPDR Gold Shares等主要黃金ETF的持倉量已持續增加八週,達到2020年中期以來最長的資金流入紀錄。

花旗集團預測,黃金ETF將看到大幅增加的資金流入,金價可能在明年上升至3000美元。

“在6-12個月內,寬鬆的貨幣政策提振了需求,而且衰退風險中波動性可能增加……預計到2025年中期,金價可能會達到3000美元。”


其他貴金屬價格呈下降趨勢,但銅價格上漲


Copperprice.width-1200.format-jepg.jpg

其他貴金屬在週二下跌,是因爲美元的反彈從13個月低位也給市場帶來了壓力。

下降率(%)每盎司(美元)
鉑金0.7961.15
白銀0.530.30

表2:金屬期貨價格

銅價格繼續上漲,原因是降息政策以及對中國經濟的樂觀預期。

倫敦金屬交易所的基準期銅和一個月期銅在經曆週一假期後,價格皆上漲了:

上漲率(%)每盎司(美元)
基準期銅0.69361.50
一個月期銅0.34.2780

表3:伦敦金属交易所的銅價格

這種紅色金屬最近幾天不斷上漲,因爲市場預測中國經濟狀況噁化將促使政府實施更多刺激措施。

市場對美國經濟衰退的擔憂減少了,同時對美國經濟軟着陸的預期增加,這刺激了人們對刺激銅需求的押注。

事實上,自從美國國會于2022年10月通過了《通脹削減法案》,銅價格就持續處於上漲趨勢。該法案爲電動汽車充電站和其他銅密集型電網改進項目提供了超過600億美元的資金支持。同時,生成式人工智能的興起也增加了數據中心對銅的需求。

銅的需求增長與採礦産量的穩定增長形成矛盾,銅採礦的增長速度遠遠落後於其他黑色金屬和基本金屬。需求增加而供給不足時,價格通常會上漲。


在考慮股票、指數、外匯(外匯)和商品的交易及價格預測時,請記住,交易CFD涉及較高風險,可能導致資本損失。

過去的錶現不能作為未來結果的指示。此信息僅用於提供信息,不應被視為投資建議。

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