以伊冲突此前持续升级,然而黄金一反常态弱势,如何理解?中信建投表示,上半年黄金避险需求爆发,直接受益于“逆美元信用”交易。先是全球范围套息交易逆转,风险资产(权益)跟随震动,金价启动上涨趋势。随后贸易战发酵,美国信用资产脆弱性暴露(美债和美元同跌),黄金突破新高。地缘冲突能否成为黄金持续上涨的催化剂?中信建投表示,关键在于两个底层机制。①黄金定价逻辑是否发生彻底转向(转向通胀);②黄金的需求是否有...
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