有色金属:黄金重回货币属性

德邦证券
Sep 09, 2025

(以下内容从德邦证券《有色金属:黄金重回货币属性》研报附件原文摘录)投资要点:金价受利率影响,但部分时间中与利率关系并不稳定。美元实际利率与金价走势较为接近,对黄金价格的解释力度也相对较高,这涉及到黄金一个重要的金融属性零息。由于持有黄金不会产生票息收益,因此当市场中的实际利率预期提升时,将会对金价构成压制,反之,当实际利率预期下降带动金价上涨。但部分时段中,金价似乎与利率的关系并不明显,其中...

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