【贵金属】宏观博弈定方向 资金共振助银金

国元期货研究
Oct 01, 2025

策略观点目前贵金属市场受宏观经济与政策面主导呈现强势格局,美国经济数据虽显韧性,GDP 增速超预期、首申失业金人数下降,但核心 PCE 通胀仍处 2.9% 高位,远高于美联储 2% 目标,通胀黏性与经济韧性的矛盾使货币政策路径存疑,10 月降息预期降温却未完全消除。美联储内部观点分化,理事米兰呼吁大幅降息且认为中性利率偏低,主席鲍威尔则强调利率限制性与股市高估风险,政策不确定性推升避险需求。美欧...

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