期货日报网讯（记者 吕双梅）11月15日，2025全球期货交易者大会暨第十九届全国期货（期权）实盘交易大赛、第十二届全球衍生品实盘交易大赛颁奖大会在西安举办。全球赛重量组第九名、长期稳定盈利奖第五名顾明喆在会上表示，当前全球正处于“繁荣、泡沫与货币贬值”阶段，过去24个月全球央行降息312次，为黄金价格上涨提供了支撑。另外，近两年央行购金潮持续升温，全球黄金外汇储备占比已首次超过美债，中国、俄罗斯等国长期增持黄金，推动外汇储备多元化。
“从配置角度看，黄金仍处于结构性低配状态，仅占美国银行私人客户资产管理规模的 0.5%，机构配置比例仅占2.4%，未来上涨空间充足。”他表示，黄金多头趋势尚未终止，除非发生罕见的大级别地缘与央行再定价事件，如全球贸易摩擦进一步缓和、俄乌和谈出现突破性进展等，短期内难以实现。
顾明喆认为，黄金在降息周期前后均有明确的上涨规律，目前中美贸易磋商取得实质性进展，黄金下一波买点或出现在12月美联储降息后，同时技术上看到底部结构，波动率回落到正常水平。
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