普徕仕:仍视黄金为策略性配置 短期价格走势或维持波动

智通财经网
5 hours ago

智通财经APP获悉,在宏观环境出现转变、金市再度波动之际,普徕仕多元资产解决方案策略师兼投资组合经理Matt Bance表示,从投资角度而言,仍将黄金视为策略性配置。各国央行的结构性需求,加上政策前景不明朗,为金价提供一定支持,即使短期价格走势仍可能维持波动。

普徕仕指,在伊朗遇袭后,金价一度出现典型的避险升势,但升势未能持续,市场很快重新诠释事件性质。投资者未将其视为持续性的地缘政治冲击,反而更倾向视为由能源价格带动的通胀事件。这一转变推高实质利率、带动美元走强,并削弱市场对减息的预期,均不利金价表现。

与此同时,市场仓位亦发挥影响。金价在事件前已累积可观升幅,限制了新增避险资金流入的空间。相反,投资者趁市场波动获利了结,并减持早前表现强势的资产。

展望未来,金价走势仍将同时受宏观及地缘政治因素牵动。短期而言,实质利率走向及央行政策预期将为关键,同时亦需关注能源价格及美元走势。若能源冲击持续或进一步恶化,或会推动市场迈向滞胀环境,而这类宏观背景过往对金价相对有利。

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