金价跌回3字头、半年回撤30%,牛市终结还是深度调整?

智通财经
Jun 25
【金价跌回3字头、半年回撤30%,牛市终结还是深度调整?】隔夜,伦敦金现货价格盘中跌破4000美元/盎司整数关口,最低触及3958美元/盎司,为2025年11月以来首次,较年初5598美元历史高点回撤近30%。白银跌得更狠,盘中跌穿60美元/盎司,较今年1月的历史高位已腰斩。从5600美元到4000美元,不到半年时间,金价重新回到“3字头”时代,这代表长牛的终结,还是一场深度调整的阵痛?市场分歧正在加剧。星展银行高级投资策略师邓志坚分析称,金价下跌的核心驱动在于美国通胀引发的加息预期。他表示,通胀数据表面温和,但资本开支上升、债务扩张等尾部风险正在积聚,推动各国央行提前采取防御性加息措施,从而对无息资产黄金形成持续压制。一位贵金属交易人士表示,中东局势仍有反复,美国通胀压力未散,市场对风险资产的担忧也没有消失。按传统逻辑,黄金应该仍有支撑,但至少在这轮行情里,资金优先选择了美元,后续市场焦点在于美国经济放缓信号能否得到验证。

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