风险攀升波动走高,黄金再现保值功能——2019年黄金市场回顾与展望

2019年金价整体呈现先跌后涨走势,年内美联储多次降息、贸易争端不断升级、英国脱欧决议的一延再延,对金价形成支撑。随着全球经济增速放缓、各国央行执行货币宽松政策,实际利率持续下行;全球贸易需求萎缩、地缘政治风波频发,市场避险情绪浓厚;各国黄金储备稳步提升、黄金ETF保持资金净流入,黄金资产配置比重提高,预计2020年金价将继续呈现上涨趋势。

Gold Continues to Hold Value amid Rising Risks and Volatilities---Annual Review and Prospect of Gold Market

In 2019,the gold price presented a V-shaped movement.During the year,the Fed’s rate cuts,the escalated trade disputes,and the delayed Brexit have been propping up the gold price.As the global economic growth slowed down and some central banks implemented accommodative monetary policies,the real interest rates continued to fall.The shrinkage of global trade,along with the frequent geopolitical turbulences,have resulted in a strong risk aversion in the market.As the gold reserves in various countries increased steadily and gold ETFs received a net inflow of funds,the asset allocation to gold has increased.In 2020,the gold price may continue to be in an upward trend.