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:-D书包侠
$XAU 这两天黄金的走势很值得琢磨。不少人的第一反应都是:中东冲突还在延续,基辅昨夜又传出连环爆炸,地缘风险不断,避险买盘理应推着金价往上冲。可非农落地之后,黄金反而迎来一波下杀。
背后的逻辑并不复杂:非农数据大幅超预期,美联储官员集体释放鹰派信号,美元指数单日大涨 0.74%。现在市场看待地缘冲突,已经不再单纯按避险定价,而是解读为推高通胀、倒逼加息的隐患。黄金本身不产生利息,一旦加息预期升温,它就会首当其冲承受抛压。
所以不要再固守“开战就买黄金”的老思路。真正决定金价走向的核心,要看美债收益率与美元的动向,这才是它的定价之锚。
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