黄金的波动逻辑与投资价值

The Investment Value of Gold and Key Market Drivers

自21世纪初,随着黄金交易市场化,中国黄金市场得到蓬勃发展,黄金投资也受到越来越多的投资者关注。近期随着全球经济逐步复苏,主要央行货币政策趋紧,市场对风险事件的承受能力不断增强,黄金市场面临新的宏观环境;本文对比黄金与其他大类资产的回报分析,分析黄金过去及未来价格驱动因素的异同,从逻辑上分析国际黄金价格走势及其投资价值。

With the marketization of domestic gold trading in the early 21st century China＇s gold market has thrived and the precious metal has attracted increasing attention from investors. The gold market has faced a new macro environment with the gradual recovery of the global economy, particularly as major central banks tighten monetary policy and the risk tolerance of investors increases. This paper examines the return on investment in gold as compared with investments in other major assets. It assesses the factors that have driven the price of gold in the past and are likely to be important in the future. The paper examines current price trends on the international market and offers an analysis of the metal＇ s investment value.