Mhmarkets迈汇：黄金配置价值再审视

Group 1 - Gold is regaining its core position in the commodity market amid increasing global asset volatility, with macroeconomic conditions and capital flows favoring its performance [1] - Mhmarkets indicates that if private investors outside of central banks further engage in asset diversification, there is potential for upward movement in gold prices [1] - The overall commodity market performance has been driven primarily by industrial and precious metals, which attract capital inflows during a loosening interest rate environment [3] Group 2 - The resilience of the global economy provides a foundational condition for commodity demand, with structural factors influencing commodity trends over the next year [3] - The competition for technological, resource, and industrial chain dominance keeps key commodities strategically relevant, while supply changes in the energy sector continue to impact price levels [3] - Gold remains one of the most certain allocation directions, supported by sustained central bank purchases and a demand foundation that exceeds historical averages [3][4] Group 3 - Changes in private investor behavior are noteworthy, as gold's allocation in some mature markets remains low, suggesting that even slight increases in allocation could significantly impact gold prices [4] - Commodities offer unique defensive value in the current environment, serving as a risk buffer amid concentrated supply and rising uncertainty [4] - Despite potential short-term corrections in gold prices, the long-term trend remains strong due to ongoing central bank demand, investor allocation potential, and supportive macroeconomic conditions [4]