金价28年狂涨近7倍：投资新视角与策略调整 引言 近日，郑州市民杨先生在整理母亲遗物时，意外发现了一批1997年前后购买的金饰，当时的金价在118- 135元/克之间，而今金价已上涨近7倍。这一事件不仅引发了公众对于黄金投资价值的重新评估，也促 使我们思考在当前经济环境下，普通人应如何调整投资策略，以适应市场变化。 一、金价上涨的背后逻辑 1. 经济不确定性下的避险需求 黄金历来被视为避险资产，在经济不确定性增加时，投资者倾向于增持黄金以对冲风险。过去28年间， 全球经济经历了多次危机，如亚洲金融危机、互联网泡沫破裂、全球金融危机等，每次危机都推动了金 价的上涨。 2. 货币政策的影响 央行的货币政策，特别是利率水平和量化宽松政策，对金价有着直接的影响。低利率环境降低了持有黄 金的机会成本，而量化宽松则增加了货币供应量，可能引发通胀担忧，进而推高金价。 3. 地缘政治风险 地缘政治的不稳定也是推动金价上涨的重要因素。地区冲突、恐怖主义活动以及国际贸易摩擦等，都会 增强市场的避险情绪，从而支撑金价。 二、黄金投资的新视角 1. 多元化投资组合中的角色 在构建投资组合时，黄金可以作为分散风险的工具。与其他资产类别 ...

Core Viewpoint - The recent significant drop in gold prices has sparked widespread discussion, with the market experiencing a notable decline after reaching historical highs earlier in the week [1][3]. Price Movement - Gold prices have seen a continuous decline, with COMEX gold futures dropping over 1% and spot gold falling nearly 0.9%. As of the latest report, COMEX gold futures were down 0.83% at $2871.8 per ounce. The previous day, spot gold and COMEX futures had declines of 1.36% and 1.46%, respectively [2][4]. - Domestic gold jewelry prices also fell sharply, with a notable drop of 9 yuan per gram in just three days, indicating a total decline of 18 yuan per gram [2]. Market Influences - The cumulative decline in international gold prices this week has exceeded 2%, potentially marking the first weekly drop since 2025. This decline is primarily attributed to the strengthening of the US dollar and profit-taking activities [2][4]. - The recent surge in the US dollar has diminished the appeal of gold for foreign investors, as gold is priced in dollars. This has contributed to the recent price adjustments following the historical highs reached earlier in the week [7][8]. Bull Market Status - The current bull market for gold, which began in November 2022 with prices around $1629 per ounce, saw a peak of $2956 per ounce, representing an increase of 81%. Even after recent corrections, the price remains over 75% higher than the starting point [10][11]. - There are ongoing discussions regarding whether the bull market has ended, with factors such as increasing geopolitical risks and US tariff policies influencing market sentiment [11][12]. Future Outlook - Analysts suggest that while gold prices have paused their rapid ascent, several favorable factors may support a relative high-level fluctuation. These include potential downward movement in dollar interest rates and ongoing volatility in US equities, which may bolster safe-haven demand for gold [14]. - The market is closely monitoring the Federal Reserve's policy direction, as a hawkish stance could increase the opportunity cost of holding gold, while a dovish approach may provide strong upward momentum for gold prices [14].