虽然直到今天还有不少网友把美元说成是"美金"，但是自从美国撕毁"布雷顿森林体系"协议以来美元和 黄金就成了此消彼长的竞争关系。 一般每当代表美元汇率走势的美元指数大幅跳水的时候，国际金价就会在避险投资涌入的支撑下强势上 涨。 在美国进入"特朗普2.0时代"以后（1月20日至今），一日三变的特朗普已经让美元指数下跌近8%，与此 同时国际金价则屡创历史新高，4月22日一度突破每盎司3500美元大关。 一季度以来包括我国、俄罗斯、新加坡在内的全球各国大量增持黄金，这股"囤金潮"是否会让美元贬值 90%，人民币国际化又能否趁势崛起呢？ 一、央行囤金的原因 在这场"囤金潮"中我国显然是最值得关注的主力。截至一季度末中国央行已经通过连续五个月的大举买 入，将黄金储备规模提高至7370万盎司（约合2292吨），相比十年前增长超过一倍。 环球银行金融电信协会（Swift）最近公布的数据显示，截至今年一季度末美元在全球贸易中的支付占 比依然高达49.08%，相比去年同期提高1.71个百分点。既然美元目前还是全球贸易最主要的结算货币， 各国央行疯狂囤金的目的是什么呢？ 首先，美债危机严重大幅提高黄金避险价值。虽然特朗普的关税战可 ...

随着一季度全球金价20次突破历史新高，金饰需求遭遇负面冲击。然而，尽管受到高金价压力，金饰市 场依然相对保持韧性，尤其体现在金饰消费额方面。一季度的金饰消费支出同比增长9%，达350亿美 元，除中国以外所有市场的金饰消费额均实现增长。 世界黄金协会资深市场分析师Louise Street表示，今年全球市场开局动荡，美国政策反复无常、地缘政 治局势持续紧张，叠加经济衰退担忧卷土重来，这些因素共同导致投资者面临高度不确定的市场环境。 在此背景下，黄金投资需求激增，推动一季度黄金需求总量达到自2016年以来最高的一季度水平。 Louise Street认为，展望未来，宏观经济形势仍难以预测，而这种不确定性或许会为金价带来进一步上 行潜力。随着动荡局势的持续，未来数月内，来自机构、个人及官方部门的黄金避险需求或将进一步攀 升。(完) 中新网上海4月30日电 (高志苗)世界黄金协会30日发布的2025年一季度《全球黄金需求趋势报告》显 示，一季度的全球黄金需求总量(包含场外交易)达1206吨，同比增长1%。黄金ETF需求复苏，推动一季 度黄金投资需求总量增长逾一倍，达552吨，同比增长170%，创下自2022年一季度以 ...

Core Viewpoint - Since reaching a historical high on April 22, gold prices have experienced a pullback, with COMEX gold futures trading around $3,325.3 per ounce as of April 29, down approximately $180 from the previous week's peak of $3,509.9 per ounce [1] Group 1: Hedge Fund Activity - The recent decline in gold prices is attributed to hedge funds reducing their net long positions in COMEX gold futures, with a decrease of 1.1196 million ounces reported for the week of April 22 [2][4] - Hedge funds have been consistently reducing their net long positions since mid-April, driven by a historical pattern of price corrections following new highs [2][11] - Despite the selling pressure from hedge funds, gold prices initially continued to rise due to concerns over global trade and economic uncertainties, which drove investors to seek gold as a safe haven [3][8] Group 2: Market Dynamics - The market saw a significant inflow into gold ETFs, with a net inflow of $3.3 billion, indicating a growing preference for gold as an investment [10] - The increase in gold ETF holdings during the first quarter of this year was 226.5 tons, which supported the rising gold prices [11] - The sentiment among hedge funds remains bullish on gold, as they continue to view it as a valuable asset despite their recent profit-taking strategies [11][12] Group 3: Protective Measures by Traders - Gold producers and trading firms have increased their net long positions in COMEX gold futures to counteract the selling pressure from hedge funds, with increases of 520,800 ounces and 1,993,700 ounces respectively [12] - The actions of trading firms are aimed at maintaining market liquidity, especially when hedge funds are heavily shorting gold futures [12][13] - The protective strategies employed by trading firms may not fully offset the selling pressure from hedge funds, indicating a complex market dynamic [12][13] Group 4: Future Price Expectations - Analysts predict that gold prices may reach $3,350 per ounce by the end of the year, with potential average prices of $3,900 per ounce by next year if demand from central banks continues [14] - The current geopolitical and economic environment is characterized by rising risks and inflation expectations, enhancing gold's appeal as a traditional safe-haven asset [14]

Core Viewpoint - The Chinese gold market showed robust development in Q1 2025, with various data reflecting its complex structure and inherent vitality. Group 1: Domestic Gold Production - In Q1 2025, domestic gold production reached 87.243 tons, an increase of 1.284 tons or 1.49% compared to Q1 2024 [1] - Gold mine production accounted for 61.772 tons, while by-product gold from non-ferrous metals contributed 25.471 tons, forming a significant part of domestic gold production [1] - Total gold production, including imports, was 140.830 tons, reflecting a year-on-year growth of 1.18% [1] Group 2: Trading Market Activity - The Shanghai Gold Exchange saw a total trading volume of 16,000 tons (double-sided), a year-on-year increase of 4.57%, with a trading value of 10.70 trillion yuan, up 42.85% [2] - The Shanghai Futures Exchange reported a trading volume of 55,400 tons (double-sided), a significant increase of 91.17%, with a trading value of 30.52 trillion yuan, up 143.69% [2] - The surge in trading volume and value indicates strong market recognition of gold's investment value amid global economic uncertainties [2] Group 3: Gold Reserves and Investment - Domestic gold ETF holdings increased by 23.47 tons in Q1 2025, reaching a total of 138.21 tons, marking a year-on-year growth of 327.73% [3] - China increased its gold reserves by 12.75 tons, bringing the total to 2,292.33 tons by the end of March [3] - The simultaneous increase in gold holdings by the central bank and private investors highlights gold's growing importance in asset allocation [3] Group 4: Consumption Trends - Gold consumption in China totaled 290.492 tons in Q1 2025, a decline of 5.96% year-on-year [4] - Jewelry consumption fell by 26.85% to 134.531 tons, while investment in gold bars and coins rose by 29.81% to 138.018 tons [4] - The high gold prices have suppressed jewelry demand, but there is a growing interest in innovative gold products among younger consumers [4] Group 5: Price Trends - By the end of March 2025, the London spot gold price was $3,115.10 per ounce, up 17.79% from the beginning of the year [5] - The average price for Q1 2025 was $2,859.62 per ounce, a 38.16% increase compared to the same period in 2024 [5] - The Shanghai Gold Exchange's Au9999 gold price closed at 730.80 yuan per gram, reflecting a 19.02% increase since the start of the year [5] Group 6: Market Insights - The structural changes in the gold market reflect deeper adjustments in the global economic landscape, with central bank purchases and private investment demand indicating a decline in trust in fiat currency systems [5] - Experts suggest that the high gold prices are pushing the industry to innovate and adapt to changing consumer preferences, emphasizing the cultural and aesthetic value of gold [5][6]

可选消费板块跌约3%，成份股特斯拉跌超7%，科技板块跌2.8%，电信板块也跌超2%，能源板块跌1.8%。费城半导体指数跌超3.3%。 大型科技股普跌，英伟达、亚马逊跌超2%。 美股大跌！ 美国加密货币股上涨，ISHARES比特币信托上涨4.1%，PROSHARES比特币策略交易所交易基金上涨3.9%。 受特朗普威胁解雇鲍威尔言论影响，美股持续走低，截至发稿，纳指跌幅扩大至2.96%，标普500指数跌2.6%，道指跌超1000点，跌2.56%。 周一，美元指数（DXY）暴跌超过1%，一度跌破整数关口98，为2022年3月以来最低点。现货黄金成功站上3420美元/盎司，再刷历史新高。 | 全球 | Ａ股 | 港股 | 美股 | | | --- | --- | --- | --- | --- | | 纳斯达克 | 道琼斯 | | 标普500 | | | 15804.30 | 38140.16 | | 5145.13 | | | -482.15 -2.96% | -1002.07 -2.56% | | -137.57 -2.60% | | | 涨1156 | | | | 跌4485 | 美国10年期国债收益率回落至4 ...

今日国际金价再度大涨，国际黄金价格一举飙涨超 2%，历史性破3400美元大关，短短8个交易日内飙涨超400美元，强力刺激了全球投资者 的神经。 受此影响， A股黄金板块也掀起了涨停潮，其中，晓程科技暴涨20%，四川黄金、赤峰黄金、西部黄金等均强势涨停，有多只黄金主题ETF大 涨， 黄金股 ETF(159562) 今日罕见涨停，年内涨幅达 42.33%，位居ETF涨幅榜第一； 黄金 ETF华夏(518850) 今日上涨 1.88%，年内涨 幅30.51%，近三年涨幅89.75%，领跑全市场。 美银发布的客户资金流报告显示，资金疯狂涌入黄金 ETF。截至上周三的一周时间内，黄金ETF单周资金流入规模高达80亿美元，创下历史纪 录。 自特朗普当选以来，全球局势扑朔迷离，黄金成为资金避风港。据国际清算银行测算，全球央行外汇储备中美元占比已从 2001年的73%降至 2025年一季度的54%，而黄金占比同期由8.7%攀升至18.3%。 资金买入黄金，不仅仅是对冲美国通胀需求，更是对不确定性的迫切押注。 面对这个历史性的大行情，投资者绝对不应错过。 疯狂的金价 01 作者 | 独行侠 数据支持 | 勾股大数 据（www. ...

本周经济数据相对清淡，交易者将继续留意美联储官员讲话及有关特朗普关税相关动态。 技术面： 基本面： 周一（4月21日）亚欧时段，现货黄金高开后延续强势，盘中继续扩大近期涨势一度逼近3400美元关口下方盘整，目前交投于3391美元附近。上周国际金价 再度书写历史，现货黄金在突破3300美元心理关口后，一度飙升至3357.66美元/盎司的历史新高，收报3327.04美元/盎司，周线涨幅约2.76%。Kitco最新调查 显示，尽管华尔街专家和Main Street散户对金价站上3300美元后渐显谨慎，但市场整体仍维持强劲看涨情绪。这场由贸易摩擦、央行政策转向和避险需求共 同点燃的黄金盛宴，正将多空博弈推向新高潮。 因耶稣受难日假期，上周五多数市场休市，交投清淡，美股上周四涨跌互现，投资者评估美国与日本贸易磋商的进展和对利率前景的担忧。交易员趋于乐 观，美国总统特朗普在周三股市大幅下挫后称双边对话取得 "重大进展"。标普500指数在收盘前最后几分钟缩减涨幅，纳斯达克指数转为下跌，暗示交易员 对在长周末持有美国股票持谨慎态度。特朗普周四表示，解雇鲍威尔"越快越好"，同时呼吁美联储降息。投资者现在将目光聚焦在未来几周与数 ...

新华财经北京4月21日电（王媛媛） 受国际金价持续刷新历史新高影响，4月21日，黄金股全天表现强 势，赤峰黄金、西部黄金、鹏欣资源等近10只黄金股涨停。 随着特朗普挑起关税摩擦以来，美元资产（美元、美股、美债）均录得了持续且大幅的下跌。分析认 为，资金正从美元资产流向更加具备避险属性的黄金，4月前两周世界黄金ETF录得净流入75吨，为本 轮黄金牛市以来的短时间最大净流入额。 根据中国央行公布的数据，中国3月末黄金储备报7370万盎司（2292.33吨），较2月末7361万盎司 （2289.53吨）增加9万盎司（2.8吨），已经连续5个月购买黄金。除了中国央行购金外，中国头部保险 公司的资产公司也已经开始购买黄金投资的操作。 东吴证券认为，本次关税事件显著提升黄金的避险属性，随着市场流动性的好转，以及避险资金从美元 资产流出转向黄金，看好当下宏观框架下黄金将中长期走牛。 分析认为，黄金股与金价背离或将终结，黄金股重估开启。从短期来看，美国关税政策不确定性提升黄 金避险需求，但需谨防短期黄金大幅波动。从长期来看，黄金价格走势与通胀、全球央行购金、美国债 务赤字问题等多因素相关。 金价续创新高近10只黄金股涨停 4 ...

《中国经营报》记者实地探访国内最大的黄金珠宝交易集散地——深圳水贝，4月15日足金价格为771 元/克，4月16日足金价格为780元/克。一夜之间，足金价涨了9元/克。 水贝某商家告诉记者："尽管金价上涨，但前来购买（黄金）的消费者很多。" 本报记者 郝亚娟 张荣旺 深圳 北京报道 金价快速上涨有哪些原因？金雅福黄金研究院分析，由于美国总统特朗普发布全面关税，市场担心美国 可能已经陷入经济衰退或非常接近衰退。投资者继续撤出美国资产，美债和美元遭遇大抛售，使得美债 短期失去了避险功能，黄金"避险之王"归位，避险资金疯狂涌入黄金市场，使得金价继续刷新历史新 高。 4月16日现货黄金早盘突破3270美元/盎司，创历史新高。 金价持续上涨，回收商其实也在担心风险。上海某黄金回收商表示，现在金价正处于上涨趋势，行情波 动很大，收金的时候压力也不小——一旦高位接盘，结果金价突然回调，手上的货就可能被套住。 而金价持续上涨却让金店老板表示很"焦虑"。"白天卖750元/克，结果晚上进货就得760元了。"某金店 商家告诉记者，金店通常是"低价进，高价卖"，靠的是进销差价赚利润。比如白天按750元/克卖出去金 饰，晚上金价突然涨 ...

Group 1 - The U.S. Treasury market experienced a historic sell-off last week, with the 10-year Treasury yield rising to 4.478%, marking the highest weekly increase since 2001, while the 30-year yield saw its largest weekly rise since 1987 [2] - This sell-off was driven by fluctuating trade policies, leading to margin calls and the liquidation of basis trades, which exacerbated liquidity issues in the bond market [2] - The volatility in the bond market, coupled with a stock market pullback, highlighted the safe-haven appeal of gold as investors sought low-correlation assets [2] Group 2 - A recent survey indicated that a significant majority of Americans are concerned about job security this year, reflecting growing anxiety over economic instability and workplace stress [2] - Federal Reserve official Neel Kashkari stated that the potential for an economic recession due to President Trump's trade war will depend on the swift resolution of uncertainties with major trading partners [2] Group 3 - Analysts suggest that the upward trend in gold prices remains intact, with buyers focusing on the $3250 per ounce level [3] - A breakthrough above the historical high of $3245 per ounce could pave the way for gold to reach $3300 per ounce [3] - Conversely, if gold prices fall below $3200 per ounce, the first support level would be the April 10 high of $3176 per ounce, with sellers targeting $3100 per ounce if that level is breached [3]