在美国众议院周四通过特朗普的税收和支出法案后，对美国政府债务不断增加的担忧继续造成压力，美 元走低。德国商业银行货币分析师Antje Praefcke在一份报告中表示，该法案旨在使特朗普引入的减税政 策永久化，但为此提供的资金不稳定，因此可以假设预算赤字将继续膨胀。她说："我很好奇，市场什 么时候会意识到这是美元的下一个主要结构性负担。" 【黄金技术面分析】 技术面来看，黄金日线昨日收阴，在连阳之后转阴一般是看修正，阴线后面继续看转阳上升，周四收线 仍站在中轨之上，5日均线上穿10日均线粘合于中轨交于3285，10日线上移至3253附近，下一波上涨就 有可能会去日线布林上轨*点3400附近，所以上涨还有不错的空间。4小时级别中，黄金昨日突破上轨后 走了一波回踩，确认了中轨支撑，目前布林带开口，均线仍是保持多头排列，周期性仍是强势，日内支 撑点也是强弱关键点的转换位置在3280，短线支撑在3293前期高点，日内回落支撑位多，上方3315- 3340-3365-3380-3400逐渐上看。 【基本面解析】 在美元走软以及对美国财政和经济前景的担忧的支撑下，黄金本周涨幅有望超过3%。德国商业银行研 究部大宗商品分析 ...

Core Insights - The article highlights a significant trend in gold investment across different generations in China, showcasing a unique blend of motivations and strategies among older, middle-aged, and younger consumers [2][10] - The rising gold prices, currently around $3300 per ounce, have prompted increased interest and investment in gold as a traditional safe-haven asset [2][10] Group 1: Older Generation - The older generation, represented by individuals like Zhang Dama, views gold as a deeply ingrained belief and a safeguard against economic uncertainty, stemming from past experiences with inflation [3][5] - Zhang Dama's investment strategy focuses on physical gold, emphasizing simplicity and stability, with an average annual return of 8%, significantly higher than bank deposit rates [3][6] - The older generation relies on personal experiences and word-of-mouth for investment decisions, contrasting with younger generations' reliance on technology and market trends [5][10] Group 2: Middle-Aged Generation - The middle-aged demographic, exemplified by Wang Zhiqiang, approaches gold investment with a rational mindset, using it as a stabilizing asset in their diversified portfolios [6][7] - Wang Zhiqiang's investment strategy includes paper gold and gold ETFs, prioritizing liquidity and convenience, while also considering broader economic factors like currency fluctuations and family expenses [6][7] - This group has formed investment communities to share insights and strategies, focusing on informed decision-making rather than speculative gains [7][8] Group 3: Younger Generation - The younger generation, represented by Lin Xiaoxuan, views gold as both a fashionable accessory and an investment, integrating it into their lifestyle and social media presence [8][9] - Young consumers are engaging in gold purchases through innovative platforms, lowering the barriers to entry for investment and creating a new trend of "wearable wealth" [8][9] - The shift in perception of gold from a traditional asset to a social currency reflects changing values and investment behaviors among younger consumers [9][10]

星展升六福集团目标价至21.03港元 评级"买入" 金十数据5月23日讯，星展发表研究报告指，由于近日市场波动，投资者因经济不确定因素上升而增持 黄金，而部分央行亦因全球能见度低以及对俄罗斯资产冻结的忧虑而买入更多黄金。市场预测至今年底 金价将上升超过10%。六福集团(00590.HK)受惠于不明朗时期潜在的黄金需求增长，3月底止末财季内 地零售收入按年增长1%，港澳地区则跌11%，较对上一季大幅改善。该行提到，六福轻资产模式有利 长远扩张，特别是中国内地低线城市。由于六福的黄金对冲亏损可能高于原先预期，星展对其今明两财 年的净利润预测分别下调11%和10%，维持"买入"评级，并延展估值基础至2026财年，以目标8倍市盈 率计，目标价由17.42港元上调至21.03港元。 ...

5月22日，现货黄金盘中一度突破3340美元/盎司，续创5月9日来新高。5月23日，截至发稿，现货黄金 在3303美元/盎司附近震荡上涨。 相关ETF方面，5月23日，上海金ETF（159830）跌幅0.71%。 上海金ETF（159830）紧密跟踪上海金（SHAU.SGE）；费率方面，上海金ETF（159830）管理费率 0.25%，基金托管费率为0.05%，均低于同标的产品平均水平，同时该ETF支持T+0交易。 消息面上，据新华社，美国会众议院通过大规模减税法案，国债恐继续激增。共和党议员占多数的美国 国会众议院22日以微弱优势通过一项大规模税收与支出法案。美国联邦预算问责委员会此前警告，该法 案将大幅推高联邦债务。最新数据显示，美国国债规模已攀升至36.2万亿美元。国际信用评级机构穆迪 公司16日宣布，由于美国政府债务及利息支出增加，该机构决定将美国主权信用评级从Aaa下调至 Aa1。 展望后市，据21世纪经济报道此前消息，瑞银预计，今年底金价仍或将达到3500美元/盎司，在上行 （避险）情景下有望到达3800美元/盎司。 华福证券指出，短期看，一方面部分全球风险事件边际暂缓，同时考虑到部分投资者获利了 ...

Group 1 - The World Gold Council reported that global gold ETF holdings increased by 115 tons to 3,561 tons in April, marking the fifth consecutive month of net inflows and the highest level since August 2022, driven by demand from Asia [1] - According to Wanguo Securities, the recent adjustment in gold spot prices is due to a recovery in global financial market risk appetite, necessitating the digestion of previous significant price increases and excessive pricing related to panic sentiment [1] - Long-term, the upward momentum for gold remains strong due to its effective risk diversification in uncertain environments, with recommendations for investors to buy on dips [1] Group 2 - The primary reason for the recent correction in precious metals is the progress in tariff negotiations between the US and several countries, leading to a decrease in market risk aversion [1] - However, expectations of stagflation in the US are rising, with one-year inflation expectations reaching 7.3%, alongside uncertainties in trade policies and anticipated interest rate cuts by the Federal Reserve (expected 3-4 cuts in the second half of the year), which will continue to support gold's long-term investment value [1] - The reshaping of global trade patterns and the long-term weakening of the US dollar also favor gold's safe-haven attributes [1] Group 3 - The gold ETF (code: 518800) tracks the gold spot (Au99.99 contract) index issued by the Shanghai Gold Exchange, representing the trading price of high-purity (99.99%) physical gold in China [1] - This index serves as a pure tracker of gold prices, directly linked to the physical gold market, reflecting real-time changes in gold spot market prices without involving component stocks or industry allocations, providing a transparent and efficient pricing reference system for investors [1]

Market Dynamics - The gold market is currently experiencing complex volatility, with significant fluctuations in domestic spot gold prices and similar dynamics in the international market, leading to increased investor attention [1] - Global economic uncertainty remains a primary driver for rising gold prices, as factors such as global debt risks, geopolitical tensions, and potential economic recession risks sustain strong demand for gold as a safe-haven asset [1] Federal Reserve Policy Impact - The monetary policy of the Federal Reserve has a significant impact on gold prices, with expectations of sustained high interest rates in the short term increasing the opportunity cost of holding gold, thereby exerting pressure on gold prices [3] - However, the ongoing trend of central banks globally increasing their gold reserves provides strong support for gold prices in the long term [3] Future Outlook for Gold Market - In the short term, gold prices may continue to be influenced by Federal Reserve monetary policy and economic data, with potential hawkish signals from upcoming meetings possibly leading to higher dollar and U.S. Treasury yields, which could further suppress gold prices [4] - Long-term prospects for gold remain positive, supported by its recognized safe-haven value, the trend of central banks increasing gold holdings, and ongoing global economic uncertainty, with forecasts suggesting gold prices could reach $3,300 per ounce by the end of 2025 [4] Company Services - In this market environment, companies like 富慧证券 leverage their professional financial services to offer diversified investment options and risk management tools, including precious metal contracts and gold products priced in RMB tailored for clients in China [5] - 富慧证券 also provides advanced trading platforms and professional customer service, offering real-time market analysis and investment advice to help investors seize opportunities in the volatile gold market and achieve stable asset growth [6]

Core Insights - The article emphasizes the increasing importance of gold as a safe-haven asset in today's uncertain global economic environment, highlighting the need for investors to choose a robust overseas gold trading platform to enhance asset allocation [1] Group 1: Platform Summaries - **Manzhou Gold**: A well-established institution in Hong Kong, known for its MT5 trading system and liquidity resources, making it a preferred choice for traditional investors. It offers standardized contracts for beginners and direct access to the London gold market for analysts [3] - **Velos Markets**: An emerging platform with a unique "holographic projection" analysis system that layers macroeconomic indicators with micro market signals. It successfully predicted a reverse trend in gold prices by analyzing COMEX futures and spot gold [4] - **LMAX Digital**: Not explicitly detailed in the search results, but industry data indicates it processes an average of $3 billion in precious metal orders daily, positioning it as a high-capacity trading network [6] - **IG Markets**: Provides a "gold trading simulation lab" that allows users to backtest historical market conditions, enhancing educational resources for traders [7] - **Saxo Bank**: Offers customizable services, enabling users to create personal gold indices by combining mining stocks, ETFs, and physical gold prices [8] Group 2: Functional Comparisons - **Order Execution and Risk Management**: Velos Markets features a "three-tier stop-loss" function that surpasses conventional platforms, allowing for phased partial liquidation based on volatility. In contrast, Manzhou Gold's "conditional order" is better suited for trend-following strategies [9] - **Leverage and Spread Insights**: Gold spot trading typically offers leverage of 50-100 times, but Velos enforces a maximum of 20 times for new traders. The average spread for Manzhou Gold during Asian hours is $1.2 per ounce, while Velos can reduce it to $0.8 during London fix periods [11] - **Advanced Analytical Tools**: Professional users should focus on Velos's "futures-spot premium monitoring" and Manzhou Gold's "central bank holdings tracking" to analyze global gold reserve changes and their long-term trend impacts [12]

Group 1 - The core viewpoint is that gold prices have rebounded due to increased geopolitical tensions and concerns over the U.S. fiscal situation, leading to strong market demand for gold as a safe-haven asset [1][3] - Gold prices have shown a short-term upward trend despite previous bearish factors, with the market's basic expectation of stagflation driven by tariff policies remaining unchanged [3] - The long-term upward momentum for gold remains strong, with significant increases in gold imports by China and a notable rise in global gold demand, particularly from ETFs [4] Group 2 - In April, China's gold imports reached 127.5 tons, marking a 73% month-on-month increase and the highest level in 11 months [4] - The World Gold Council reported that global gold demand in Q1 2025 reached 1206 tons, a slight year-on-year increase of 1%, the highest level for the same period since 2016 [4] - Gold investment demand surged over 100% in Q1 2025, reaching 552 tons, a 170% year-on-year increase, indicating a strong recovery in ETF demand [4]

黄金高位现抛售行情，多头进场仍需耐心等待，美盘短线如何布局？立即观看超V研究员Emma的分 析，马上进入直播间>>> 相关链接 ...

今年5月以来，国际黄金市场经历剧烈震荡，继月初的暴涨后，近期又因多重因素出现回调，但市场对黄金的长期配置 价值仍存共识。以5月5日的行情为例，国际金价单日涨幅一度突破2.7%，现货黄金盘中触及3320美元/盎司，创下近两周 新高。这一波动背后，既反映了全球经济与地缘政治的深层博弈，也为投资者提供了新的布局窗口。 一、金价大涨的驱动逻辑：避险需求与政策博弈 1. 美元走弱与政策不确定性 5月初，美元指数跌至99.684，日内跌幅0.35%，以美元计价的黄金吸引力显著提升。同时，美国对海外电影征收100%关 税的激进政策、中东局势紧张以及俄乌谈判前景不明，均刺激资金涌入黄金市场。 2. 美联储降息预期反复 市场对美联储年内降息的预期一度升温，某机构预测若经济不着陆，黄金可能因降息周期开启而获得支撑。但随后公布 的美国经济数据韧性较强，又推迟了降息预期，导致金价波动加剧。 3. 央行购金与投资需求分化 2. 中长期配置注重分散风险 黄金在家庭资产中的配置比例建议为5%-15%，可通过定投黄金ETF或实物金条平滑波动。国内黄金ETF持仓量较年初增 长327%，显示机构对长期价值的认可。 3. 选择合规平台降低交易成本 ...