从全球宏观视角来看，黄金的定价逻辑正在发生深刻演变。RadexMarkets瑞德克斯表示，随着加息周期 步入尾声，金价的波动已不再单纯依赖于利率预期的起伏。事实证明，地缘局势的反复、全球贸易规则 的重塑以及各国央行对储备资产多元化的刚性需求，已成为不可逆转的结构性因素。RadexMarkets瑞德 克斯认为，黄金正从一种短期对冲工具转变为核心战略资产。 步入2026年，全球财政扩张与债务水平的攀升将使不确定性成为一种"新常态"。RadexMarkets瑞德克斯 表示，投资者应警惕单纯依靠历史经验预测市场的风险，黄金作为中性资产在组合中的压舱石作用将更 加不可替代。在未来的市场博弈中，风险溢价将取代利率政策成为驱动金价的核心引擎，近期的价格修 整恰恰为战略配置提供了契机。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：陈平 2月20日，在全球金融格局剧烈波动的背景下，即便美联储未来领导层的框架逐渐明朗，货币政策路径 的复杂性仍将为黄金价格提供持续的震荡向上动力。近期金价从5，600美元附近的高位回落，被视为市 场在经历抛物线式上涨后的自我修复。RadexMarkets瑞德克斯认为，特定的人事提名消息仅是触发 ...

Core Viewpoint - The article discusses the evolving role of gold in the global economy, particularly in the context of geopolitical tensions and changes in the international monetary system, highlighting its increasing importance as a strategic reserve asset and its potential for future appreciation [9][12]. Group 1: Gold Market Trends - Since 2025, gold prices have been on a significant upward trend, reaching historical highs, with prices surpassing $4,490 per ounce in December 2025, and a year-to-date increase of over 70% in international spot gold prices [8]. - Central banks globally have been net buyers of gold, with purchases exceeding 1,000 tons annually from 2022 to 2024, marking a shift from net sellers to net buyers, particularly among emerging market central banks [10]. - The ratio of gold market value to the US M2 money supply is currently at 1.09, indicating potential for further price increases as confidence in the dollar weakens [9]. Group 2: Geopolitical and Economic Implications - The article emphasizes that the geopolitical landscape, particularly post-Russia-Ukraine conflict, has led to a reconfiguration of international trade and reserve systems, with a shift towards a more multipolar trading system [11]. - The demand for gold is expected to rise as countries seek to hedge against dollar risks, with emerging markets increasingly driving this demand [12]. - The implementation of Basel III in 2025 is anticipated to enhance the demand for physical gold within the banking sector, further solidifying its role in the financial system [9]. Group 3: Future Outlook and Investment Strategies - Gold is projected to maintain its strategic importance as a stable asset in an uncertain global economic environment, with recommendations for institutional investors to allocate 5% to 10% of their portfolios to gold [13]. - The article suggests that gold may evolve into a "digital currency anchor" as countries explore using gold reserves to back digital currencies, enhancing its role in trade settlements [12]. - Market participants are advised to adapt their strategies in response to changing tax policies affecting the gold market, focusing on higher value-added products and lower-tax investment vehicles like gold ETFs [15][17].