资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> 风险提示：基金有风险，投资需谨慎。 12月24日，沪深两市窄幅震荡，国防军工、环保、电子板块涨幅靠前。截至10点47分，金 ETF(159834.SZ)涨0.49%。 国元期货分析指出，贵金属板块中黄金配置价值凸显：一方面，美联储12月 降息落地，美元短期偏弱及长期走弱预期持续削弱黄金计价压制，流动性改善环境为金价提供支撑；另 一方面，地缘局势扰动下避险需求升温，叠加全球货币体系多元化进程中央行购金趋势延续，黄金资产 属性优势进一步强化。中长期看，美国实际利率下行周期与去美元化进程共振，黄金价格中枢有望持续 抬升。综合来看，贵金属板块趋势性行情明确，其中黄金ETF(159834.SZ)作为便捷配置工具，可有效对 冲宏观经济波动，配置机会值得关注。 ...

Core Viewpoint - The article highlights the strengthening medium to long-term investment value of gold amid rising global economic uncertainties, driven by factors such as anticipated interest rate cuts by the Federal Reserve, persistent high inflation, and ongoing geopolitical risks [1]. Group 1: Economic Context - The Federal Reserve's expectation of interest rate cuts by 2025 is becoming clearer, which will lower the actual interest rate and enhance gold's financial attributes [1]. - In a high inflation environment, gold's anti-inflation properties resonate with the weakening demand for fiat currency, leading to increased central bank purchases of gold reserves [1]. Group 2: Geopolitical and Market Dynamics - The normalization of geopolitical risks, global debt expansion, and the diminishing status of the US dollar as a reserve currency are expanding the demand for gold as a ultimate safe-haven asset [1]. - The tightening supply-demand dynamics for gold, influenced by global resource constraints, indicate a clear long-term upward trend in gold prices [1]. Group 3: Investment Opportunities - The Gold ETF (159834.SZ) is identified as an efficient investment tool that can fully capture the benefits of the gold upward cycle, suggesting strategic allocation opportunities [1].

9月22日，沪深两市震荡，电子、计算机、汽车板块涨幅居前。截至14点00分，金ETF(159834.SZ)涨1.46%。 湘财证券认为，美联储降息周期下，黄金配置价值凸显。一方面，美联储年内降息预期强化，联邦基金利率走弱及美元流动性宽松，压制美元指数中枢，而 黄金与美元负相关性显著，美元疲弱将直接提振金价；另一方面，全球地缘博弈加剧及经济下行风险升温，黄金避险属性进一步强化，叠加全球央行增持黄 金储备趋势延续，需求端支撑金价韧性。中长期看，若美国就业市场持续"失速"、降息力度超预期，可能加速美元资产被抛售，驱动市场资金向黄金等非美 资产转移，叠加全球低利率环境下实际利率走低预期，黄金中长期上行逻辑明确。建议关注黄金板块配置机遇，金ETF(159834.SZ)作为高效工具有望持续受 益。 d y 150 A 10, 200 and of the state 32 15 12 1 s II 2 201 r all a y 2.000 r r r A 1 1 1 125 2 · Research · Produce Career t 50 10 PANIE 2007 12 16 person A 0 y al co ...