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道富：五大因素支撑黄金结构性牛市周期料2026年金价或上探至5000美元

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href=\"https://laohu8.com/S/LI\">理想</a>资产。</p><p>(2)股债相关性提高。后疫情时代的通胀高峰与美联储紧缩周期期间，美国股债相关性飙升至30年高点，黄金的分散风险及对冲左尾部风险作用将更显著。</p><p>(3)ETF重新配置与全球资产重新分配周期。自2020年经济衰退后，黄金ETF持有者持续4年赎回份额，导致实体黄金市场供应回升。2025年投资者对黄金ETF的需求反弹，不仅支撑金融市场价格，也收紧了实体黄金的供需平衡，预计在2026年仍有显著增长空间。</p><p>(4)美联储宽松与美国政策对美元的影响。美联储政策已转向宽松，且2026年可能任命更偏鸽派的主席，再加上特朗普政府的政策言论以及解放日后美国的立场软化，均预示美元将走弱，为黄金带来双重利好。</p><p>(5)强劲的实体需求。中国对黄金的零售需求，以及新兴市场央行持续购入黄金，仍为黄金带来支撑。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>道富：五大因素支撑黄金结构性牛市周期 料2026年金价或上探至5000美元</title>\n<style 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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025120915442297980b9f&s=b><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，黄金价格今年屡创新高，道富投资管理发布《2026年黄金展望报告》，指2025年金价升势创1979年以来最佳年度表现，预计在2026年将有所缓和，金价可能在每盎司4,000至4,500美元区间震荡走高。不过，道富认为，现时有五大因素支撑黄金的结构性牛市周期，包括美联储宽松政策、强劲的央行与零售需求、ETF资金流入、股债相关性上升以及全球债务问题，成为支持金价的基础，而策略性资产...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025120915442297980b9f&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","01787":"山东黄金","BK1592":"有色金属","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU0345780281.USD":"NINETY ONE 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