FPG财盛国际:金市多头蓄势待发

市场资讯2025-11-05

11月5日，FPG财盛国际表示，近期黄金市场的短线动能正在转换，金价或在2025年最后两个月维持震荡整理。然而，从更长周期看，下一轮约千美元级别的价格波动更大可能向上。FPG财盛国际认为，当前市场情绪虽趋平稳，但长期多头结构仍未改变，短暂整固属于健康走势。根据业内分析人士Aakash Doshi（State Street Investment Management黄金策略负责人）观点，金价大概率将...

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Shares（GLD）自金价触及约4360美元后，持仓下降近8吨。FPG财盛国际表示，尽管全球ETF近期出现资金流出，但整体市场仍展现出前所未有的投资需求，目前ETF持仓仍低于2020年高点。Doshi预计刷新纪录只是时间问题，或将在2026年首季出现。若以当前约4000美元区间进行中长期推演，他更倾向于金价触及5000美元。近期ETF资金流出虽可能放大季节性弱势，但由于8月至9月期间因担心错失机会（FOMO）导致的加速上行，市场正进行动能重置。然而，FPG财盛国际认为，潜在回调恐将有限，因基本面仍持续提供有力支撑。世界黄金协会最新数据显示，在金价创新高背景下，实物黄金需求仍创纪录，这说明投资者对高价位依旧具备接受度，市场价值逻辑仍在发挥作用。FPG财盛国际表示，本轮行情中，黄金处于“买入过热但非持仓过满”的状态，仍具上行潜力。央行持续增持仍是支撑金价的重要力量，今年官方储备预计增加约750至900吨，虽低于过去三年各约1000吨规模，但依然是2021年的两倍左右。Doshi表示，去美元化所带来的资产配置结构转变，使黄金逐渐演化为可替代的全球法币投资标的。与此同时，市场投资需求亦保持强劲，因为市场预期美国联储将继续降息，而通胀压力维持高位。在降息与通胀双线推动下，实际利率将进一步走低，黄金作为无收益资产的机会成本下降，从而增强配置吸引力。同时，长端利率曲线抬升使通胀预期更为稳固，为金价提供额外支撑。FPG财盛国际认为，整体来看，长期宏观环境仍偏向黄金多头，后市仍具进一步上行可能。责任编辑：陈平","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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