广发证券：宏观叙事+基本面+资金面三重因素驱动长期仍看多黄金

智通财经2025-12-20

智通财经APP获悉，广发证券发布研报称，金价10月深度回调后反弹，短期市场情绪已经回暖。黄金价格回调但仍长期看多黄金的三大原因：宏观叙事：债务危机或将重塑全球秩序。美国双赤字的扩大迫使其向外转嫁危机。基本面：实际利率下降将边际支撑金价。12月美联储降息且表态偏鸽，并开启扩表，货币宽松持续叠加通胀的回升，金价将受实际利率较强的支撑。资金面：ETF资金和央行购金仍是背后推手。广发证券主要观点如下：近期...

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广发证券：宏观叙事+基本面+资金面三重因素驱动 长期仍看多黄金

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广发证券：宏观叙事+基本面+资金面三重因素驱动长期仍看多黄金