3月金价大幅下跌，机构对未来走势存分歧

环球网04-01

热点栏目自选股数据中心行情中心资金流向模拟交易客户端　　【环球网财经综合报道】3月31日，黄金价格小幅走高，但现货金价本月迄今已累计下跌超11%。Shackleton Advisers投资经理Wayne Nutland对CNBC表示，过去四年已改变黄金交易逻辑。尤其2025年至2026年初，金价大幅上涨，远超历史所预示的涨幅。　　“债券收益率与美元双双走高，在此背景下...

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Nutland对CNBC表示，过去四年已改变黄金交易逻辑。尤其2025年至2026年初，金价大幅上涨，远超历史所预示的涨幅。\n\n\n\n　　“债券收益率与美元双双走高，在此背景下...</p>\n\n<a href=\"https://finance.sina.com.cn/jjxw/2026-04-01/doc-inhsyfuw2699129.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CEF","symbol_name":"Sprott Physical Gold & Silver Trust","start_time":0,"source_url":"https://finance.sina.com.cn/jjxw/2026-04-01/doc-inhsyfuw2699129.shtml","article_id":"2624860565","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2624860565","pubTimestamp":1775011320,"columns":[],"sourceInfo":{"source_id":"sina","name":"sina"},"weMediaInfo":null,"summary":"　　3月31日，黄金价格小幅走高，但现货金价本月迄今已累计下跌超11%。Shackleton Advisers投资经理Wayne Nutland对CNBC表示，过去四年已改变黄金交易逻辑。尤其2025年至2026年初，金价大幅上涨，远超历史所预示的涨幅。同时，Joni 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Barnes表示，近月来，因金融投资者参与度提升，黄金价格波动率已升至历史水平的两倍。尽管当前宏观经济与市场背景与2008年不同，但存在相似之处，在美元基本面与市场情绪转变后，大宗商品仓位过度拥挤的投资者大幅放大价格波动。\n　　高盛分析师在报告中表示，仍对黄金持建设性看法，认为市场已重新定价美联储货币政策路径为今年或降息一次或不降息。\n　　“但我们仍预测，2026年底金价将达每盎司5400美元。随着央行多元化持续、当前偏低的投机仓位回归正常，且美联储将如经济学家预期降息50个基点。”高盛分析师表示，在基准情境假设下，即私人部门不再进一步抛售黄金，也不会新增配置。\n　　不过，瑞银（UBS）贵金属策略师Joni Teves日前警告黄金涨势即将结束，市场目前预期美联储今年将维持利率不变，这意味着黄金价格上涨的可能性较小。同时，Joni Teves表示黄金周期应该与美联储周期大致同步，因此预计到今年年底金价将逐渐回落，未来几年金价将走低。（闻辉）\n\n新浪合作大平台期货开户 安全快捷有保障\n\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：朱赫楠","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":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 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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