收益率下跌与贸易紧张局势提振需求,金价触及三个月高点

周二,受美国国债收益率下降、美元走软以及贸易紧张局势重燃的推动,金价攀升至三个多月来的最高水平。现货金价一度触及每盎司4,696.18美元,随后因交易员在备受关注的4,700美元关口附近获利了结而回落。

市场概览

截至格林尼治标准时间18:16,现货黄金(XAU/USD)下跌0.1%,报每盎司4,647.03美元,此前曾触及5月14日以来的最高水平。美国黄金期货收盘下跌0.1%,报4,694.50美元。

日内的上涨延续了此前的反弹势头,金价不仅突破了200日移动平均线,还收复了此前的大部分跌幅。上周金价上涨超过5%,因投资者对债券收益率下降、美元走软以及对美国金融资产替代品的需求回升做出了反应。

道明证券全球大宗商品策略主管Bart Melek表示,尾盘的回落反映出金价在关键技术阻力位附近动能减弱。他指出,金价向4,700美元这一强阻力位迈进,促使部分交易员选择获利了结。

美债走势给美元带来压力

美国财政部决定增加旨在支持流动性的长期国债回购规模,这为金价提供了支撑。在长期借贷成本飙升后,为了改善市场流动性,财政部将某些操作的最大规模增加了一倍,达到40亿美元。

此举引发了国债价格的上涨。周二,美国国债收益率一度下跌8个基点,其中基准10年期国债收益率创下约两个月来的最大单日跌幅。

美元同时也出现走软,这增加了黄金对持有其他货币买家的吸引力。此外,市场担心官方遏制长期借贷成本的举措可能削弱对美国资产的信心,这也促使部分投资者转向黄金和加密货币,进行所谓的“货币贬值对冲交易”。

LPL Financial策略师Adam Turnquist表示,在经历了此前的回调后,投资者仓位更加健康、美元走软以及投资需求改善,正为金价提供更强劲的基本面支撑。贸易紧张局势推升避险需求

美国与加拿大之间重燃的贸易摩擦带来了新的不确定性。

美国对价值约200亿美元的加拿大商品征收50%关税的措施已经生效,而加拿大也宣布了报复性措施。美国总统唐纳德·特朗普还威胁称,将把50%的关税范围扩大至加拿大制造的汽车及汽车零部件。

这场争端引发了人们对《美墨加协定》(USMCA)整体稳定性,以及长期关税政策对高度一体化的北美制造业供应链所产生影响的担忧。

当政治或贸易不确定性加剧时,黄金往往会从中受益,因为投资者将黄金视为一种独立于传统货币和政府债券市场之外的价值储存手段。

油价下跌缓解加息担忧

油价下跌为市场提供了支撑,因为它缓解了人们对于能源成本可能引发通胀进一步上升的担忧。

周二,布伦特原油价格大幅下跌,此前有报道称美伊之间可能在实现停火方面取得进展,且伊朗与阿曼就恢复霍尔木兹海峡航行安全举行了建设性会谈。

油价走低有助于降低运输和生产成本,从而减轻美联储加息的压力。利率上升通常会对金价构成压力,因为持有实物黄金无法产生利息收益。

近期美国的通胀数据已促使市场下调了对进一步收紧货币政策的预期。交易员目前预计美联储在9月份加息的概率约为38%。

投资需求增强

实物黄金和投资需求也呈现出改善迹象。随着投资性买盘增强,中国7月份经由香港的黄金净进口量较上月增长了约11%。

黄金的技术面也已好转。金价已突破1月份创纪录高点以来的下行趋势线,并重回200日移动均线上方,这吸引了动能型投资者重返市场。

然而,金价的快速反弹使其逼近4700美元附近的阻力位,这意味着在近期的上涨行情之后,市场可能会进入盘整阶段。

展望

投资者将密切关注美国7月份个人消费支出(PCE)通胀报告,以寻找价格压力是否正在缓解的进一步证据。该数据可能会改变市场对美联储9月会议的预期,并影响美债收益率及美元走势。

本周晚些时候,美联储主席凯文·沃什在杰克逊霍尔年会上发表的讲话将成为黄金市场的又一重大考验。交易员还将密切关注美加贸易紧张局势以及围绕伊朗和霍尔木兹海峡的事态发展,因为这两方面的局势升级都可能重新引发对避险资产的需求。

关于作者

 

Martin Lam 是 ATFX 亚太区首席分析师,在全球外汇及投资市场拥有逾 20 年的经验。他毕业于迪肯大学(Deakin University),主修金融与经济学,并曾在多家领先的外汇经纪公司担任高级管理职位。

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