疲软的美国就业数据打击加息预期,金价突破4100美元

周五亚洲早盘交易中,受弱于预期的美国就业报告影响,金价突破每盎司4100美元。数据显示,6月份非农就业人数增加5.7万人,约为市场预期的一半。现货黄金(XAU/USD)交易价格接近每盎司4125美元。

XAUUSD_2026-07-03_10-22-08

XAU/USD – 5日图表

市场概览

此轮上涨延续了金价在经历了波动剧烈的第二季度后的反弹。第二季度,由于交易员预期通胀将更加顽固,美联储将采取更为谨慎的政策,金价从历史高位回落。

非农数据公布后,美元走软,美国国债收益率下滑,提升了无息黄金的吸引力。在最新一轮上涨之前,纽约商品交易所近月黄金期货周三收盘上涨1.1%,报每盎司4068.30美元。

就业数据

美国劳工统计局周四公布的数据显示,6月份非农就业人数增加5.7万人,低于经济学家此前预期的11万至11.5万人。

4月和5月的非农就业人数合计下调了7.4万人。失业率从4.3%小幅下降至4.2%,但劳动参与率降至61.5%,表明潜在劳动力供给疲软。

美联储政策影响

两周前,美联储宣布维持利率在3.5%至3.75%区间不变,并表示通胀率仍高于2%的目标。美联储下一次会议定于7月28日至29日举行。

High Ridge Futures金属交易主管David Meger在数据公布当日的评论中表示:“低于预期的就业数据预示着今年晚些时候加息的可能性降低。”他补充说,利率预期下降时,黄金表现往往更好。

更广泛的背景

黄金近期的上涨行情是在1月份突破5000美元高点后大幅回落之后出现的,这主要受利率预期变化、美元走强以及2025年强劲上涨预期后的获利回吐所推动。

地缘政治风险也持续受到关注。美国和伊朗周三结束了间接会谈,但并未就达成持久解决方案取得明确进展,这使得市场对中东能源风险和通胀压力的关注度居高不下。

展望

交易员将关注黄金能否守住4100美元上方,并挑战4150美元附近的阻力位。下一个催化剂是美国通胀数据、美联储7月会议前的讲话以及中东外交局势的任何新紧张迹象。

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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