英美拒絕升息，金價多頭迎喘息之機
周五（11月5日）亞洲時段，現貨黃金持穩于1792附近。周四（11月4日）金價大漲逾1%，一方面因美債收益率大跌，另一方面，美國與英國均表示不升息，寬松的貨幣政策仍然得以延續。但美元及美股的強勢上漲限制了金價的漲勢。
美國10年期公債收益率下滑
美國公債收益率周四下跌，收益率曲線趨陡，因市場解美聯儲將加快升息的預期。此前一天，美聯儲暗示不急于升息。
Sterling Capital Management資深固定收益策略師Andrew Richman表示，英國央行決定暫緩升息，令歐洲部分公債收益率大幅下滑，也扶助推高美債價格。
Schwab Center for Financial Research首席固定收益策略師Kathy Jones說：“(收益率曲線趨陡)告訴我們，市場在盡早解除這些大幅加息的預期，所以我認為(市場)開始意識到，至少從鮑威爾的講話來看，美聯儲對保持耐心、允許通脹適度高于目標是非常認真的。”
美國第三季度生産率創下1981年以來最大降幅
美國第三季度生産率創下1981年以來最大降幅，反映出了經濟增長大幅回落和工作時間增加。
美國勞工部周四公布的數據顯示，第三季度非農企業員工每小時産出折合年率下降了5％。相比之下，第二季度增長2.4％，而經濟學家的預期為下降3.1％。生産率數字經常非常不穩定。
由于供應鏈動蕩，並且病例激增抑制了支出，第三季度經濟增長步伐達到經濟從疫情中複蘇以來最慢，這種減速反過來推低了政府衡量生産率增長的指標。
當企業面臨勞動力等成本不斷上升的局面時，往往會通過技術改進和設備投資來提高工人的生産率。
各種通脹指標仍然顯示出極高的物價壓力。如果生産率增長在未來幾個季度沒有實質性回升，那麽可能會引發對薪資快速增長導致薪資–通脹螺旋上升的擔憂。
本文來源： 大田環球貴金屬
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