利率上扬对黄金市场的冲击
总结： 世界黄金协会最新报告分析利率上扬对黄金市场的冲击，因金融市场已经逐渐感受到美国联储局会将退出量化宽松甚至开始收紧货币政策的可能。
报告指出，虽然负利率的环境有助于黄金的投资需求，而利率上扬将会增加黄金的投资成本；但利率环境对金价的冲击或没有想象中大。
因历史数据显示，在实质利率介于0%-4%、或是名目利率介于2.5%-6.5%的环境下，黄金仍然能够为投资组合带来有利表现。
报告表示，即使美国利率环境更加正常化，投资人也应该谨记黄金投资并不只局限于美国市场，像是中国大陆在2007-2012年期间，黄金需求增加了132%，而即使未来大陆的经济成长率下降至5%-6%，预期黄金需求的增长速度仍会持续。
除此之外，包括央行对黄金储备的需求，以及金矿供应可能下滑等，对于金价都是支撑因素。
报告认为，黄金占投资组合的适当比例在2%-10%左右。
本文来源： 大田环球贵金属
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