金價刷新紀錄，大量資金流入市場
7月27日，現貨黃金刷新近幾年以來的最高位，由於美元連續下跌，全球疫情的惡化也對黃金形成了持續推動，加上地緣政治風險升溫，實際利率走低，大量資金流入黃金市場，都構成了推動金價上漲的因素。
美元指數觸及兩年低位，因國際緊張局勢和對美國經濟的擔憂，全球最大經濟體美國的新增病例數沒有顯示出放緩跡象。
隨著金價飆升至歷史新高，交易員們正在放棄對黃金的看跌押注。規模750億美元的SPDR黃金ETF（代碼GLD）的空頭頭寸占已發行份額的百分比接近2009年7月以來最低水準。與此同時，該ETF的看漲期權成交量上周創下歷史次高水準。週一金價漲至1946美元這一歷史最高紀錄。
新冠疫情以及央行刺激措施導致的實際利率大跌令資金蜂擁湧向黃金市場。金價的上漲動能以及美元的暴跌使押注黃金的看漲頭寸驚人躥升。
分析師道：“普遍的說法是，政府的貨幣支持將導致通貨膨脹和貨幣貶值，因此購買黃金成為了規避風險的一個操作，不管這個理論是對是錯，事實是交易員們對黃金毫無保留的看漲。”
據商品期貨交易委員會的最新數據，對沖基金和其他大型投機者積累的美元淨空頭為2018年5月以來最多。
在4萬億美元的ETF市場中，對黃金的需求仍然巨大。根據彭博彙編的數據，上周ETF的黃金總持有量攀升至創紀錄水準，並連續第18周錄得資金流入。
預計美國參議院共和黨人將公佈一項1萬億美元的新冠援助計畫。投資者還將關注美聯儲週二開始的會議，屆時決策者可能暗示會祭出更多的寬鬆政策調整。
本文來源： 大田環球貴金屬
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