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黄金价格进入“讲故事”阶段

当前金价已远超基本面因素所能解释的水平，但目前尚难预见有何因素能阻挡其上涨势头。

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    • 作者认为，黄金价格已经摆脱了长期以来解释其涨跌的基本面因素。
    • 作者认为，黄金价格已经摆脱了长期以来解释其涨跌的基本面因素。 图片来源：REUTERS

    Ruchir Sharma

    Published Mon, Feb 23, 2026 · 06:00 PM

    本文由AI辅助翻译

    查看原文

    在经历多年飙升后，黄金价格已进入一个由“讲故事”驱动其价格的领域。

    黄金价格已经摆脱了长期以来解释其涨跌的基本面因素，目前正受全球风险和不确定性的叙事推动而上涨，这让一些观察家感觉当今时代与20世纪70年代的淘金热颇为相似。

    黄金一直被视为避险资产，因为几个世纪以来，其价格走势与通货膨胀率基本保持同步，尽管期间也经历了繁荣与萧条的周期性波动。

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