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09.03.2026 09:21 AM
黃金價格持穩在 5,000 美元附近

今日,隨著美元走強、投資人擔憂聯準會可能做出反應並進一步升息,黃金價格承受了下行壓力。油價大幅上漲亦加劇了對黃金的壓力,因為這推升了美國的通膨疑慮,並提高了聯準會在較長一段時間內維持利率不變的可能性。

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貴金屬價格已跌至每盎司 5,136 美元,而白銀則報每盎司 84.53 美元。在有關各國協調釋放石油儲備的消息公布後,貴金屬的跌幅部分收窄。

美元走強一向是黃金的利空因素,因為這會讓持有其他貨幣的投資者購買黃金的成本提高。同時,受油價上漲帶來的通脹壓力影響,市場預期美國聯準會將在較長時間內維持高利率水準,這也削弱了黃金作為一項不孳息資產的吸引力。這種「雙重壓力」對黃金價格形成了顯著的擠壓。

儘管整體價格下滑,黃金仍從協調釋放戰略石油儲備的決策中獲得了一定支撐。多個主要經濟體採取這一行動,旨在穩定能源價格,並可能緩解市場對進一步通脹壓力的擔憂。消息公布後,黃金價格部分收復跌幅,顯示出黃金市場對油價與貨幣政策動向高度敏感。

此外,儘管金價高企,中國仍持續積極買入黃金。這一最新走勢顯示,中國正採取更具策略性的方式來分散其外匯儲備,並降低對美元的依賴。在全球經濟不確定性與地緣政治緊張局勢加劇的背景下,黃金被視為一種可靠的避險資產,能在長期內維持其價值。中國官方與民間的黃金買盤,是在其他國家央行整體提高對貴金屬需求的環境下發生的。這一趨勢反過來又對金價施加額外上行壓力,形成某種「正向回饋循環」:高價位刺激需求,而強勁需求又推動價格進一步走高。

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就目前黃金的技術型態而言,買方需要重新奪回最近的阻力位 5,137 美元。若能站上該水準,將有機會上攻 5,223 美元,而要有效突破其上方區域則將面臨相當大的挑戰。較遠的上行目標落在 5,317 美元一帶。若黃金走低,空方將嘗試奪回 5,051 美元的控制權;一旦成功跌破此區間,將對多頭部位造成重大打擊,並可能將金價壓低至 4,975 美元,進一步下探至 4,893 美元的潛在目標。

Miroslaw Bawulski,
Analytical expert of InstaForex
© 2007-2026
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