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  金价再创新高!史上首次迈过3300美元/盎司大关。

  北京时间4月16日,金价涨势迅猛,又创新高。Wind数据显示,国际金价当日迎来史上首次站上3300美元/盎司,截至17时20分,伦敦现货黄金盘中最高价超3317美元/盎司,COMEX(纽约商品交易所)黄金期货盘中最高价超3334美元/盎司,日内涨幅均约2.5%。

  当日,国内金价也首次站上780元/克关口,截至4月16日收盘,上海黄金交易所现货黄金(Au99.99)盘中最高价为781.9元/克,沪金主力合约盘中最高价为782.38元/克。

  首饰金价也随之水涨船高。记者获悉,多家黄金珠宝品牌4月16日公布的足金首饰价格中,较高者已达1006元/克。

  具体而言,当日上午,周大福足金(首饰、摆件类)、六福珠宝足金999/足金、潮宏基足金(首饰摆件)价格为1006元/克;周生生足金首饰价格、老庙黄金上海区域足金饰品价格为1003元/克。

  同花顺数据显示,4月16日,A股黄金概念板块呈现“V”字走势,最终微涨0.18%,收于2305.20点,成交额338.67亿元,换手率2.16%。有分析认为,早盘大幅下跌主要受短期获利盘抛压和市场情绪波动影响。午后大涨则受到国际金价盘中再创新高的直接带动。

  板块中,欧亚集团、特力A、*ST中润收于涨停,赤峰黄金、山金国际、西部黄金涨幅分别为8.08%、6.15%和5.11%。

  中信证券最新研报认为,特朗普政府的政策将引发美债和美元的信用危机,而市场对这些行为的担忧推动了黄金价格的上行。在黄金价格上行的同时,美元指数的大幅度下跌、美债长端利率大幅上行也可以印证这一市场交易逻辑。

  展望后势,黄金市场行情还将如何演绎?

  国贸期货最新研报认为,在特朗普政府的关税政策背景下,黄金对冲美元信用风险的货币属性,以及避险属性和抗通胀属性都可能进一步强化,支撑金价中长期继续上涨。

  国际投行纷纷上调金价预测。

  高盛在其最新发布的贵金属市场展望报告中,将2025年黄金目标价位从先前预测的3300美元/盎司大幅调升至3700美元/盎司,调升幅度达12%。此次调整创下该机构本年度贵金属预测最大单次上调幅度,反映出其对黄金牛市周期的超预期判断。

  瑞银集团则从地缘政治维度强化看涨逻辑,将2025年末黄金目标价锚定在3500美元/盎司。其贵金属策略主管JoniTeves在专项研报中表示,全球贸易体系重构与地缘冲突常态化正引发主权资本与机构投资者的避险资产再平衡。

  “当前高利率环境对黄金形成阶段性压制,但若美联储实质性开启货币宽松周期,实际利率下行通道的打开将成为黄金定价重估的核心推力。”摩根士丹利分析师团队表示。

  尽管金价不断刷新历史纪录,但投资者仍需警惕金价的阶段性高位调整风险。

  国贸期货研报提醒,由于当下金价处于历史绝对高位,美联储官员和美财长均已经暗示如有必要将救助美债市场,短期美债市场的抛售力度有望放缓,加上美方豁免部分商品关税,未来若关税冲突出现实质性谈判缓和,仍需警惕金价的阶段性高位调整风险。

  “目前2025年到期的美债规模约为8.4万亿美元,为到期高峰。美国政府可能因面对较大的展期压力以及利息负担而进行干预,缓解短期美债抛压,此时黄金价格短期上涨速率可能放缓,但不影响方向。”国泰君安期货贵金属高级研究员刘雨萱也提醒,如若后续因各方面原因导致特朗普对关税出现松口或反悔,则在市场风险偏好回升,权益、商品资产表现反弹的情况下,黄金价格涨势可能暂缓。

  同时,刘雨萱的团队还判断,3月美国经济数据在关税影响还未释放的情况下仍将表现良好,亦是美联储主席鲍威尔维持“鹰派”的信心依据,若后续美国二季度现实经济表现持续展现出超预期韧性,则美元信心重回、重新反弹,金价或回落。

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