最近兩年金價狂飆115%,納指僅漲了50%左右,黃金作為波段投資的目標,還是有價值的.
Gold prices have increased significantly over the last two years due to a combination of macroeconomic, geopolitical, and financial market factors. Here's a breakdown of the main reasons and an outlook on how long this trend might last.
Why Gold Prices Have Risen Sharply (2023–2025)
1. Inflation & Real Interest Rates
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High inflation globally (especially in 2022–2023) made investors look for safe-haven assets.
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Gold often benefits when real interest rates (interest rates minus inflation) are low or negative.
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Even though nominal rates rose, real rates remained low for a while, supporting gold.
2. Geopolitical Uncertainty
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Wars (Ukraine-Russia, Israel-Hamas, Middle East tensions) have pushed demand for gold as a hedge against uncertainty.
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Gold is viewed as a safe haven in times of conflict.
3. Central Bank Buying
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Central banks, especially in China, Russia, Turkey, and India, have been buying gold aggressively to diversify reserves and reduce dependency on the US dollar.
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This trend has been strong since 2022 and supports gold prices structurally.
4. Weakening Dollar (at times)
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When the US dollar weakens, gold becomes cheaper for non-dollar holders.
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Gold and USD often move in inverse correlation.
5. Recession Fears / Market Volatility
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Concerns about slowing global growth, high debt, and financial system stress (e.g., US regional bank issues in 2023) pushed investors toward gold.
How Long Can This Wave Last?
Short Answer:
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The gold rally could continue into 2026, but volatility is likely, depending on central bank actions, global stability, and inflation trends.
Scenarios:
| Scenario | Impact on Gold |
|---|---|
 US cuts interest rates (likely in 2025) |
Bullish for gold |
 More geopolitical risk |
Bullish |
 US dollar weakens |
Bullish |
 Inflation stays high or resurges |
Bullish |
 Stable global economy, rising real rates |
Bearish |
What to Watch Going Forward
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Federal Reserve Policy: Any signals of rate cuts = positive for gold.
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Central Bank Gold Demand: Sustained buying = support for higher prices.
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Global Conflict Levels: More risk = more demand for gold.
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US Dollar Strength: A weaker dollar = tailwind for gold.
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ETF Flows: Retail/institutional flows into gold-backed ETFs show investor appetite.
Summary
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Gold’s rise over the last 2 years is driven by a “perfect storm” of inflation, war, central bank demand, and market fear.
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As of late 2025, the outlook remains cautiously bullish, especially if rate cuts begin and geopolitical risks persist.
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However, profit-taking and rate stabilization could create pullbacks or consolidation phases.
