金吾财讯 | 华泰证券表示，近期黄金升势强劲，尽显其“进可攻、退可守”的配置属性。年初至今，金价已累计上涨11%，跑赢其他主要大类资产。该行指，虽然近期有一些技术层面的因素，但特朗普正式就职以来，不仅此前黄金升值的长期逻辑不变，且“美国优先”的总体战略、叠加关税工具的频繁使用，均进一步加强了配置黄金的逻辑。综合看，虽然短期多重因素驱动下，黄金强劲升值后可能面临震荡，但黄金升值趋势的拐点远未到来。随着黄金的逼仓行情告一段落，短期黄金价格可能面临震荡。但中长期看，驱动黄金资产相对表现的结构性因素不仅未消退，反而随着对美国财政可持续和经贸风险升温的担忧有所加强，因此在今后相当长的时期内黄金都有望维持相对表现。
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