金吾财讯 | 华泰证券分析指出，2025 年黄金价格短期内上涨的主要驱动因素，大概率源于美国关税政策调整引发的再通胀现象，以及全球经济局势中存在的不确定性。与此同时，市场对美股估值泡沫所抱有的担忧情绪，也有可能促使一部分资金出于避险目的，转而配置黄金资产。该行预测2025 年黄金价格的底部支撑位在每盎司2500 - 2600美元。
从长期视角来看，逆全球化趋势不断加剧，加之全球对美元信用产生疑虑，这使得黄金在投资需求、央行净购金需求以及科技领域需求等方面，有望保持强劲增长态势，而黄金的供给侧则相对稳定。供需结构的优化，或将推动黄金价格在波动中逐步上扬。另外，中国启动险资投资黄金试点项目，这一举措极有可能为黄金市场需求带来新的积极影响。
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