国内春节长假期间贵金属市场并未出现大幅波动的状况,QE规模的缩减对新兴市场货币以及欧美股市造成了较大的冲击,在一定程度上提振了金价,但我们预计此轮冲击持续的时间不会太长,市场将遂渐适应新的金融环境,因此对于大级别的反弹我们没有太多的期待。然而近期随着黄金ETF持续有资金流入,加之期货市场做多情绪仍然占据主导,我们相信自年初以来的反弹行情仍将持续。 During the Spring Festival holiday in China, the precious metals market did not fluctuate sharply. The curtailment of the QE scale caused a large impact on emerging market currencies as well as the European and US stock markets, which boosted the gold price to a certain extent. However, we expect the impact of this round of shocks to continue Will not be too long, the market will gradually adapt to the new financial environment, so we do not have much expectations for a large level of rally. However, as the gold ETF continues to have capital inflows in the near term and the sentiment in the futures market still dominates, we believe the rally since the beginning of the year will continue.