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Yuvi.
$XAU
高利率压制之下，黄金为何仍有资金承接？
实际利率构成估值压力，但地缘不确定性、通胀风险和储备需求提供对冲价值。若收益率高位而金价拒绝下跌，说明避险买盘较强。
若美元与实际利率继续上行、风险溢价消退，我会谨慎。
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