{"id":46521,"date":"2025-09-03T18:53:59","date_gmt":"2025-09-03T11:53:59","guid":{"rendered":"https:\/\/hbbgroup.net\/giai-ma-con-dien-cua-gia-vang-the-gioi\/"},"modified":"2025-09-03T18:53:59","modified_gmt":"2025-09-03T11:53:59","slug":"giai-ma-con-dien-cua-gia-vang-the-gioi","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/giai-ma-con-dien-cua-gia-vang-the-gioi\/","title":{"rendered":"Gi\u1ea3i m\u00e3 \u201cc\u01a1n \u0111i\u00ean\u201d c\u1ee7a gi\u00e1 v\u00e0ng th\u1ebf gi\u1edbi"},"content":{"rendered":"
\n

Th\u00e1ng 6 v\u1eeba qua, m\u1ed9t b\u00e1o c\u00e1o t\u1eeb Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng ch\u00e2u \u00c2u (ECB) \u0111\u00e3 h\u00e9 l\u1ed9 s\u1ef1 th\u1eadt \u0111\u00e1ng kinh ng\u1ea1c: v\u00e0ng ch\u00ednh th\u1ee9c v\u01b0\u1ee3t m\u1eb7t \u0111\u1ed3ng euro \u0111\u1ec3 tr\u1edf th\u00e0nh t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef l\u1edbn th\u1ee9 hai tr\u00ean th\u1ebf gi\u1edbi, ch\u1ec9 \u0111\u1ee9ng sau \u0111\u1ed3ng USD.\u00a0<\/p>\n

Th\u00f4ng tin tr\u00ean, d\u00f9 kh\u00f4ng “g\u00e2y b\u00e3o” tr\u00ean c\u00e1c m\u1eb7t b\u00e1o, l\u1ea1i ch\u00ednh l\u00e0 m\u1ed9t trong nh\u1eefng m\u1ea3nh gh\u00e9p quan tr\u1ecdng nh\u1ea5t \u0111\u1ec3 l\u00fd gi\u1ea3i cho c\u01a1n s\u1ed1t v\u00e0ng \u0111ang l\u00e0m rung chuy\u1ec3n th\u1ecb tr\u01b0\u1eddng to\u00e0n c\u1ea7u, v\u1edbi gi\u00e1 kim lo\u1ea1i qu\u00fd n\u00e0y v\u1eeba l\u1eadp k\u1ef7 l\u1ee5c m\u1edbi \u1edf m\u1ee9c 3.532 USD\/ounce v\u00e0o ng\u00e0y 2\/9.<\/p>\n

\u0110\u00f3 kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t con s\u1ed1 m\u00e0 l\u00e0 \u0111\u1ec9nh \u0111i\u1ec3m c\u1ee7a m\u1ed9t \u201cc\u01a1n b\u00e3o ho\u00e0n h\u1ea3o\u201d n\u01a1i c\u00e1c y\u1ebfu t\u1ed1 kinh t\u1ebf, \u0111\u1ecba ch\u00ednh tr\u1ecb v\u00e0 s\u1ef1 thay \u0111\u1ed5i ni\u1ec1m tin s\u00e2u s\u1eafc h\u1ed9i t\u1ee5, \u0111\u1ea9y kim lo\u1ea1i qu\u00fd n\u00e0y v\u00e0o m\u1ed9t chu k\u1ef3 t\u0103ng gi\u00e1 phi m\u00e3.<\/p>\n

C\u00e2u h\u1ecfi l\u1edbn nh\u1ea5t l\u00fac n\u00e0y kh\u00f4ng c\u00f2n l\u00e0 \u201ct\u1ea1i sao v\u00e0ng t\u0103ng?\u201d m\u00e0 l\u00e0 \u201cc\u01a1n s\u1ed1t n\u00e0y ph\u1ea3n \u00e1nh \u0111i\u1ec1u g\u00ec v\u1ec1 th\u1ebf gi\u1edbi ch\u00fang ta \u0111ang s\u1ed1ng?\u201d.<\/p>\n

\u0110\u1ed9ng l\u1ef1c b\u1ec1 n\u1ed5i: Cu\u1ed9c ch\u01a1i l\u00e3i su\u1ea5t v\u00e0 y\u1ebfu t\u1ed1 b\u1ea5t ng\u1edd<\/strong><\/p>\n

Nh\u00ecn b\u1ec1 ngo\u00e0i, c\u00fa h\u00edch t\u1ee9c th\u1eddi cho v\u00e0ng \u0111\u1ebfn t\u1eeb m\u1ed9t k\u1ecbch b\u1ea3n quen thu\u1ed9c, \u0111\u00f3 l\u00e0 s\u1ef1 k\u1ef3 v\u1ecdng v\u1ec1 vi\u1ec7c C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang M\u1ef9 (Fed) s\u1ebd s\u1edbm h\u1ea1 l\u00e3i su\u1ea5t.<\/p>\n

Th\u1ecb tr\u01b0\u1eddng \u0111ang \u0111\u1eb7t c\u01b0\u1ee3c v\u1edbi x\u00e1c su\u1ea5t l\u00ean t\u1edbi 92% r\u1eb1ng Fed s\u1ebd c\u1eaft gi\u1ea3m 25 \u0111i\u1ec3m c\u01a1 b\u1ea3n ngay trong cu\u1ed9c h\u1ecdp v\u00e0o ng\u00e0y 17\/9 t\u1edbi. Logic r\u1ea5t \u0111\u01a1n gi\u1ea3n, l\u00e0 l\u00e3i su\u1ea5t th\u1ea5p l\u00e0m gi\u1ea3m chi ph\u00ed c\u01a1 h\u1ed9i c\u1ee7a vi\u1ec7c n\u1eafm gi\u1eef v\u00e0ng – m\u1ed9t t\u00e0i s\u1ea3n kh\u00f4ng sinh l\u1eddi, khi\u1ebfn n\u00f3 tr\u1edf n\u00ean h\u1ea5p d\u1eabn h\u01a1n.<\/p>\n

M\u1ecdi con m\u1eaft gi\u1edd \u0111\u00e2y \u0111ang \u0111\u1ed5 d\u1ed3n v\u00e0o b\u00e1o c\u00e1o vi\u1ec7c l\u00e0m phi n\u00f4ng nghi\u1ec7p c\u1ee7a M\u1ef9 v\u00e0o cu\u1ed1i tu\u1ea7n, m\u1ed9t d\u1eef li\u1ec7u y\u1ebfu c\u00f3 th\u1ec3 ch\u00e2m ng\u00f2i cho nh\u1eefng \u0111\u1ed3n \u0111o\u00e1n v\u1ec1 m\u1ed9t \u0111\u1ee3t c\u1eaft gi\u1ea3m m\u1ea1nh tay h\u01a1n, l\u00ean t\u1edbi 50 \u0111i\u1ec3m c\u01a1 b\u1ea3n, v\u00e0 ti\u1ebfp t\u1ee5c \u0111\u1ed5 th\u00eam d\u1ea7u v\u00e0o l\u1eeda cho \u0111\u00e0 t\u0103ng c\u1ee7a v\u00e0ng.<\/p>\n

B\u00ean c\u1ea1nh \u0111\u00f3, kh\u00f4ng th\u1ec3 b\u1ecf qua t\u00e1c \u0111\u1ed9ng t\u1eeb c\u00e1c ch\u00ednh s\u00e1ch c\u1ee7a ch\u00ednh quy\u1ec1n M\u1ef9. Nhi\u1ec7m k\u1ef3 th\u1ee9 hai c\u1ee7a T\u1ed5ng th\u1ed1ng Donald Trump \u0111ang t\u1ea1o ra nhi\u1ec1u b\u1ea5t \u1ed5n tr\u00ean th\u1ecb tr\u01b0\u1eddng, v\u1edbi c\u00e1c ch\u00ednh s\u00e1ch an ninh kh\u00f3 \u0111o\u00e1n, c\u00e1c c\u0103ng th\u1eb3ng th\u01b0\u01a1ng m\u1ea1i gia t\u0103ng, v\u00e0 nh\u1eefng ph\u00e1t ng\u00f4n c\u00f4ng khai li\u00ean quan \u0111\u1ebfn Fed. C\u00e1c n\u1ed7 l\u1ef1c g\u00e2y \u00e1p l\u1ef1c l\u00ean Ch\u1ee7 t\u1ecbch Jerome Powell v\u00e0 \u0111\u1ec1 xu\u1ea5t thay \u0111\u1ed5i Th\u1ed1ng \u0111\u1ed1c Lisa Cook \u0111\u00e3 l\u00e0m d\u1ea5y l\u00ean lo ng\u1ea1i v\u1ec1 m\u1ee9c \u0111\u1ed9 \u0111\u1ed9c l\u1eadp c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng.<\/p>\n

Chuy\u00ean gia t\u1eeb Commerzbank nh\u1eadn x\u00e9t: \u201cNh\u1eefng di\u1ec5n bi\u1ebfn n\u00e0y l\u00e0 l\u1eddi c\u1ea3nh b\u00e1o t\u1edbi c\u00e1c th\u00e0nh vi\u00ean FOMC v\u1ec1 \u00e1p l\u1ef1c t\u1eeb ch\u00ednh ph\u1ee7. \u0110i\u1ec1u n\u00e0y khi\u1ebfn v\u00e0ng tr\u1edf th\u00e0nh k\u00eanh \u0111\u1ea7u t\u01b0 h\u1ea5p d\u1eabn h\u01a1n\u201d. Stephen Innes, Gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh t\u1ea1i SPI Asset Management, nh\u1eadn \u0111\u1ecbnh: \u201cTh\u1ecb tr\u01b0\u1eddng \u0111ang quan s\u00e1t xem Fed s\u1ebd \u0111i\u1ec1u ch\u1ec9nh theo \u00e1p l\u1ef1c hay gi\u1eef nguy\u00ean l\u1eadp tr\u01b0\u1eddng\u201d.<\/p>\n

Trong b\u1ed1i c\u1ea3nh b\u1ea5t \u0111\u1ecbnh nh\u01b0 v\u1eady, v\u00e0ng ti\u1ebfp t\u1ee5c \u0111\u01b0\u1ee3c coi l\u00e0 m\u1ed9t k\u00eanh tr\u00fa \u1ea9n an to\u00e0n.<\/p>\n

\"Gi\u1ea3i
\n

Gi\u00e1 v\u00e0ng v\u1eeba l\u1eadp k\u1ef7 l\u1ee5c 3.532 USD\/ounce, t\u0103ng h\u01a1n 90% t\u1eeb cu\u1ed1i 2022 v\u00e0 \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o s\u1ebd c\u00f2n duy tr\u00ec s\u1ee9c h\u00fat nh\u1edd nhi\u1ec1u y\u1ebfu t\u1ed1 h\u1ed7 tr\u1ee3 (\u1ea2nh: IG).<\/p>\n<\/figcaption><\/figure>\n

\u0110\u1ed9ng c\u01a1 s\u00e2u xa: L\u00e0n s\u00f3ng ng\u1ea7m mang t\u00ean “phi \u0111\u00f4la h\u00f3a”<\/strong><\/p>\n

N\u1ebfu cu\u1ed9c ch\u01a1i l\u00e3i su\u1ea5t v\u00e0 ch\u00ednh tr\u1ecb M\u1ef9 l\u00e0 nh\u1eefng con s\u00f3ng b\u1ec1 m\u1eb7t, th\u00ec \u0111\u1ed9ng l\u1ef1c th\u1ef1c s\u1ef1 \u0111\u1ea9y v\u00e0ng l\u00ean t\u1ea7m cao m\u1edbi l\u1ea1i l\u00e0 m\u1ed9t d\u00f2ng ch\u1ea3y ng\u1ea7m m\u1ea1nh m\u1ebd h\u01a1n nhi\u1ec1u: cu\u1ed9c \u0111\u1ea1i di c\u01b0 kh\u1ecfi \u0111\u1ed3ng USD c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng.<\/p>\n

K\u1ec3 t\u1eeb n\u0103m 2022, c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng to\u00e0n c\u1ea7u \u0111\u00e3 mua r\u00f2ng h\u01a1n 1.000 t\u1ea5n v\u00e0ng m\u1ed7i n\u0103m. Con s\u1ed1 d\u1ef1 ki\u1ebfn cho n\u0103m nay d\u00f9 c\u00f3 gi\u1ea3m nh\u1eb9, v\u1eabn \u1edf m\u1ee9c 900 t\u1ea5n – g\u1ea5p \u0111\u00f4i m\u1ee9c trung b\u00ecnh c\u1ee7a giai \u0111o\u1ea1n 2016-2021. Nh\u1eefng c\u00e1i t\u00ean \u0111i \u0111\u1ea7u trong xu h\u01b0\u1edbng n\u00e0y l\u00e0 Trung Qu\u1ed1c, \u1ea4n \u0110\u1ed9, Th\u1ed5 Nh\u0129 K\u1ef3 v\u00e0 Ba Lan. T\u1ef7 tr\u1ecdng \u0111\u00f3ng g\u00f3p c\u1ee7a h\u1ecd v\u00e0o t\u1ed5ng nhu c\u1ea7u v\u00e0ng h\u00e0ng n\u0103m \u0111\u00e3 t\u0103ng g\u1ea5p \u0111\u00f4i so v\u1edbi th\u1eadp ni\u00ean tr\u01b0\u1edbc, chi\u1ebfm t\u1edbi 23%.<\/p>\n

Nguy\u00ean nh\u00e2n kh\u00f4ng g\u00ec kh\u00e1c h\u01a1n l\u00e0 m\u1ed9t b\u00e0i h\u1ecdc \u0111\u1eaft gi\u00e1 t\u1eeb cu\u1ed9c xung \u0111\u1ed9t Ukraine. Khi ph\u01b0\u01a1ng T\u00e2y \u0111\u00f3ng b\u0103ng m\u1ed9t n\u1eeda d\u1ef1 tr\u1eef ngo\u1ea1i h\u1ed1i c\u1ee7a Nga v\u00e0o n\u0103m 2022, m\u1ed9t th\u00f4ng \u0111i\u1ec7p l\u1ea1nh g\u00e1y \u0111\u00e3 \u0111\u01b0\u1ee3c g\u1eedi \u0111\u1ebfn c\u00e1c qu\u1ed1c gia \u0111ang ph\u00e1t tri\u1ec3n: s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o \u0111\u1ed3ng USD c\u0169ng \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c \u0111\u1eb7t v\u1eadn m\u1ec7nh t\u00e0i ch\u00ednh<\/a> c\u1ee7a m\u00ecnh v\u00e0o tay Washington.<\/p>\n

V\u00e0ng, v\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t t\u00e0i s\u1ea3n trung l\u1eadp, kh\u00f4ng ch\u1ecbu s\u1ef1 ki\u1ec3m so\u00e1t c\u1ee7a b\u1ea5t k\u1ef3 qu\u1ed1c gia n\u00e0o, \u0111\u00e3 tr\u1edf th\u00e0nh l\u1ef1a ch\u1ecdn hi\u1ec3n nhi\u00ean \u0111\u1ec3 \u0111a d\u1ea1ng h\u00f3a v\u00e0 b\u1ea3o v\u1ec7 ch\u1ee7 quy\u1ec1n kinh t\u1ebf.<\/p>\n

S\u1ef1 th\u1eadt \u0111\u00e1ng b\u00e1o \u0111\u1ed9ng: Cu\u1ed9c “b\u1ecf phi\u1ebfu b\u1ea5t t\u00edn nhi\u1ec7m” v\u1edbi tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7<\/strong><\/p>\n

Tuy nhi\u00ean, \u0111i\u1ec3m \u0111\u1ed9c \u0111\u00e1o v\u00e0 \u0111\u00e1ng lo ng\u1ea1i nh\u1ea5t c\u1ee7a \u0111\u1ee3t t\u0103ng gi\u00e1 l\u1ea7n n\u00e0y l\u1ea1i n\u1eb1m \u1edf m\u1ed9t ngh\u1ecbch l\u00fd tr\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu. Th\u00f4ng th\u01b0\u1eddng, khi th\u1ebf gi\u1edbi b\u1ea5t \u1ed5n, nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd t\u00ecm \u0111\u1ebfn hai k\u00eanh tr\u00fa \u1ea9n an to\u00e0n ch\u00ednh: v\u00e0ng v\u00e0 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 c\u1ee7a c\u00e1c n\u01b0\u1edbc ph\u00e1t tri\u1ec3n nh\u01b0 M\u1ef9, \u0110\u1ee9c, Anh.<\/p>\n

Nh\u01b0ng m\u1ed9t k\u1ecbch b\u1ea3n k\u1ef3 l\u1ea1 \u0111ang di\u1ec5n ra. \u0110\u00f3 l\u00e0 gi\u00e1 v\u00e0ng<\/a> l\u1eadp \u0111\u1ec9nh, trong khi l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 M\u1ef9, Anh, Ph\u00e1p, \u0110\u1ee9c c\u0169ng \u0111\u1ed3ng lo\u1ea1t leo l\u00ean m\u1ee9c cao nh\u1ea5t trong nhi\u1ec1u n\u0103m, th\u1eadm ch\u00ed nhi\u1ec1u th\u1eadp k\u1ef7.\u00a0\u0110i\u1ec1u n\u00e0y cho th\u1ea5y m\u1ed9t s\u1ef1 th\u1eadt \u0111\u00e1ng b\u00e1o \u0111\u1ed9ng, \u0111\u00f3 l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0, v\u00e0 \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng, kh\u00f4ng ch\u1ec9 \u0111ang ch\u1ea1y \u0111\u1ebfn v\u1edbi v\u00e0ng, m\u00e0 c\u00f2n \u0111ang th\u00e1o ch\u1ea1y kh\u1ecfi t\u00e0i s\u1ea3n t\u1eebng \u0111\u01b0\u1ee3c coi l\u00e0 an to\u00e0n tuy\u1ec7t \u0111\u1ed1i – n\u1ee3 c\u00f4ng c\u1ee7a ph\u01b0\u01a1ng T\u00e2y.<\/p>\n

B\u00e0 Ipek Ozkardeskaya, chuy\u00ean gia ph\u00e2n t\u00edch t\u1ea1i Swissquote Bank, \u0111\u00e3 \u0111\u01b0a ra m\u1ed9t nh\u1eadn \u0111\u1ecbnh ch\u1ea5n \u0111\u1ed9ng: “T\u1ef7 l\u1ec7 n\u1eafm gi\u1eef tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 M\u1ef9 c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng n\u01b0\u1edbc ngo\u00e0i \u0111\u00e3 gi\u1ea3m h\u01a1n m\u1ed9t th\u1eadp k\u1ef7, nh\u01b0ng xu h\u01b0\u1edbng chuy\u1ec3n sang v\u00e0ng \u0111\u00e3 t\u0103ng t\u1ed1c m\u1ea1nh trong n\u0103m nay. Trong n\u0103m 2025, t\u1ef7 tr\u1ecdng ph\u00e2n b\u1ed5 v\u00e0ng trong d\u1ef1 tr\u1eef c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng th\u1eadm ch\u00ed \u0111\u00e3 v\u01b0\u1ee3t qua l\u01b0\u1ee3ng n\u1eafm gi\u1eef tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 M\u1ef9 c\u1ee7a h\u1ecd”.<\/p>\n

Kh\u00f4ng c\u00f2n l\u00e0 m\u1ed9t h\u00e0nh \u0111\u1ed9ng \u0111a d\u1ea1ng h\u00f3a th\u00f4ng th\u01b0\u1eddng, \u0111\u00e2y c\u00f2n l\u00e0 m\u1ed9t cu\u1ed9c b\u1ecf phi\u1ebfu b\u1ea5t t\u00edn nhi\u1ec7m \u0111\u1ed1i v\u1edbi s\u1ef1 b\u1ec1n v\u1eefng c\u1ee7a n\u1ee3 c\u00f4ng M\u1ef9, trong b\u1ed1i c\u1ea3nh lo ng\u1ea1i v\u1ec1 c\u00e1c \u0111\u1ee3t h\u1ea1 b\u1eadc t\u00edn nhi\u1ec7m v\u00e0 c\u0103ng th\u1eb3ng th\u01b0\u01a1ng m\u1ea1i tri\u1ec1n mi\u00ean. V\u00e0ng \u0111ang d\u1ea7n thay th\u1ebf tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 M\u1ef9 \u0111\u1ec3 tr\u1edf th\u00e0nh “n\u01a1i tr\u00fa \u1ea9n cu\u1ed1i c\u00f9ng”.<\/p>\n

B\u1ee9c tranh to\u00e0n c\u1ea3nh: Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n nh\u1eadp cu\u1ed9c, ng\u00e0nh trang s\u1ee9c \u0111\u1ee9ng ngo\u00e0i<\/strong><\/p>\n

C\u01a1n s\u1ed1t v\u00e0ng kh\u00f4ng ch\u1ec9 gi\u1edbi h\u1ea1n trong c\u00e1c h\u1ea7m ch\u1ee9a c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n v\u00e0 t\u1ed5 ch\u1ee9c c\u0169ng \u0111ang \u1ed3 \u1ea1t nh\u1eadp cu\u1ed9c. C\u00e1c qu\u1ef9 ho\u00e1n \u0111\u1ed5i danh m\u1ee5c (ETF) v\u00e0ng \u0111\u00e3 ch\u1ee9ng ki\u1ebfn d\u00f2ng v\u1ed1n r\u00f2ng l\u00ean t\u1edbi 397 t\u1ea5n ch\u1ec9 trong n\u1eeda \u0111\u1ea7u n\u0103m nay – m\u1ee9c cao nh\u1ea5t k\u1ec3 t\u1eeb \u0111\u1ea1i d\u1ecbch n\u0103m 2020. L\u01b0\u1ee3ng v\u00e0ng m\u00e0 SPDR Gold Trust, – qu\u1ef9 ETF v\u00e0ng l\u1edbn nh\u1ea5t th\u1ebf gi\u1edbi – n\u1eafm gi\u1eef c\u0169ng \u0111ang \u1edf m\u1ee9c cao nh\u1ea5t trong 3 n\u0103m.<\/p>\n

S\u1ef1 tham gia c\u1ee7a d\u00f2ng v\u1ed1n ETF l\u00e0 y\u1ebfu t\u1ed1 quy\u1ebft \u0111\u1ecbnh \u0111\u1ec3 \u0111\u1ea9y gi\u00e1 l\u00ean nh\u1eefng t\u1ea7m cao m\u1edbi. Natasha Kaneva, chi\u1ebfn l\u01b0\u1ee3c gia h\u00e0ng h\u00f3a t\u1ea1i J.P. Morgan, d\u1ef1 b\u00e1o, ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng c\u00f3 th\u1ec3 ti\u1ebfp t\u1ee5c l\u00e0 b\u1ec7 \u0111\u1ee1 cho v\u00e0ng, nh\u01b0ng \u0111\u1ec3 gi\u00e1 b\u1ee9t ph\u00e1 cao h\u01a1n n\u1eefa, c\u1ea7n s\u1ef1 tr\u1edf l\u1ea1i m\u1ea1nh m\u1ebd c\u1ee7a d\u00f2ng v\u1ed1n ETF.<\/p>\n

B\u00e0 \u0111\u1eb7t m\u1ee5c ti\u00eau gi\u00e1 cu\u1ed1i n\u0103m nay \u1edf m\u1ee9c 3.675 USD\/ounce v\u00e0 c\u00f3 th\u1ec3 l\u00ean t\u1edbi 4.250 USD v\u00e0o cu\u1ed1i n\u0103m 2026. Ng\u00e2n h\u00e0ng UBS th\u1eadm ch\u00ed c\u00f2n l\u1ea1c quan h\u01a1n, cho r\u1eb1ng gi\u00e1 c\u00f3 th\u1ec3 ch\u1ea1m 4.000 USD\/ounce n\u1ebfu t\u00ecnh h\u00ecnh \u0111\u1ecba ch\u00ednh tr\u1ecb x\u1ea5u \u0111i.<\/p>\n

Tuy nhi\u00ean, c\u00f3 m\u1ed9t m\u1ea3ng l\u1edbn c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111ang \u0111\u1ee9ng ngo\u00e0i cu\u1ed9c vui, \u0111\u00f3 l\u00e0 ng\u00e0nh trang s\u1ee9c. Nhu c\u1ea7u v\u00e0ng cho ch\u1ebf t\u00e1c n\u1eef trang v\u1ed1n l\u00e0 ngu\u1ed3n c\u1ea7u v\u1eadt ch\u1ea5t l\u1edbn nh\u1ea5t \u0111\u00e3 gi\u1ea3m 14% trong qu\u00fd II n\u0103m nay.<\/p>\n

T\u1ea1i 2 th\u1ecb tr\u01b0\u1eddng ti\u00eau th\u1ee5 h\u00e0ng \u0111\u1ea7u l\u00e0 Trung Qu\u1ed1c v\u00e0 \u1ea4n \u0110\u1ed9, ng\u01b0\u1eddi ti\u00eau d\u00f9ng<\/a> \u0111ang “quay l\u01b0ng” v\u1edbi v\u00e0ng v\u00ec m\u1ee9c gi\u00e1 qu\u00e1 cao. \u0110i\u1ec1u n\u00e0y c\u00e0ng c\u1ee7ng c\u1ed1 th\u00eam nh\u1eadn \u0111\u1ecbnh r\u1eb1ng \u0111\u1ee3t t\u0103ng gi\u00e1 n\u00e0y \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi n\u1ed7i s\u1ee3 h\u00e3i v\u00e0 nhu c\u1ea7u tr\u00fa \u1ea9n t\u00e0i ch\u00ednh, ch\u1ee9 kh\u00f4ng ph\u1ea3i b\u1edfi ti\u00eau d\u00f9ng truy\u1ec1n th\u1ed1ng.<\/p>\n

\u0110\u1ee3t t\u0103ng gi\u00e1 k\u1ef7 l\u1ee5c c\u1ee7a v\u00e0ng l\u00ean tr\u00ean 3.500 USD\/ounce kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t bong b\u00f3ng \u0111\u1ea7u c\u01a1 \u0111\u01a1n thu\u1ea7n. N\u00f3 l\u00e0 h\u1ec7 qu\u1ea3 c\u1ee7a m\u1ed9t s\u1ef1 thay \u0111\u1ed5i ki\u1ebfn t\u1ea1o trong nh\u1eadn th\u1ee9c v\u1ec1 r\u1ee7i ro v\u00e0 gi\u00e1 tr\u1ecb tr\u00ean to\u00e0n c\u1ea7u. N\u00f3 ph\u1ea3n \u00e1nh s\u1ef1 x\u00f3i m\u00f2n ni\u1ec1m tin v\u00e0o c\u00e1c tr\u1ee5 c\u1ed9t truy\u1ec1n th\u1ed1ng c\u1ee7a h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh, \u0111\u00f3 l\u00e0 s\u1ef1 \u0111\u1ed9c l\u1eadp c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng, s\u1ef1 an to\u00e0n c\u1ee7a n\u1ee3 c\u00f4ng ph\u01b0\u01a1ng T\u00e2y, v\u00e0 vai tr\u00f2 th\u1ed1ng tr\u1ecb tuy\u1ec7t \u0111\u1ed1i c\u1ee7a \u0111\u1ed3ng USD.<\/p>\n

Khi c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng d\u1eabn \u0111\u1ea7u m\u1ed9t cu\u1ed9c “c\u00e1ch m\u1ea1ng th\u1ea7m l\u1eb7ng”, chuy\u1ec3n t\u1eeb gi\u1ea5y (tr\u00e1i phi\u1ebfu) sang kim lo\u1ea1i (v\u00e0ng), h\u1ecd \u0111ang g\u1eedi \u0111i m\u1ed9t th\u00f4ng \u0111i\u1ec7p m\u1ea1nh m\u1ebd. V\u00e0ng \u0111ang quay tr\u1edf l\u1ea1i v\u1ecb th\u1ebf l\u1ecbch s\u1eed c\u1ee7a n\u00f3. Kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t lo\u1ea1i h\u00e0ng h\u00f3a, kim lo\u1ea1i n\u00e0y l\u00e0 m\u1ed9t d\u1ea1ng ti\u1ec1n t\u1ec7 t\u1ed1i th\u01b0\u1ee3ng, th\u01b0\u1edbc \u0111o c\u1ee7a s\u1ef1 b\u1ea5t \u1ed5n v\u00e0 l\u00e0 n\u01a1i tr\u00fa \u1ea9n cu\u1ed1i c\u00f9ng khi l\u00f2ng tin v\u00e0o h\u1ec7 th\u1ed1ng b\u1ecb lung lay.\u00a0<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Th\u00e1ng 6 v\u1eeba qua, m\u1ed9t b\u00e1o c\u00e1o t\u1eeb Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng ch\u00e2u \u00c2u (ECB) \u0111\u00e3 h\u00e9 l\u1ed9 s\u1ef1 th\u1eadt […]<\/p>","protected":false},"author":1,"featured_media":46522,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[219],"tags":[],"class_list":["post-46521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-vang"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/46521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/comments?post=46521"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/46521\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/46522"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=46521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=46521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=46521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}