第一,原油对于经济方面的变动更为敏感,而现货黄金对于货币方面的变动更为敏感。原油需求中有很大一部分是源于工业需求,占比约40%On the contrary, the demand for spot gold is mostly due to investment and jewelry demand. Due to the close relationship between crude oil and industry, crude oil is sensitive to changes in economic factors such as industrial productivity, manufacturing demand, and so on.
第二,原油是大宗商品,现货黄金是贵金属。原油主要关注中东地区局势、美国页岩油,也容易受中美因素影响,现货黄金主要关注美元指数。原油受消息面影响较大,像原油储存量数据,因为原油是会消耗的,而黄金不会,黄金可以一直库存。