{"id":10924,"date":"2026-08-12T17:35:46","date_gmt":"2026-08-12T09:35:46","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=10924"},"modified":"2026-08-12T17:35:50","modified_gmt":"2026-08-12T09:35:50","slug":"%e8%b4%b5%e9%87%91%e5%b1%9e%e5%b8%82%e5%9c%ba%e7%9a%84%e8%ae%a4%e7%9f%a5%e5%8d%87%e7%ba%a7%ef%bc%9a%e5%bd%93%e4%bc%a0%e7%bb%9f%e5%ae%9a%e4%bb%b7%e6%a1%86%e6%9e%b6%e5%a4%b1%e6%95%88%ef%bc%8c%e6%96%b0","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/vi\/luu-tru\/10924","title":{"rendered":"N\u00e2ng c\u1ea5p nh\u1eadn th\u1ee9c c\u1ee7a th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i qu\u00fd: Khi khung \u0111\u1ecbnh gi\u00e1 truy\u1ec1n th\u1ed1ng th\u1ea5t b\u1ea1i, logic m\u1edbi \u0111ang \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp"},"content":{"rendered":"

Th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i qu\u00fd v\u00e0o n\u0103m 2026 \u0111ang tr\u1ea3i qua m\u1ed9t cu\u1ed9c th\u1eed th\u00e1ch c\u0103ng th\u1eb3ng s\u00e2u s\u1eafc - bi\u1ebfn \u0111\u1ed9ng gi\u00e1 ng\u00e0y c\u00e0ng gia t\u0103ng, t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng \u0111ang nhanh ch\u00f3ng chuy\u1ec3n \u0111\u1ed5i gi\u1eefa cu\u1ed3ng t\u00edn v\u00e0 ho\u1ea3ng lo\u1ea1n, v\u00e0 logic \u0111\u1ecbnh gi\u00e1 c\u1ee7a v\u00e0ng \u0111ang \u0111\u01b0\u1ee3c \u0111\u1ecbnh h\u00ecnh l\u1ea1i. N\u1eeda \u0111\u1ea7u n\u0103m 2026, gi\u00e1 v\u00e0ng qu\u1ed1c t\u1ebf tr\u1ea3i qua \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh s\u00e2u sau khi ch\u1ea1m m\u1ee9c cao k\u1ef7 l\u1ee5c; v\u00e0o th\u00e1ng 8, n\u00f3 ph\u1ee5c h\u1ed3i m\u1ea1nh m\u1ebd d\u01b0\u1edbi s\u1ef1 c\u1ed9ng h\u01b0\u1edfng c\u1ee7a nhi\u1ec1u y\u1ebfu t\u1ed1 t\u0103ng gi\u00e1 - gi\u00e1 v\u00e0ng giao ngay \u1edf London t\u0103ng t\u1eeb kho\u1ea3ng US$3,940\/oz l\u00ean h\u01a1n US$4,400\/oz, v\u00e0 gi\u00e1 b\u1ea1c giao ngay \u1edf London t\u0103ng t\u1eeb kho\u1ea3ng US$54\/oz l\u00ean tr\u00ean US$66\/oz, v\u1edbi m\u1ee9c t\u0103ng t\u00edch l\u0169y t\u1ed1i \u0111a trong ph\u1ea1m vi l\u1ea7n l\u01b0\u1ee3t v\u01b0\u1ee3t qu\u00e1 12% v\u00e0 21%. \u0110\u1eb1ng sau nh\u1eefng bi\u1ebfn \u0111\u1ed9ng gi\u00e1 d\u1eef d\u1ed9i l\u00e0 s\u1ef1 t\u00e1i thi\u1ebft c\u01a1 b\u1ea3n khu\u00f4n kh\u1ed5 nh\u1eadn th\u1ee9c c\u1ee7a th\u1ecb tr\u01b0\u1eddng. Hi\u1ec3u \u0111\u01b0\u1ee3c qu\u00e1 tr\u00ecnh t\u00e1i thi\u1ebft n\u00e0y l\u00e0 ch\u00eca kh\u00f3a \u0111\u1ec3 c\u00e1c nh\u00e0 giao d\u1ecbch thi\u1ebft l\u1eadp s\u1ef1 hi\u1ec3u bi\u1ebft h\u1ee3p l\u00fd v\u1ec1 th\u1ecb tr\u01b0\u1eddng.<\/p>\n

1. S\u1ef1 th\u1ea5t b\u1ea1i c\u1ee7a khung \u0111\u1ecbnh gi\u00e1 truy\u1ec1n th\u1ed1ng: t\u1eeb \u201cm\u1ecf neo l\u00e3i su\u1ea5t\u201d \u0111\u1ebfn \u201cm\u1ecf neo t\u00edn d\u1ee5ng\u201d<\/p>\n

Trong khu\u00f4n kh\u1ed5 ph\u00e2n t\u00edch v\u00e0ng truy\u1ec1n th\u1ed1ng, gi\u00e1 v\u00e0ng c\u00f3 m\u1ed1i t\u01b0\u01a1ng quan ngh\u1ecbch \u0111\u00e1ng k\u1ec3 v\u1edbi l\u00e3i su\u1ea5t th\u1ef1c c\u1ee7a Hoa K\u1ef3 trong d\u00e0i h\u1ea1n. Tuy nhi\u00ean, khu\u00f4n kh\u1ed5 n\u00e0y \u0111ang b\u1ecb ph\u00e1 v\u1ee1. Sun Fukun, ph\u00f3 t\u1ed5ng gi\u00e1m \u0111\u1ed1c c\u1ee7a Huayuan Futures, ch\u1ec9 ra r\u1eb1ng sau cu\u1ed9c xung \u0111\u1ed9t Nga-Ukraine n\u0103m 2022, c\u00e1c n\u01b0\u1edbc ph\u01b0\u01a1ng T\u00e2y \u0111\u00e3 \u0111\u00f3ng b\u0103ng t\u00e0i s\u1ea3n c\u1ee7a Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Nga v\u00e0 th\u1ecb tr\u01b0\u1eddng to\u00e0n c\u1ea7u b\u1eaft \u0111\u1ea7u ki\u1ec3m tra l\u1ea1i m\u1ee9c \u0111\u1ed9 an to\u00e0n c\u1ee7a t\u00e0i s\u1ea3n b\u1eb1ng \u0111\u00f4 la M\u1ef9. Logic mua v\u00e0ng c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng to\u00e0n c\u1ea7u \u0111\u00e3 chuy\u1ec3n t\u1eeb thu nh\u1eadp \u0111\u1ea7u t\u01b0 sang an to\u00e0n d\u1ef1 tr\u1eef. \u1ea2nh h\u01b0\u1edfng c\u1ee7a h\u00e0nh vi mua v\u00e0ng b\u1ea5t \u0111\u1ed1i x\u1ee9ng \u201cgi\u00e1 c\u00e0ng th\u1ea5p, n\u1eafm gi\u1eef c\u00e0ng nhi\u1ec1u\u201d \u0111\u00e3 v\u01b0\u1ee3t qua y\u1ebfu t\u1ed1 l\u00e3i su\u1ea5t th\u1ef1c truy\u1ec1n th\u1ed1ng.<\/p>\n

M\u1ed9t s\u1ed1 nh\u00e0 ph\u00e2n t\u00edch ch\u1ec9 ra r\u1eb1ng k\u1ec3 t\u1eeb n\u0103m 2016, \u201cm\u1ecf neo\u201d \u0111\u1ecbnh gi\u00e1 v\u00e0ng \u0111\u00e3 chuy\u1ec3n sang gi\u00e1 tr\u1ecb d\u1ef1 tr\u1eef b\u1ecb chi ph\u1ed1i b\u1edfi s\u1ef1 m\u1edf r\u1ed9ng r\u1ea1n n\u1ee9t t\u00edn d\u1ee5ng c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9. Khung gi\u00e1 hi\u1ec7n t\u1ea1i c\u1ee7a kim lo\u1ea1i qu\u00fd \u0111ang \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng l\u1ea1i - c\u00e1c y\u1ebfu t\u1ed1 nh\u01b0 \u0111\u1ecbnh h\u01b0\u1edbng ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang, truy\u1ec1n t\u1ea3i \u0111\u1ecba ch\u00ednh tr\u1ecb v\u00e0 n\u0103ng l\u01b0\u1ee3ng, vi\u1ec7c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng ti\u1ebfp t\u1ee5c mua v\u00e0ng v\u00e0 r\u1ee7i ro t\u00edn d\u1ee5ng c\u00f3 ch\u1ee7 quy\u1ec1n \u0111an xen. M\u1ecf neo \u0111\u1ecbnh gi\u00e1 v\u00e0ng \u0111ang chuy\u1ec3n t\u1eeb l\u00e3i su\u1ea5t th\u1ef1c sang nhi\u1ec1u logic nh\u01b0 ph\u00f2ng ng\u1eeba r\u1ee7i ro t\u00edn d\u1ee5ng b\u1eb1ng \u0111\u00f4 la M\u1ef9 v\u00e0 phi \u0111\u00f4 la h\u00f3a. Ngay c\u1ea3 khi m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t cao ti\u1ebfp t\u1ee5c, vi\u1ec7c t\u0103ng n\u1eafm gi\u1eef chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng v\u00e0 qu\u00e1 tr\u00ecnh phi \u0111\u00f4 la h\u00f3a v\u1eabn s\u1ebd h\u1ed7 tr\u1ee3 m\u1ea1nh m\u1ebd cho gi\u00e1 v\u00e0ng.<\/p>\n

2. Con \u0111\u01b0\u1eddng ch\u00ednh s\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang: tr\u00f2 ch\u01a1i c\u1ee7a nh\u1eefng kh\u00e1c bi\u1ec7t \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng<\/p>\n

Nh\u1eefng k\u1ef3 v\u1ecdng v\u1ec1 ch\u00ednh s\u00e1ch c\u1ee7a Fed l\u00e0 bi\u1ebfn s\u1ed1 c\u1ed1t l\u00f5i th\u00fac \u0111\u1ea9y s\u1ef1 bi\u1ebfn \u0111\u1ed9ng ng\u1eafn h\u1ea1n c\u1ee7a gi\u00e1 v\u00e0ng. V\u00e0o cu\u1ed1i th\u00e1ng 7, cu\u1ed9c h\u1ecdp FOMC c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang th\u00f4ng b\u00e1o l\u00e3i su\u1ea5t s\u1ebd kh\u00f4ng thay \u0111\u1ed5i, nh\u01b0ng ba quan ch\u1ee9c \u0111\u00e3 b\u1ecf phi\u1ebfu ph\u1ea3n \u0111\u1ed1i v\u00e0 \u1ee7ng h\u1ed9 vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t 25 \u0111i\u1ec3m c\u01a1 b\u1ea3n. \u0110\u00e2y l\u00e0 l\u1ea7n \u0111\u1ea7u ti\u00ean k\u1ec3 t\u1eeb n\u0103m 2016 c\u00f3 ba \u00fd ki\u1ebfn \u200b\u200bph\u1ea3n \u0111\u1ed1i nh\u1ea5t tr\u00ed x\u1ea3y ra. Ch\u1ee7 t\u1ecbch C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang Warsh nh\u1eafc l\u1ea1i r\u1eb1ng m\u1ee5c ti\u00eau l\u1ea1m ph\u00e1t 2% v\u1eabn kh\u00f4ng thay \u0111\u1ed5i v\u00e0 h\u01b0\u1edbng d\u1eabn v\u1ec1 ph\u00eda tr\u01b0\u1edbc suy y\u1ebfu.<\/p>\n

B\u01b0\u1edbc ngo\u1eb7t th\u1ef1c s\u1ef1 \u0111\u1ebfn v\u00e0o ng\u00e0y 7 th\u00e1ng 8 - b\u1ea3ng l\u01b0\u01a1ng phi n\u00f4ng nghi\u1ec7p c\u1ee7a M\u1ef9 gi\u1ea3m 23.000 trong th\u00e1ng 7, m\u1ee9c gi\u1ea3m \u0111\u1ea7u ti\u00ean k\u1ec3 t\u1eeb th\u00e1ng 2, trong khi th\u1ecb tr\u01b0\u1eddng k\u1ef3 v\u1ecdng m\u1ee9c t\u0103ng 80.000. S\u1ef1 chuy\u1ec3n d\u1ecbch t\u1eeb t\u0103ng sang gi\u1ea3m c\u1ee7a d\u1eef li\u1ec7u phi n\u00f4ng nghi\u1ec7p kh\u00f4ng ch\u1ec9 l\u00e0m gi\u1ea3m \u0111\u1ed9ng l\u1ef1c t\u0103ng l\u00e3i su\u1ea5t c\u1ee7a Fed m\u00e0 c\u00f2n l\u00e0m t\u0103ng \u0111\u00e1ng k\u1ec3 k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t. B\u00e1o c\u00e1o nghi\u00ean c\u1ee9u c\u1ee7a CICC tin r\u1eb1ng hai c\u00e2u chuy\u1ec7n \u0111\u00e3 k\u00ecm h\u00e3m v\u00e0ng trong giai \u0111o\u1ea1n \u0111\u1ea7u \u0111ang b\u1ecb l\u00e0m sai l\u1ec7ch: thanh kho\u1ea3n to\u00e0n c\u1ea7u ch\u01b0a th\u1ef1c s\u1ef1 b\u01b0\u1edbc v\u00e0o chu k\u1ef3 th\u1eaft ch\u1eb7t; Qu\u00e1 tr\u00ecnh phi \u0111\u00f4 la h\u00f3a v\u1eabn ch\u01b0a k\u1ebft th\u00fac. Khi thanh kho\u1ea3n to\u00e0n c\u1ea7u tr\u1edf n\u00ean l\u1ecfng l\u1ebbo h\u01a1n v\u00e0 \u00e1p l\u1ef1c t\u0103ng l\u00e3i su\u1ea5t th\u1ef1c v\u00e0 \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 gi\u1ea3m b\u1edbt, v\u00e0ng c\u00f3 th\u1ec3 l\u1ea5y l\u1ea1i s\u1ef1 h\u1ed7 tr\u1ee3 k\u00e9p c\u1ee7a thanh kho\u1ea3n v\u00e0 s\u1ef1 \u0111a d\u1ea1ng h\u00f3a c\u1ee7a h\u1ec7 th\u1ed1ng ti\u1ec1n t\u1ec7.<\/p>\n

Nh\u01b0ng th\u1ecb tr\u01b0\u1eddng v\u1eabn b\u1ecb chia r\u1ebd. X\u00e1c su\u1ea5t C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang t\u0103ng l\u00e3i su\u1ea5t trong th\u00e1ng 9 \u0111\u00e3 t\u0103ng l\u00ean 51,9%, cao h\u01a1n m\u1ee9c 40% tr\u01b0\u1edbc \u0111\u1ee3t t\u0103ng gi\u00e1 d\u1ea7u g\u1ea7n \u0111\u00e2y. Tr\u1ecdng t\u00e2m c\u1ed1t l\u00f5i c\u1ee7a th\u1ecb tr\u01b0\u1eddng ng\u1eafn h\u1ea1n l\u00e0 d\u1eef li\u1ec7u CPI c\u1ee7a M\u1ef9 trong th\u00e1ng 7 - d\u1eef li\u1ec7u l\u1ea1m ph\u00e1t l\u00e0 ch\u1ec9 s\u1ed1 c\u1ed1t l\u00f5i cho \u0111\u1ed9ng th\u00e1i ti\u1ebfp theo c\u1ee7a Fed. C\u00e1c nh\u00e0 ph\u00e2n t\u00edch khuy\u1ebfn ngh\u1ecb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean ch\u00fa \u00fd \u0111\u1ebfn ba bi\u1ebfn s\u1ed1 c\u1ed1t l\u00f5i l\u00e0 t\u00ecnh h\u00ecnh \u0111\u1ecba ch\u00ednh tr\u1ecb, d\u1eef li\u1ec7u l\u1ea1m ph\u00e1t v\u00e0 ch\u00ednh s\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang.<\/p>\n

3. \u0110\u1ecba ch\u00ednh tr\u1ecb: T\u1eeb \u201cnh\u1ecbp s\u1ee3 r\u1ee7i ro\u201d \u0111\u1ebfn \u201cc\u00e1c bi\u1ebfn c\u1ea5u tr\u00fac\u201d<\/p>\n

R\u1ee7i ro \u0111\u1ecba ch\u00ednh tr\u1ecb l\u00e0 m\u1ed9t \u0111\u1ed9ng l\u1ef1c quan tr\u1ecdng kh\u00e1c c\u1ee7a gi\u00e1 v\u00e0ng. K\u1ec3 t\u1eeb n\u0103m 2026, t\u00ecnh h\u00ecnh \u1edf Trung \u0110\u00f4ng ti\u1ebfp t\u1ee5c c\u0103ng th\u1eb3ng - xung \u0111\u1ed9t gi\u1eefa M\u1ef9 v\u00e0 Iran xoay quanh vi\u1ec7c \u0111i qua eo bi\u1ec3n Hormuz, n\u01a1i c\u00f3 t\u00e1c \u0111\u1ed9ng s\u00e2u s\u1eafc \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh v\u00e0 cung c\u1ea5p n\u0103ng l\u01b0\u1ee3ng to\u00e0n c\u1ea7u.<\/p>\n

\u0110i\u1ec1u \u0111\u00e1ng ch\u00fa \u00fd l\u00e0 con \u0111\u01b0\u1eddng truy\u1ec1n t\u1ea3i \u0111\u1ecba ch\u00ednh tr\u1ecb sang v\u00e0ng \u0111ang thay \u0111\u1ed5i. Chu\u1ed7i truy\u1ec1n th\u1ed1ng l\u00e0 \"xung \u0111\u1ed9t \u0111\u1ecba l\u00fd l\u00e0m t\u0103ng gi\u00e1 d\u1ea7u - \u0111\u1ea9y k\u1ef3 v\u1ecdng l\u1ea1m ph\u00e1t l\u00ean - c\u1ee7ng c\u1ed1 k\u1ef3 v\u1ecdng t\u0103ng l\u00e3i su\u1ea5t - k\u00ecm h\u00e3m gi\u00e1 v\u00e0ng.\" Gi\u00e1 d\u1ea7u t\u0103ng c\u00f3 th\u1ec3 l\u00e0 \u0111i\u1ec1u ti\u00eau c\u1ef1c \u0111\u1ed1i v\u1edbi v\u00e0ng. V\u00e0o cu\u1ed1i th\u00e1ng 7, t\u00ecnh h\u00ecnh gi\u1eefa M\u1ef9 v\u00e0 Iran l\u1ea1i tr\u1edf n\u00ean c\u0103ng th\u1eb3ng nh\u01b0ng gi\u00e1 d\u1ea7u t\u0103ng kh\u00f4ng k\u00ecm h\u00e3m \u0111\u01b0\u1ee3c gi\u00e1 v\u00e0ng. V\u00e0ng r\u00f5 r\u00e0ng \u0111\u00e3 \u201cv\u00f4 c\u1ea3m\u201d v\u1edbi gi\u00e1 d\u1ea7u - \u0111\u00e2y c\u0169ng l\u00e0 t\u00edn hi\u1ec7u quan tr\u1ecdng cho s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a gi\u00e1 v\u00e0ng. Trong trung v\u00e0 d\u00e0i h\u1ea1n, tr\u1ecdng t\u00e2m th\u1ecb tr\u01b0\u1eddng s\u1ebd quay tr\u1edf l\u1ea1i v\u1edbi d\u00f2ng ch\u00ednh c\u1ee7a v\u00e0ng l\u00e0 ph\u00f2ng ng\u1eeba r\u1ee7i ro t\u00edn d\u1ee5ng b\u1eb1ng \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9.<\/p>\n

V\u00e0ng \u0111ang tr\u1ea3i qua qu\u00e1 tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i t\u1eeb \u201ct\u00e0i s\u1ea3n tr\u00fa \u1ea9n an to\u00e0n\u201d truy\u1ec1n th\u1ed1ng sang \u201cph\u00e2n b\u1ed5 chi\u1ebfn l\u01b0\u1ee3c\u201d. Trong b\u1ed1i c\u1ea3nh r\u1ee7i ro \u0111\u1ecba ch\u00ednh tr\u1ecb th\u01b0\u1eddng xuy\u00ean x\u1ea3y ra, v\u00e0ng d\u1ea7n tr\u1edf th\u00e0nh v\u1ecb tr\u00ed \u0111\u00e1y m\u1edbi trong k\u1ef7 nguy\u00ean \u0111a c\u1ef1c.<\/p>\n

\"H\u00ecnh<\/p>\n

4. Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng mua v\u00e0ng: T\u0103ng c\u01b0\u1eddng s\u1ee9c m\u1ea1nh h\u1ed7 tr\u1ee3 c\u01a1 c\u1ea5u<\/p>\n

H\u00e0nh vi mua v\u00e0ng c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng to\u00e0n c\u1ea7u l\u00e0 \u0111\u1ed9ng l\u1ef1c c\u1ea5u tr\u00fac quan tr\u1ecdng nh\u1ea5t h\u1ed7 tr\u1ee3 gi\u00e1 v\u00e0ng trong nh\u1eefng n\u0103m g\u1ea7n \u0111\u00e2y. Theo d\u1eef li\u1ec7u t\u1eeb H\u1ed9i \u0111\u1ed3ng V\u00e0ng Th\u1ebf gi\u1edbi, c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng to\u00e0n c\u1ea7u \u0111\u00e3 mua 289 t\u1ea5n v\u00e0ng trong qu\u00fd 2 n\u0103m 2026, t\u0103ng 62% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m ngo\u00e1i v\u00e0 l\u00e0 m\u1ee9c cao k\u1ef7 l\u1ee5c trong qu\u00fd 2. Trong n\u1eeda \u0111\u1ea7u n\u0103m 2026, t\u1ed5ng nhu c\u1ea7u v\u00e0ng to\u00e0n c\u1ea7u l\u00e0 2.522 t\u1ea5n, v\u1edbi nhu c\u1ea7u \u0111\u1ea1t m\u1ee9c cao k\u1ef7 l\u1ee5c 380 t\u1ef7 USD.<\/p>\n

H\u00e0nh \u0111\u1ed9ng c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u00e2n d\u00e2n Trung Qu\u1ed1c \u0111\u1eb7c bi\u1ec7t \u0111\u00e1ng ch\u00fa \u00fd. T\u00ednh \u0111\u1ebfn cu\u1ed1i th\u00e1ng 7 n\u0103m 2026, d\u1ef1 tr\u1eef v\u00e0ng c\u1ee7a Trung Qu\u1ed1c \u0111\u1ea1t 76,08 tri\u1ec7u ounce (kho\u1ea3ng 2366,35 t\u1ea5n) v\u00e0 n\u01b0\u1edbc n\u00e0y \u0111\u00e3 t\u0103ng l\u01b0\u1ee3ng n\u1eafm gi\u1eef th\u00eam 640.000 ounce (kho\u1ea3ng 19,91 t\u1ea5n) trong th\u00e1ng \u0111\u00f3, \u0111\u00e2y l\u00e0 m\u1ee9c t\u0103ng n\u1eafm gi\u1eef l\u1edbn nh\u1ea5t trong m\u1ed9t th\u00e1ng k\u1ec3 t\u1eeb khi ho\u1ea1t \u0111\u1ed9ng mua v\u00e0ng \u0111\u01b0\u1ee3c kh\u1edfi \u0111\u1ed9ng l\u1ea1i v\u00e0o th\u00e1ng 11 n\u0103m 2024. \u0110\u00e2y l\u00e0 th\u00e1ng th\u1ee9 21 li\u00ean ti\u1ebfp ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng th\u1ef1c hi\u1ec7n t\u0103ng n\u1eafm gi\u1eef v\u00e0ng c\u1ee7a m\u00ecnh. Ng\u00e2n h\u00e0ng H\u00e0n Qu\u1ed1c n\u1ed1i l\u1ea1i ho\u1ea1t \u0111\u1ed9ng mua v\u00e0ng sau 13 n\u0103m<\/p>\n

M\u1ed9t cu\u1ed9c kh\u1ea3o s\u00e1t c\u1ee7a H\u1ed9i \u0111\u1ed3ng v\u00e0ng th\u1ebf gi\u1edbi cho th\u1ea5y 45% ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u0111\u01b0\u1ee3c kh\u1ea3o s\u00e1t k\u1ef3 v\u1ecdng s\u1ebd t\u0103ng d\u1ef1 tr\u1eef v\u00e0ng trong n\u0103m t\u1edbi. Ng\u01b0\u1eddi \u0111\u1ee9ng \u0111\u1ea7u b\u1ed9 ph\u1eadn nghi\u00ean c\u1ee9u khu v\u1ef1c Ch\u00e2u \u00c1 - Th\u00e1i B\u00ecnh D\u01b0\u01a1ng c\u1ee7a H\u1ed9i \u0111\u1ed3ng V\u00e0ng Th\u1ebf gi\u1edbi ch\u1ec9 ra r\u1eb1ng ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng v\u1eabn coi r\u1ee7i ro \u0111\u1ecba ch\u00ednh tr\u1ecb v\u00e0 \u0111a d\u1ea1ng h\u00f3a d\u1ef1 tr\u1eef l\u00e0 m\u1ee5c ti\u00eau mua v\u00e0ng ch\u00ednh c\u1ee7a m\u00ecnh v\u00e0 y\u1ebfu t\u1ed1 gi\u00e1 c\u1ea3 kh\u00f4ng n\u1eb1m trong s\u1ed1 nh\u1eefng c\u00e2n nh\u1eafc ch\u00ednh. \"Bi\u1ebfn ch\u1eadm\" vi\u1ec7c mua v\u00e0ng c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u0111ang ti\u1ebfp t\u1ee5c \u0111\u1ea9y gi\u00e1 v\u00e0ng l\u00ean trung t\u00e2m.<\/p>\n

5. B\u1ea1c: S\u1ef1 c\u1ed9ng h\u01b0\u1edfng c\u1ee7a thu\u1ed9c t\u00ednh k\u00e9p<\/p>\n

So v\u1edbi v\u00e0ng, b\u1ea1c \u0111\u00e3 th\u1ec3 hi\u1ec7n n\u1ed5i b\u1eadt h\u01a1n trong \u0111\u1ee3t ph\u1ee5c h\u1ed3i n\u00e0y - t\u0103ng h\u01a1n 21%, d\u1eabn \u0111\u1ea7u c\u00e1c kim lo\u1ea1i qu\u00fd. B\u1ea1c c\u00f3 c\u1ea3 thu\u1ed9c t\u00ednh c\u00f4ng nghi\u1ec7p v\u00e0 n\u01a1i tr\u00fa \u1ea9n an to\u00e0n - s\u1ef1 c\u1ea3i thi\u1ec7n trong m\u00f4i tr\u01b0\u1eddng v\u0129 m\u00f4 v\u00e0 nhu c\u1ea7u c\u00f4ng nghi\u1ec7p c\u00f9ng h\u1ed7 tr\u1ee3 gi\u00e1 b\u1ea1c. \u0110\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi s\u1ef1 t\u0103ng t\u1ed1c c\u1ee7a qu\u00e1 tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i n\u0103ng l\u01b0\u1ee3ng to\u00e0n c\u1ea7u, nhu c\u1ea7u c\u00f4ng nghi\u1ec7p b\u1ea1c v\u1ec1 quang \u0111i\u1ec7n, n\u0103ng l\u01b0\u1ee3ng m\u1edbi v\u00e0 c\u00e1c l\u0129nh v\u1ef1c kh\u00e1c \u0111\u00e3 h\u1ed7 tr\u1ee3 th\u00eam cho gi\u00e1 c\u1ea3. \u201cThu\u1ed9c t\u00ednh k\u00e9p\u201d c\u1ee7a b\u1ea1c x\u00e1c \u0111\u1ecbnh r\u1eb1ng \u0111\u1ed9 co gi\u00e3n theo gi\u00e1 c\u1ee7a n\u00f3 th\u01b0\u1eddng cao h\u01a1n v\u00e0ng.<\/p>\n

6. T\u1eeb nh\u1eadn th\u1ee9c th\u1ecb tr\u01b0\u1eddng \u0111\u1ebfn th\u1ef1c hi\u1ec7n giao d\u1ecbch<\/p>\n

Gi\u00e1 tr\u1ecb c\u1ee7a vi\u1ec7c hi\u1ec3u khu\u00f4n kh\u1ed5 nh\u1eadn th\u1ee9c th\u1ecb tr\u01b0\u1eddng \u1edf tr\u00ean l\u00e0 n\u00f3 gi\u00fap c\u00e1c nh\u00e0 giao d\u1ecbch hi\u1ec3u \u0111\u01b0\u1ee3c \u201ct\u1ea1i sao gi\u00e1 l\u1ea1i di chuy\u1ec3n\u201d thay v\u00ec \u0111\u01b0a ra c\u00e1c t\u00edn hi\u1ec7u mua v\u00e0 b\u00e1n ch\u00ednh x\u00e1c. C\u00e1c nh\u00e0 ph\u00e2n t\u00edch \u0111\u01b0\u1ee3c ph\u1ecfng v\u1ea5n nh\u00ecn chung tin r\u1eb1ng m\u00f4 h\u00ecnh dao \u0111\u1ed9ng c\u1ee7a gi\u00e1 v\u00e0ng v\u00e0 b\u1ea1c trong ng\u1eafn h\u1ea1n v\u00e0 t\u0103ng trong trung v\u00e0 d\u00e0i h\u1ea1n kh\u00f4ng thay \u0111\u1ed5i. Khi l\u1ea1m ph\u00e1t \u1edf M\u1ef9 gi\u1ea3m d\u1ea7n, c\u00e1c ti\u00eau c\u1ef1c v\u1ec1 kinh t\u1ebf v\u0129 m\u00f4 ti\u1ebfp t\u1ee5c suy y\u1ebfu, l\u00e3i su\u1ea5t th\u1ef1c tr\u00e1i phi\u1ebfu c\u1ee7a M\u1ef9 c\u00f3 \u00edt kh\u1ea3 n\u0103ng t\u0103ng l\u00ean v\u00e0 qu\u00e1 tr\u00ecnh phi \u0111\u00f4 la h\u00f3a to\u00e0n c\u1ea7u ti\u1ebfn tri\u1ec3n, \"th\u1ecb tr\u01b0\u1eddng t\u0103ng gi\u00e1\" v\u00e0ng s\u1ebd ti\u1ebfp t\u1ee5c. Nh\u00ecn chung, gi\u00e1 v\u00e0ng v\u00e0 b\u1ea1c hi\u1ec7n t\u1ea1i \u0111ang \u1edf m\u1ee9c \u0111\u00e1y.<\/p>\n

Nh\u00e0 m\u00f4i gi\u1edbi Wmax cung c\u1ea5p cho c\u00e1c nh\u00e0 giao d\u1ecbch kim lo\u1ea1i qu\u00fd c\u00e1c k\u00eanh giao d\u1ecbch CFD bao g\u1ed3m v\u00e0ng, b\u1ea1c v\u00e0 c\u00e1c lo\u1ea1i kh\u00e1c. Th\u00f4ng qua thi\u1ebft b\u1ecb \u0111\u1ea7u cu\u1ed1i giao d\u1ecbch MT5, n\u1ec1n t\u1ea3ng n\u00e0y cung c\u1ea5p cho ng\u01b0\u1eddi d\u00f9ng c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng theo th\u1eddi gian th\u1ef1c, ph\u00e2n t\u00edch bi\u1ec3u \u0111\u1ed3 nhi\u1ec1u kho\u1ea3ng th\u1eddi gian v\u00e0 c\u00e1c c\u00f4ng c\u1ee5 ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt \u0111\u1ec3 gi\u00fap c\u00e1c nh\u00e0 giao d\u1ecbch th\u1ef1c hi\u1ec7n c\u00e1c ph\u00e1n \u0111o\u00e1n v\u0129 m\u00f4 v\u00e0o c\u00e1c quy\u1ebft \u0111\u1ecbnh giao d\u1ecbch c\u1ee5 th\u1ec3. Ch\u1ee9c n\u0103ng nh\u1eafc nh\u1edf s\u1ef1 ki\u1ec7n v\u00e0 l\u1ecbch kinh t\u1ebf t\u00edch h\u1ee3p c\u1ee7a n\u1ec1n t\u1ea3ng bao g\u1ed3m c\u00e1c cu\u1ed9c h\u1ecdp ch\u00ednh s\u00e1ch v\u00e0 c\u00f4ng b\u1ed1 d\u1eef li\u1ec7u kinh t\u1ebf quan tr\u1ecdng c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng l\u1edbn tr\u00ean th\u1ebf gi\u1edbi, gi\u00fap ng\u01b0\u1eddi d\u00f9ng theo d\u00f5i k\u1ecbp th\u1eddi c\u00e1c bi\u1ebfn s\u1ed1 ch\u00ednh \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1 kim lo\u1ea1i qu\u00fd.<\/p>\n

Ph\u1ea7n k\u1ebft lu\u1eadn<\/p>\n

Bi\u1ebfn \u0111\u1ed9ng gi\u00e1 tr\u00ean th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i qu\u00fd v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 s\u1ef1 d\u1ef1 \u0111o\u00e1n c\u1ee7a logic v\u0129 m\u00f4 t\u1ea1i m\u1ed9t th\u1eddi \u0111i\u1ec3m c\u1ee5 th\u1ec3. Khung \u0111\u1ecbnh gi\u00e1 truy\u1ec1n th\u1ed1ng \u0111ang th\u1ea5t b\u1ea1i v\u00e0 m\u1ed9t logic nh\u1eadn th\u1ee9c m\u1edbi \u0111ang \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp - t\u00edn d\u1ee5ng b\u1eb1ng \u0111\u00f4 la M\u1ef9, mua v\u00e0ng c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng, c\u01a1 c\u1ea5u \u0111\u1ecba ch\u00ednh tr\u1ecb - nh\u1eefng l\u1ef1c l\u01b0\u1ee3ng n\u00e0y c\u00f9ng nhau t\u1ea1o th\u00e0nh khu\u00f4n kh\u1ed5 c\u01a1 b\u1ea3n c\u1ee7a xu h\u01b0\u1edbng gi\u00e1 v\u00e0ng v\u00e0 b\u1ea1c. Hi\u1ec3u \u0111\u01b0\u1ee3c nh\u1eefng logic n\u00e0y kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n ch\u00ednh x\u00e1c gi\u00e1, nh\u01b0ng n\u00f3 c\u00f3 th\u1ec3 gi\u00fap c\u00e1c nh\u00e0 giao d\u1ecbch duy tr\u00ec \u0111\u1ecbnh h\u01b0\u1edbng nh\u1eadn th\u1ee9c r\u00f5 r\u00e0ng trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng.<\/p>","protected":false},"excerpt":{"rendered":"

N\u0103m 2026, gi\u00e1 v\u00e0ng qu\u1ed1c t\u1ebf tr\u1ea3i qua \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh s\u00e2u sau khi ch\u1ea1m m\u1ee9c cao k\u1ef7 l\u1ee5c, sau \u0111\u00f3 b\u1eadt t\u0103ng tr\u1edf l\u1ea1i m\u1ea1nh m\u1ebd do c\u1ed9ng h\u01b0\u1edfng t\u1eeb r\u1ee7i ro \u0111\u1ecba ch\u00ednh tr\u1ecb, ho\u1ea1t \u0111\u1ed9ng mua v\u00e0ng c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng v\u00e0 k\u1ef3 v\u1ecdng c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t. V\u00e0ng giao ngay \u1edf London t\u1eebng t\u0103ng v\u1ecdt tr\u00ean 4.400 USD. Nh\u1eefng k\u1ef3 v\u1ecdng v\u1ec1 ch\u00ednh s\u00e1ch y\u1ebfu k\u00e9m c\u1ee7a Fed, d\u1eef li\u1ec7u phi n\u00f4ng nghi\u1ec7p y\u1ebfu h\u01a1n, qu\u00e1 tr\u00ecnh phi \u0111\u00f4 la h\u00f3a v\u00e0 s\u1ef1 gia t\u0103ng li\u00ean t\u1ee5c l\u01b0\u1ee3ng n\u1eafm gi\u1eef c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng to\u00e0n c\u1ea7u \u0111ang \u0111\u1ecbnh h\u00ecnh l\u1ea1i logic \u0111\u1ecbnh gi\u00e1 v\u00e0ng; s\u1ef1 c\u1ed9ng h\u01b0\u1edfng c\u1ee7a thu\u1ed9c t\u00ednh k\u00e9p c\u1ee7a b\u1ea1c d\u1eabn \u0111\u1ebfn s\u1ef1 gia t\u0103ng c\u1ee7a kim lo\u1ea1i qu\u00fd. Hi\u1ec3u c\u00e1ch c\u00e1c l\u1ef1c l\u01b0\u1ee3ng v\u0129 m\u00f4 th\u00fac \u0111\u1ea9y gi\u00e1 v\u00e0ng c\u00f3 th\u1ec3 gi\u00fap c\u00e1c nh\u00e0 giao d\u1ecbch x\u00e2y d\u1ef1ng nh\u1eadn th\u1ee9c v\u1ec1 th\u1ecb tr\u01b0\u1eddng v\u00e0 n\u1eafm b\u1eaft xu h\u01b0\u1edbng t\u0103ng trung v\u00e0 d\u00e0i h\u1ea1n c\u1ee7a v\u00e0ng v\u00e0 b\u1ea1c.<\/p>","protected":false},"author":1,"featured_media":10925,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[122],"tags":[369,526,1560],"class_list":["post-10924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tutorial","tag-369","tag-526","tag-1560"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/10924","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/comments?post=10924"}],"version-history":[{"count":1,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/10924\/revisions"}],"predecessor-version":[{"id":10927,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/10924\/revisions\/10927"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/10925"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=10924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=10924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=10924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}