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Morgan Stanley: Gold Behaves More Like a Risk Asset, Its Safe Haven Function Is Being Questioned

Morgan Stanley: Gold Behaves More Like a Risk Asset, Its Safe Haven Function Is Being Questioned

汇通财经汇通财经2026/04/10 05:08
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(1) Morgan Stanley metals and mining strategist Amy Gower stated that after six weeks of dramatic volatility in commodity prices, gold's traditional role as a portfolio risk management tool is being called into question. (2) She pointed out that gold is now behaving more like a risk asset rather than a safe haven; it was originally intended to serve as a diversification tool within investment portfolios, but this function is currently not being realized. (3) She acknowledged that it is "normal" for gold prices to weaken after a shock, as investors rush to seek liquidity, but gold prices are increasingly being influenced by trading activities of large holders, such as central banks and ETFs.
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