--- title: "专家指出，黄金在投资组合中仍然占有重要地位，但投资者应避免追涨" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/279122932.md" description: "在 2026 年 Moneycontrol 全球财富峰会上，专家们强调，尽管黄金在投资组合中仍然是一个相关的资产，但投资者应避免追逐价格上涨。DSP 共同基金的 Kalpen Parekh 指出，黄金并不总是能持续超越股票表现，也并不总是可靠的通胀对冲工具。小组指出，投资者行为发生了变化，越来越多的股票投资者转向黄金，这引发了对市场时机把握的担忧。他们建议保持有纪律的资产配置，建议将 5-10% 的资产配置给黄金，以实现多样化而非增长" datetime: "2026-03-14T12:11:59.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/279122932.md) - [en](https://longbridge.com/en/news/279122932.md) - [zh-HK](https://longbridge.com/zh-HK/news/279122932.md) --- # 专家指出，黄金在投资组合中仍然占有重要地位，但投资者应避免追涨 Gold’s role in portfolios is changing as rising prices and strong investor interest attract more attention to the precious metal. At the Moneycontrol Global Wealth Summit 2026 on March 14, experts said gold still has a place in portfolios but cautioned investors against chasing momentum or assuming the metal always acts as a safe haven. Speaking at a panel titled “The title of Gold, Silver and All that Glitters: Safe Haven or Serious Growth Play?”, Kalpen Parekh, MD and CEO of DSP Mutual Fund, said the long history of gold often leads investors to draw simple conclusions that may not always hold up under scrutiny. “Gold as an asset class has existed for centuries, perhaps 2,000 years before us, and it may well continue for another 2,000 years after us,” Parekh said. “When we analyse long-term data over the past 20, 30 or even 50 years, it may appear that gold has performed better than many of the top equity markets. But when you look at rolling returns on a five-year basis, the picture changes.” Parekh said that the perception of gold consistently outperforming equities is not supported by data. According to him, gold has outperformed equities in India only about 25 percent of the time on a five-year rolling basis, while globally the figure is roughly 35 percent. He added that many widely held beliefs about gold also require closer examination. “Take the common claim that gold is a hedge against inflation,” Parekh said. “In inflationary periods, gold performs well only about 40 percent of the time, while around 60 percent of the time it does not. So you cannot conclusively say that gold is always an inflation hedge.” The panel also discussed how investor behaviour around gold appears to be changing. Swarup Mohanty, Vice Chairman and CEO of Mirae Asset Investment Managers, said that gold buying in India has traditionally been driven by culture rather than price movements. “If you look at the present situation, it is largely equity investors who are now buying gold,” Mohanty said. “For generations, people in this country have accumulated gold on certain occasions without worrying about whether the price was high or low on that day.” Mohanty warned that the entry of institutional investors and financial products could alter the long-standing culture around gold ownership. “My fear is that this long-standing investing culture could be damaged for good,” he said. “My humble request is please buy equities the way people traditionally bought gold, and do not buy gold the way people now buy equities.” Data trends indicate that the recent rise in interest in precious metals is caused by investors moving away from equities after a strong stock market performance. Vaibhav Porwal, co-founder of wealth-tech platform Dezerv, said his firm started seeing a rise in client interest in gold during the latter half of 2025. “We began to see a surge in inquiries around September and October 2025,” Porwal said. “That momentum continued into December 2025 and early 2026, when many investors wanted to switch out of equities and move into gold.” Porwal said this behaviour raised concerns that investors were reacting to recent price moves rather than focusing on long-term fundamentals. “We saw that many people wanted to switch out of equities and move into gold and silver,” he said. “For us, that was a bit of a red flag because it looked like investors were chasing momentum and reacting to price movements rather than focusing on the fundamentals.” Parekh also cautioned investors against increasing allocations aggressively after a sharp rally in precious metals. “In the last 45 days alone, we have seen precious metals move up by 10 to 15 percent,” he said. “There is no need to chase something that is already running very fast.” Instead, he suggested that gold should be used primarily as a portfolio diversifier rather than a growth engine. “If anything, allocating about 5 to 10 percent to gold can work as a hedge against geopolitical or political uncertainty,” Parekh said. Throughout the discussion, panellists agreed that although gold maintains cultural and financial significance, disciplined asset allocation is much more important than attempting to time the market. _**Disclaimer**: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions._ ### 相关股票 - [KGC.US](https://longbridge.com/zh-CN/quote/KGC.US.md) - [SGDJ.US](https://longbridge.com/zh-CN/quote/SGDJ.US.md) - [JDST.US](https://longbridge.com/zh-CN/quote/JDST.US.md) - [SGDM.US](https://longbridge.com/zh-CN/quote/SGDM.US.md) - [600489.CN](https://longbridge.com/zh-CN/quote/600489.CN.md) - [NUGT.US](https://longbridge.com/zh-CN/quote/NUGT.US.md) - [02824.HK](https://longbridge.com/zh-CN/quote/02824.HK.md) - [159562.CN](https://longbridge.com/zh-CN/quote/159562.CN.md) - [DUST.US](https://longbridge.com/zh-CN/quote/DUST.US.md) - [JNUG.US](https://longbridge.com/zh-CN/quote/JNUG.US.md) - [RING.US](https://longbridge.com/zh-CN/quote/RING.US.md) - [AEM.US](https://longbridge.com/zh-CN/quote/AEM.US.md) - [518850.CN](https://longbridge.com/zh-CN/quote/518850.CN.md) - [GDXY.US](https://longbridge.com/zh-CN/quote/GDXY.US.md) - [GLD.US](https://longbridge.com/zh-CN/quote/GLD.US.md) - [82824.HK](https://longbridge.com/zh-CN/quote/82824.HK.md) - [NEM.US](https://longbridge.com/zh-CN/quote/NEM.US.md) - [IAU.US](https://longbridge.com/zh-CN/quote/IAU.US.md) - [601899.CN](https://longbridge.com/zh-CN/quote/601899.CN.md) - [GDXW.US](https://longbridge.com/zh-CN/quote/GDXW.US.md) - [GDX.US](https://longbridge.com/zh-CN/quote/GDX.US.md) - [GOLD.US](https://longbridge.com/zh-CN/quote/GOLD.US.md) - [600547.CN](https://longbridge.com/zh-CN/quote/600547.CN.md) - [GDXJ.US](https://longbridge.com/zh-CN/quote/GDXJ.US.md) - [09824.HK](https://longbridge.com/zh-CN/quote/09824.HK.md) ## 相关资讯与研究 - [金价反弹，美元指数连续下跌](https://longbridge.com/zh-CN/news/282769506.md) - [美伊二次和谈预期重燃：金价抹平跌幅冲回 4800 美元，原油重挫 8% 跌至 90 美元关口](https://longbridge.com/zh-CN/news/282759361.md) - [西北互惠 CIO 发出警告：当下投资科技股是短视行为，应转配大宗商品对冲 “永久通胀”](https://longbridge.com/zh-CN/news/282929638.md) - [“永续合约” 7*24 小时加杠杆，币圈资本猛炒黄金和原油 “代币”](https://longbridge.com/zh-CN/news/282924065.md) - [受益于金价上涨，湖南黄金预计一季度归母净利同比增长 60% 至 90%](https://longbridge.com/zh-CN/news/282965975.md)