--- title: "專家指出，黃金在投資組合中仍然佔有重要地位，但投資者應避免追漲" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/279122932.md" description: "在 2026 年 Moneycontrol 全球財富峯會上，專家們強調，儘管黃金在投資組合中仍然是一個相關的資產，但投資者應避免追逐價格上漲。DSP 共同基金的 Kalpen Parekh 指出，黃金並不總是能持續超越股票表現，也並不總是可靠的通脹對沖工具。小組指出，投資者行為發生了變化，越來越多的股票投資者轉向黃金，這引發了對市場時機把握的擔憂。他們建議保持有紀律的資產配置，建議將 5-10% 的資產配置給黃金，以實現多樣化而非增長" 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) --- # 專家指出，黃金在投資組合中仍然佔有重要地位，但投資者應避免追漲 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. 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