XAUUSD - 现在是避险资产还是风险资产？

Is it possible it's just reacting to real yields? When real yields are low, gold tends to do well, regardless of whether stocks are up or down. That might be a better correlation to track than just simple risk-on/risk-off.

I'd say it's still a safe haven, but with a twist. The inflation hedge aspect is definitely stronger now, especially with all the printing going on. Equities might be down, but if the fear is currency debasement, gold still shines.