随着通胀冲击、股票与债券分散化效果减弱、汇率波动以及地缘政治碎片化使投资组合构建面临更大挑战，亚洲资产所有者正在重新评估黄金的战略角色。
该地区的主权财富基金、养老基金、保险公司、捐赠基金以及中央银行日益聚焦于构建能够抵御更广泛经济和市场结果的投资组合。推动这一转变的动力，在于难以驾驭一个以通胀冲击、股票与债券分散化效果减弱、汇率波动以及地缘政治碎片化为特征的经济环境。
在这样的环境中，黄金不仅仅被视为一种战术性对冲工具，更被视为一种战略性资产，能够帮助投资者：
减少对承担主权和企业信用风险的资产的依赖
增强长期投资组合的韧性
历史上，高质量的债券帮助亚洲资产所有者分散股票风险，并在市场压力期间缓冲投资组合。自2020,以来，通胀压力、激进的货币紧缩、财政压力以及地缘政治不确定性不时推动股票和债券同步下跌，使得传统的股票-债券多元化投资变得不那么可靠（图1）。
这一挑战在亚洲尤为突出，因为那里的资产所有者管理着长期本币负债，同时大量配置股票、固定收益、另类投资、现金和海外资产（图2）。当汇率剧烈波动时，对美元投资的风险敞口可能成为另一个波动源（图3）。因此，投资者更加重视那些能够在不过度依赖主权或企业信用风险的情况下实现投资组合多元化的防御性资产。
货币疲软和股票-债券多元化投资可靠性下降促使一些亚洲资产所有者重新考虑黄金在投资组合中的作用。保险公司正在评估黄金，尽管其资本费用较高且缺乏合同现金流，而捐赠基金和官方机构越来越多地探索将黄金作为过剩流动性的投资目的地。黄金的吸引力在于其与传统资产的历史低相关性，以及在市场压力期间增强投资组合韧性的潜力（图4）。
黄金被采用的催化剂在亚洲各地有所不同，影响着养老基金、保险公司、主权财富基金以及捐赠基金如何评估其在战略性投资组合中的作用。
在中国，房地产板块的疲软、国内股票市场的波动以及人民币的阶段性贬值，提升了对与国内经济周期关联度较低的资产的需求。政策支持也在拓宽资产所有者的准入渠道：2025试点计划允许选定的保险公司将最多1%的资产配置于黄金。1
随着黄金ETF和上海黄金交易所生态系统的持续发展，这些举措正为长期机构持有创造更为有利的环境。
香港正在推行旨在构建机构级黄金投资所需基础设施的政策举措。随着其巩固全球金融中心地位，该市正打造一个涵盖交易、清算、结算、仓储以及与内地互联互通的综合黄金生态系统。
香港强制性公积金（MPF）制度内扩大黄金ETF接入范围的改革，有望释放长期退休资本的重大来源。2 结合持续的市场基础设施完善，这些发展正在提升可及性和运营效率，使黄金成为养老基金、捐赠基金和保险公司更为实用的配置选择。
新加坡的支持性政策和发达的市场基础设施使其成为亚洲领先的黄金投资中心。投资级贵金属的消费税豁免，3 加之成熟的交易、托管和仓储服务，提高了寻求黄金敞口的资产所有者的可及性和运营效率。
随着私人财富和机构资产持续增长，新加坡为保险公司和捐赠基金等资产所有者提供了在稳定监管和运营框架内高效获取黄金的途径。
在日本，黄金的战略配置逻辑持续增强。日元仍接近四十年低点，而持续的通胀和低迷的实际收益率正在挑战传统投资组合构建，即使名义日本国债收益率已升至数十年高位。尽管在7月底美日联合干预后日元大幅反弹，但潜在的结构性因素仍暗示日元存在再度走弱的风险。
在此背景下，保险公司、捐赠基金和固定缴款养老金计划日益寻求在国内债券和货币敞口之外实现更大程度的多元化。黄金与传统资产的历史低相关性及其在市场压力时期的韧性，因此正重新吸引资产所有者的关注。
台湾日益增长的海外和美元敞口可能强化了保险公司和养老基金将黄金作为战略性配置的理由。与此同时，宏观经济和地缘政治不确定性的加剧支持了泰国养老基金对黄金的更大兴趣。
这两个市场的采用最终将受到监管、资本处理和实施考虑因素的驱动。
韩国央行在其外汇储备组合中加入海外上市实物黄金ETF，4 同时恢复实物黄金购买，这凸显了该地区机构接受度的提升以及实施方式的多元化。
央行购金已成为黄金市场的主要结构性力量，为亚洲资产所有者提供了有用的背景。尽管央行在授权上有所不同，但它们共同关注于长期保值购买力、增强投资组合韧性以及跨市场周期的风险管理。
世界黄金协会的2026央行黄金储备调查强化了这一趋势：在过去四年中，央行平均每年积累约1,000吨黄金，89%的受访者预计未来12个月内全球央行黄金储备将增加（图5）。5
这些购买并非亚洲资产所有者的路线图，但它们反映了一个变化的投资格局，其特征是更加多元化、减少对传统储备资产的依赖，以及对无主权和企业信用风险资产的需求日益增长。随着地缘政治不确定性、财政压力和货币波动持续存在，这些考虑对于寻求构建更具韧性投资组合的机构而言越来越重要。
亚洲资产所有者通过一系列工具获取黄金敞口，包括实物金条、期货和掉期等衍生品，以及实物 backed 黄金ETF，每种工具在流动性、成本、运营要求和风险方面各有不同的权衡。虽然中央银行通常偏好实物持有，但养老基金和主权财富基金历来依靠衍生品来实现高效的市场准入。
实物 backed 黄金ETF提供了对黄金价格的直接敞口，无需持有实物金条的保管要求，也无需滚动期货头寸，使其成为战略性黄金配置越来越有吸引力的工具。
最合适的实施方式取决于机构的投资目标、流动性需求、监管环境和治理框架。在实践中，许多资产所有者使用多种工具，每种工具在投资组合中扮演不同的角色。
对于亚洲资产所有者而言，争论的焦点已从黄金是否值得纳入投资组合，转向如何最有效地实施配置。在当前多元化收益降低、货币波动加剧以及地缘政治不确定性上升的背景下，黄金正获得更多战略性考量。展望未来，亚洲资产所有者很可能成为长期黄金需求日益重要的推动力量。
1 世界黄金协会，截至 19, 年 2025 月。
2 强制性公积金计划管理局，“积金局优化黄金ETF审批机制”，7, 年 2026 月。
3 新加坡海关，“投资贵金属商品及服务税豁免”，截至 20, 年 2026 月。
4 《韩国中央日报》，“韩国银行在暂停 13 年后恢复购金”，3, 年 2026 月。
5 世界黄金协会，《央行黄金储备调查》2026,，截至 16, 年 2026 月。
本通讯不构成投资推荐或投资建议，也不应作为此类依据。
投资于实物资产及实物资产板块（包括房地产、贵金属和自然资源）存在风险。投资可能受到与这些行业相关事件的显著影响。
本材料中表达的观点为 SPDR 黄金策略团队截至 10, 年 2026, 月的观点，并可能根据市场和其他条件发生变化。本文件包含某些可能被视为前瞻性陈述的声明。请注意，任何此类陈述均不构成对未来业绩的保证，实际结果或进展可能与预期存在重大差异。
所提供的信息不构成投资建议，也不应作为此类依据。不应视为买入邀约或卖出证券的要约。它未考虑任何投资者的特定投资目标、策略、税务状况或投资期限。您应咨询您的税务和财务顾问。
本文引用的商标和服务标志均为其各自所有者的财产。第三方数据提供商不对数据的准确性、完整性或及时性作任何明示或暗示的保证，也不对因使用此类数据而产生的任何损害承担责任。
未经 SSGA 明确书面同意，不得复制、复印或传输本作品的全部或任何部分，也不得向第三方披露其任何内容。
大宗商品和大宗商品指数挂钩证券可能受到整体市场变动、利率变化以及其他因素（如天气、疾病、禁运或政治和监管发展）的影响，以及投机者和套利者对基础大宗商品的交易活动的影响。
多元化并不能确保盈利或免于损失。
过往表现并非未来业绩的可靠指标。
9084931.1.1.APAC.RTL 有效期至：31/08/2027
Asian asset owners are reassessing gold’s strategic role as inflation shocks, less reliable equity–bond diversification, currency volatility, and geopolitical fragmentation make portfolio construction more challenging.
Sovereign wealth funds, pension funds, insurers, endowments, and central banks across the region are increasingly focusing on building portfolios that can withstand a broader range of economic and market outcomes. The driving force behind this pivot has been the difficulty of navigating an economic environment dominated by inflation shocks, less reliable equity—bond diversification, currency volatility, and geopolitical fragmentation.
In such an environment, gold is viewed not merely as a tactical hedge, but as a strategic asset that can help investors:
Reduce dependence on assets exposed to sovereign and corporate credit risk
Strengthen long-term portfolio resilience
High-quality bonds have historically helped Asian asset owners diversify equity risk and cushion portfolios during market stress. Since 2020, inflationary pressures, aggressive monetary tightening, fiscal pressures, and geopolitical uncertainty have periodically driven equities and bonds lower together, making traditional equity—bond diversification less reliable (Figure 1).
The challenge is particularly relevant in Asia, where asset owners manage long-term local-currency liabilities while holding substantial allocations in equities, fixed income, alternatives, cash, and overseas assets (Figure 2). Exposure to US dollar investments can add another source of volatility when exchange rates move sharply (Figure 3). As a result, investors are placing greater emphasis on defensive assets that can diversify portfolios without relying on sovereign or corporate credit risk.
Currency weakness and less reliable equity–bond diversification are prompting some Asian asset owners to reconsider gold's role in portfolios. Insurers are evaluating gold despite its capital charges and lack of contractual cash flows, while endowments and official institutions are increasingly exploring gold as a destination for surplus liquidity. Gold's appeal stems from its historically low correlation with traditional assets and its potential to strengthen portfolio resilience during periods of market stress (Figure 4).
The catalysts for gold adoption vary across Asia, influencing how pension funds, insurers, sovereign wealth funds, and endowments assess its role within strategic portfolios.
In China, weakness in the property sector, domestic equity market volatility, and periods of renminbi depreciation have increased demand for assets less tied to the domestic economic cycle. Policy support is also widening asset owner access: the 2025 pilot program allows selected insurers to allocate up to 1% of assets to gold.1
Together with the continued development of gold ETFs and the Shanghai Gold Exchange ecosystem, these initiatives are creating a more supportive environment for long-term institutional ownership.
Hong Kong is pursuing policy initiatives aimed at building the infrastructure required for institutional-scale gold investment. As it strengthens its position as a global financial center, the city is developing a comprehensive gold ecosystem spanning trading, clearing, settlement, vaulting, and connectivity with Mainland China.
Reforms to broaden access to gold ETFs within Hong Kong's Mandatory Provident Fund (MPF) system could unlock a meaningful source of long-term retirement capital.2 Combined with ongoing market infrastructure enhancements, these developments are improving accessibility and operational efficiency, making gold a more practical allocation for pension funds, endowments, and insurers.
Singapore's supportive policies and well-developed market infrastructure have positioned the city as a leading gold investment hub in Asia. The GST exemption for investment-grade precious metals,3 together with sophisticated trading, custody, and vaulting services, has enhanced accessibility and operational efficiency for asset owners seeking gold exposure.
As private wealth and institutional assets continue to grow, Singapore provides asset owners, such as insurers and endowments, efficient access to gold within a stable regulatory and operational framework.
In Japan, the strategic case for gold continues to strengthen. The yen remains near four-decade lows, while persistent inflation and subdued real yields are challenging traditional portfolio construction, even as nominal JGB yields have risen to multi-decade highs. Although the yen rebounded sharply following the coordinated US-Japan intervention in late July, underlying structural factors continue to suggest the risk of renewed weakness.
Against this backdrop, insurers, endowments, and defined contribution pension plans are increasingly seeking greater diversification beyond domestic bonds and currency exposure. Gold's historically low correlation with traditional assets and its resilience during periods of market stress are therefore attracting renewed attention among asset owners.
Taiwan's rising overseas and US dollar exposures may reinforce the case for gold as a strategic allocation among insurers and pension funds. Meanwhile, heightened macroeconomic and geopolitical uncertainty is supporting greater interest in gold among Thai pension funds.
Adoption across both markets will ultimately be driven by regulation, capital treatment, and implementation considerations.
The Bank of Korea’s move to add overseas-listed physical gold ETFs to its foreign reserve portfolio,4 alongside renewed physical gold purchases, highlights growing institutional acceptance and a broader range of implementation approaches across the region.
Central bank gold buying has become a major structural force in the gold market, offering useful context for Asian asset owners. Although central banks operate under different mandates, they share a long-term focus on preserving purchasing power, enhancing portfolio resilience, and managing risk across market cycles.
The World Gold Council’s 2026 Central Bank Gold Reserves Survey reinforces this trend: central banks accumulated an average of around 1,000 tonnes annually over the past four years, and 89% of respondents expect global central bank gold reserves to increase over the next 12 months (Figure 5).5
These purchases are not a roadmap for Asian asset owners, but they reflect a changing investment landscape characterized by greater diversification, reduced reliance on traditional reserve assets, and growing demand for assets free from sovereign and corporate credit risk. With geopolitical uncertainty, fiscal pressures, and currency volatility persisting, these considerations are becoming increasingly relevant for institutions seeking to build more resilient portfolios.
Asian asset owners access gold through a range of vehicles, including physical bullion, derivatives such as futures and swaps, and physically backed gold ETFs, each with distinct trade-offs in liquidity, cost, operational requirements, and risk. While central banks typically favor physical holdings, pension funds and sovereign wealth funds have historically relied on derivatives for efficient market access.
Physically backed gold ETFs offer direct exposure to the gold price without the custody requirements of physical bullion or the need to roll futures positions, making them an increasingly attractive vehicle for strategic gold allocations.
The most suitable implementation depends on an institution's investment objectives, liquidity needs, regulatory environment, and governance framework. In practice, many asset owners employ multiple vehicles, with each serving a different role within the portfolio.
The debate for Asian asset owners has evolved from whether gold merits a place in portfolios to how it can be most effectively implemented. Against the current backdrop of less reliable diversification, currency volatility, and geopolitical uncertainty, gold is attracting greater strategic consideration. And over time, Asian asset owners are likely to become an increasingly important driver of long-term gold demand.
1 World Gold Council, as of February 19, 2025.
2 Mandatory Provident Fund Schemes Authority, “MPFA optimizes the approval mechanism for gold ETFs,” July 7, 2026.
3 Singapore Customs, “GST Exemption for Investment Precious Metals,” as of May 20, 2026.
4 Korea JoongAng Daily, “Bank of Korea resumes buying gold after 13-year pause,” August 3, 2026.
5 World Gold Council, Central Bank Gold Reserves Survey 2026, as of June 16, 2026.
This communication is not intended to be an investment recommendation or investment advice and should not be relied upon as such.
There are risks associated with investing in Real Assets and the Real Assets sector, including real estate, precious metals and natural resources. Investments can be significantly affected by events relating to these industries.
The views expressed in this material are the views of the SPDR Gold Strategy Team through the period ended August 10, 2026, and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.
The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor.
The trademarks and service marks referenced herein are the property of their respective owners. Third party data providers make no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of such data.
The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA’s express written consent.
Commodities and commodity-index linked securities may be affected by changes in overall market movements, changes in interest rates, and other factors such as weather, disease, embargoes, or political and regulatory developments, as well as trading activity of speculators and arbitrageurs in the underlying commodities.
Diversification does not ensure a profit or guarantee against loss.
Past performance is not a reliable indicator of future performance.
9084931.1.1.APAC.RTL Expiration date: 31/08/2027
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