什么是黄金的避险功能？

中文：

黄金作为贵金属的代表，自古以来就被视为避险资产。避险，顾名思义，是指在面临不确定性和风险时，投资者选择一种相对稳定的资产来避免损失。黄金的避险功能主要体现在以下几个方面：

首先，黄金具有稀缺性和价值稳定性。黄金的供应量有限，而需求却持续增长，这使得黄金价格相对稳定。在经济动荡或通货膨胀时，投资者往往选择购买黄金来保值增值，因为黄金的价值不受政府、银行或任何单一经济体的控制。

其次，黄金与主要货币的相关性较低。在全球经济不稳定或货币体系出现危机时，投资者往往选择将资金转向黄金，因为黄金不受特定货币体系的影响，具有相对独立的价值。

此外，黄金还是一种全球性的投资工具。黄金市场是全球24小时不间断交易的，投资者可以在任何时间、任何地点进行买卖，这使得黄金成为一种便捷的避险工具。

总之，黄金的避险功能主要源于其稀缺性、价值稳定性、与主要货币的低相关性以及全球性的投资特点。在不确定的经济环境中，投资者可以通过配置一定比例的黄金资产来降低整体投资组合的风险。

英文：

Gold, as a representative of precious metals, has been regarded as a hedge asset since ancient times. Hedge, as the name suggests, refers to investors choosing a relatively stable asset to avoid losses when facing uncertainty and risk. The hedge function of gold is mainly reflected in the following aspects:

Firstly, gold has scarcity and value stability. The supply of gold is limited, while demand continues to grow, which makes the price of gold relatively stable. During economic unrest or inflation, investors often choose to buy gold to preserve and increase its value, as the value of gold is not controlled by governments, banks, or any single economy.

Secondly, gold has a low correlation with major currencies. When the global economy is unstable or the monetary system is in crisis, investors often choose to shift their funds to gold, as gold is not affected by a specific monetary system and has relatively independent value.

In addition, gold is a global investment tool. The gold market trades continuously 24 hours a day, and investors can buy and sell at any time and any place, making gold a convenient hedge tool.

In conclusion, the hedge function of gold mainly stems from its scarcity, value stability, low correlation with major currencies, and global investment characteristics. In uncertain economic environments, investors can reduce the risk of their overall investment portfolio by allocating a certain proportion of gold assets.