瑞银财管：料美股短期上行空间有限 金价回调是增配好时机

Group 1 - UBS Wealth Management's report predicts gold prices could reach $3,500 per ounce by Q1 next year, driven by geopolitical risks and expected declines in real interest rates [1] - The report suggests investors allocate about 5% of a diversified dollar portfolio to gold to hedge against potential risks [1] - The effective U.S. tariff rate is expected to stabilize around 15%, which could hinder economic growth and increase inflation without leading to a recession [1] Group 2 - The report indicates that while the dollar has stabilized recently, it is expected to weaken again due to a slowing U.S. economy and rising concerns over fiscal deficits [2] - Investors are advised to diversify excess dollar cash into other currencies and consider hedging dollar exposure back to local currencies [2] - The U.S. maintains strong credit quality, with Treasury bonds viewed as safe and low-yield dollar assets, supported by the strength of U.S. capital markets and the wealth held by American households [2]