又一大行继续看涨！德银上调金价预测至4000美元

Group 1 - Deutsche Bank believes that gold has further upside potential, forecasting an average price of $4,000 per ounce in the next year, with a 40% increase year-to-date, marking the strongest annual gain since 1979 [1] - Analyst Michael Hsueh states that the current demand for gold is driven by U.S. government policy uncertainty, concerns over the dollar, and geopolitical instability, with various investors entering the market [1] - Central bank purchases, particularly from the People's Bank of China, are supporting further market increases, with current buying levels approximately double the average from 2011 to 2021 [2] Group 2 - Deutsche Bank anticipates a restart of the Federal Reserve's easing cycle, predicting three rate cuts in 2025 and a stable rate in 2026, amid challenges to the Fed's independence [2] - Other major Wall Street firms have also raised their gold price forecasts, with UBS predicting $3,800 per ounce by the end of 2025 and $3,900 by mid-2026, while JPMorgan expects spot gold to exceed $4,000 in Q1 2026 [2] - Goldman Sachs suggests that if the private sector reallocates 1% of U.S. Treasury holdings to gold, prices could approach $5,000 per ounce [2] Group 3 - Potential risk factors include strong stock performance, immigration policy impacts on U.S. labor supply, and seasonal influences, with the fourth quarter typically being a weaker period for gold prices [3] - Positive outcomes in U.S. trade negotiations could reduce investment uncertainty, posing another risk to gold prices [3] Group 4 - Deutsche Bank has raised its silver price forecast from $40 per ounce to $45 per ounce [4]