Group 1 - Goldman Sachs reports that gold prices have accelerated since August, with a return of 12% over the past month, supported by increased futures positions, ETF inflows, and seasonal central bank demand [1] - The recent dovish policy repricing and a weaker dollar have provided tailwinds for gold, although the recent surge indicates a slight overperformance relative to its implied beta against macro assets [1] - The commodity team at Goldman Sachs sees upside risks to their 2026 forecast of $4,000 per ounce for gold, but notes a significant increase in speculative positions [1] Group 2 - Goldman Sachs maintains a moderately risk-on stance over a 12-month horizon but keeps a "neutral" tactical asset allocation [2] - The firm's equity strategists have adjusted the S&P 500 index targets to 6,800, 7,000, and 7,200 for 3-month, 6-month, and 12-month periods respectively, while the TOPIX index targets are set at 3,300 for both 3-month and 6-month, and 3,400 for 12-month [2] - The interest rate team has revised the 10-year UK government bond yield forecast to 4.4% by the end of 2025 [2] - The commodity strategists remain bullish on gold while bearish on oil, and expect copper prices to remain roughly flat over the next 12 months [2]
高盛：对黄金保持看涨 石油看跌 料铜价未来12个月大致持平
智通财经网·2025-09-23 06:28