高盛：金价或超预期，2026年中有望达4000美元/盎司

Core Insights - Goldman Sachs maintains a long-term bullish outlook on gold, indicating that prices have further upside potential, possibly exceeding previous estimates [1] - The report highlights strong inflows into gold-backed exchange-traded funds (ETFs), surpassing earlier models, driven by significant interest from private investors [1] - The bank's analysts project a "huge upside risk" to their forecasts of $4,000 per ounce by mid-2026 and $4,300 per ounce by the end of next year due to the shift of private investor funds into gold [1] Market Trends - Gold prices have fluctuated between $3,200 and $3,450 per ounce in Q2 and Q3, with a 12% increase since August 29, breaking through this range [1] - Central banks are expected to accelerate gold purchases following a summer lull, with speculative positions only partially explaining the recent price surge [1] - Gold has emerged as one of the strongest performing major commodities this year, soaring nearly 50% and surpassing the inflation-adjusted record high from 1980, driven by coordinated central bank buying and the Federal Reserve's return to rate cuts [1]