Metals Focus：预计2026年黄金价格将继续上涨

Group 1 - The core viewpoint of the articles indicates a strong upward trend in precious metal prices, particularly gold, driven by multiple factors including geopolitical uncertainties, concerns over U.S. debt sustainability, and central bank purchases [1][3][4] - As of mid-October 2025, gold prices have increased by 66% year-to-date, reaching a peak of over $4,380 per ounce, with expectations for further increases in 2026 [1][3] - The average gold price for 2026 is projected to be around $4,560 per ounce, representing a 33% increase compared to the previous year [3] Group 2 - Silver prices are expected to be influenced by similar factors as gold, including policy uncertainties and rising demand for safe-haven assets, with short-term supply remaining tight [4][6] - The average silver price for 2026 is anticipated to reach $57 per ounce, with potential to exceed $60 per ounce in the latter half of the year [6] - Platinum prices have risen over 80% year-to-date, with expectations of continued upward momentum due to supply constraints and increased demand [6][9] Group 3 - Palladium has also seen a price increase of over 70% this year, driven by tariff risks and supply adjustments, with a projected average price of $1,340 per ounce for 2026 [9][10] - The supply-demand dynamics for other platinum group metals, such as rhodium and ruthenium, are expected to improve by 2026, with rhodium prices potentially spiking again due to low ground stocks [10][12] - Overall, the precious metals market is characterized by strong investment interest and ongoing central bank purchases, which are expected to support prices in the coming years [3][4][6]