瑞银上调明年国际黄金目标价：最高4900美元！

Group 1 - UBS raised its mid-2026 gold price target from $4,200 to $4,500 per ounce, influenced by expectations of Federal Reserve rate cuts, ongoing geopolitical risks, fiscal concerns, and strong demand from central banks and ETF investors [1][2] - The firm also increased its upside target for gold to $4,900 per ounce due to potential spikes in political and financial risks, while maintaining a downside target of $3,700 per ounce [1] - Analysts expect strong demand for exchange-traded funds (ETFs) in 2026, but caution that a hawkish stance from the Federal Reserve and the risk of central banks selling gold remain significant challenges [1] Group 2 - Gold ETF inflows reached 222 tons, and demand for gold bars and coins exceeded 300 tons for the fourth consecutive quarter, indicating an increase in investor appetite [2] - UBS analysts believe that jewelry demand is not as weak as previously feared and recommend investors to buy on dips, suggesting a moderate single-digit percentage allocation to gold in investment portfolios [2] - UBS's global wealth management strategists emphasize that gold remains a crucial component of resilient investment strategies [2]