Easy Markets易汇:2026贵金属行情展望

Group 1 - The core viewpoint is that gold prices are expected to rise in the second half of 2026 due to multiple factors, including continued central bank purchases, concerns over fiscal risks, and strong investment demand [1][3] - Easy Markets indicates that these factors will provide solid price support for gold, while silver may experience weakened demand in certain areas but could still follow gold's upward trend [1][3] - Heraeus data suggests that precious metal prices may undergo some adjustments in the first half of 2026, but the overall trend remains upward [1][3] Group 2 - Central bank purchases are identified as the main support for gold prices, with global central bank gold purchases this year being higher than in previous years but still below the trend of over 1,000 tons annually seen in the past three years [2][4] - Inflation remaining high and real interest rates declining are also expected to benefit gold [2][4] - Investment demand for gold bars, coins, and ETFs continues to grow, with ETF holdings increasing by 14.7 million ounces this year, reaching a total of 97.5 million ounces, although still below the historical high of 2020 [2][4] Group 3 - The silver market may face more demand pressure in 2026, with Heraeus noting that photovoltaic silver demand may decline due to conservation measures, and high prices are suppressing jewelry and silverware purchases [5] - Easy Markets states that India accounts for about 40% of global silver jewelry demand, and high prices have led to a 14% year-on-year decline in imports [5] - Overall, silver prices are expected to fluctuate between $43 and $62 per ounce in 2026, with higher volatility than gold, but silver may still rise if gold rebounds [5] Group 4 - Easy Markets believes that investment in precious metals will remain attractive in 2026, with gold supported by central bank purchases, declining real interest rates, and investment demand, while silver may follow gold's upward trend despite facing some demand contraction [3][5]