三亚论金：2026金价展望，机构、银行、实业共话牛市新机遇

Core Viewpoint - The traditional pricing framework of the gold market has been disrupted, and under new driving forces, gold prices still have upward potential, presenting both opportunities and challenges across different segments of the industry [1][8]. Group 1: Market Dynamics - The market has entered a new paradigm where the time required for gold prices to break the $1,000 mark has decreased from decades to months, indicating a shift away from traditional pricing logic dominated by real interest rates or the dollar [2][9]. - Geopolitical factors, the global central banks' reshaping of reserve assets, and the new normal of gold moving in sync with risk assets contribute to a more complex pricing model [2][9]. Group 2: Industry Impact - The rise in gold prices has led to a rapid increase in the consumption of investment-grade gold products and a surge in gold buyback businesses, benefiting physical enterprises, although they face challenges such as rising transaction costs and pressure on profit margins [3][10]. Group 3: Financial Services Evolution - Commercial banks are transitioning from simple product providers to comprehensive service solution providers, emphasizing the role of gold in cross-border financial transactions [4][12]. - The long-term value of gold as an asset class is highlighted, with recommendations for investors to view gold as a stabilizing asset in their portfolios [4][12]. - Accumulated gold and gold ETFs are expected to remain mainstream investment options for individuals and institutions in 2026, with physical gold bars being advantageous for long-term holding [4][12]. Group 4: Price Outlook - The consensus among experts is that gold prices are expected to remain strong in 2026, with potential to challenge a new high of $4,750 per ounce in the first half of the year, followed by a moderate trend but with strong support around $4,500 per ounce [6][13].