机构看金市：12月18日

Core Viewpoint - The precious metals market, particularly gold and silver, is experiencing significant volatility driven by macroeconomic factors, including interest rate expectations and geopolitical tensions. Analysts predict a long-term upward trend for gold prices, with specific forecasts for 2026 indicating substantial price ranges. Group 1: Silver Market Insights - The silver market is currently benefiting from resilient demand, supply constraints, and tight circulation inventory, leading to a situation of multiple squeezes [1] - Analysts caution about increased volatility in silver prices due to high market sentiment and potential adjustments following recent surges [2] - The upcoming COMEX contract delivery pressures in December may alleviate some of the current squeeze dynamics in the silver market [1] Group 2: Gold Price Forecasts - RBC Capital Markets anticipates that gold will trade primarily in the range of $4,500 to $5,000 per ounce in 2026, with prices expected to move towards the upper end of this range in the second half of the year [3] - BMO's analysis suggests that gold prices will reach an average of $4,600 per ounce in the first half of 2026, reflecting a 5% increase from previous forecasts, driven by inflation concerns and expectations of further interest rate cuts [4] - The long-term outlook for gold remains positive, supported by factors such as central bank purchases and a weakening dollar, despite short-term fluctuations [2][4]