外媒：黄金或成为“长期性重要资产”

Group 1 - Gold prices have seen a historic surge, reaching a high of $4,381 per ounce in October 2025, with predictions of hitting $5,000 by 2026 due to factors like U.S. policies, geopolitical tensions, and increased demand from central banks and new investors [2] - Central banks have diversified their reserves for five consecutive years, which analysts believe will provide solid support for gold prices in 2026, with a quarterly demand expectation of 585 tons compared to the current requirement of 350 tons to maintain price levels [2] - The proportion of gold assets held by investors has increased from 1.5% to 2.8% of total assets since before 2022, indicating a growing interest in gold as a hedge against market downturns [3] Group 2 - The International Bank for Settlements noted a rare simultaneous rise in gold and stock prices, raising concerns about a potential bubble, while geopolitical conflicts have made gold a preferred hedge against stock market declines [3] - Despite a 23% decline in jewelry demand in Q3, there is a shift towards investment in gold bars and coins, as evidenced by increased retail demand in Australia and Europe [3] - The overall gold supply response has been limited, with only a 6% increase in recycling and minimal central bank sell-offs, while total gold demand is expected to grow by 11% this year but will slow down by 2026 [3][4]