瑞银上调2026金价目标：政治/金融风险环绕，最高涨至5400美元

Group 1 - UBS has raised its gold price forecast for the first three quarters of 2026 to $5,000 per ounce, with a potential peak of $5,400 per ounce amid political or economic turmoil related to the U.S. midterm elections [1] - By the end of 2026, UBS expects gold prices to decline to $4,800 per ounce, an increase of $500 from the previous forecast of $4,300 [1] - The firm attributes the steady growth in gold demand in 2026 to low real yields, ongoing global economic concerns, and uncertainties surrounding U.S. domestic policies [1] Group 2 - UBS cited the World Gold Council's Q3 gold demand trends report, which confirmed strong and accelerating purchasing power from central banks and individual investors [2] - On November 20, UBS raised its mid-2026 gold target price to $4,500 per ounce, up from $4,200, and increased the upside target price to $4,900 to account for potential political and financial risks [2] - UBS analysts noted that the deteriorating U.S. fiscal outlook could support central bank and investor purchases of gold, while also warning of challenges from potential hawkish Federal Reserve actions and risks of central banks selling gold [2]