华西证券：2026黄金涨幅或超10%

Core Viewpoint - The price of gold is expected to rise further due to factors such as anticipated interest rate cuts by the Federal Reserve, instability of the US dollar, the upcoming midterm elections in the US, and geopolitical uncertainties [1] Summary by Relevant Categories Price Forecast - Historical patterns suggest that gold prices may increase between 10% and 35% in 2026 [1] - After a strong increase in 2025, the growth rate of gold prices in 2026 may moderate, as historically, when annual growth exceeds 30%, the following year's growth averages a decline of about 20% [1] Historical Data Analysis - Based on historical annual growth rates from 1970 to 2025, under a neutral scenario, gold prices in 2026 could potentially rise by 7%, 23%, and 34% when referencing the median, 75th percentile, and 90th percentile growth rates respectively [1]