瑞银财富管理：多重因素将继续支撑金价

Core Viewpoint - Ongoing geopolitical uncertainties may drive gold prices to rise in the short term, with concerns over the independence of the Federal Reserve and a decreasing reliance on fiat currencies further boosting gold demand [1][2] Summary by Relevant Categories Gold Demand and Supply - UBS Wealth Management forecasts that central bank gold purchases will increase to 950 metric tons by 2026, with continued inflows from ETFs and retail investors [1][2] Monetary Policy and Economic Environment - As the Federal Reserve's monetary policy becomes more accommodative, real yields are expected to decline further, making gold, a non-yielding asset, more attractive, especially amid rising fiscal concerns and increasing U.S. debt levels [1][2] - Ongoing policy uncertainties and potential economic weakness may prompt central banks to take further actions, providing additional support for gold prices [1][2] Investment Outlook - The rationale for investing in gold remains strong, and the company continues to hold gold in global portfolios. Gold has reached the target of $5,000 per ounce in the baseline scenario, with increasing attention on the potential to reach the bullish target of $5,400 per ounce [1][2] - From a broader perspective, commodities, including industrial and precious metals, are expected to contribute more significantly to portfolio performance by 2026 [1][2]