黄金还能涨吗？机构最新研判

Group 1 - The core viewpoint of the articles highlights that gold prices have reached a new high, surpassing $5200 per ounce, marking a 20% increase since 2026, the best start since 1980 [1] - Analysts suggest that while gold prices are supported by various factors, including concerns over fiscal debt expansion, a weakening dollar, geopolitical uncertainties, and persistent inflation worries, these concerns have not fully materialized yet [1] - The report indicates that despite a potential cooling of safe-haven demand, a significant short-term pullback in gold prices is not expected [1] Group 2 - The analysis expresses greater concern regarding silver, which has entered a bubble territory, with current spot prices around $114 per ounce and a year-to-date increase of approximately 60% [3] - The report notes that the surge in silver prices, driven by retail participation and speculative positions, may suppress industrial demand, which constitutes about 60% of annual silver market demand [3] - It is anticipated that the supply-demand balance for silver will improve, leading to reduced support for silver prices, while gold remains a better strategic asset for investors due to potential central bank demand [2][3]