黄金牛市还在吗？华尔街坚定看多：技术性回调不要怕，中国买家已成黄金市场强劲支柱！

Core Viewpoint - Recent fluctuations in gold prices are viewed by Wall Street as a "technical washout," with the underlying bull market logic remaining intact. Major banks maintain bullish targets, with Deutsche Bank projecting gold to reach $6,000, supported by strong buying from Chinese investors [1][4][26]. Group 1: Market Dynamics - Gold prices surged from $4,300 to a peak of $5,600 before dropping below $4,500, marking significant volatility not seen since 1980 and 1983 [2][3]. - The recent price drop of approximately 21% is attributed to a "cleaning out" of short-term speculative positions, leading to a necessary market correction [8][11]. - Barclays and UBS emphasize that the fundamental drivers of gold's long-term bull market remain unchanged, with ongoing geopolitical tensions and concerns over fiat currency depreciation fueling demand [12][13][14]. Group 2: Chinese Demand - Chinese investors are significantly increasing their gold ETF purchases, with a reported addition of 940,000 ounces in January 2026, potentially leading to an annualized increase of 11.5 million ounces [5][17][18]. - UBS notes a structural shift in Chinese market behavior, where high gold prices are now driving investment demand rather than deterring it, indicating a bullish sentiment among Chinese investors [22][24]. - The demand for gold in China is not limited to ETFs; there is also a notable increase in physical gold purchases, filling the gap left by reduced jewelry demand [28]. Group 3: Future Projections - UBS identifies $4,500 as a strong technical support level, with expectations for gold prices to recover and reach new highs in the coming quarters [25][30]. - Deutsche Bank maintains its $6,000 target for gold, viewing the current price adjustment as a minor setback in a larger upward trend [27][31]. - The ongoing trend of central banks increasing gold reserves, alongside a shift towards "de-dollarization," suggests sustained demand for gold as a safe-haven asset [29].