格隆汇12月15日｜由于投资者权衡明年美国货币政策宽松的预期以及持续的地缘政治风险，黄金价格上 涨。"在美联储近期降息以及美联储主席鲍威尔发表的言论不如预期般鹰派之后，市场预期美联储2026 年将进一步降息，这提振了黄金价格，"Exness公司的Christopher Tahir表示。与此同时，俄乌和平谈判 的不确定性，加上中东和拉丁美洲的紧张局势，进一步增强了黄金作为避险资产的吸引力。Tahir表 示，资金持续流入黄金支持的ETF、各国央行的持续购买以及对美联储未来独立性的担忧也提振了黄金 需求。 来源：格隆汇APP ...

Core Viewpoint - The current rise in precious metals is primarily driven by cyclical demand for gold, with silver prices increasing at a rate surpassing that of gold. The outlook for 2026 suggests that both gold and silver prices will continue to trend upwards due to cyclical demand and structural trends [1] Group 1: Price Projections - The baseline scenario predicts that by 2026, COMEX gold prices will reach $4,500 per ounce, while silver prices are expected to rise to $55 per ounce, indicating further upside potential from current levels [1] Group 2: Investment Demand - The cyclical investment demand for precious metals has not yet peaked, as the U.S. monetary policy may shift towards easing in the short term, and the long-term risk of inflation expectations becoming unanchored may persist [1] Group 3: Unique Value of Precious Metals - In the context of a new macroeconomic order, the unique allocation value of physical gold and the strategic resource attributes of silver are expected to become increasingly prominent, providing structural support for global central bank gold purchases, private physical investments, and regional stockpiling [1]