德银看好金价2026年上探5000美元，结构性因素或继续推动牛市

智通财经网11-26

智通财经APP获悉，临近年末，黄金迎来强势上涨行情，自2025年初以来已累计飙升58.5%。截至发稿，现货黄金日内上涨0.7%，至每盎司4159.9美元。这一金色涨势或将在明年得以延续。德意志银行将2026年金价预期从4000美元/盎司上调至4450美元/盎司，并指出在结构性因素收紧市场的推动下，金价可能逼近5000美元大关。德银分析师Michael Hsueh表示："企稳的投资流和技术指标显示...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251126210512a4bbe77a&s=b><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，临近年末，黄金迎来强势上涨行情，自2025年初以来已累计飙升58.5%。截至发稿，现货黄金日内上涨0.7%，至每盎司4159.9美元。这一金色涨势或将在明年得以延续。德意志银行将2026年金价预期从4000美元/盎司上调至4450美元/盎司，并指出在结构性因素收紧市场的推动下，金价可能逼近5000美元大关。德银分析师Michael Hsueh表示：\"企稳的投资流和技术指标显示...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251126210512a4bbe77a&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2097828805.USD","symbol_name":"AZ EQUITY CHINA \"A-AZ\" (USD) 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Hsueh表示：\"企稳的投资流和技术指标显示仓位调整已完成。三季度供需数据继续支撑央行购金需求。积极的结构性前景体现在央行的无弹性需求以及ETF投资分流了珠宝市场的供应。同时，需求总体增速超过供应。\"Hsueh指出，黄金正在打破历史规律：其2025年的交易区间为1980年以来最阔，且在美元表现与去年创纪录的强势表现持平的背景下依然走强。Hsueh表示：\"黄金常与风险资产呈现正相关性，故股市深度回调将构成拖累，本行对美联储2026年降息幅度低于市场预期的观点(50基点对93基点)亦然。俄乌冲突通过谈判结束将是短期利空。\"Hsueh同时认为，2026年珠宝需求仍将承压；但若严格依据其与金价同比变化的关系来看，则存在一定上行空间。相比之下，矿山供应复苏依然缓慢。即便今年创纪录的季度产量也被更强劲的官方和投资需求所掩盖，而印尼格拉斯伯格矿的生产中断更使明年产量前景蒙上阴影。受温和宏观环境及消费者对金价继续上涨预期影响，回收供应仅从前期高点温和回升。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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