瑞银上调明年金价预期

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

瑞银上调明年金价预期

2025-08-21 10:44:38 来源：自然资源部责任编辑：袁梦

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据Mining.com网站报道，瑞银(UBS)分析师上调明年金价预期，原因是预计美国宏观经济风险和去美元化趋势将导致避险资产需求上升。

UBS预计，2026年一季度金价平均在3600美元/盎司以上，较之前预测高出100美元，也高于目前对2025年底的预测。明年二季度和三季度金价将继续攀升，都将涨至3700美元/盎司以上。

UBS表示，修改后的金价预期反映出交易所交易基金(ETFs)和央行的强劲需求，以及全球优先将黄金作为储备资产，而非美元。

“我们发现，美国宏观经济风险、美联储独立性问题、财政可持续性的担忧以及地缘政治导致去美元化上升和央行购金增多”，UBS分析师在提示中称。“我们认为，这些因素将导致金价走高”。

同样的因素已经推动今年金价创历史新高，包括在4月份达到3500美元/盎司，当时全球贸易战导致对避险资产需求飙升。特别是，央行持续增加黄金储备，今年又会增加1000吨，尽管金价今年以来涨幅已接近28%。

“央行购金仍将保持强劲，尽管会低于去年创纪录的购买量。所以，我们现在预测2025年全球黄金需求量将增长3%至4760吨，为2011年以来的最高水平”，UBS称。

UBS补充说，这些增长更巩固了金作为2025年主要资产的地位。

月初，花旗银行上调短期金价预期，未来三个月金价将涨至3300美元-3600美元，主要原因是对关税带来的通胀担忧。

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瑞银上调明年金价预期

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