Guangda Securities: Spot gold target price next year is $4950.

Guangda Securities International pointed out that the market is gradually digesting the news of tariff policies, shifting its focus to US employment data and interest rate cuts, as well as the growth potential of the AI artificial intelligence sector. Due to the ongoing tension in international relations and unpredictable changes, gold has become the most eye-catching asset this year, with a minimum return of at least 50% from the beginning of the year. It is expected that the target price of spot gold in 2026 will be $4950 per ounce. The bank expects the US dollar index to rise slightly, and in addition to gold, it may consider Asian bonds with stable yields in asset allocation, and also take the opportunity to buy RMB on dips to achieve both offensive and defensive capabilities.