CITIC Securities pointed out that in 2026, gold prices are expected to continue to benefit from the loose liquidity atmosphere brought about by the Federal Reserve's interest rate cut, and global gold ETF inflows will be an important purchase for gold. Potential geopolitical risks and risk aversion caused by trade conflicts will continue to support gold prices. Long-term trends such as de-dollarization and central bank gold purchases form a solid foundation for the rise in gold prices. We expect the price of gold to reach a new high in 2026, but considering the significant increase in gold prices in 2025, and the above factors have partially been realized in gold prices, we expect the gold price increase or narrowing to 10%-15% in 2026, or impact the price of 5,000 US dollars/ounce throughout the year.

CITIC Securities pointed out that in 2026, gold prices are expected to continue to benefit from the loose liquidity atmosphere brought about by the Federal Reserve's interest rate cut, and global gold ETF inflows will be an important purchase for gold. Potential geopolitical risks and risk aversion caused by trade conflicts will continue to support gold prices. Long-term trends such as de-dollarization and central bank gold purchases form a solid foundation for the rise in gold prices. We expect the price of gold to reach a new high in 2026, but considering the significant increase in gold prices in 2025, and the above factors have partially been realized in gold prices, we expect the gold price increase or narrowing to 10%-15% in 2026, or impact the price of 5,000 US dollars/ounce throughout the year.