CITIC Securities believes that gold prices and gold stocks have seriously fallen sharply since the US-Iran conflict. Currently, gold stocks have a very strong margin of safety in terms of PE and resource price comparison. We expect the 3Q26 gold price to operate in the range of 4000 to 4,500 US dollars/ounce. If interest rate hikes are expected to be fully revised, the price of gold is expected to return to 4,500 US dollars/ounce. The gold sector, on the other hand, will benefit from a resounding restoration of profit expectations and valuation levels. Pay attention to the full allocation opportunities of the gold sector.

CITIC Securities believes that gold prices and gold stocks have seriously fallen sharply since the US-Iran conflict. Currently, gold stocks have a very strong margin of safety in terms of PE and resource price comparison. We expect the 3Q26 gold price to operate in the range of 4000 to 4,500 US dollars/ounce. If interest rate hikes are expected to be fully revised, the price of gold is expected to return to 4,500 US dollars/ounce. The gold sector, on the other hand, will benefit from a resounding restoration of profit expectations and valuation levels. Pay attention to the full allocation opportunities of the gold sector.