CITIC Securities: With expectations of loose liquidity, gold price is expected to continue rising, and may reach $5000 per ounce by 2026.

CITIC Securities pointed out that in 2026, the price of gold is expected to continue to benefit from the liquidity easing atmosphere brought by the Fed's interest rate cuts, and global gold ETF inflows will serve as important buying support for gold. The potential geopolitical risks and risk aversion triggered by trade conflicts will continue to support the price of gold. Long-term trends such as de-dollarization and central bank gold purchases constitute a solid foundation for the rise in gold prices. We expect the price of gold to reach new highs in 2026, but considering the significant increase in the price of gold in 2025 and the fact that some of the above factors have already been factored into the price of gold, we expect the increase in the price of gold in 2026 to narrow to 10%-15%, potentially impacting the price to reach $5000 per ounce for the entire year.