CITIC Securities: The price of gold in 2026 may be weaker than in 2025, but copper is worth looking forward to.

CITIC Construction points out that in the short term outlook, it is highly probable that the United States' AI will continue in 2026, the global economy will experience a temporary boom in capital expenditures expansion, and copper and gold will complete a textbook-like perfect relay. The price of gold in 2026 may be weaker than that in 2025, but what is worth looking forward to is copper. Until the new order framework becomes clear and a new strong international currency emerges, the "golden" age of gold will truly come to an end, which is the long-term logic of gold.