CITIC Futures: Gold continues to run at high levels with resilience, with advantages in terms of hedging and allocation properties.

Against the backdrop of the overall focus on precious metals in the market, gold has received strong support within a high range. During the Asian session, regional market uncertainty has increased due to Trump's comments on South Korean tariffs, leading to pressure on equity assets. Gold and silver have seen slight gains, reflecting a marginal resurgence of safe-haven demand. Compared to other precious metals, gold prices have been more stable, with significantly lower volatility than silver. Fund managers are once again prioritising gold as a preferred choice, supporting its strength at high levels. In an environment of increasing global uncertainty and fluctuating risk appetite, the hedging and allocation value of gold remains resilient. In the short term, attention should be paid to amplified risks brought about by geopolitical and trade policy disruptions, but the mid-term supporting logic remains unchanged.