CITIC Securities: The trend of global central banks buying gold still has resilience in structure.

CITIC Securities pointed out that the global trend of central bank gold purchases still has resilience in structure, but the market may have a systemic overestimation of its driving force and impact mechanism. In terms of duration, the proportion of gold reserves in emerging market central banks is much lower than that in developed countries, indicating that this round of central bank gold buying cycle is far from over. They are optimistic about medium to long-term investment opportunities, but recommend focusing on signals of weakening correlation between gold and risk assets in the short term, using this as an important opportunity to enter the market at lower levels.