CITIC Securities: It is expected that gold prices will return to an upward channel within the year.

CITIC Securities' research report believes that although gold prices surged and then quickly fell this year, gold is still in a strong bull market. The reasons include the accelerated expansion of the U.S. fiscal deficit, the difficulty in bridging geopolitical fractures under de-globalization, and the continuous purchases of gold by global central banks providing support. Therefore, this recent drop in gold prices is merely a temporary adjustment within the bull market. The current level of decline is approaching historical extremes, and around $4,000 per ounce is likely the bottom area of this round. Looking ahead, it is expected that the situation in the Strait of Hormuz will shift from suppressing to boosting gold prices, and the Federal Reserve's monetary policy may be more optimistic than the market expects, combined with the surge in U.S. military spending pushing up the deficit. It is anticipated that gold prices will return to an upward channel within the year.