CITIC Securities: In the mid-term future, global liquidity will provide some support for gold prices.

The CITIC construction investment report pointed out that looking into the future in the mid-term, global liquidity provides some support for the price of gold. In this round of global interest rate cuts, non-US central banks cut rates ahead of the Federal Reserve, and the global liquidity overflow effect has boosted gold prices. Recently, US inflation data fell short of expectations, and the impact of tariffs on inflation pressure may not be as obvious as the market expected. Based on actual inflation forecast indicators, it is expected that the inflation risk in the United States can be controlled within the year. There is still room for the Federal Reserve to cut interest rates, with recent comments from Federal Reserve officials Waller and Bowman supporting the possibility of an interest rate cut as early as July. Some central banks will follow the Federal Reserve in cutting interest rates, so the global rate cut trend is not yet over, providing support for gold prices in the mid-term.