CITIC Securities: It is highly likely that various factors will continue to drive the upward trend of gold prices next year.

According to a research report from CITIC Securities, summarizing historical trends, the long-term price trend of gold is highly correlated with geopolitical and economic situations. The driving force behind the rise in gold prices usually comes from geopolitical turmoil and weak performance of the US economy, while downside risks can be summarized into five categories: improvement in the US economy, the Fed turning hawkish, strong fiscal discipline in the US, easing geopolitical tensions, and global central banks selling gold, none of which are significant at the moment. In the long term, gold continues to benefit from the expansion of global liquidity and preference due to the risks of deglobalization. Recent fluctuations in gold prices are mainly driven by US-China economic and trade relations and rate cut expectations. Looking ahead to next year, multiple factors are still likely to dominate the upward trend in gold prices.