CITIC Securities: In the medium to long term, gold still has significant value in asset allocation.

The research report from Zhongtai Securities stated that looking ahead, with the deepening of a multipolar pattern and the acceleration of the process of globalization, the demand for safe assets will continue to exist. Factors such as high US debt levels and the historically high valuation of US stocks could potentially become potential risks affecting the stability of global financial markets. The wealth accumulation brought about by the continued industrialization of emerging market countries, as well as their traditional preference for gold, will provide strong support for the price of gold. Although gold prices may face adjustment pressure in the short term, in the medium to long term, gold still has significant allocation value.