CITIC Futures: Gold maintains a wide-range volatile trend in the short-term, with long-term upward support logic remaining unchanged.

Investors selling to take profits, a stronger US dollar, easing tensions between the US and Iran, and other factors have put pressure on the market. The China Gold Association pointed out that gold consumption is expected to decrease in 2025, while production will increase, also putting pressure on short-term price increases. According to data from the China Gold Association on February 5, China's gold production in 2025 was 381.339 tons, up 1.1% year-on-year, while gold consumption was 950.096 tons, down 3.6% year-on-year. In addition, the Shanghai Futures Exchange announced on the evening of February 5 that starting from the close of trading on February 9, it will adjust the daily price limits and trading margin ratios for gold and silver futures contracts, with the gold futures daily price limit set at 17%, the hedge trading margin ratio set at 18%, and the general trading margin ratio set at 19%. It is expected that short-term gold prices will continue to oscillate widely, with a focus on developments in US-Iran nuclear negotiations on February 6 and potential changes in US monetary policy.