Sinotrade Securities: The upward trend of gold in the medium term remains unchanged.

Zhongtai Securities research report stated that the medium-term upward trend of gold remains unchanged, with overall support for industrial metals such as copper and aluminum. The center of crude oil prices may rise, but further significant increases are limited. Gold can still be held firmly in the medium term, with the core driving force being the marginal weakening of the US dollar credit system and expectations of falling real interest rates. There is a biased optimistic view on industrial metals such as copper and aluminum, benefiting from overseas economic recovery and driving demand for new energy, with supply and demand fundamentals re-dominating price trends. The limited further upside potential for crude oil prices, quick unwinding of geopolitical premiums, combined with OPEC+ production increases and downward adjustments in demand expectations, will gradually reveal the detrimental impact of high oil prices on the demand side.