CITIC Securities analyst Huang Wentao: There are still expectations for an upward trend in the medium term for gold prices.

At the Capital Market Investment Summit 2025 hosted by Citic Securities, Chief Economist and Joint Head of Research and Development Department Huang Wentao stated that there is still an upward trend in the mid-term price of gold. There are at least two factors supporting the upward trend of prices in the mid-term: expectations of lower real interest rates and more importantly, the continuous increase in gold holdings by central banks of some major economies globally since 2018.