CITIC Securities: Predicts that the year-end gold price is expected to exceed $3730.

According to the research report of CITIC Securities, since the end of April, gold has been in a volatile market. We believe that a complex balance of factors such as trade impact, US finances, geopolitics, and central bank gold purchases has been formed. However, changes in these factors are expected to initiate an upward trend in gold prices. The expected improvement in tariffs may temporarily come to a halt, while the impact on stagflation may just be beginning to show. The possibility of a significant decrease in geopolitical risks throughout the year is small; the Federal Reserve may start an early cycle of interest rate cuts; and the trend of global central banks buying gold remains stable. Under neutral assumptions, our model predicts that the price of gold at the end of the year is expected to exceed $3730 per ounce.