CITIC Securities: Next year, the central price of gold may still be around $2800.

Jinshi data, December 19th news, CITIC Securities research report said that the macro performance of gold in 2025 should focus on following the performance of finance and inflation, and the trading side should follow Central Bank's purchase of gold and geopolitical conflicts. From the perspective of the medium- to long-term narrative, we believe that the 'stable finance' style of the United States in 2025 may not necessarily drive the further rise in gold prices, and it still needs to follow the scale of fiscal expansion. Looking at the whole year, the gold market is not over yet, and it is expected to present a high-level volatile market. The central point for the whole year may still be around $2800 per ounce. In the second quarter of 2025, due to the influence of the strong dollar factor, there may be pressure on the gold price. In the second half of the year, the driving force for the gold price should focus on the mismatch between US inflation and the rise in pace. In the medium to long term, driven by the narrative of US debt and the trend of 'de-dollarization', there still exists a large allocation opportunity for gold in the medium to long term.