CICC: Expected gold prices to rise to $4,500 per ounce next year, cyclical demand has not yet peaked.

According to a report from Jin10 on November 24, the research report from Zhongjin Company indicates that, unlike the past three years, this time the rise in precious metals is mainly driven by the cyclical demand for gold, while the price increase of silver surpasses that of gold. Looking ahead to 2026, the bank believes that cyclical demand and structural trends are expected to continue driving the upward trend in gold and silver prices. In the benchmark scenario, the bank estimates that the COMEX gold price will rise to $4,500 per ounce in 2026, and the silver price will rise to $55 per ounce, indicating further upward potential compared to the current trend. The bank believes that the cyclical investment demand for precious metals has not yet peaked, as the U.S. monetary policy may turn to easing in the short term, and the long-term risk of inflation expectations becoming unanchored may persist. On the other hand, under the new macro order, the unique allocation value of physical gold, as well as silver's attributes as a strategic resource, will become increasingly prominent, providing structural support for global central banks to buy gold, private physical investments, and regional stockpiling.