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

According to a report by Golden Finance, the research report from China International Capital Corporation indicates that, unlike the past three years, the current rise in precious metals is mainly driven by the cyclical demand for gold, while the price increase of silver has surpassed that of gold. Looking ahead to 2026, the institution believes that cyclical demand and structural trends are expected to continue driving gold and silver prices upward. In the benchmark scenario, the institution 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 that there is still upward potential compared to the current trend. The institution believes that the cyclical investment demand for precious metals has not yet peaked, as the U.S. monetary policy may shift to an accommodative stance in the short term, while the risk of long-term 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 the attributes of silver as a strategic resource, will become increasingly prominent, providing structural support for global central banks to buy gold, private physical investments, and regional inventory accumulation.