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<p>CICC updates its gold pricing model, analyzing the relationship between gold and U.S. Treasury yields. Despite high U.S. Treasury yields, gold prices have risen against the trend, with returns exceeding 30%. The model indicates that gold is not overvalued and expects a significant increase in gold prices in 2024. The updated model extends from 1971 to 2024, excluding U.S. Treasury yields, and emphasizes the impact of central bank gold purchases and U.S. debt expansion on gold prices</p>

- The article discusses an updated gold pricing model that focuses on long-term real prices, highlighting a decoupling between U.S. Treasury yields and gold prices.  
- It suggests that the current gold price is not significantly overvalued, with potential for substantial increases in the coming years due to factors like U.S. debt and central bank gold purchases.  
- The analysis indicates that while short-term fluctuations may occur, the long-term outlook for gold remains positive, with a projected price range of $3,000 to $5,000 per ounce over the next decade.

CICC: Is gold really expensive?