Cathay Securities and Haitong Securities: Maintain a tactical overweight view on gold

CITIC Securities research report believes that the improvement in global macro liquidity and the rise in risk aversion may support gold performance, maintaining a tactical overweight view on gold. The Federal Reserve's interest rate cuts, the global geopolitical situation, and the continuous gold purchases by the People's Bank of China will provide strong support for gold pricing. Against the macro backdrop of increased volatility in capital markets due to changes in the international geopolitical environment, CITIC Securities is optimistic about gold prices' short-term performance and also bullish on gold's long-term allocation value