中信证券2025年黄金市场展望：中性假设下 年中COMEX黄金期货价格可达到3100美元/盎司以上

Gold Price Forecast - COMEX gold futures price is predicted to exceed $3100/oz by mid-2025 under neutral assumptions [1] Drivers of Gold Price Increase - Global central bank gold purchases are expected to continue, with announcement effects potentially becoming more pronounced [2] - Geopolitical conflicts in Middle East and Russia-Ukraine may become more unstable by 2025, supporting gold price appreciation [2] Market Trends - Global gold investment enthusiasm likely to persist, with structural trends showing "Asia down, Europe and America up" [2] - Cryptocurrencies and gold are not yet in competitive relationship for safe-haven asset allocation in the medium term [2]