Core Viewpoint - The report from CICC indicates that while gold has seen significant price increases this year, its valuation is currently high. The anticipated tapering of the Federal Reserve's easing policy in early 2026 may pose a risk to gold prices [1] Group 1: Gold Market Analysis - The expectation is that the Federal Reserve will eventually accelerate easing again next year, suggesting that a notable pullback in gold prices early next year could present a buying opportunity [1] - Following the substantial rise in gold prices, other commodities such as copper and silver have also shown strong performance, reflecting the liquidity spillover effect from gold [1] Group 2: Commodity Investment Strategy - Commodities are viewed as a hedge against geopolitical risks and the overheating of the U.S. economy, leading to a recommendation to increase commodity allocations to benchmark levels, with a particular focus on non-ferrous metals [1] - It is noted that metals like silver have a smaller market size and lower liquidity compared to gold, which could lead to greater volatility and pullback risks if gold prices fluctuate next year. Therefore, risk management is advised to avoid blind chasing of price increases [1]
中金：建议维持超配黄金 把握短期波段机会与流动性外溢机会
Sou Hu Cai Jing·2025-12-25 23:49