中信证券：大幅波动后仍对贵金属和有色金属价格持乐观预期

Core Viewpoint - Recent fluctuations in gold prices are driven by changing market perceptions regarding the independence of the Federal Reserve and the evolving situation in Iran, leading to rapid price increases followed by significant declines [1] Market Analysis - The speculative capital in the market has amplified the trend changes in gold prices [1] - Short-term market expectations may have overestimated Kevin Warsh's "hawkish" stance, while uncertainty surrounding the situation in Iran remains high [1] Future Outlook - The company maintains an optimistic outlook for precious and non-ferrous metal prices for the year 2026 [1] Risk Factors - Key risk factors include geopolitical risks, lower-than-expected gold purchases by global central banks, less-than-expected easing by the Federal Reserve, lower-than-expected U.S. fiscal deficits, and U.S. economic growth exceeding expectations [1]