Sou Hu Cai Jing·2026-02-11 06:05Core Viewpoint - The gold market is entering a "macro-driven + industry resonance" configuration window by 2026, supported by global central bank gold purchases and rising demand from Western ETFs [1] Group 1: Macro Factors - The Federal Reserve's established interest rate cut cycle and declining real interest rates are contributing to a supportive environment for gold prices [1] - Geopolitical uncertainties are becoming a norm, further enhancing the demand for gold as a safe-haven asset [1] Group 2: Industry Dynamics - According to the World Gold Council, high gold prices have somewhat suppressed gold jewelry consumption but have shifted demand towards investment [1] - The explosion of AI and high-end electronics industries is providing new rigid support for industrial gold demand [1] - Rising gold prices are leading to a revaluation of inventory book values for gold jewelry companies, with previous low-cost stockpiles expected to translate into greater earnings elasticity [1] Group 3: Investment Tools - The Southern CSI Hong Kong Gold Industry Stock Index A (021958.OF) reflects the overall performance of the gold industry chain, offering investors a tool for balanced investment options [1]