CITIC Securities Research Report pointed out that based on its gold price analysis framework, it is optimistic about the gold price in 2025. The global central bank's gold purchase behavior is expected to continue, and the announcement effect of the central bank's gold purchase announcement may be more obvious. The enthusiasm for gold investment in the global market may continue, and the structure may be "Asia down, Europe and the United States up". In 2025, geopolitical conflicts such as the Middle East and Russia and Ukraine may become more unstable, which is conducive to the upward trend of gold prices. In the medium term, cryptocurrencies and gold do not constitute a competitive relationship in risk-averse configuration. According to the model forecast, under the neutral assumption, the COMEX gold futures price can reach more than US$3,100 per ounce in mid-2025. (Jinshi)