CITIC Securities: Gold prices are expected to rise steadily in 2027

CITIC Securities has released its 2027 gold investment outlook, stating that the rise in real interest rates in 2026 is the core factor suppressing gold prices. Looking ahead to 2027, there is limited room for further increases in real interest rates, and the current round of rate hikes has largely been priced in by the market. In addition, continuous gold purchases by global central banks are expected to provide support and form a bottom during price corrections, which could allow gold prices to trend upward in 2027. On the risk side, geopolitical tensions between the US and Iran driving up oil prices and thereby affecting inflation remain a major risk variable in 2027. However, the impact of this factor on gold prices is expected to weaken at the margin.