CICC: Gold prices expected to rise to $4,500 per ounce next year, with cyclical demand yet to peak

Jinse Finance reported that a research report from China International Capital Corporation (CICC) indicated that, unlike the past three years, the current precious metals rally is mainly driven by cyclical demand for gold, while the price increase of silver has surpassed that of gold. Looking ahead to 2026, the bank believes that cyclical demand and structural trends are expected to continue driving the upward trend in gold and silver prices. In the baseline scenario, the bank expects the COMEX gold price to rise to $4,500 per ounce by 2026, and the silver price to reach $55 per ounce, suggesting there is still room for further gains compared to current levels. The bank believes that cyclical investment demand for precious metals has not yet peaked, as U.S. monetary policy may turn accommodative in the short term, while the risk of long-term inflation expectations becoming unanchored may persist. On the other hand, under the new macroeconomic order, the unique allocation value of physical gold and the strategic resource attributes of silver will become increasingly prominent, providing structural support for global central bank gold purchases, private physical investment, and regional inventory accumulation.