CITIC Securities believes that gold prices and gold stocks have seriously fallen sharply since the US-Iran conflict. Currently, gold stocks have a very strong margin of safety in terms of PE and resource price comparison. We expect the 3Q26 gold price to operate in the range of 4000 to 4,500 US dollars/ounce. If interest rate hikes are expected to be fully revised, the price of gold is expected to return to 4,500 US dollars/ounce. The gold sector, on the other hand, will benefit from a resounding restoration of profit expectations and valuation levels. Pay attention to the full allocation opportunities of the gold sector.
Zhitongcaijing · 6d ago
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CITIC Securities believes that gold prices and gold stocks have seriously fallen sharply since the US-Iran conflict. Currently, gold stocks have a very strong margin of safety in terms of PE and resource price comparison. We expect the 3Q26 gold price to operate in the range of 4000 to 4,500 US dollars/ounce. If interest rate hikes are expected to be fully revised, the price of gold is expected to return to 4,500 US dollars/ounce. The gold sector, on the other hand, will benefit from a resounding restoration of profit expectations and valuation levels. Pay attention to the full allocation opportunities of the gold sector.
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