CITIC Securities Investment Banking: Gold Losses Limited, Copper Prices Stay Uptrend-Biased

CITIC Securities Investment Banking said gold's downside looks limited at current levels and is more likely to remain range-bound, while copper prices are easier to rise than fall as global tariff disputes continue and supply chains keep being reshaped. Jiemian News reported that the firm said the next catalyst for a gold rally may come from unexpectedly strong fiscal and monetary easing in the U.S. The report said the year-start U.S.-Iran conflict pushed up oil prices and changed expectations for the Federal Reserve's policy path, ending the earlier rally in nonferrous metals. It added that last year's surge in gold was driven mainly by expectations of easier liquidity and related ETF buying in Europe and the U.S., but that demand has quickly faded after oil prices turned volatile at elevated levels. Gold has since returned to pricing based on fundamentals, chiefly central bank purchases. CITIC Securities Investment Banking said copper and gold now offer a relatively attractive risk-reward profile.