CITIC Securities' research report points out that based on its gold price analysis framework, it is optimistic about gold prices in 2025. The global central bank's gold purchasing behavior is expected to continue, and the signaling effect of central banks announcing gold purchases may become more pronounced. The enthusiasm for gold investment in the global market may persist, structurally leaning towards 'Asia down, Europe and America up'. Geopolitical conflicts in the Middle East, Ukraine, and other areas may become more unstable in 2025, which is beneficial for rising gold prices. In the medium term, cryptocurrencies and gold do not compete in safe-haven allocations. According to model predictions, under the neutral assumption, COMEX gold futures prices could reach over $3100 per ounce by mid-2025. (Golden Ten)