According to Jinshi, CICC Research believes that the delay in the Fed's interest rate cut may mean that the interest rate cut expectation trading has not yet ended. Between the repeated expectations, gold may continue to benefit from the speculative market's early pricing of interest rate cut expectations, and the combined geopolitical events and the US election may push up market uncertainty. CICC expects that gold prices may remain strong before the interest rate cut. Considering that speculative positions in the gold market are already at a high level, the maximum retracement space for COMEX gold prices in the short term may be around US$200/ounce. For the second half of the year, CICC believes that futures speculation on interest rate cut expectations may continue to suppress the downward trend of the gold-silver price ratio, but the sustainability of the manufacturing industry's recovery and the negative feedback of high silver prices on industrial demand may disturb market expectations. CICC expects the central price of COMEX silver in the second half of the year to be higher than US$25/ounce.
