中金公司：2024年黄金同期回报超过30%，2025年涨幅可能放缓

Core Viewpoint - The report from China International Capital Corporation (CICC) indicates that despite high U.S. Treasury yields over the past year, gold prices have risen significantly, validating the decoupling logic between U.S. Treasury yields and gold [1] Group 1: Market Analysis - U.S. Treasury yields have maintained high levels and recently surged, while gold has seen a return exceeding 30% during the same period [1] - CICC suggests that although current gold prices are above model equilibrium prices, the pricing is not extreme, and valuation will not significantly suppress gold prices [1] Group 2: Future Projections - Based on model calculations, CICC forecasts that the central price of gold could range between $3,000 and$5,000 per ounce over the next decade [1] - While gold remains a favorable investment, the expected price increase may slow down by 2025, with increased volatility anticipated [1] - The report advises to moderately downplay the short-term trading value of gold and to focus on its long-term allocation value [1]