Analysis: The medium-term upward trend for gold remains unchanged, but the destructive impact of high oil prices on demand will gradually become apparent.

A research report from Zhongtai Securities states that the medium-term upward trend for gold remains unchanged, while industrial metals such as copper and aluminum are generally supported. Crude oil prices may rise, but further significant increases are limited. Gold can still be held firmly in the medium term, driven primarily by the marginal weakening of the US dollar's credit system and expectations of declining real interest rates. A slightly optimistic view is held for industrial metals such as copper and aluminum, which will benefit from overseas economic recovery and demand driven by new energy sources, with supply and demand fundamentals once again dominating price trends. Further upside for crude oil prices is limited, as geopolitical premiums are rapidly receding, coupled with OPEC+ production increases and downward revisions in demand expectations; the destructive impact of high oil prices on the demand side will gradually become apparent. (Jinshi)