[CITIC Securities: Fed Rate Cuts May Drive Gold Prices Higher] CITIC Securities research report points out that the marginal demand influence on gold pricing is increasing. Under the supply-demand logic, gold supply remains relatively stable, with an annual production of approximately 3,600 tons. Pricing is primarily driven by demand, especially marginal demand. Gold demand includes private sector consumption, private sector investment, and official gold purchases. Among these, private sector investment demand (such as ETF demand) in Europe and the United States is highly correlated with the real yield of U.S. Treasury bonds. As U.S. inflation eases and labor market resilience declines, expectations for Fed rate cuts in the second half of the year are rising. The nominal and real interest rate reductions triggered by rate cuts are expected to provide new momentum for gold price increases.