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[CICC Expects Gold Prices to Rise to $4,500 per Ounce by 2026] A research report by CICC points out that the current rally in the precious metals market is primarily driven by cyclical demand for gold, with silver prices outperforming gold in terms of gains. The report predicts that by 2026, COMEX gold prices will rise to $4,500 per ounce, and silver prices will reach $55 per ounce, indicating further upside potential. The firm believes that cyclical investment demand for precious metals has not yet peaked, influenced by the potential shift to a more accommodative U.S. monetary policy in the short term and the risk of long-term inflation expectations becoming unanchored. Furthermore, the allocation value of physical gold and the strategic resource attributes of silver will become more prominent under the new macroeconomic order, supporting global central bank gold purchases, private physical investments, and regional stockpiling.