CICC has released its 2026 outlook, suggesting that the current gold bull market may continue, with potential for prices to exceed $5,000 per ounce next year. The firm notes that the current bull market's magnitude and duration are still below those of the 1970s and 2000s cycles. Factors such as macroeconomic uncertainties, global reserve adjustments, and a potential downturn in the dollar cycle support this outlook. CICC advises that unless the Federal Reserve ends its easing cycle or the US economy experiences a strong recovery, the medium-term upward trend for gold is likely to persist. Despite gold being one of the most expensive asset classes, which could increase volatility, CICC recommends maintaining an overweight position in gold, focusing on long-term asset allocation, and employing strategies like buying on dips and dollar-cost averaging.