CITIC pointed out that the US inflation data peaked in stages, market expectations of the Fed's subsequent aggressive interest rate hikes weakened, and the marginal effect of interest rate increases on gold prices weakened. At present, we judge that high inflation is still the main support for gold prices, which in turn leads to recession expectations, lower real interest rates and other factors that are good for gold prices. At present, the valuation of companies in the gold sector is at a historical bottom, interest rate hikes "release" the gold price and the return of corporate production growth trend is expected to lead enterprises to achieve a simultaneous rise in volume and price, and the double rise in valuation and profits will greatly increase the attractiveness of the allocation of gold sector companies. Select companies with expected growth in gold production, recommend Chifeng Gold, Zijin Mining Group and Shandong Gold Mining, and suggest paying attention to Yintai Gold and Zhaojin Mining (H).