According to the CITIC Securities Research Report, the rise in gold prices has been quite obvious since October 2023. We believe this is first related to the increase in the central bank's demand for gold purchases and consumer demand for gold, and the abnormal rise in gold prices since March this year may be due to speculative trading factors in gold. Since October 2023, the absolute value of global gold reserves has generally shown an upward trend, which supports the rise in gold prices over the past six months. At the same time, global consumption of gold and jewelry increased markedly in the fourth quarter of 2023, which also supported the rise in gold prices from October to December last year. Since the beginning of March, speculative long positions in gold have increased markedly, including both professional investors and retail investors, indicating that the rise in gold prices since March this year may be closely related to speculative trading factors.