CITIC Securities' research report indicates that recent high-level U.S.-China trade negotiations have yielded positive outcomes, triggering a decline in gold prices. The analysis suggests that despite surpassing market expectations, former President Trump and his MAGA faction allies may regain influence over trade policy. The Trump administration's future tariff measures could exhibit persistent volatility, coupled with ongoing efforts to implement tax reductions, curtail government expenditures, and expand fiscal deficits. These anticipated policy directions are projected to sustain a supportive environment for gold valuations moving forward.