CITIC Securities says gold prices and gold stocks have been sharply oversold since the US–Iran conflict; gold equities now carry a wide margin of safety on PE and resource-based valuation metrics. It forecasts gold at USD 4,000–4,500/oz in Q3 2026; if market rate‑hike expectations are fully repriced, gold could return to USD 4,500–5,000/oz. The firm expects the gold sector to benefit from a simultaneous recovery in earnings and valuations and recommends broad allocation to the sector.