Huatai Securities pointed out that the passive sell-off brought about by the 2026 BCOM rebalance was a phased technical disturbance, not a denial of medium- to long-term allocation logic. The target weight of precious metals in the index is still at an all-time high, reflecting that their structural value in the commodity portfolio has not changed. Passive sell-off during the rebalancing period has more impact on short-term trading pace and price fluctuations, without changing the long-term position of gold and silver in macro-hedging, asset allocation, and product portfolios. Considering that easy liquidity, rising inflation, and a weak dollar in 2026 are all conducive to a further rise in gold prices, the impact of the technical sell-off caused by index rebalancing may be relatively limited.

Huatai Securities pointed out that the passive sell-off brought about by the 2026 BCOM rebalance was a phased technical disturbance, not a denial of medium- to long-term allocation logic. The target weight of precious metals in the index is still at an all-time high, reflecting that their structural value in the commodity portfolio has not changed. Passive sell-off during the rebalancing period has more impact on short-term trading pace and price fluctuations, without changing the long-term position of gold and silver in macro-hedging, asset allocation, and product portfolios. Considering that easy liquidity, rising inflation, and a weak dollar in 2026 are all conducive to a further rise in gold prices, the impact of the technical sell-off caused by index rebalancing may be relatively limited.