Short-term pressure does not change the long-term logic. After eight consecutive declines, gold rebounded against the trend, rising over 3% intraday. GF Gold ETF has experienced net inflows for eight consecutive days.

Recently, gold prices have declined for eight consecutive trading days, with a weekly drop of over 10%, which is unusual amid the ongoing escalation of geopolitical conflicts. Market analysts believe that in the short term, gold is under pressure due to a significant increase in its negative correlation with oil prices. The market’s cautious outlook on the inflation decline path has weakened rate cut expectations, leading to a phased strengthening of the US dollar and putting pressure on gold.

Western Securities pointed out that in the precious metals sector, conflicts have driven up oil prices, and concerns about inflation rebounding have cooled rate cut expectations, resulting in a recent correction in gold prices. However, the trend of de-globalization and de-dollarization has not changed, and central banks continue to buy gold, maintaining its status as an important long-term asset allocation.

Galaxy Securities’ research report states that the recent decline in gold is not a failure of safe-haven demand but a shift in pricing logic from being risk-driven to interest rate-driven. Essentially, safe-haven demand has not disappeared; rather, the market’s primary variables for pricing have changed. Historically, escalating conflicts often led to capital inflows into gold, but currently, the market’s initial response is to inflation and interest rate expectations, causing a temporary divergence between gold and geopolitical risks.

The institution notes that short-term pressure does not alter the long-term logic; gold still depends on the rebalancing of interest rates and credit. In the current environment of high oil prices and high interest rates, increased short-term volatility in gold is inevitable. However, from a medium- to long-term perspective, central bank gold purchases, reserve diversification, and geopolitical uncertainties continue to support gold. Overall, this adjustment is more about rhythm than a trend reversal.

In terms of on-market ETFs, as of 09:56 on March 24, 2026, GF Gold ETF (518600) increased by 2.24%. Looking at a longer timeframe, as of March 23, 2026, GF Gold ETF has gained a total of 9.92% over the past six months. Regarding shares, as of March 23, 2026, GF Gold ETF’s latest share count reached 767 million. In terms of net capital inflow, GF Gold ETF has experienced continuous net inflows over the past eight days, with the highest single-day inflow of 67.7838 million yuan, totaling 218 million yuan in “funds attracted.”

GF Gold ETF (518600), with off-market connection (Class A: 008986; Class C: 008987), benchmarks against the Shanghai Gold Exchange’s centralized pricing contracts for Shanghai Gold. The fund closely follows gold prices and supports T+0 trading, making it a convenient investment tool for gold. Investors can also use Shanghai Gold ETF to hedge against rising gold jewelry prices.