Gold prices continue to fluctuate, and gold stock ETFs like Ping An are gaining attention from investors against the market trend. Institutions say that gold's hedging and anti-inflation properties will gradually return.

What are the capital driving factors behind the active performance of gold stock ETFs against the market trend?

As of March 26, 2026, 13:47, the CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) has dropped by 3.25%. Among the constituent stocks, there are mixed performances: ST Cuihua leads with a rise of 1.23%, Caibai Co. increased by 0.58%, and Chow Tai Fook grew by 0.10%; Zijin Gold International fell by 7.68%, Shandong Gold decreased by 6.18%, and Zijin Mining dropped by 5.67%. The gold stock ETF Ping An (159322) fell by 3.05%, with the latest quote at 1.72 yuan.

Spot gold has broken below $4,450 per ounce, declining by 1.3% during the day. In terms of news, the Federal Reserve’s hawkish signals exceeded expectations, and U.S. Treasury yields are running high, putting short-term pressure on gold prices. Capital remains active against the trend, with the gold stock ETF Ping An seeing a turnover of 4.68% during the day, totaling 10.6872 million yuan. Looking at the longer term, as of March 25, the gold stock ETF Ping An had an average daily trading volume of 22.9072 million yuan over the past month.

Guotai Junan Futures analysis believes that short-term gold prices are still suppressed by insufficient expectations of a shift in the Federal Reserve’s monetary policy and liquidity pressures. Profit-taking from previous rapid increases continues to emerge, suggesting further downward potential for gold prices; however, from a medium- to long-term perspective, unresolved geopolitical conflicts and high uncertainties in global economic growth will gradually restore gold’s properties as a safe haven and inflation hedge. Once the liquidity environment improves, gold prices are expected to receive solid support.

The gold stock ETF Ping An closely tracks the CSI Hong Kong-Shenzhen Gold Industry Stock Index, which selects 50 publicly traded companies with larger market capitalizations involved in gold mining, smelting, and sales from the mainland and Hong Kong markets as index samples to reflect the overall performance of gold industry listed companies in these markets.

According to data, as of February 27, 2026, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) are Zijin Mining, Zhongjin Gold, Shandong Gold, Chifeng Gold, Zhaojin Mining, Shanjin International, Hunan Gold, Zijin Gold International, Zijin Mining, and Shandong Gold, with the top ten weighted stocks accounting for 61.77% in total.

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