The long-term logic remains unchanged, and the Golden ETF E Fund rises by 1.13%

As of 10:36 on April 3, the Shanghai Composite Index fell 0.41%, the Shenzhen Component Index fell 0.17%, and the ChiNext Index rose 0.30%. Sectors such as the F5G concept, communication equipment, and Huawei HiSilicon concept stocks led the gains.

In terms of ETFs, Gold ETF E Fund (159934) rose 1.13%,

Some brokerages said that after past Middle East conflicts, the gold price’s medium-term trend still depends on factors related to US dollar credit and liquidity. After this round of conflict, it is expected that the continuation of two trends—looser liquidity and weakening US dollar credit—will continue to push up gold prices.

Changjiang Securities noted that the spot gold price has shown a range-bound pattern, and that its core drivers are gradually shifting from traditional interest-rate and US dollar logic to long-term concerns about the global credit and currency system. Ongoing central bank gold purchases constitute an important demand support and may change gold’s long-term pricing anchor. At present, the market’s repeated fluctuations in expectations for US Federal Reserve rate cuts have caused gold prices’ short-term performance to temporarily decouple from the negative correlation with real US Treasury yields, and volatility may increase. Looking ahead, structural factors such as geopolitical risks, global debt expansion, and doubts about the US dollar credit system are expected to continue providing medium- to long-term upward momentum for gold.

Against the backdrop of excess money supply and fiscal deficit monetization, the US dollar credit system faces challenges; coupled with frequent global geopolitical turmoil that drives diversification of asset reserves, demand for gold as a safe asset continues to rise, and the global “de-dollarization” trend makes gold likely to become a new pricing anchor.

Gold ETF E Fund (159934) provides a convenient way to invest in gold using a securities account; investors who have a securities account can trade gold on a T+0 basis.