Spot gold surges sharply, returning to $4,600. Gold ETFs, E Fund, rise strongly by 4.50%.

As of March 25, 2026, 10:32, the E Fund Gold ETF (159934) is up 4.50%, with an intraday turnover rate of 2.73% and trading volume of RMB 1.167 billion. As of March 24, the E Fund Gold ETF (159934) has “net inflows” totaling RMB 378 million over the past 10 trading days.

On the news front, in the early session on March 25, spot gold continued to rise, with a daily gain of nearly 3%, and it returned to $4,600 per ounce.

Guangdong Kai Securities said that the favorable factors supporting gold prices in the long term are still in place. The current sharp drop in gold is not a signal that the bull market has ended, but rather a deep pullback during an upward move. First, global geopolitical risks have become normal. The Trump administration’s foreign policy has led to an increase in the frequency of conflicts and an intensification of cascading effects, which will continue to weaken the credibility of the U.S. dollar. Second, non-U.S. central banks’ appetite for buying gold remains strong. Increasing holdings of gold is an important choice for them to respond to sanctions risk and enhance financial security. Central banks in emerging markets are particularly active; reserve growth still has considerable room, and it is expected to continue lifting the gold price’s center of gravity.

In addition, if global economic risks shift from “inflationary overheating” to “stagnation,” the gold price is likely to receive support. Global energy prices have surged. On the one hand, they directly erode residents’ real consumption ability; on the other hand, they may force monetary policy to tighten, thereby suppressing demand and curbing inflation, which could ultimately evolve into economic slowdown and even recession. In a “stagnation” environment, gold’s strategic value will be further highlighted.

The E Fund Gold ETF (159934) provides a convenient way to invest in gold using a securities account. Investors who have a securities account can trade gold on T+0. Over-the-counter connection (A shares: 000307; C shares: 002963).