Zhongjin: Gold investment demand and prices may both have room for upward correction.

The Zhongjin Company's research report believes that the US-Iran conflict has caused a sharp rise in oil prices, the risk of "inflation" has taken precedence, and the market expects the Federal Reserve's interest rate cut path to change, bringing selling pressure to gold ETFs that were heavily purchased last year. At the same time, liquidity shocks are also exacerbating short-term corrections through the futures and options markets. The current geopolitical situation in the Middle East may be approaching a critical juncture, with oil prices facing a dilemma. The pricing center of the gold market may shift to assessing the impact of supply shocks on "stagnation," and the initial pricing of interest rate hikes may need to be revised. Looking ahead, Zhongjin believes that whether it is the oil price correction after geopolitical downgrades, the return of monetary policy to an easing direction, the worsening of supply shocks intensifying recessionary pressures, or the demonstration of gold's safe-haven value being triggered, there may be room for upward recovery in both gold investment demand and prices.