The E Fund Gold ETF (159934) has seen a net inflow of over 6.1 billion yuan in the past 60 days, with its underlying index rising nearly 4%.

2026.03.25 07:37

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On March 25, spot gold continued to rise, breaking through the two major thresholds of $4,500 and $4,600 during the session.

As of 13:05, the closing price of the Shanghai Gold Exchange Au99.99 spot physical contract tracked by the E Fund Gold ETF (159934) (AU9999.SGE) rose by 3.84%.

Data shows that the E Fund Gold ETF (159934) saw net capital inflows exceeding 370 million in the past 10 days, over 2.7 billion in the past 20 days, and more than 6.1 billion in the past 60 days.

In January this year, the gold price once hit a historical high of $5,608 per ounce, before experiencing a significant pullback. It is noteworthy that during recent geopolitical conflicts, gold not only failed to rise due to safe-haven capital inflows but instead declined.

A research report from China International Capital Corporation (CICC) pointed out that although in the short term, market panic triggered by the Middle East situation and stagflation trading has led to gold selling, the value of gold is expected to further strengthen after the price correction. First, as tensions in the Middle East gradually peak, the market panic selling triggered by the conflict is expected to gradually dissipate. Second, as the economic slowdown caused by the conflict becomes more apparent, expectations for the Federal Reserve's tightening are likely to face significant constraints, making it difficult for U.S. real interest rates to climb further. Third, regardless of how the Iran situation continues or ends, it will further promote global multipolarization and the fragmentation of the U.S. dollar-dominated international monetary system, enhancing the allocation value of gold in the process of de-dollarization.

The head of global central banks at the World Gold Council stated that gold's role as a hedge against de-dollarization and geopolitical risks is expected to prompt central banks that have been absent from the market to buy the precious metal this year. In recent months, central banks in countries such as Guatemala, Indonesia, and Malaysia have begun purchasing gold, either returning to the market after a long hiatus or buying gold for the first time.

The closing price of the Shanghai Gold Exchange Au99.99 spot physical contract tracked by the E Fund Gold ETF (159934) is the core benchmark price reflecting the supply and demand conditions of the domestic physical gold market.