Gold prices fell below $4,600, and Huaxia Gold ETF (518850) experienced net capital inflows for two consecutive days, totaling 81.16 million yuan.

On March 31, Brent crude oil bottomed out and rebounded, while COMEX gold futures prices fell below the $4,600 integer mark. As of 13:45, the Huaxia Gold ETF (518850) was up 1%, having received capital inflows for two consecutive days, with cumulative net inflows of 81.16 million yuan, ending the prior streak of consecutive net outflows. The Huaxia Gold Stocks ETF (159562) was up 0.12%, and the Huaxia Nonferrous Metals ETF (516650) was down 0.71%.

On the news front, on March 30 local time, Iran’s Parliament’s National Security Committee approved a bill to impose transit fees on vessels passing through the Strait of Hormuz, banning U.S. and Israeli ships from transiting through the Strait of Hormuz. U.S. Treasury Secretary Bessent said the U.S. would “reclaim” control of the Strait of Hormuz and would use U.S. or multinational forces to carry out escort missions.

According to an analysis by DBS Securities Futures, Iran said it would charge for vessels passing through; compared with a complete blockade, although the fees would raise transportation costs, they would effectively help ease the current supply shock, and in the short term crude oil prices would continue to trade in a high-range volatile pattern. Nengr Zheng Futures also believes that the Strait of Hormuz may be further relaxed in terms of passage, but fees could rise somewhat, and inflation expectations may be temporarily alleviated. Related Federal Reserve officials again released signals that a rate hike would not be forthcoming for the time being; the upward momentum in gold in the short term has weakened, but risk-aversion sentiment has risen again. Gold still has a need for a rebound, and in the medium term it may still follow a broad range of volatility.

Daily Economic News