The hope for a US-Iran ceasefire agreement is fading, and Huaxia Gold ETF (518850) and Huaxia Gold Stock ETF (159562) declined in the afternoon.

On April 7, 2026, SGE Gold 9999 on the Shanghai Gold Exchange was trading lower in the afternoon. As of 14:00, the ChinaAMC Gold ETF (518850) was locked in a tug-of-war between long and short positions, with the latest quote at 9.91 yuan. The ChinaAMC Gold Stock ETF (159562) fell 0.70%, with the latest quote at 2.42 yuan. Among the held stocks, gains and losses were mixed: Zijin Gold led the pack up 3.27%, Caibaifang Shares rose 3.17%, and Mingpai Jewelry rose 3.15%; Chifeng Gold fell the most, down 3.09%, Shanjin International dropped 1.67%, and Zhongjin Gold dropped 1.24%.

In terms of news: On April 6, according to the U.S., mediators felt pessimistic that Iran had “yielded” to the U.S. President Trump’s set deadline and would reopen the Strait of Hormuz, with hopes of a ceasefire between the two sides “fading.” Some U.S. officials said that before the final deadline set by Trump at 20:00 Eastern Time on the 7th, the gap between the U.S. and Iran’s positions was “too large to narrow.” Iran’s speaker’s adviser said on social media on the 7th that Iran has clearly already won the war; it only accepts such a final-war scenario: consolidating the battle results and establishing a new security framework in the region. With about 20 hours left, U.S. President Trump now either has to give in to Iran, or his allies will retreat back to the Stone Age.

A research report from CICC said that the U.S.-Iran conflict caused oil prices to surge, with “inflation” risk taking precedence. Market expectations for a shift in the Federal Reserve’s rate-cut path is bringing selling pressure, particularly for gold ETFs that were increased last year, and the liquidity shock is also driving a short-term pullback through the futures and options market. The current geopolitical situation in the Middle East may be moving into a critical window; oil prices face a choice between rising and falling, and the pricing focus in the gold market may shift toward assessing the impact of the supply shock on “stagnation.” The already partially priced-in rate-hike expectations may need to be adjusted. Looking ahead, CICC believes that whether it is an oil-price pullback after geopolitical de-escalation, a return of monetary policy to a more accommodative direction, or supply shocks that intensify recession pressure and highlight the value of gold as a safe-haven asset, there is likely still room for upward repair in both gold investment demand and prices.

Related products:

ChinaAMC Gold Stock ETF (159562), Over-the-counter connection A: 021074, connection C: 021075

ChinaAMC Gold ETF (518850), Over-the-counter connection A: 008701, connection C: 008702