During early Asian trading on March 25, precious metals opened higher and continued to gain. As of 7:42 Beijing time, the upward momentum persisted, with spot gold rising 1.55% to touch $4,500 per ounce, marking a year-to-date increase of over 5%. Spot silver climbed more than 2% to reach $72 per ounce.

According to reports, the U.S. government has delivered a 15-point proposal to Iran via Pakistan to end the conflict, covering nuclear programs, missile capabilities, and regional issues. On March 24, U.S. President Donald Trump stated that the U.S. is negotiating with Iran, adding that Iran has "started to communicate rationally" and has agreed to "never possess nuclear weapons."

Has gold's correction come to an end? Based on insights from multiple institutions, the short-term global macroeconomic environment remains highly volatile, but several key variables are worth monitoring.

A recent research report from CITIC Securities pointed out that following past Middle East conflicts, the medium-term trend of gold prices has ultimately depended on factors such as U.S. dollar credibility and liquidity. Looking ahead to the current conflict, the continuation of loose liquidity and a weakening U.S. dollar credibility is expected to further drive gold prices higher. Historically, advantages in valuation or stock price percentiles have also amplified the upside potential of the gold sector.

Certain signals supporting gold remain clear. On March 24, Shaokai Fan, Global Head of Central Banks at the World Gold Council, publicly stated that gold's role as a hedge against de-dollarization and geopolitical risks is likely to prompt central banks that have been absent from the market to purchase the precious metal this year. He noted that in recent months, central banks in countries such as Guatemala, Indonesia, and Malaysia have begun buying gold, either returning to the market after a long hiatus or making their first-ever purchases.