PANews reported on April 4th that, according to a research report by CICC, the US-Iran conflict led to a surge in oil prices, creating a pre-existing risk of inflation. Market expectations of a change in the Federal Reserve's interest rate cut path have put selling pressure on gold ETFs that saw significant increases in holdings last year. Simultaneously, liquidity shocks have also contributed to a short-term correction through the futures and options markets. The current geopolitical situation in the Middle East may be reaching a critical juncture, with oil prices facing a crucial decision. The pricing focus in the gold market may shift towards assessing the impact of supply shocks on stagnation, and the already priced-in interest rate hike expectations may need to be revised. Looking ahead, CICC believes that whether it's a post-geopolitical de-escalation oil price correction, a return to loose monetary policy, or increased recessionary pressures due to supply shocks triggering gold's safe-haven value, both gold investment demand and prices may have room for upward recovery.