On March 23, COMEX gold initially fell but then rose, closing at $4,410.4 per ounce, marking a decline of 3.60%. Domestically, the SHFE gold night session opened higher and fluctuated, closing at 980.00 yuan per gram, down 1.30%.

The market continues to focus on the US-Iran conflict. After former President Trump issued a 48-hour ultimatum to strike Iranian power plants, pessimism spread across financial markets, and the precious metals market was no exception. However, Trump subsequently changed his stance, stating last night that talks with Iran over the past two days had been "productive," with key points of an agreement formed. The strike on Iran's power plants and energy infrastructure was postponed for five days, and broader agreement negotiations are ongoing with Iran. This shift in attitude reversed the downward trend in US stocks and the precious metals market, indicating that market sensitivity to the situation far outweighs other factors.

For gold, the military standoff in the Strait of Hormuz is gradually escalating into a "pre-conflict" phase. Whether the US military will deploy ground forces has become a new focal point. This issue is likely to be repeatedly mentioned and traded in the coming days, leading to high volatility in gold. Conservative investors may continue to adopt a wait-and-see approach, while aggressive investors could focus on potential low-price opportunities following a rapid release of pessimistic sentiment.