Gold Sustains Downward Trend! Domestic Prices Fall Below 1,000 Yuan/Gram; Hang Seng Gold ETF (03170.HK) Plunges Over 7% in Afternoon Trading

NewTimeSpace News:Gold prices continued their downward trajectory, with spot gold (London gold) breaking below the$4,400/ozthreshold as of press time. On March 23, theShanghai Gold Exchange (SGE)issued a notice on strengthening market risk control measures, citing heightened instability factors and significant volatility in precious metals prices. TheHang Seng Gold ETF (03170.HK)plunged over7%in afternoon trading.

According to Hong Kong Exchange (HKEX) data, the Hang Seng Gold ETF (03170.HK), launched by Hang Seng Investment Management onJanuary 29, 2026, represents a milestone in Hong Kong's financial market evolution toward theWeb 3.0 eraand stands as one of the most innovative gold allocation tools in the recent Hong Kong stock market.

The fund adopts aphysically-backed model, where each fund unit is fully supported by physical gold bars stored in designated vaults in Hong Kong. Based on pre-listing reference data, the net asset value per unit is approximatelyHKD 16, with a minimum trading lot of only50 units, translating to an entry threshold as low asHKD 800—significantly below the capital required for traditional physical gold bar investments (typically tens of thousands of yuan)—offering retail investors exceptional accessibility.

On the morning of March 23, the SGEAu99.99gold contract price fell sharply, dipping belowRMB 1,000/gramintraday. Market checks revealed that jewelry brands includingChow Sang Sang, Chow Tai Fook, Luk Fook Jewelry, and Lao Miao Goldhave all lowered their gold ornament prices belowRMB 1,400/gram.

China Galaxy Securities maintains in its latest research that the duration and evolution path of geopolitical conflicts remain highly uncertain, with disturbances to global risk assets likely to persist in the near term, suggesting continued high volatility in global equity markets. However, under the support of the"domestic-centric" policy logic, the downside room for A-shares is relatively limited, with the market expected to digest external pressures through sideways oscillation, sectoral differentiation, and structural rotation.(Source: China Galaxy Securities, March 23, 2026, "Viewing the Market Through the Lens of 'Two Changes and Two Constants'")

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