Gold Pulls Back from Highs as Geopolitical Uncertainty Becomes the Primary Driver! E Fund Gold Miners Select Index ETF (02824.HK) Drops Over 2%

NewTimeSpace News:On April 17, 2026, spot gold opened high but trended lower, briefly breaching $4,770 during the session and fluctuating around the $4,800 level. On one hand, signs of a temporary easing in Middle East tensions have emerged; on the other hand, energy supply risks and inflation pressures persist, providing support for gold prices.E Fund Gold Miners Select Index ETF(02824.HK) opened down over 2%.

Publicly available information indicates that Israel and Lebanon have reached a ten-day ceasefire agreement, with Israeli Prime Minister Benjamin Netanyahu confirming that this move aims to push both sides toward a "historic peace agreement." Meanwhile, U.S. President Donald Trump stated that the U.S. and Iran may hold a new round of negotiations over the weekend, expressing optimism about reaching a long-term ceasefire.

According to HKEX data,E Fund Gold Miners Select Index ETF(a) tracks the Solactive Global Gold Miners Select Index, covering gold mining companies listed on the Hong Kong Stock Exchange that are eligible for Stock Connect. Current holdings include leading Chinese miners such as Zijin Mining, Zhaojin Mining, Shandong Gold, Chifeng Gold, and Lingbao Gold.

The fund is anchored to global gold mining equity assets, combining commodity exposure with equity earnings leverage. Against the backdrop of gold prices breaking through historical extremes, the high-beta characteristics of these "miners" are particularly noteworthy.

Overall, the positive progress in U.S.-Iran peace talks is injecting much-needed certainty into the global gold market. The stabilization of spot gold near the $4,790 level not only signals a retreat in safe-haven sentiment from its peak but also foreshadows that gold will attract long-term capital inflows anew as both energy prices and inflation expectations ease. Trump's ceasefire declaration and breakthrough in negotiations have allowed markets to gradually step back from the "worst-case scenario," while warming expectations for Federal Reserve rate cuts will further consolidate gold's position as a strategic allocation asset.

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