On March 2, escalating geopolitical conflict between the U.S. and Iran continued to drive strength in the precious metals market. In international gold prices, spot London gold was quoted at $5,357.56 per ounce at the time of writing, up 1.5% for the day, after hitting an intraday high of $5,409.7 per ounce. COMEX gold futures rose 2.51% to $5,379.8 per ounce. Domestic gold prices in China also moved higher, with leading jewelry brands collectively raising their prices. Chow Tai Fook gold was quoted at 1,629 yuan per gram, up 21 yuan from the previous day. Chow Sang Sang's gold price reached 1,622 yuan per gram, an increase of 20 yuan. Brands such as Luk Fook Jewellery, King Gold, and Lao Feng Xiang all saw prices surpass the 1,620 yuan per gram mark. In the A-share market, the precious metals sector opened higher and maintained volatile gains. By the morning close, Xiaocheng Technology led the sector with an 11.88% gain, followed by Hunan Gold, which rose 6.07%. Sichuan Gold gained more than 5%, while Zhaojin Gold and Zhongjin Gold both advanced over 4%. Regarding the outlook for the precious metals industry, an analyst from Dongfang Jincheng Research and Development Department stated that against the backdrop of escalating U.S.-Iran tensions, short-term safe-haven sentiment will be the core driver of gold prices. In the medium to long term, multiple fundamental factors are converging to support a clear upward trend for gold. Specifically, military conflict between the U.S. and Iran has directly triggered a surge in market risk aversion, pushing gold prices higher. Short-term gold price movements will largely depend on the intensity of Iran's retaliation and the scope of conflict escalation. In the medium to long term, under the "America First" principle, the Trump administration is expected to continue competing for international influence and overseas resources, with "regime change in Iran" potentially being its ultimate goal. This could lead to ongoing adjustments, fragmentation, and reorganization of the global political and economic order. Persistent uncertainty in the international landscape will serve as a key support for gold prices. Additionally, the restructuring of the international monetary system by 2026 is expected to be a major theme for global assets. Against a backdrop of weakened U.S. dollar credibility and heightened U.S. fiscal risks, the Federal Reserve's ongoing interest rate cut cycle further reduces the opportunity cost of holding non-yielding gold. Moreover, global central bank gold purchases remain high, with strategic buying by various countries reinforcing the trend of de-dollarization. These factors collectively strengthen the foundation for gold's medium to long-term appreciation. It is important to note that short-term gold prices have already seen significant gains, and investors should be cautious of potential pullbacks if geopolitical tensions ease. However, as long-term supportive factors—such as geopolitical uncertainty, a weaker U.S. dollar, and sustained central bank buying—remain intact, gold's value as a hedge against global systemic risks remains prominent, solidifying its role as a core asset for medium to long-term portfolios.