On April 20, COMEX gold showed volatile but strengthening movement, closing at $4841.0 per ounce, down 0.79%. Domestically, the SHFE gold night session opened slightly higher before experiencing a minor pullback, ending at 1058.68 yuan per gram, a decline of 0.43%.

Market attention remains focused on U.S.-Iran tensions. U.S. President Trump stated in a media interview yesterday that it would be "almost impossible" to extend the ceasefire with Iran if an agreement is not reached. The temporary ceasefire is set to expire at 10:00 AM Beijing time on April 22. Ahead of this deadline, market anxiety is elevated, leading to cautious trading in the gold market amid concerns of renewed conflict. The current rebound in gold prices remains weaker than during the initial escalation of U.S.-Iran tensions, reflecting market caution toward a sustained recovery in gold and ongoing divergence between bullish and bearish positions. Given the prevailing expectation that negotiations will resolve the conflict, buying on dips may be considered. However, investors should manage position sizes cautiously until the outcome of U.S.-Iran talks becomes clear.