COMEX gold opened significantly lower on April 13, but then fluctuated upwards to recover its opening gap, closing at $4,766.6 per ounce, down 0.43%. Domestically, the SHFE gold night session continued its volatile trend, closing at 1,043.14 yuan per gram, a decline of 0.48%.

On the geopolitical front, although U.S.-Iran negotiations failed to make any progress, the door for talks remains open. The situation is expected to evolve into a pattern of intermittent conflict and dialogue. The Prime Minister indicated yesterday that the ceasefire with Iran could end soon. Market reactions suggest a relatively optimistic outlook regarding the subsequent developments in the U.S.-Iran conflict, with risk appetite continuing to trend favorably. This environment may continue to support gold prices, though short-term volatility due to geopolitical uncertainties remains a risk.

Regarding economic data, U.S. existing home sales for March fell by 3.6% to an annual rate of 3.98 million units, the lowest level since June 2025, indicating significant challenges in the housing market. In a joint statement yesterday, the heads of the International Energy Agency (IEA), the International Monetary Fund (IMF), and the World Bank Group described the impact of the Middle East conflict as "massive, global, and highly asymmetric," with pronounced effects on energy-importing countries, particularly low-income nations. This has, to some extent, bolstered expectations for interest rate cuts. Against a backdrop of a weaker U.S. dollar, gold prices saw a modest rebound. In the short term, gold trading is likely to remain influenced by developments in the U.S.-Iran situation and adjustments in rate-cut expectations.