3月16日，港股黄金股全线走低，紫金黄金国际、中国黄金国际、山东黄金跌超4%，紫金矿业、赤峰黄金、灵宝黄金跌超3%。
消息上，伊朗冲突爆发两周以来，黄金价格不涨反跌，较开战前累计下跌约6%。摩根大通对此表示，黄金在市场压力骤升初期被"一并抛售"，是有据可查的历史规律，而非避险功能失效的信号。该机构续指，本轮黄金抛售由多重因素叠加驱动：能源价格飙升推高通胀预期，促使市场大幅压低对美联储降息的预期，叠加美元急速反弹，形成近期的直接利空背景。
世界黄金协会公布，2026年1月，全球央行累计公开净购金量达5吨，较2025年的27吨的月均购金量，2026年初的购金势头有所放缓。受金价波动和节假日因素影响，部分央行可能暂缓了购金步伐。
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