According to reports, US President Trump is prepared for a long-term conflict against Iran, and commodity prices are rebounding. BlackRock Investment Management believes that the geopolitical tension in the Middle East is escalating again, leading to a temporary rise in oil prices, with the possibility of gold prices rebounding to the range of $5500 to $5600 per ounce in March. Gold ETFs listed in the US saw a net inflow of $4.5 billion in February, bringing the cumulative inflow to $10.5 billion so far in 2026, a significant increase from the $6.3 billion in the first two months of 2025. Despite a 65% annual return on gold, the global gold fund assets as a percentage of total ETF and mutual fund assets were still slightly below 1% at the end of 2025. The US dollar has been weakening this year, but remained relatively stable in February and rebounded at the beginning of March. BlackRock pointed out that the market is still generally bearish on the US dollar, which is expected to continue to support gold bar and precious metal prices. Additionally, the yield on US 5-year Treasury Inflation-Protected Securities (TIPS) is close to 1%, hitting a new low since the end of 2022, resulting in a continued decline in the opportunity cost of holding gold. BlackRock maintains a bullish view on gold prices, with a basic scenario forecast of $4750 to $5500 per ounce, with a 35% chance of rising to the $5500 to $6250 range. It is also expected that gold prices will have strong price support in the range of $4400 to $4600.