The collective rise of gold ETFs: As of the time of writing, the E Fund Gold Mining ETF (02824) rose by 4.07% to 12.03 Hong Kong dollars, while the Southern Double Long Gold ETF (07299) rose by 2.72% to 29.4 Hong Kong dollars. On the news front, the World Gold Council's first-quarter statistics show that global central banks' net gold purchases reached 244 tons, with a 42% increase in demand for physical gold bars and coins compared to the previous year. The investment attributes of gold continue to strengthen, while the consumption attributes are waning. JP Morgan stated that central bank gold purchases are an important demand driver, but official figures greatly underestimate the actual scale. It is understood that the first quarter of 2026 saw weak reported demand from central banks, but estimates from WGC and Metals Focus suggest that total official sector purchases of gold amount to approximately 245 tons, indicating a significant number of undisclosed buyers. Dongzheng Futures pointed out that the US-Iran standoff, escalating global inflation pressures, and the US, Europe, and Japan central banks collectively maintaining a hawkish stance during "Super Central Bank Week" are pushing up real interest rates and suppressing gold prices. However, looking at the medium to long term, the strategic attributes of central bank gold purchases, the continuous inflow of physical investments, and the global de-dollarization trend continue to provide solid support for the long-term bull market of gold.