On the 22nd, gold prices surged to a new high of $3500 per ounce. However, the 2x leveraged gold futures ETF - Yuanta S&P Gold 2x (00708L) recorded a staggering trading volume of 17,500 contracts the day before, but plummeted nearly 7% this morning. Its price fell from $64.75 to a low of $60.3, leading investors to face immediate losses of approximately $4450 per share. Similarly, the underlying Yuanta S&P Gold (00635U) also dropped over 4%.
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This year, gold prices have surged over 33%, and after briefly breaching the $3500 mark, it quickly retraced its gains. U.S. President Trump’s goodwill gestures and clarity on not replacing Federal Reserve Chairman Powell helped reduce safe-haven demand, leading to a pullback in gold prices. This morning, London gold fell 0.26% to around $3371, while Shanghai gold dropped 2.78%, and New York gold futures fell 1% to $3384. In Taiwan, the Yuanta S&P Gold 2x ETF has risen from $50.2 on April 7 to a peak of $65.4 yesterday, marking a 30.27% increase, with notable trading activity having surged to over 30,000 contracts in just two days. Yet, today's 7% drop at high levels has sparked concerns among investors. Yuanta S&P Gold (00635U) also fell by about 4%, with significant trading volume of about 20,000 contracts over the last two days. DBS Bank (Taiwan) Senior Vice President of Wealth Management Advisory Chen Yujia stated that, despite hitting the previously estimated 12-month price target for gold, they remain optimistic about its market appeal.