Spot gold breaks below $4,300, Shanghai Gold ETF (159830) sees active trading, institutions: structural support for gold remains in place over medium to long term

GateUser-bd883c58 · 2026-03-24T05:21:16+00:00

On March 23rd, spot gold prices fell sharply by more than 5%, trading at $4,269.88 per ounce. Shanghai Gold ETF trading was active, with transaction volume exceeding 330 million yuan. The logic of the gold market has shifted to being interest rate-driven. Due to the Federal Reserve's hawkish stance, gold faces pressure to reduce positions, with short-term weakness likely to persist with range-bound fluctuations.

GateUser-bd883c58

2026-03-24 05:21:16

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On March 23, spot gold fell over 5% intraday, currently at $4,269.88 per ounce.

In the secondary market, precious metal-related ETFs are actively traded. The Shanghai Gold ETF (159830) had a trading volume surpassing 330 million yuan, with a turnover rate of nearly 9%.

The Shanghai Gold ETF (159830) has an expense ratio of 0.25% and a fund custody fee of 0.05%, both below the average level of similar products. Additionally, this ETF supports T+0 trading. It also includes an over-the-counter connection fund (Connect A: 014661, Connect C: 014662).

On March 23, China Great Wall Futures stated that the core logic of the gold market has shifted from “safe-haven driven” to “interest rate driven.” The hawkish stance of the Federal Reserve, unexpectedly high inflation data, pushing the US dollar index above 100, and the 10-year US Treasury yield rising to 4.39%, have significantly increased the cost of holding gold, causing the price to break below the key support level of $5,064. Market liquidity shows a divergence: institutions are reducing their positions while retail investors are taking on more. In the short term, gold faces multiple pressures and may remain weak and volatile. Structural support remains in place in the medium to long term, but a policy shift and market sentiment recovery are needed.

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