Who is reducing holdings? Analyzing the behavior of gold investors

2026-04-01 01:52:56

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Since 2026, the international gold price has once again set a new all-time high, and its level of volatility has already exceeded major time points such as the Russia-Ukraine conflict and the U.S. issuing reciprocal tariffs. As of March 26, 2026, the CBOE gold ETF Volatility Index (VIX) has reached 45.07% (note: gold ETF holdings are mainly physical gold, so the volatility metrics of the two are similar), while during the outbreak of the Russia-Ukraine conflict, the highest CBOE gold ETF VIX was 31.7% (March 8, 2022). When the Trump administration issued reciprocal tariffs, the highest gold ETF volatility index was 28.44% (April 11, 2025). During the U.S. government shutdown period, the gold ETF VIX was 32.78% (October 16, 2025). At present, the volatility range of the international gold price is already significantly higher than major time points in recent years. After the international gold price entered the high range of $4,500 per ounce, increased volatility has gradually become the new normal in the gold market.

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