Who is reducing holdings? Analyzing the behavior of gold investors

Since 2026, the international gold price has once again hit a record high, and its level of volatility has exceeded major timeline events such as the Russia-Ukraine conflict and the U.S. issuing reciprocal tariffs. As of March 26, 2026, the Chicago Options Exchange gold ETF volatility index (VIX) has reached 45.07% (Note: gold ETF holdings are mainly physical gold, so the two volatility measures are similar), while during the outbreak of the Russia-Ukraine conflict, the highest gold ETF VIX of the Chicago Options Exchange 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, the gold ETF VIX was 32.78% (October 16, 2025). At present, the fluctuation range of the international gold price is significantly higher than major timeline events in recent years. After the international gold price moved into the high range of $4,500 per ounce, the gradual increase in volatility has become a new normal for the gold market.

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