Gold prices plunged over 4% in a single day—despite ongoing conflict in the Middle East, gold fell: Hotter-than-expected US inflation data lifted rate hike expectations, and real interest rates directly suppressed safe-haven buying. $iShares Gold Trust(IAU.US) and $Pro Ultr Silver(AGQ.US) both fell over four percentage points, while the leveraged short side reaped full gains. $Microsectors Gold Miners -3x Inverse Leveraged ETN(GDXD.US) and $MicroSectors™ Gold -3X Inverse Lvrgd ETN(DULL.US) both rose over ten percent.

$LAOPU GOLD(06181.HK) dipped slightly. Its story is different from the gold price itself; the logic of brand retail is much less sensitive to gold price volatility. The key variable for precious metals has shifted from geopolitics back to interest rates these past two days. For gold prices to regain strength, we must first wait for inflation data to ease.