Gold Prices Plunge for Consecutive Days! Spot Gold Hits Lowest Since January 2; E Fund Gold Miners Select Index ETF (02824.HK) Opens Down Over 7%

NewTimeSpace News:March 23— Spot gold plunged nearly 4% in early Asian trading to $3,020.19 per ounce, hitting its lowest level since January 2 and marking a correction of over 22% from the all-time high of $2,956.15 set on January 29.E Fund Gold Miners Select Index ETF(02824.HK) opened sharply lower and extended losses to exceed 7%.

The oil-driven inflation shock triggered by the Iran conflict has upended market expectations for Federal Reserve rate cuts, forcing bond traders to scramble for new strategies. Last week, warnings from major central banks on inflation sent short-term yields soaring, with traders completely erasing bets on further Fed easing in 2026—inflicting widespread damage on rate-cut positioning.

According to HKEX disclosures,E Fund Gold Miners Select Index ETF(02824.HK) tracks the Solactive Global Gold Mining Select Index, covering Hong Kong-listed gold miners eligible for Stock Connect. Current constituents include Chinese industry leaders: Zijin Mining, Zhaojin Mining, Shandong Gold, Chifeng Gold, and Lingbao Gold.

The fund anchors global gold mining equity exposure, combining commodity attributes with earnings leverage. Its "miners' beta"—characterized by high elasticity to underlying gold prices—warrants particular attention following gold's breach of historical peaks.

In the early hours of March 19 (Beijing time), the Federal Reserve announced its March rate decision, holding the federal funds rate target range steady at 3.50%-3.75%—its second consecutive pause. The accompanying dot plot revealed a stark downgrade: 2026 easing expectations were slashed from three cuts to merely one, with the easing window pushed back to September-November. Several FOMC members explicitly advocated for no rate cuts throughout the year.

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