CSOP Gold ETF (03030.HK) Falls 1.66% Intraday as Spot Gold Slips Below US$3,900 to a Near One-Year Low

NewTimeSpace News: As of 14:08 on November 2, the CSOP Gold ETF (03030.HK) fell 1.66% to a latest price of HK$5.915. The ETF has traded 88,700 units so far today for a turnover of HK$523,892 at an average price of HK$5.906, with a turnover rate of 0.011%. It is down 1.66% so far this week. Its current net asset value per unit is HK$6.0118, and its assets under management stand at HK$4.704 billion (about US$603 million).

(Note on scope: the net asset value per unit is as of October 30, 2026, and assets under management are calculated on 782,500,000 units outstanding at that net asset value; the week-to-date change is measured against the closing price of HK$6.015 on October 30.)

On the news front, spot gold lost both the US$4,000 and US$3,900 marks on October 30, touching an intraday low of US$3,869.96 and closing at US$3,875.19, its lowest since October last year; it steadied modestly in Asian trade on November 2 and recovered above US$3,900 in the morning. The core constraint is a repricing of the Federal Reserve's hiking path: US core personal consumption expenditures rose 3.1% year on year and 0.3% month on month in September, third-quarter GDP grew 3.4% annualised for a one-year high, and CME FedWatch shows markets pricing about a 75% chance of a 25-basis-point hike in December; Dallas Fed President Logan said the Fed needs "at least two more 25-basis-point hikes" and stressed that skipping a meeting does not change the policy endpoint. In addition, Friday's sharp sell-off in US technology stocks — Intel plunged 28.58% in a day after weak fourth-quarter guidance — set off cross-asset contagion, with some institutions trimming gold to cover losses elsewhere and amplifying the decline. On positioning, the SPDR Gold Trust, the world's largest gold ETF, saw its holdings unchanged for the week at 1,041.653 tonnes.

The CSOP Gold ETF (03030.HK) is a passively managed physical gold ETF under CSOP Asset Management, listed on April 21, 2026, which directly holds physical gold and seeks investment results that closely track the LBMA Gold Price AM before fees and expenses; the benchmark is the ICE Benchmark Administration morning fixing of gold per troy ounce, quoted in US dollars. The fund uses the US dollar as its base currency and trades in Hong Kong dollars, with a board lot of 100 units, a management fee of 0.40% a year, an estimated ongoing charges ratio of 0.65% and no distributions.

Western Securities noted that this leg of gold's decline has decoupled from the rates narrative, with liquidity and leveraged positioning at its core — the 10-year US Treasury yield fell and US equities weakened together, so both the rates and safe-haven conditions supportive of gold appeared at once, yet spot gold still closed lower; on one hand, gold may be pricing higher energy prices and persistently tighter real rates, and on the other, because the gold futures market is deep with relatively controllable market impact, gold temporarily shifts from a "safe-haven hedge" to the portfolio's "liquidity ATM" during deleveraging.