CSOP Gold Futures 2x Leveraged (07299.HK) Up 1.66% as Dollar and Yields Weigh on Gold

NewTimeSpace News: As of 10:44 on November 4, CSOP Gold Futures 2x Leveraged (07299.HK) rose 1.66% to a latest price of HK$18.950. The product has so far traded 1.188 million units today, with turnover of HK$22.66 million and an average price of HK$19.076; its turnover rate is 1.683%. It has fallen 1.97% week to date. The net asset value per unit is HK$18.88, and assets under management stand at HK$1.333 billion (about US$170 million). (Note: NAV and AUM are as of November 3; the week-to-date change is based on the October 30 close of HK$19.330.)

Spot gold traded near US$3,935 an ounce in Asian hours on November 4. In the prior session on November 3, bullion swung in a wide range before closing slightly lower: it fell more than 1% in Asian trading to a low of US$3,895.26, touched US$3,970.87 in European hours, and settled at US$3,930.52, down 0.4%. The dollar index edged up 0.07% to 101.83, while the 10-year Treasury yield rose 5.4 basis points to 4.948% and the 30-year to 5.321%. Investors await US midterm election results and October payrolls for signals on fiscal policy and the rate path.

CSOP Gold Futures 2x Leveraged (07299.HK) is a daily leveraged product under CSOP seeking daily investment results equal to two times the daily performance of gold futures, achieved mainly through COMEX gold futures and other derivatives. Leverage resets daily and returns are measured against a single day; when held for more than one day, compounding and the daily reset will cause cumulative returns to diverge from twice the performance of gold futures over the same period. The product is managed by CSOP Asset Management Limited, with the US dollar as its base currency and AUM denominated in USD.

Phillip Streible, chief market strategist at Blue Line Futures, said persistent dollar strength combined with rising yields is putting direct pressure on gold; higher real yields raise the appeal of interest-bearing assets such as Treasuries, eroding gold's relative advantage as a hedge and store of value.