Stock Track | CSOP Gold 2x Leveraged ETF Plummets 5.98% Intraday as Hot U.S. Inflation Data Fuels Fed Rate Hike Fears

Stock Track05-15

The CSOP Gold Futures Daily (2x) Leveraged Product (07299) plummeted 5.98% during intraday trading on Friday. The leveraged exchange-traded fund's sharp decline tracked a sustained drop in the underlying spot gold price.

The movement was driven by stronger-than-expected U.S. Producer Price Index (PPI) data for April, which showed a 6% year-over-year increase—the highest level since December 2022—while core PPI rose 5.2%. The surprise surge in wholesale inflation, fueled by rising energy and transportation costs that pushed services inflation to a four-year high, has significantly heightened market expectations that the Federal Reserve may resume interest rate hikes.

Market pricing now indicates approximately a 50% probability of a 25-basis-point rate increase within the year. The bearish sentiment for gold and gold-linked products was further compounded by the ongoing transition in Federal Reserve leadership, with Jerome Powell's term ending and Kevin Warsh confirmed as the new Chair, a change that historically has been associated with initial market volatility.

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