Gold prices surged past $3,280 per ounce on Monday, recording a 1.6% intraday gain and reversing an earlier downtrend. The sudden spike occurred without any major news and brought gold up 5% from last week's low, even as the S&P 500 entered a new bull market. Despite the rally, the SPDR Gold Shares ETF (GLD) experienced a $2 billion outflow last week, its largest weekly outflow since 2013. Global gold ETFs collectively saw net outflows of approximately $3 billion, or about 30 tonnes, the highest weekly outflow since September 2022. Goldman Sachs has maintained its forecast for gold prices to reach $3,700 per ounce by year-end and $4,000 per ounce by mid-2026, citing delayed Federal Reserve rate cuts and ongoing US recession risks. The Shanghai Gold Exchange was noted as a key venue during the surge. In contrast to recent outflows, gold funds are set for a record $85 billion in inflows this year, and last month saw large inflows into GLD before the current pullback. The $300 level for GLD was highlighted, with some traders taking short positions and noting the high of day (HoD) for the ETF. For gold miners, the GDX ETF's top holdings include Newmont (12.05%), Agnico Eagle Mines (11.81%), Wheaton Precious Metals (7.49%), Barrick Gold (6.59%), and Franco-Nevada (6.57%).