Gold prices, as tracked by the SPDR Gold Shares ETF ($GLD), have experienced notable volatility on May 1, 2025. The ETF initially broke above the $300 level, prompting some investors to reduce their put option positions. However, subsequent trading saw a decline of approximately 5.7% from that peak, with gold prices dropping nearly $300 from earlier highs. Despite this pullback, gold remains up about 23% year-to-date, outperforming the S&P 500, which is down around 4% over the same period. This parallel drawdown in gold and the S&P 500 from their all-time highs highlights the current market volatility and investor repositioning.