Underlying Gold Price: The price of 3LGO.LSE is primarily driven by the spot price of gold. As gold prices increase, the ETF's price will generally rise, and vice versa.

Leverage Factor: 3LGO.LSE is a leveraged ETF, meaning it aims to deliver three times the daily percentage change in the gold price. This leverage amplifies both gains and losses.

Management Fees & Expenses: The ETF's expense ratio and other management fees will impact its overall return and, consequently, its price. Higher fees can reduce returns.

Supply and Demand: Market demand for 3LGO.LSE shares influences its price. High demand can push the price above its net asset value (NAV), while low demand can lower it.

Interest Rates: Rising interest rates can negatively affect gold prices, potentially decreasing the value of 3LGO.LSE. Conversely, falling rates may boost gold and the ETF.

Currency Fluctuations: As gold is often priced in USD, changes in the GBP/USD exchange rate can affect the ETF's price for UK investors.

Geopolitical Events: Global political instability or economic uncertainty can drive investors to gold as a safe haven, increasing its price and, subsequently, 3LGO.LSE's value.

Inflation: Gold is often seen as an inflation hedge. High inflation can increase demand for gold, raising its price and the ETF's value.

Compounding Effect: Due to its leveraged nature, 3LGO.LSE experiences compounding effects. Daily gains or losses are multiplied, potentially leading to significant deviations from the expected 3x return over longer periods.

Market Sentiment: Overall investor sentiment towards gold and risk appetite can impact demand for 3LGO.LSE, influencing its price.