Shock "Pulling the Plug": The world's largest exchange experiences a malfunction, causing a "roller coaster" in the gold market.

In a trading session in November 2025, the world's largest derivatives exchange experienced a sudden technical failure—referred to by traders as a "pulling the plug" system interruption—throwing the international gold market into chaos: within just a few minutes, the gold price plummeted over 3%, followed by a violent rebound of 4%, creating a bizarre "up and down pinning" trend, triggering a large number of investors' stop-loss orders, and many brokers were left exclaiming "headache" due to the surge in customer complaints.

This "moment of panic" was not accidental. As the global liquidity core hub, this exchange accounts for over 20% of gold futures trading volume. Once its system "crashes," there is a temporary vacuum in market pricing power, and the frantic game between algorithmic trading's herd selling and bottom-fishing funds amplifies price fluctuations. Some traders bluntly stated: "The K-line on the screen looks like an 'electrocardiogram.' Just after closing the position to stop loss, the price goes back up, and the day's profit is completely gone."

The "headache" for brokers is more realistic: on one hand, they have to deal with clients' compensation claims—some investors believe the platform failed to provide timely risk warnings; on the other hand, they need to cope with liquidity gaps, as orders that cannot be closed in time during outages may put small and medium brokers at risk of liquidation. A head of a European brokerage revealed that they received over 200 complaints in just half a day, "Right now, we need to appease clients while negotiating responsibility with the exchange; we simply can't keep up."

In fact, technical failures at global exchanges are no longer rare occurrences: in 2024, a U.S. stock exchange interrupted trading for 2 hours due to a system upgrade, and the "pulling the plug" incident at a cryptocurrency exchange in 2023 also triggered a price crash. The recent fluctuations in the gold market have once again sounded the alarm for the "risk resistance capability" of financial infrastructure—when trading increasingly relies on digital systems, even the slightest failure can trigger a chain reaction.

As of the day following the repair of the malfunction, although gold prices have returned to a normal range, the recovery of market confidence will still take time. Some analysts remind investors to beware of "liquidity traps" during extreme market conditions, and exchanges should also accelerate the construction of redundant systems—after all, in the era of millisecond trading, the cost of "unplugging the network cable" is no longer something that can be borne by just a "technical failure." #十二月降息预测 #加密市场回暖