The Japan Physical Gold ETF is trading at a 14% premium to its net asset value (NAV), marking the highest premium among global gold ETFs. This significant premium underscores strong local demand for physical gold, diverging from global gold price trends. The ETF manages approximately ¥1.25 trillion ($8.2 billion) in assets, reflecting sustained interest in gold stored within Japan. Despite recent market volatility, where spot gold prices fell by 6.3% in a single day and the ETF's price dropped by 11% the following session, the premium has remained stable. This indicates robust local investor interest in the ETF, even as global gold prices fluctuate.