Underlying Gold Price: XMY.TO holds physical gold, so its price closely tracks spot gold prices. Fluctuations in gold markets directly influence the ETF's value.

Currency Exchange Rates: Since gold is often priced in USD, CAD/USD exchange rates affect XMY.TO. A weaker Canadian dollar can increase the ETF's price.

Supply and Demand: High demand for the ETF can push its price slightly above the underlying gold value, while selling pressure can cause a slight discount.

Storage Costs: XMY.TO incurs expenses for storing and insuring gold. These costs are reflected in the ETF's price, albeit minimally.

Management Fees: The ETF's management expense ratio (MER) impacts its long-term performance and is indirectly reflected in its price.

Interest Rates: Rising interest rates may make gold less attractive, potentially lowering XMY.TO's price as investors seek higher yields elsewhere.

Economic Uncertainty: During times of economic instability, gold is often seen as a safe haven, increasing demand and potentially raising XMY.TO's price.

Inflation: Gold is often considered an inflation hedge. Rising inflation can increase demand and consequently the price of XMY.TO.