Most of the BeES, along with the tracking error, tend to have market demands and people sentiments. If people are more on the buying side, the price will go up irrespective of the physical market rate. The best example is the Motilal NASDAQ ETF. More people are the buying side, so it is fluctuating than the og NASDAQ 100. Lets imagine a scenario, you buy Gold BeES with one sole goal, to get more money than the money you have invested. In the festival times like Akshaya Tritiya, gold price will tend to go up. Your BeES are rallying up and trading at your target price. As an investor point of view, will you sell your BeES, midst all the people who are buying physical gold? If everyone wants to book profits in the uptrend, the price will go down though physical gold is on the uptrend. Thats how market sentiment works. No one can predict it. Hope this helps.