On September 4, MicroSectors Gold Miners 3x Leveraged ETN fell 9.1% in pre-market trading, trading at $154.01/share, with turnover of $13.12 million. The sharp decline came as the U.S. August non-farm payroll report was released — the last major employment data point ahead of the Federal Reserve's September policy meeting.

Over the prior two sessions, the product had surged more than 18% cumulatively after ADP employment data came in well below expectations and Fed Governor Waller delivered dovish remarks, propelling gold prices from a low of $4,282 by over $200. During that rally, the probability of a September rate hike retreated from 66% to as low as 50%. With non-farm data now in hand, the three-times leveraged structure amplified the underlying gold miners' pullback, causing the ETN to give back the majority of its recent gains in a single pre-market session.

Market participants had previously noted that conflicting signals from job openings, manufacturing, and employment indicators were fueling elevated gold price volatility, and that a single data point was insufficient to confirm a sustained trend. Analysts suggested that subsequent inflation readings would need to align with employment data before a clearer directional catalyst for gold could emerge.

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