On September 28, Direxion Daily Gold Miners Index Bull 2X Shares fell 9.59% in pre-market trading, trading at $150.76/share, with turnover of approximately $1.5849 million.
On the news front, spot gold broke below the $4,200/oz level, plunging over 2% intraday for the first time since August 5. Fed officials continued to send hawkish signals, with rising expectations for an October rate hike compounding a stronger US dollar, placing gold under dual pressure from rates and the greenback. London gold had already closed below $4,300/oz for three consecutive sessions from September 23 to 25 before extending losses. Industry insiders warned that if the Fed delivers an unexpected additional rate hike before year-end and signals a higher terminal rate, gold prices could decline further toward lower levels.
Direxion Daily Gold Miners Index Bull 2X Shares is a 2X leveraged ETF designed to track the NYSE Arca Gold Miners Index, which is comprised of publicly traded stocks and ADRs of companies involved primarily in gold mining across developed and emerging markets. The fund invests at least 80% of its net assets in financial instruments providing 2X daily leveraged exposure. With spot gold falling over 2% in a single session, the leverage effect significantly amplified the decline.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)