On September 28, SPDR Gold ETF fell 3.01% overnight, trading at $381.77/share, with turnover of $72.71 million. The decline tracked a sharp selloff in the international gold market, with spot gold breaching the $4,200/oz level to the downside.

On the news front, spot gold slumped over 2% to approximately $4,195/oz, while spot silver dropped 3.62% to around $61.9/oz. The selloff was driven by rising oil prices, which intensified inflation concerns and reinforced market expectations for further Federal Reserve tightening. The Fed raised rates by 25 basis points earlier in September, lifting the federal funds rate target to 3.75%–4.00%. According to the CME FedWatch tool, traders are now pricing in a 66% probability of another rate hike in October, creating strong headwinds for non-yielding assets like gold.

SPDR Gold Trust is an investment trust whose shares are designed to reflect the performance of the price of gold bullion, less expenses. The Trust creates and redeems shares in baskets of 100,000 through authorized participants, in exchange for the corresponding amount of gold and any cash.

(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.)