On September 28, VanEck Gold Miners ETF fell 5.03% in pre-market trading, trading at $88.25/share, with turnover of approximately $10.88 million. The decline came as spot gold broke below the $4,200/oz level, plunging over 3%.
The selloff was driven by intensifying Fed hawkish expectations. Multiple Fed officials continued to signal a restrictive stance, pushing October rate hike probabilities higher. The U.S. dollar index extended its rally to near three-month highs around 101.30, creating a dual headwind of higher rates and a stronger dollar that pressured gold. Major gold miners fell broadly in pre-market trading, with Newmont down 3.4%, Sibanye-Stillwater down 5%, Harmony Gold down 6%, and Fresnillo and Endeavour each declining roughly 5%. In Hong Kong, Shandong Gold dropped 8.9% and Lingbao Gold fell 8.87%.
Industry analysts warned that if the Fed delivers additional unexpected rate hikes before year-end and signals a higher terminal rate, gold prices could face further downside. Separately, strong U.S. September composite PMI data, which surged to 58.4 — the highest since mid-2021 — reinforced the hawkish macro backdrop.
The fund normally invests at least 80% of its total assets in common stocks and depositary receipts of companies involved in the gold mining industry. The index is a modified market-capitalization weighted index primarily comprised of publicly traded companies involved in the mining for gold and silver. The fund is non-diversified.
(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.)