On September 28, SPDR Gold ETF fell 3.01% in pre-market trading, trading at $381.24/share, with turnover of $13.677 million. The decline comes amid mounting pressure on gold from both rising interest rate expectations and a strengthening U.S. dollar.

On the news front, surging oil prices have intensified inflation concerns, reinforcing market expectations that the Federal Reserve will continue tightening monetary policy. The Fed earlier this month raised the federal funds rate target range by 25 basis points to 3.75%–4.00%. According to the CME FedWatch tool, traders now price in a 66% probability of another rate hike in October. Fed officials have continued to deliver hawkish rhetoric, creating dual headwinds from both rates and the dollar for non-yielding assets like gold. Gold prices had already declined for three consecutive trading sessions heading into the session, with short-term oversold conditions building.

SPDR Gold Trust is an investment trust whose objective is for its shares to reflect the performance of gold bullion prices, less expenses. The Trust creates and redeems shares in baskets of 100,000 through authorized participants, with each transaction based on the combined net asset value determined on the order date.

(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.)