Direxion Daily Gold Miners Index Bull 2X Shares is trading at $123.86 (-5.02%) as higher-for-longer interest rate expectations continue to pressure the gold sector.
- The weakness follows last week’s strong May jobs report, which has led markets to push rate-cut expectations further into the future.
- Higher interest rates typically weigh on non-yielding assets like gold, with this leveraged ETF magnifying the resulting decline in gold-miner equities.
- The move is driven by the broader macro backdrop rather than fund-specific news, extending a sharp drawdown after a prior session selloff in miners.