🔴 NUGT is trading 3.3% down today as persistent inflation and rising oil prices weigh on miners

NUGT is trading at $198.00 (3.3% down) as persistent inflation and escalating Middle East tensions dampen hopes for Fed rate cuts.

• The ETF is tracking down from its May 12 close of $204.73, pressured by an April CPI of 3.8% YoY which exceeded market forecasts.
• Oil prices have climbed above $107/barrel following the rejection of Iran's peace proposal, fueling inflation fears and reducing the odds of a Fed rate cut.
• These macroeconomic headwinds are weighing on leveraged gold miners, offsetting the traditional safe-haven appeal of gold during geopolitical conflict.