🔴 Gold Miners ETF (GDXU) is trading 4.95% down in pre-market as oil-driven inflation fears weigh on gold

GDXU is trading at $141.91 (-4.95%) as oil-driven inflation fears weigh on gold.

• Gold weakened overnight as surging oil intensified inflation concerns ahead of the Federal Reserve’s policy meeting, offsetting softer Treasury yields.
• Spot gold was $4,342.98, down 0.1%; Brent crude neared $107.49, nearly 3% higher, pressuring leveraged gold-miner exposure.
• U.S. futures fell as Middle East shipping risks and prior week’s hotter core inflation reading reinforced Fed-tightening expectations, pressuring non-yielding gold and highly leveraged miners.