🔴 Gold Miners ETF (GDX) is trading 3.2% down in pre-market on September 1, 2026 after hawkish Fed Chair Kevin Warsh remarks

GDX is trading at $95.35 (-3.21%) in pre-market on September 1, 2026 after hawkish Fed Chair Kevin Warsh remarks increased September rate-hike expectations, lifting yields and pressuring non-yielding gold.

• Spot gold was down 0.3% overnight near $4,437.10, while traders awaited U.S. labor-market data.
• Renewed Strait of Hormuz tensions pushed oil above $90, raising inflation concerns and reinforcing the rates headwind.
• Broad risk-off trading weighed on miners; S&P 500 futures were down 0.49% and Nasdaq futures were down 0.88%.