Stock Track | ProShares Ultra Gold Soars 10.80% in Pre-Market on Gold Price Rebound and Dip-Buying

Stock Track02-03 17:08

ProShares Ultra Gold, the leveraged exchange-traded fund designed to deliver twice the daily performance of gold bullion, surged 10.80% during pre-market trading on Tuesday. The significant move highlights a sharp reversal in sentiment for gold-linked assets following a period of intense selling pressure.

The rally appears to be driven by a strong technical rebound in the underlying gold market, coupled with renewed investor interest in buying the dip after a recent sharp decline. Spot gold prices broke through the $4,900 per ounce level during the session, recording an intraday increase of over 5% and partially recouping losses from the previous trading day.

Market analysts note that the fundamentals supporting gold have not changed, but the rapid price recovery suggests traders are capitalizing on oversold conditions and short-term momentum shifts. The broader precious metals complex also showed strength, with spot silver rising approximately 5% and other metals gaining, contributing to positive sentiment across the sector.

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