Fed Policy Set to Rock Gold ETF Direxion Shares Exchange Traded Fund Trust (NYSEARCA:NUGT)Author: Paul SheaLast Updated: March 12, 2020 The Direxion Shares Exchange Traded Fund Trust was up on Wednesday ahead of the Federal Reserve’s statement on the economy, and its plans for a rate hike later on this year. The central bank isn’t expected to raise rates today, but it is expected to give a clearer look at its decision making ahead of a rate rise later on in 2015.The message from the Federal Reserve is set to emerge at 2 PM EDT this afternoon.Fed lines up to reassertToday’s statement from the Federal Reserve is set to address the labor market, the global economy, and the state of inflation in the US in the release this afternoon. The market expects the Federal Reserve to raise its target rate in December, but that may change when the outlook from Janet Yellen and her colleagues arrives later on today.Societe Generale analyst Robin Bhar said that his bank’s view was “little changed and waiting for the Fed’s statement tonight and the second-quarter GDP tomorrow.” Gold has been stable in recent days, but some of the ETFs covering the metal, like the Direxion Shares Exchange Traded Fund Trust are less stable by design and could react strongly to any unexpected details in today’s message from the central bank.Gold gets more stableThe price of gold has fallen substantially over the last few weeks as traders sell the metal in China, and across the globe, ahead of a rate rise. The price of the metal was down by a fraction heading into the meeting on Wednesday, though it struggled to meet the $1,1000 support level that it fell below late in July.The price of the metal hit a low of $1,077 last week and ETFs following indices related to gold have been hit hard. The Direxion Shares Exchange Traded Fund Trust , which multiplies the returns of an index of gold miners, was one of the hardest hit.In the last month the index has lost more than 50 percent of its value. In the last twelve months the ETf has lost more than 90 percent of its total value. On Wednesday, ahead of the statement, the ETF was up by more than 2 percent.