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Gold Stock ETF GDX Shines as Precious Metal Miners Hit ‘Rebound Mode’ – 03/10/26
Gold mining stocks were shining higher today on hopes that the Iran war could be coming to a close.
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The VanEck Gold Miners ETF GDX +1.27% ▲ was up 1.95% with major holdings Agnico-Eagle Mines AEM +1.05% ▲ up 1.88%, Newmont Mining NEM +1.61% ▲ 2.29% higher, and Wheaton Precious Metals WPM +1.71% ▲ up 2.6%.
The spot gold price was up 0.75% at $5,196.
It was dragged higher after President Trump stated last night that the conflict in Iran would be over “very soon.” That had the effect of lowering rampant oil prices, which dampened the risk of a prolonged period of higher inflation.
That could have meant an end to the Federal Reserve lowering interest rates and even hiking them in the weeks ahead. Gold is traditionally seen as a hedge against inflation, but low rates also make it more attractive because it is a zero-yield asset.
Remain Cautious
“Trump’s comments about the war ending soon and moves by G7 countries to release strategic oil reserves helped to calm markets, ease energy prices and encourage investors to believe any inflationary pressures may not last as long as some feared,” said Dan Coatsworth, head of markets at AJ Bell. “A recovery in gold prices, helped by a pullback in the dollar, saw precious metal miners in rebound mode.”
However, he remains cautious, given the volatile nature of the Iran conflict and Trump’s whims. “In this regard, meetings of central banks on both sides of the Atlantic next week could be revealing. Both the Federal Reserve and Bank of England may offer an indication of whether they are prepared to look through the impact of this energy shock or if it has genuinely shifted the calculus for interest rates,” he said.
What are the Best Gold ETFs to Buy Now?
We have rounded up the best gold ETFs to buy now using our TipRanks comparison tool. As can be seen below, the SPDR Gold MiniShares Trust GLDM +1.07% ▲ has the highest upside of 78%.
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