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Gold Stock ETF GDX Climbs Despite Precious Metal Price Falling on Interest Rate Fears
Gold mining stocks were stronger today despite the price of the precious metal being held back by fears over interest rates and Iran.
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The VanEck Gold Miners ETF (GDX) was 1.05% higher today with major holdings Agnico Eagle Mines (AEM) up 1.03%, Newmont Mining (NEM) up 0.29%, and Wheaton Precious Metals (WPM) down 0.55%.
The spot gold price was down 0.12% to $5,015.
Interest Rate Fears
Gold was sluggish today ahead of Wednesday’s meeting of the Federal Reserve, when it is widely expected to keep interest rates on hold in the 3.5-3.75% range for a second consecutive meeting.
Christopher Wong, a strategist at OCBC, said, “In the near term, [gold’s] price action may remain choppy as markets reassess the Fed policy path and the trajectory of real yields.”
Interest rates are likely to remain static because of fears over rising inflation, as a result of the disruption to oil supplies during the Iran war.
Gold is traditionally seen as a hedge against inflation, but low rates also make it more attractive because it is a zero-yield asset.
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) has the biggest upside of 67.03%.
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