Gold miners ETFs rallied sharply on Wednesday as bullion prices rose, driven by optimism surrounding a possible peace agreement between the United States and Iran and a weaker U.S. dollar.
Among some of the major beneficiaries are VanEck Junior Gold Miners ETF (NYSE:GDXJ), iShares MSCI Global Gold Miners ETF (NASDAQ:RING), US Global GO GOLD and Precious Metal Miners ETF (NYSE:GOAU) and VanEck Gold Miners ETF (NYSE:GDX).
| ETFs | Wednesday Performance |
| GDXJ | 8.47% |
| RING | 7.80% |
| GOAU | 7.80% |
| GDX | 6.60% |
Bullion Prices Climb Above $4,700
Gold prices extended gains early Thursday, trading around $4,700 per ounce, as the U.S. dollar slipped, while traders weighed signals that Washington and Tehran could be moving toward a deal to halt the conflict. The move marked a third consecutive session of gains after a 3% jump on Wednesday that pushed it to the strongest level since April 27.
Iran was reviewing a U.S. peace proposal. President Donald Trump also said substantial progress had been made in negotiations, adding to hopes that tensions around the Strait of Hormuz could ease.
Market participants also watched a pullback in U.S. yields and a slide in oil prices, factors that can shift demand for non-yielding assets such as bullion, as reported by Reuters.
The U.S. Dollar Index slid from $98.44 on Tuesday to $98. This drop can make …
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