Gold stocks were shining less brightly today as hopes that the U.S. and Iran could be getting close to a ceasefire in the Middle East began to fade.
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The VanEck Gold Miners ETF (GDX) was down 0.43% today with major holdings Franco-Nevada Corporation (FNV) down 0.57%, Newmont Mining (NEM) off 1%, and Wheaton Precious Metals (WPM) down 0.87%.
The spot gold price was down 0.3% at $4,668.
Gold had rebounded earlier this morning after a positive jobs report in the U.S. on Friday and reports that ceasefire talks could be starting to get serious with the involvement of Vice President JD Vance.
However, as the day continued and reports came in that Iran had rejected a ceasefire proposal from the U.S.; the mood among gold investors darkened. Things could get worse with President Trump’s deadline for a deal to be done and for the Strait of Hormuz to be opened looming ever closer on Tuesday night U.S. time.
The gold price has fared badly in the current conflict between the U.S., Israel and Iran. A rising oil price has brought with it the fear of higher inflation and the prospect of higher interest rates to combat that concern. Gold tends to do better in times of low interest rates.
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