Gold mining stocks were lower again today as the precious metal prices stayed on course for its biggest weekly loss since 1983.
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The VanEck Gold Miners ETF (GDX) was down 3% today with major holdings Agnico Eagle Mines (AEM) off 3.39%, Newmont Mining (NEM) down 3.47%, and Wheaton Precious Metals (WPM) off 4.47%.
The spot gold price was down 3.16% at $4,575, hit by a strong U.S. dollar, continued concerns over a hawkish Federal Reserve and the Iranian conflict.
The Federal Reserve kept rates unchanged on Wednesday and signaled that inflation could rise. Traders have raised their expectations of a rate increase to 50% by October, amid concerns that a prolonged conflict could fuel global inflation.
Gold is typically viewed as a hedge against inflation, but higher interest rates increase the appeal of yield- bearing assets, while a stronger dollar makes bullion more expensive for holders of other currencies.
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