GDX is trading 3% down today as investors lock in gains after gold reached a more-than-two-month high.
- Spot gold fell 0.47% after the July PPI release, while reports also cited profit-taking following the prior session’s rally.
- The flat July PPI initially supported expectations for less restrictive Federal Reserve policy, but firm core-price pressure and weaker gold momentum dominated near-term trading.
- Broader equities rose, suggesting the decline was concentrated in precious-metals exposure rather than a broad risk-off move.