GDX is trading 3.2% down today as bullion retreats under pressure from rising Treasury yields, firmer oil prices, and a stronger dollar.
- Higher yields increase the opportunity cost of holding gold.
- Oil-driven inflation concerns reduce expectations for near-term monetary easing ahead of the Federal Reserve’s July meeting minutes.
- Geopolitical tensions offer safe-haven support, but profit-taking after gold’s sharp August rally weighs on leveraged mining equities.