GLD is trading 3.3% up today as gold rallies on a combination of easing geopolitical tensions and shifting macroeconomic expectations.
- Hopes for a deal to reopen the Strait of Hormuz are calming global inflation and energy-supply fears.
- Traders are scaling back expectations for further Fed rate hikes, which has weakened the dollar and increased the appeal of non-yielding assets.
- These broader macro drivers, rather than fund-specific news, are the primary catalysts behind the sharp pre-market move.