Gold Stock ETF GDX Feels the Heat as Inflation Fears Floor Miners – 03/11/26

FomoAnxiety · 2026-03-11T19:05:58+00:00

Gold mining stocks have declined due to lower gold prices and rising oil prices, driven by inflation concerns and geopolitical tensions. Investors are moving away from gold as a safe haven, affecting major mining companies.

FomoAnxiety

2026-03-11 19:05:58

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Gold mining stocks were bashed again today, hit by lower precious metal prices and resurgent oil prices.

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The VanEck Gold Miners ETF GDX -3.38% ▼ was down 2.75% today with major holdings Agnico-Eagle Mines AEM -3.06% ▼ down 2.29%, Newmont Mining NEM -3.04% ▼ off 2.68%, and Wheaton Precious Metals WPM -2.88% ▼ down 2.22%.

The drop in the spot gold price, down 0.61% to $5,171, certainly played a part – see below:

Investors moved away from gold as a safe haven largely on inflation fears. Although today’s U.S. inflation data came in at 2.4% year-on-year in line with forecasts, the gradual trend down is still above the Fed’s 2% target.

Lauren Hyslop, Fund Manager at Mattioli Woods, said: “Inflation is threatening to start heading in the wrong direction. Worse still, the figures won’t yet capture the impact of surging oil prices following the conflict with Iran and the closure of the Strait of Hormuz. American consumers will soon feel the pain at the pump, thought to be in the region of a 10 to 15% increase – unwelcome news for households already feeling the pinch. For the Fed, a rate cut next week looks well and truly off the table.”

Gold is traditionally seen as a hedge against inflation, but low rates also make it more attractive because it is a zero-yield asset.

Oil Leads to Leak

An uptick in those oil prices also hit miners as it means an increase in costs to run their operations. There is also increased uncertainty around global economic activity because the Iran conflict puts a question mark over demand levels for metals and minerals.

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