Gold-Mining Stocks Erase 2026 Gains as Rate-Cut Bets Fade
An excavator deposits ore into a dump truck in an open pit gold mine in Mungari, Australia.
Photographer: Carla Gottgens/BloombergGlobal gold-mining stocks tumbled, and are now in the red for this year, as traders ratcheted back expectations for interest-rate cuts with oil prices surging amid the Iran war.
The NYSE Arca Gold Miners Index fell 6.6% on Thursday to the lowest level since December. The index, which includes companies from the US, Canada, the UK and Australia, is now down about 1.9% in 2026. It was up as much 35% on March 2, the first trading day after the US and Israel launched strikes on Iran, and as Iran retaliated.