On August 7, VanEck Junior Gold Miners ETF rose 5.12% in pre-market trading, trading at $115.18/share, with turnover of $3.0566 million.
On the news front, spot gold prices climbed above $4,291/oz with over 1% intraday gains, extending a multi-day rally. The core catalyst was the US July ADP private payrolls report, which showed only 44,000 new jobs versus 75,000 expected, signaling clear labor market cooling. This dramatically reduced rate hike expectations, with September hike probability falling to 52.9%, pushing both the US dollar and Treasury yields lower and reducing the opportunity cost of holding gold.
Additional tailwinds include progress on Strait of Hormuz navigation talks easing oil-driven inflation pressures, and global central bank gold purchases surging 62% year-over-year in Q2. Technical analysts note gold has broken above its 50-day moving average and exited a six-week descending triangle pattern, with key support now at approximately $4,160/oz.
The fund normally invests at least 80% of its total assets in securities that comprise the index. The index includes companies that generate at least 50% of their revenues from gold and/or silver mining/royalties/streaming or have mining projects with the potential to generate at least 50% of their revenues from gold and/or silver when developed. It is non-diversified.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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