GDX is trading at $79.14 (-3.12%) as higher oil prices tied to Middle East tensions stoke inflation fears and weigh on gold. - Inflation concerns have raised expectations that interest rates will stay higher for longer, pressuring non-yielding gold. - Gold was headed for its steepest weekly decline in over four months on October 23. - Broader risk-off sentiment is adding pressure, but gold’s decline is the clearest sector-specific catalyst for miners.