GDX is trading at $88.68 with a -4.51% change, as oil-driven inflation concerns pressure gold. - President Trump’s rejection of Iran’s Hormuz proposal lifted oil and renewed inflation concerns, pressuring gold. - Higher Treasury yields and increased expectations for Fed rate hikes further weighed on non-yielding bullion; spot gold fell more than 1% in early trading. - The move appears macro- and gold-sector driven, with no specific major miner catalyst identified.