GDX is trading at $87.42 (-5.87%) as oil-driven inflation fears and rate-hike expectations weigh on gold miners.

  • President Trump’s rejection of Iran’s Hormuz proposal renewed oil-supply and inflation concerns, while higher oil prices reinforced expectations of further Fed rate hikes.
  • Elevated Treasury yields and a stronger dollar reduced bullion’s appeal; gold fell more than 2% on September 28, reaching a seven-week low.
  • The risk-off backdrop also weighed on gold miners broadly, with materials down; available evidence indicates no company-specific catalyst.