A beaten-down ETF tracking small-cap gold miners was the best-performing unleveraged fund this week as U.S. stocks and precious metals both posted gains.
Market Vectors Junior Gold Miners (NYSEArca: GDXJ) was on track for a weekly advance of 10% in afternoon trading Friday. The ETF hit an all-time low in late June and is still down more than 50% year to date. [Small-Cap Gold Miner ETF Bounces]
Bullion-backed ETFs also rebounded after three weeks of losses. SPDR Gold Shares (NYSEArca: GLD) was up nearly 5% for the week.
Gold was set for its biggest weekly rally in almost two years as prices recovered after Federal Reserve Chairman Ben Bernanke said the U.S. economy requires highly accommodative monetary policy for the foreseeable future.