The SPDR Gold Shares (NYSEArca: GLD) relatively flat at last check Wednesday, but the fund is up 1.2% over the past week. [Tarnished Gold ETFs Try to Glimmer]
Additionally, precious metal prices were gaining momentum as the recent rally forced bearish traders to cover their shorts, Kitco News reports. The traders would have to buy back borrowed securities to close an open short position, which helps push prices higher.
Market Vectors Junior Gold Miners ETF
For more information on the mining industry, visit our metals & mining category.
Max Chen contributed to this article.