GDX had to contend with slumping gold prices and a slightly stronger dollar last month, but the ETF was able to cut into its February losses in significant fashion during the month’s final days. The largest gold miners ETF gained 4.3% last week. [February Blues for Gold ETFs]
India could help gold decide in which direction it will emerge from the aforementioned pennant. Retail buyers are expected to lift domestic demand in India, but the country’s new budget, unveiled over the weekend, dashed hopes for a reduction in an almost two-year old tariff on gold imports. However, some market observers see the removal of that uncertainty as a near-term catalyst for Indian gold imports.
Chart Courtesy: Kimble Charting Solutions
Tom Lydon’s clients own shares of GLD.