Moreover, the mining space is rising on improving commodities prices, notably gold and silver. Comex gold futures rose 1.2% to $1,258.1 per ounce Monday while Comex silver futures gained 3.6% to $15.9 per ounce.
[related_stories]Gold and silver miners were among the best sector ETFs on Monday, with the PureFunds ISE Junior Silver ETF (NYSEArca: SILJ) surging 8.2% and Global X Gold Explorers ETF (NYSEArca: GLDX) jumping 9.4%.
XME also includes a 9.8% tilt toward silver miners and 9.2% toward gold miners.
The more muted Federal Reserve interest rate expectations are weighing on the U.S. dollar, bolstering dollar-denominated precious metals. The Fed has hinted at a gradual rate hike and only expects raising rates two times this year, compared to its previously stated four hikes, amid concerns over the global economy.
SPDR Metals & Mining ETF