Weak Jobs Report Spurs Rally in Precious Metal Miners ETFs

Gold assets have previously been selling off as more traders anticipated a September rate hike, which would have diminished the attractiveness of a hard asset that provides zero yields.

SEE MORE: Gold ETFs Lose Direction After Yellen’s Speech

However, looking at the Fed funds futures market, options traders now saw a 24% probability of a Federal Reserve rate hike later this month.

“It was obviously lower than expected, which goes counter to (the Fed raising rates) in September, but it doesn’t necessarily count them out for the year,” Ellis Phifer, market strategist at Raymond James, told Reuters.

For more information on the miners space, visit our gold miners category.

Global X Gold Explorers ETF