Gold prices surged on December 9, 2024, reaching a two-week high, driven by renewed purchases from the People's Bank of China and geopolitical developments in Syria. The Chinese central bank's increased buying activity has bolstered demand, providing a significant boost to gold prices. Additionally, the collapse of the Syrian regime has added a layer of geopolitical uncertainty, further enhancing gold's appeal as a safe-haven asset. These factors have collectively contributed to a positive sentiment in the gold market, influencing the performance of gold mining stocks.
The MicroSectors Gold Miners 3x Leveraged ETN (GDXU) has benefited from these developments, reflecting the upward momentum in the gold mining sector. The underlying securities, including GDX, GDXJ, and individual miners like Coeur Mining (CDE) and Harmony Gold (HMY), have all experienced notable gains. GDX and GDXJ rose by 4.29% and 5.62%, respectively, while CDE and HMY saw increases of 9.17% and 7.49%. These movements underscore the broader rally in gold mining equities, driven by the favorable market conditions for gold.
The GDXU ETF climbed to $39.83, marking a 13.19% increase from the previous close as of 1:00 PM on December 9, 2024.