Gold Dips $50, Mining Stocks Show Resilience Amid Market Volatility!
Despite a sharp drop in gold prices, mining stocks demonstrate strength, hinting at potential rallies in precious metals.
Gold prices experienced a significant decline of $50 per ounce on May 29, 2025, with spot gold trading at $3,252.74, down from $3,303.50 the previous day. This downturn is attributed to a stronger U.S. dollar and easing geopolitical tensions, which have reduced gold's appeal as a safe-haven asset.
In contrast, silver prices remained relatively stable, with spot silver at $32.91 per ounce. The resilience in silver prices is supported by steady industrial demand and investor interest.
Notably, mining stocks have shown remarkable resilience amid the gold price drop. The VanEck Gold Miners ETF (GDX) rose to $50.35, up 1.15%, while Newmont Corporation (NEM) increased to $52.85, a 0.29% gain. Barrick Gold Corporation (GOLD) experienced a slight decline to $18.86, down 2.88%.
Financial analyst Peter Schiff commented on the situation, stating, "Mining stocks are holding up very well with this morning's $50 drop in the gold price. Many names have already gone positive, recovering nicely from the early morning selloffs. A big rally in both gold and silver, and the miners may soon follow."
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