Gold Stock ETF GDX Plunges as Iran War Sparks Inflation Fears – 03/19/26

FomoAnxiety · 2026-03-19T21:32:44+00:00

Gold mining stocks fell as gold prices dropped due to inflation concerns sparked by the Iran war, raising energy prices. This situation lessens the appeal of gold as a hedge, as higher yields undermine non-interest-bearing assets.

FomoAnxiety

2026-03-19 21:32:44

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Gold mining stocks were weaker today as the price of the precious metal slumped on inflation fears.

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The VanEck Gold Miners ETF GDX -7.24% ▼ was down 7% today with major holdings Agnico Eagle Mines AEM -6.96% ▼ off 7.04%, Newmont Mining NEM -8.99% ▼ down 8.86%, and Wheaton Precious Metals WPM -7.04% ▼ down 7%.

The spot gold price was down nearly 2% at $4,610 – see below:

The main drag on the gold price continues to be the war in Iran, which has led to higher oil and gas prices. That has raised the fear of higher inflation and less likelihood of interest rate cuts. Indeed, they may have to be raised to tackle rising prices.

Gold is traditionally seen as a hedge against inflation, but low rates also make it more attractive because it is a zero-yield asset.

“While geopolitical tensions remain elevated, the resulting increase in energy prices has raised inflation concerns, reducing the likelihood of near-term rate cuts,” DHF Capital’s Bas Kooijman said. “This has temporarily weighed on gold, as higher yields make non-interest-bearing assets less attractive.”

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