Gold has been on a solid run this year, outperforming the broader market index. The bullion hit a series of new all-time highs in recent sessions, topping $2,664 per ounce following the Fed rate cuts. The weak economic data and geopolitical tensions in the Middle East also drove the price higher.
In tandem with the higher gold price, ETFs in the gold space have surged, with many hitting new 52-week highs. Metal miners are the biggest beneficiaries of the surge in gold price as these act as a leveraged play on the underlying metal prices and thus tend to experience more gains than their bullion cousins in a rising metal market. We have highlighted five ETFs from the gold mining space that touched new highs in the latest trading session and are leading the rally.
This post originally appeared at Zacks.