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00:02Gold prices surged above $4,200 per ounce on Wednesday, breaking above the 50-day moving
00:07average for the first time in nearly a year, according to Benzinga.
00:11Agnico Eagle Mines rose more than 9.5 percent intraday, while Newmont gained about 7 percent.
00:16The Vanek Gold Miners ETF climbed roughly 7.2 percent after what Azuria Capital founder
00:21Tavi Costa called a technical breakout.
00:24The rally followed Trump's optimistic comments on a potential Hormuz agreement, which investors
00:28view as supportive of interest rate cut expectations.
00:31Gold remains sensitive to interest rate expectations, as war-driven energy inflation has reduced hopes
00:36for rate cuts and raised the threat of hikes that could pressure the non-yielding metal.
00:40Miners' profitability depends on keeping production costs low, while maximizing the market price
00:45of the metals they sell.
00:46Some miners are holding more metal on their balance sheets instead of selling immediately.
00:50For all things money, visit Benzinga.com
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