Gold miners faced a challenging month in October 2026, with a widely followed gold miners ETF dropping 5.80% on October 22, leaving it 16.50% below its closing price a month earlier. A gold-backed ETF also fell 2.63% on the day and 7.77% over the same period. The declines followed a tough September, where gold prices ended at US$4,176 an ounce, down 8.5% from the month's start, driven by rising U.S. Treasury yields and a stronger U.S. dollar.
The World Gold Council attributed the drop to a 53 basis point increase in the U.S. 10-year Treasury yield to 5.3%, alongside futures liquidation. The Federal Reserve's September meeting minutes suggested another rate hike by year-end, raising the opportunity cost of holding non-interest-bearing assets like gold. In such a market, companies with strong grades, cost structures, or by-product credits stand out.
RUA GOLD Inc. highlighted its Auld Creek Gold-Antimony Project in New Zealand, which used a base case of US$3,300 per ounce of gold in its Preliminary Economic Assessment. Even after September’s decline, gold’s price was 26% above this base case. The project also benefits from rising antimony prices, which have more than doubled since 2024 due to export restrictions from China. RUA GOLD reported high-grade drill results, reinforcing the project’s potential.
Other companies like Lundin Gold, K92 Mining, Torex Gold Resources, and Aris Mining also shared updates. Lundin Gold reported record quarterly production, while K92 Mining achieved its second-highest quarterly production. Torex Gold exceeded its design rate, and Aris Mining is expanding operations to boost annual gold production to 500,000 ounces.