Global gold-mining stocks suffered steep losses, wiping out all gains for 2026 as traders slashed rate-cut expectations. The sector's reversal comes amid surging oil prices following the Iran war, which has dampened investor appetite for precious metals. Mining companies that had rallied earlier this year on hopes of monetary easing now face mounting pressure.

Gold mining stocks had been among the top performers in early 2026, benefiting from expectations that central banks would cut interest rates to stimulate growth. However, the recent spike in oil prices has shifted market sentiment, with traders now pricing in a more hawkish monetary policy stance. The sector's decline reflects broader concerns about inflation and economic uncertainty.

The selloff in mining shares highlights the sector's sensitivity to macroeconomic factors. With rate-cut bets fading and energy prices rising, gold miners are struggling to maintain their earlier momentum. The reversal underscores how quickly market dynamics can shift, leaving investors to reassess their positions in the precious metals space.