MSCI's global gold miners index has risen 43% month-to-date, on track for the largest single-month gain on record and outpacing any monthly rally by chip stocks in recent years. The rally accelerated after the US Treasury unexpectedly expanded bond buybacks earlier this month and signalled steps to lower government borrowing costs. Tomasz Godziek, head of equities, said gold is one of their largest overweights, citing a weaker dollar and central-bank reserve diversification. Rising global yields

MSCI's global gold miners index has risen 43% month-to-date, on track for the largest single-month gain on record and outpacing any monthly rally by chip stocks in recent years. The rally accelerated after the US Treasury unexpectedly expanded bond buybacks earlier this month and signalled steps to lower government borrowing costs. Tomasz Godziek, head of equities, said gold is one of their largest overweights, citing a weaker dollar and central-bank reserve diversification. Rising global yields and growing skepticism about returns on large AI-related spending are weighing on technology stocks.