Flagship Gold ETF Eyes First Week Up After 7, First Year Up Since 2012

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Most ETFs tracking major stock indexes rallied mildly on Thursday as investors digested news that Apple ( AAPL ), the biggest stock by market cap, dominated holiday sales of smartphones and tablets.

SPDR S&P 500 ( SPY ) edged up 0.1% on the stock market today in early trading. This exchange traded fund, a proxy for the broad U.S. market, sits 1% below its Dec. 13 high of 228.34.

The S&P 500 saw a broad, cross-sector sell-off the previous session as Nvidia ( NVDA ), the market's top stock of 2016, halted a 10-day winning streak and flashed key sell signals .

Gold prices rose to their highest level in two weeks on Thursday as the dollar eased against a basket of major world currencies.

[ibdchart symbol="GLD" type="weekly" size="quarter" position="leftchart"]

SPDR Gold Shares ( GLD ), a commodity ETF that tracks the spot price of gold , added 0.4% in morning trade.

VanEck Vectors Gold Miners ( GDX ), which is considered a leveraged play on gold prices , jumped 3.0%.

Both ETFs have risen every day so far this week. GLD is poised to halt a seven-week losing streak.

The flagship gold ETF is eyeing its first positive year since 2012. Its gold mining ETF peer is poised for its first positive year since 2010.

GLD has advanced 7.3% in 2016 through Dec. 28 and GDX 48%.

Gold and gold mining stocks soared in the first quarter as fears about a hard landing for China rattled global markets.

They retreated for most of the final quarter as both the Federal Reserve and investors grew more confident about the outlook for domestic economic growth.

The Fed in mid-December hiked a key interest rate for the first time since 2015. Higher interest rates put downward pressure on the yellow metal, which bears no yield.

The SPDR gold ETF has been outperformed this year by a smaller rival that invests in gold in euro terms .

IBD'S TAKE:ETF investors have a wealth of choices when it comes to investing in gold for different market conditions.

12 Bellwether ETFs

Here's a look at the performance of major exchange traded funds across key asset classes on the stock market today.

The Relative Price Strength (RS) Rating measures a stock's price performance over the last 12 months vs. all stocks and ETFs, on a scale of 1 to a best-possible 99.

SPDR S&P 500 ( SPY ), 0%, RS 57

PowerShares QQQ (QQQ), -0.2%, RS 54

SPDR Dow Jones Industrial Average (DIA), 0%, RS 65

IShares Core S&P Mid-Cap (IJH), +0.2%, RS 67

IShares Russell 2000 (IWM), +0.1%, RS 72

IShares MSCI EAFE (EFA), +0.3%, RS 37

Vanguard FTSE Emerging Markets (VWO), +1.2%, RS 40

SPDR Gold Shares ( GLD ), +0.5%, RS 21

United States Oil (USO), +0.4%, RS 63

IShares Core U.S. Aggregate Bond (AGG), +0.2%, RS 31

PowerShares DB U.S.$ Bullish (UUP), -0.4%, RS 57

IPath S&P 500 VIX Short-Term Futures (VXX), +0.8%, RS 2


Gold ETF Falls For 7th Week: A Diversified Strategy For Uncertain Times

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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