E Fund Gold Mining ETF and Zijin Mining have recently been under pressure as gold prices fluctuate at high levels, with gold mining stocks showing some lag compared to the price of gold itself; $iShares Gold Trust(IAU.US) and $Pro Ultr GLD(UGL.US), as direct gold instruments, follow the spot price more closely. $VanEck Gold Miners ETF(GDX.US) has underperformed somewhat, reflecting the erosion of mining company profit margins by cost-side inflation.

Currently, the 10-year U.S. Treasury yield has risen above 4.30%, forming a "bear steepening," which would normally suppress gold. However, gold prices have shown resilience at $4,700-$4,800/oz, indicating that central banks' continued buying and the de-dollarization narrative are currently overriding interest rate pressure. If the yield stabilizes below 4.3%, the narrative holds. If inflation exceeds expectations and pushes the yield towards 5%, gold prices will initially be pressured but later rebound due to stagflation hedging demand. It also cannot be ruled out that gold mining stocks may catch up after gold prices stabilize.