Gold Prices: GDX.F mirrors gold's price movements as it represents gold mining companies. Higher gold prices often lead to increased profitability and higher stock prices.

Market Sentiment: Investor confidence and risk appetite influence gold's appeal. During economic uncertainty, gold, and subsequently GDX.F, may rise as investors seek safe havens.

Company Performance: The financial health and operational efficiency of individual gold mining companies within the GDX.F portfolio impact the ETF's overall value. Lower production costs or increased gold reserves could improve valuations.

Geopolitical Risks: Global political instability and economic crises can drive investors to gold, increasing demand and potentially raising GDX.F's price.

Interest Rates: Rising interest rates can negatively affect gold as it offers no yield, making interest-bearing assets more attractive, potentially lowering GDX.F's price.

Inflation: Gold is often seen as an inflation hedge. Higher inflation may increase demand for gold, potentially raising GDX.F's value.

Currency Fluctuations: A weaker US dollar can make gold cheaper for foreign buyers, potentially increasing demand and raising GDX.F's price.

Supply and Demand: The balance between gold supply from mining and demand from investors and industry significantly influences its price, and subsequently GDX.F.