Sector movers: Precious metals miners pace gains

Precious metals miners' shares paced gains in the stock market on Wednesday as the US dollar softened a tad heading into the US central bank's policy meeting that was scheduled for after the close of markets in London.

By 1940 BST, the US dollar index was down by 0.62% to 101.33 with gold futures trading around the $2,030/oz. mark.

Nonetheless, according to analysts at SP Angel the most direct trigger for rising prices of the yellow metal was the sell-off in lenders' shares during the previous session.

It was the "panic" around regional US lenders that had pushed 10-year US Treasury yields down to their August 2022 lows.

"[There were] concerns the Fed may be stuck between a rock and a hard place, restricted from notable rate increases going forward despite sustained inflationary pressures," SP Angel said.

The analysts also noted how the US debt ceiling issue was continuing to "bubble away" in the background.

Top performing sectors so far today

Precious Metals and Mining 11,539.49 +2.39%

Personal Goods 36,504.28 +1.67%

Telecommunications Service Providers 2,518.34 +1.54%

Retailers 3,706.76 +1.20%

Closed End Investments 11,067.99 +1.01%

Bottom performing sectors so far today

Chemicals 11,548.27 -1.79%

Household Goods & Home Construction 11,962.43 -1.36%

Automobiles & Parts 1,698.93 -0.99%

Banks 3,514.96 -0.77%

Food Producers 6,663.52 -0.59%