International gold prices moved back above $4,600 an ounce for the first time in three months, lifting gold-related exchange-traded funds (ETFs). Gold-mining ETFs gained about 40% over one month, outperforming the metal itself. As of the 21st, the U.S.-listed WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN) returned 47.60% over the previous month, according to Koscom's ETF CHECK on the 23rd. The iShares MSCI Global Gold Miners ETF (RING) rose 42.85%, while the VanEck Gold Miners ETF (GDX) and Global X Gold Explorers ETF (GOEX) each gained 38.60%. Gold futures on the New York Mercantile Exchange closed at $4,680.60 an ounce on the 21st local time, up 17.25% over one month after reaching a yearly low of $3,992.10 last month. Analysts linked the rally to concerns about U.S. fiscal health, a weaker dollar, central-bank gold purchases and fading expectations of additional U.S. interest-rate hikes. The dollar index fell to 98.80, its lowest level since May 14, increasing gold's relative appeal as long-term interest rates rose in major economies. Mining companies can deliver greater profit growth than physical gold when prices rise because a large portion of their costs is fixed. Yuanta Securities said miners' all-in sustaining costs (AISC), the full ongoing cost of producing gold, increased 16.2% year on year in the first quarter, compared with a 49.4% rise in gold prices.