Equinox Gold Corp. (EQX) shares surged 5.29% in pre-market trading on Monday, riding the wave of a broader rally in gold stocks. The precious metal's price jumped nearly 2% to trade above $4,080 an ounce, boosting investor sentiment across the gold mining sector.

The surge in gold prices comes as a weakening US economy increases the likelihood of a rate cut next month. Recent data showed US consumer sentiment falling to near record lows, while a private report indicated a weak labor market. These factors have outweighed progress on ending the government shutdown in Washington, driving investors towards safe-haven assets like gold.

Equinox Gold Corp.'s pre-market rally aligns with gains seen across the gold mining industry. Other notable performers include Harmony Gold and Coeur Mining, both up over 6%, Gold Fields rising more than 5%, and Anglogold advancing 4%. Major players like Barrick Mining and Newmont also saw increases of around 3%. This sector-wide movement underscores the strong correlation between gold prices and the performance of gold mining stocks, including Equinox Gold Corp.