Gold Hits Record, Silver at Multi-Year High, Lifting Precious Metal Producers Higher
Gold climbed to a record and silver advanced as the dollar weakened, boosting the investment appeal of the precious metals and curbing the cost of acquiring the asset for holders of other currencies.
$Gold Futures(DEC4) (GCmain.US)$ rose $31.90, or 1.3%, to settle at $2,417.40 an ounce on Comex. That's the all-time high close for a most-active contract, according to Dow Jones Market Data. The precious metal also rallied as U.S. wobbled, with the $S&P 500 Index (.SPX.US)$ rising less than 0.1%, while the $Nasdaq Composite Index (.IXIC.US)$ slipped 0.1% after both indexes reached a record earlier this week.
Silver for July delivery rose as much as 6.2% to a $31.715 an ounce on Comex, the highest intraday for the white metal since 2013, according to CNBC.
The rally in gold and silver prices is also sending the shares of the biggest producers higher. $Newmont (NEM.US)$ rose 2.1% to $43.74 in New York trading, while its rival $Barrick Gold (GOLD.US)$ advanced 1.8% to $17.83. $Coeur Mining (CDE.US)$ climbed 11% to $5.835.
In Toronto, $Newmont Corp (NGT.CA)$ gained 2.3% to C$59.63, while $Barrick Gold Corp (ABX.CA)$ added 1.9% to $24.28.
In Toronto, $Newmont Corp (NGT.CA)$ gained 2.3% to C$59.63, while $Barrick Gold Corp (ABX.CA)$ added 1.9% to $24.28.
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Former editor at Bloomberg, ex-commentary editor at Lazard. Posts aren’t investment advice. Views are just mine.
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