Sep 3, 2019

Gold | Gold Price by MarketWatch: Gold's surge to 6 1/2-year high fuels broad rally in gold miner stocks

Tomi Kilgore

Shares of gold miners were broadly higher in afternoon trading Tuesday, as worries about escalating U.S.-China trade tensions, data showing a surprise contraction in the U.S. manufacturing sector and uncertainty surrounding Brexit has helped fuel demand for safe-haven gold. The VanEck Vectors Gold Miners ETF GDX, +1.69% rallied 2.2% with 39 of 44 components gaining ground. Among the more active U.S.-listed shares, Hecla Mining Co. HL, +4.49% hiked up 5.3%, Coeur Mining Inc. CDE, +2.74% climbed 2.7%, Newmont Goldcorp Corp. NEM, +1.40% advanced 1.9% and AngloGold Ashanti Ltd. AU, +0.75% tacked on 1.5%, while Harmony Gold Mining Co. Ltd. HMY, -1.89% lost 1.2%. Meanwhile, SPDR Gold Shares GLD, +1.45% rose 1.4% toward the highest close since April 2013, while continuous gold futures GC00, +1.75% gained 1.7%, also toward a 6 1/2-year high. The gold miners ETF has now soared 64.5% over the past 12 months, while the S&P 500 SPX, -0.97% has slipped 0.2%.

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