Gold miners show strength as gold nears all-time high
May 04, 2023 5:45 PM ETSPDR® Gold Shares ETF (GLD), GDX, SLVIAU, NEM, GFI, AEM, IAG, HMY, CDE, SIL, AU, SGOL, SIVR, GDXJ, PHYS, PSLV, NUGT, SLVP, OUNZ, SILJ, SSRM, BAR, GLDM, AAAU, XAGUSD:CUR, XAUUSD:CUR, GROY, FGLDBy: Carl Surran, SA News Editor
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Gold flirted with record highs and silver settled at its highest in more than a year on Thursday, as U.S. banking concerns and rising fears of a potential recession accelerated a flight to the safe-haven asset.
A weaker dollar also has helped lift gold, with the ICE U.S. Dollar Index down 0.3% this week and more than 2% this year to 101.26.
Spot gold (XAUUSD:CUR) was +0.3% at $2,045.79/oz after climbing as high as $2,072.19, just $0.30 shy of a record, and front-month Comex gold for May delivery closed +0.9% at $2,048.00/oz, its second highest settlement in history behind only the record $2,051.50 hit on August 6, 2020.
Silver (XAGUSD:CUR) scored its sixth straight daily gain, with the front-month May Comex contract closing+2.2% to $26.035/oz, its highest settlement value since April 18, 2022 but still far from the record high $48.70 achieved on January 17, 1980.
ETFs: (NYSEARCA:GLD), (NYSEARCA:GDX), (GDXJ), (IAU), (NUGT), (PHYS), (GLDM), (AAAU), (SGOL), (BAR), (OUNZ), (FGLD), (NYSEARCA:SLV), (PSLV), (SIVR), (SIL), (SILJ), (SLVP)
Most precious metals miners posted gains Thursday, including SSR Mining (SSRM) +9.8%, Gold Royalty (GROY) +5.9%, AngloGold Ashanti (AU) +5.5%, Coeur Mining (CDE) +5.5%, Newmont (NEM) +4%, Agnico Eagle Mines (AEM) +4%, Iamgold (IAG) +3.8%, Harmony Gold (HMY) +3.8%, Gold Fields (GFI) +3.7%.
Gold traders believe they have "a real shot at recording another all-time high as the Fed has finally thrown in the towel on the interest-rate-hike agenda," Naeem Aslam, chief investment officer at Zaye Capital Markets, told MarketWatch. |
