Gold Marks Fresh 6.5-year Highs, Miners’ Stocks Rally

Gold Marks Fresh 6.5-year Highs, Miners’ Stocks Rally

$XAU, $GDX, $GLD, $HL, $NEM, $CDE, $AU, $HMY

Tuesday, shares of gold miners were broadly higher in afternoon trading, as worries about escalating US-China trade tensions, data showing a surprise contraction in the US manufacturing sector and uncertainty surrounding BREXIT has helped fuel demand for safe-haven gold.

The VanEck Vectors Gold Miners ETF GDX, +1.71% rallied 2.2% with 39 of 44 components gaining ground.

Among the more active US-listed shares, Hecla Mining Co. HL, +6.18% hiked up 5.3%, Coeur Mining Inc. CDE, +2.01% climbed 2.7%, Newmont Goldcorp Corp.NEM, +1.25% advanced 1.9% and AngloGold Ashanti Ltd. AU, +0.31% tacked on 1.5%, while Harmony Gold Mining Co. Ltd. HMY, -1.08% lost 1.2%.

Meanwhile, SPDR Gold Shares GLD, +1.39% rose 1.4% toward the highest close since April 2013, while continuous gold futures GC00, +0.08% gained 1.7%, also toward a 6.5 year high. The gold miners ETF has now soared 64.5% over the past 12 months, while the S&P 500 SPX, -0.69% has slipped 0.2%.

US Dec 19 gold futures are at 1,556.30+0.40 (+0.03%),as of 9:29p EDT. the market is open.

Stay tuned…

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