Key Takeaways:
- Spot gold rose nearly 3% intraday on Aug. 19, lifting US-listed mining equities at the open.
- Coeur Mining led gainers, up more than 7%, with Newmont, Kinross and Barrick each climbing at least 5%.
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Gold jumps 3% as US mining stocks rally on safe-haven demand
Spot gold rose nearly 3% intraday to about $4,435 an ounce on Aug. 19, lifting US-listed mining stocks at the market open.
Gold traded at $4,435.85 an ounce as of 9 a.m. ET, up from $4,390.50 at the same time Tuesday, according to CNBC's gold spot price data. The metal has climbed roughly 30 percent over the past 12 months, from about $3,337 an ounce a year earlier, as investors sought refuge from inflation and geopolitical uncertainty.
Coeur Mining gained more than 7 percent, while Eagle Mining, Newmont and Kinross Gold each rose more than 6 percent. Pan American Silver, Gold Fields and Barrick Mining climbed more than 5 percent, tracking the bullion move across the sector.
Gold remains about 20 percent below its 52-week high of $5,477.79 an ounce, leaving room for further gains if safe-haven demand holds. The rally reverses a 1.87 percent decline Tuesday that took the metal to $4,333 an ounce, when higher oil prices and a jump in Treasury yields pressured bullion.
Gold's 30% Annual Gain Draws Safe-Haven Flows
Gold is up about 9 percent from a month ago, when it traded near $3,995 an ounce, and 31.62 percent above its 52-week low of $3,314.92. The metal's run has outpaced silver, which traded near $63 an ounce, and platinum at about $1,751 an ounce, as the precious-metals complex drew inflows from investors hedging against market volatility.
The move comes as Treasury buyers returned to the market Tuesday, pushing yields lower across the curve and easing concerns that a September rate hike was locked in. The benchmark 10-year note last traded at 4.70 percent, while the 30-year bond closed at 5.28 percent, according to market data.
Coeur Leads Miners With 7% Gain
The mining complex moved in lockstep with bullion, with mid-cap and large-cap producers all advancing. Coeur Mining's more than 7 percent gain led the group, followed by Newmont, Kinross and Eagle Mining at more than 6 percent. Pan American Silver, Gold Fields and Barrick Mining each added more than 5 percent.
The equity rally extends a strong first half of August for gold miners, which had sold off Tuesday alongside bullion. If the metal's advance persists, producers with the lowest all-in sustaining costs stand to benefit most from higher realized prices. Traders will watch the next US inflation print and Federal Reserve policy signals for direction, with gold's path hinging on whether real yields continue to ease.
This article is for informational purposes only and does not constitute investment advice.
