Precious metal stocks and ETFs jumped in morning trading. ProShares Ultra Silver rose 9%; Hycroft Mining rose 7%; US Gold Corp. rose 6%; Coeur Mining and iShares Silver Trust rose 5%; Endeavour Silver and First Majestic Silver rose 4%; Hecla Mining, Harmony Gold, Fortuna Silver Mines, Newmont, Pan American Silver, Gold Fields, Anglogold Ashanti, and ProShares Ultra Gold rose 3%; Barrick Mining, Agnico Eagle Mines, Eldorado, and Kinross rose 2%; SPDR Gold ETF and Gold Trust Ishares rose 1%.
Gold prices gained more than 1% on Tuesday as the U.S. dollar weakened, while hopes of a resumption in U.S.-Iran talks also supported prices by easing inflation concerns.
Spot gold was up 1.1% at $4,791.65 per ounce by 9:50 a.m. ET (1350 GMT). U.S. gold futures rose 1% to $4,815.40.
Negotiating teams from the U.S. and Iran could return to Islamabad this week to resume talks to end the war, sources told Reuters, after the collapse of weekend negotiations prompted Washington to impose a blockade on Iranian ports.
Among other metals, spot silver rose 3.3% to $78.09 per ounce, platinum gained 0.1% to $2,072.13, while palladium inched 1% lower at $1,558.80.
Comments