Gold, silver stocks and ETFs jumped in morning trading. Gold Fields, Harmony Gold, and Coeur Mining rose 7%; Anglogold Ashanti, Endeavour Silver, Fortuna Silver Mines, Newmont Mining, and First Majestic Silver rose 6%; US Gold Corp., Kinross, Eldorado, and Hecla Mining rose 5%; Agnico Eagle Mines and Barrick Mining rose 4%; ProShares Ultra Gold and Pan American Silver rose 3%.
Gold extended a three-day rally on signals that the war in the Middle East may be nearing resolution, with traders shifting focus from interest-rate hikes to the longer-term risk of an economic downturn.
Bullion rose as much as 2% to top $4,700 an ounce, adding to a 3.5% jump in the previous session before paring gains. Trump said on Wednesday he’ll only consider a halt to attacks on Iran when the Strait of Hormuz is reopened. A day earlier, Trump said he foresaw the US ending the conflict within two to three weeks, pushing the dollar and bond yields lower while boosting bullion.
Spot gold gained 1.7% to $4,749.57 an ounce as of 10:41 a.m. in New York. Silver fell 0.2% to $75.05. Platinum edged higher, while palladium dipped. The Bloomberg Dollar Spot Index, a gauge of the US currency, fell 0.4%.
