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Gold Jumps 7%, Closing In On $800/Oz
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Gold is on the rise today as investors run to safe assets. The price of gold spot is up 7.2% today to $798. The main gold ETF, SPDR Gold Shares (AMEX: GLD), is up 7% today to $78.66.
Although there have been many stories about people around the world hoarding gold due to the global financial unrest, the precious metal has not seen a boon to investors recently as the commodity sell-off and the strong dollar has weighed on the price. After temporarily hitting the $1000 price in March, gold moved back down to the $700 range on these factors.
Shares of gold miners are surging higher today. Harmony Gold Mining Co. Ltd. (NYSE: HMY) +21%, Yamana Gold, Inc. (NYSE: AUY) +16.7%, Barrick Gold Corporation (NYSE: ABX) 23.6%, Goldcorp Inc. (NYSE: GG) +17%, Newmont Mining Corp. (NYSE: NEM) +15.6%, Kinross Gold Corp. (NYSE: KGC) +16.5%, Agnico-Eagle Mines Ltd. (NYSE: AEM) +16.4%, Market Vectors Gold Miners ETF (NYSE: GDX) +19%.
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