Gold Moves Higher Again, Is The Precious Metal Finally Gaining Traction?

Gold stocks are higher today as the underlying commodity is up another 2% to $836.60, a two-month high, on continued dollar weakness. The main gold ETF, SPDR Gold Shares (AMEX: GLD), is up 2.1% today to $82.51.

It appears that Gold is finally starting to gain some traction as a safe-haven due to the global financial unrest and unprecedented central bank action. So far this year the precious metal has not seen a boon to investors 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 - before its recent move back above $800.

Gold stocks: Yamana Gold, Inc. (NYSE: AUY) +8%, Barrick Gold Corporation (NYSE: ABX) 5%, Goldcorp Inc. (NYSE: GG) +8%, Newmont Mining Corp. (NYSE: NEM) +6%, Kinross Gold Corp. (NYSE: KGC) +6%, Agnico-Eagle Mines Ltd. (NYSE: AEM) +11%, Harmony Gold Mining Co. Ltd. (NYSE: HMY) +1%, IAMGOLD Corp. (NYSE: IAG) +8%.

You May Also Be Interested In

• Alphabet (GOOGL) soars 16% on Q1 results beat, first-ever dividend
• ByteDance Prefers TikTok Shutdown in US if Legal Options Fail - Reuters
• Fed Swaps No Longer Fully Price In Rate Cut Before December - Bloomberg