Newmont (NEM), Other Gold Mining Stocks Shine Amid Rush to Safe Havens

March 17, 2023 12:17 PM EDT

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Shares of Newmont (NYSE: NEM) outperformed Friday, rising 5% as gold prices surged. The precious metal gained in popularity recently due to problems in the banking sector.

Gold climbed over 2% to a high of $1,969.60, up 5% this week, notching its largest weekly gain since November.

The surge lifted gold miners, with Market Vectors Gold Miners ETF (NYSE: GDX) climbing 4% and Market Vector Junior Gold Miners Etf (NYSE: GDXJ) climbing 4.25% today.

Popular gold mining stocks include Agnico Eagle Mines (NYSE: AEM), Barrick Gold (NYSE: GOLD), Kinross Gold (NYSE: KGC), AngloGold Ashanti (NYSE: AU), Royal Gold (NASDAQ: RGLD), Franco-Nevada (NYSE: FNV) and Gold Fields (NYSE: GFI) all moved higher.

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