Gold miners surge as Iran opens Hormuz Strait

Investing.com -- US-listed shares of gold mining companies rose on Friday as gold prices extended gains after Iran announced the Strait of Hormuz would remain open to commercial shipping during the Lebanon ceasefire.

Newmont gained 2.2%, while Sibanye Stillwater climbed 4.6%. Barrick Mining added 2.1% and Harmony Gold jumped 6.3%. Kinross Gold rose 1.9% and AngloGold Ashanti increased 3.3%.

Iran's Foreign Minister Abbas Araghchi wrote on X that passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of the ceasefire, on the coordinated route already announced by the Ports and Maritime Organisation of the Islamic Republic of Iran.

Gold futures traded roughly 1.5% higher following the announcement. Crude oil WTI futures fell roughly 11%, trading just above $84.

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