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What's Going On With Gold Today?

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What's Going On With Gold Today?

Gold is on a tear Wednesday, as the election of Donald Trump as the next president of the United States has sent traders scurrying towards safe havens. Riding on its safe haven appeal, the yellow metal has risen $7.20 to $1,281.70 an ounce.

The December futures have come substantially off its highs after being up about $64 to $1,338.30 an ounce. The sharp jump was the highest since the levels reached on June 24, in the aftermath of the Brexit vote in the United Kingdom.

The dollar is currently mixed, although it did come under selling pressure earlier on expectations that with Trump at the helm, an interest rate move is unlikely in the near terms. Dollar weakness is salubrious for gold, as the yellow metal is denominated in dollar.

Gold stocks, both big and small-cap stocks, and gold ETFs are also moving in tandem with the commodity.

ETFs

  • Market Vectors Gold Miners ETF (NYSE: GDX) was up 4.47 percent to 25.04.
  • Direxion Shares Exchange Traded Fund Trust (NYSE: NUGT) was jumping 12.41 percent to 14.72.
  • SPDR Gold Trust (ETF) (NYSE: GLD) was up a more modest 0.39 percent to 122.11.

Big/Mid-Cap Gold Miners

  • Barrick Gold Corporation (USA) (NYSE: ABX) was up 2.21 percent at $17.55.
  • AngloGold Ashanti Limited (ADR) (NYSE: AU) was adding 4.11 percent to $13.68.
  • Goldcorp Inc. (USA) (NYSE: GG) was gaining 4.68 percent to $15.44.
  • Kinross Gold Corporation (USA) (NYSE: KGC) was up 4.09 percent at $4.07.
  • Newmont Mining Corp (NYSE: NEM) was moving up 3.63 percent to $37.37.
  • Gold Fields Limited (ADR) (NYSE: GFI) was rising 3.26 percent to $4.12.

Small-Cap Gold Miners

  • B2Gold Corp (NYSE: BTG) was jumping 5.99 percent to $2.83.
  • Golden Star Resources Ltd. (USA) (NYSE: GSS) was gaining 3.96 percent to $0.811.
  • IAMGOLD Corp (USA) (NYSE: IAG) was up 2.09 percent to $4.39.
  • Sandstorm Gold Ltd (NYSE: SAND) was rising 1.51 percent to $4.71.
  • Harmony Gold Mining Co. (ADR) (NYSE: HMY) was up 3.98 percent at $3.27.
 

Related Articles (GDX + GLD)

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