Shares of gold and silver companies, including Yamana Gold Inc AUY, U.S. Gold Corp USAU and First Majestic Silver Corp AG, are trading higher Tuesday as precious metals prices rise amid a surge in oil prices.
Gold is viewed as an inflationary hedge and "safe haven" asset. It has gained amid rising inflation concerns and the ongoing Russia-Ukraine conflict.
President Joe Biden on Tuesday announced the United States is targeting the "main artery of Russia's economy" by banning all imports of Russian oil and energy.
Related Link: US Bans Russian Oil Imports In Response To Ukraine Invasion: What You Need To Know
Commodity supply constraints have contributed to the surge in precious metal companies.
Price Action: At time of publication, gold was up 1.96% at $2,040 and silver was 0.6% at $26.26.
Photo: PublicDomainPictures from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
