Gold Shines Above $2,300, Ends Another Week At Record High: Mining Stocks Rally To 11-Month Peak

Zinger Key Points
  • Gold maintains record-breaking streak, surpassing $2,300 per ounce amid sustained demand and global uncertainties.
  • Despite a strong jobs report, gold gains 1.5% Friday, showcasing remarkable strength in the face of interest rate worries.

Gold closes out another week at all-time highs above $2,300 per ounce. Demand remains high after a March jobs report came in hotter than predicted.

The bullion exhibited an impressive resilience this week, diverging from its typical sensitivity to interest rate concerns.

Gold marked its sixth week of gains in the past seven, rallying by 4% despite warnings from multiple Fed speakers that rate cuts might not materialize as swiftly as anticipated by the market.

Gold also showcased a notable 1.5% gain for the session, underscoring its impressive strength and resilience despite traditional macro headwinds for precious metals.

As the price of gold surges to unprecedented heights, mining stocks are experiencing a bullish wave not witnessed in quite some time.

The VanEck Gold Miners ETF GDX has notched eight positive sessions out of the past nine, surging to peaks last seen in May 2023.

Newmont Corp. NEM — the world’s biggest gold miner and the GDX’s heavyweight — has surged over 10% this week, showcasing the most robust performance among S&P 500 stocks and its best week in 13 months.

Chart: Newmont Notches Top-Performing Week Since March 2023

This Week’s Top-Performing S&P 500 Stocks

Company NamePrice Change % (5D)
Newmont Corporation10.67%
Marathon Petroleum Corporation MPC8.99%
Meta Platforms, Inc. META8.31%
Valero Energy Corporation VLO7.70%
NRG Energy, Inc. NRG7.70%
Occidental Petroleum Corporation OXY 6.97%
Western Digital Corporation WDC6.84%

This Week’s Top Performing Gold And Silver Mining Stocks

Company NamePrice Change % (5D)
First Majestic Silver Corp. AG32.57%
Coeur Mining, Inc. CDE29.18%
Fortuna Silver Mines Inc. FSM26.01%
Calibre Mining Corp. CXB18.56%
Pan American Silver Corp. PAAS16.55%
MAG Silver Corp. MAG14.70%
Hecla Mining Company HL14.66%
Emerald Resources NL EMR13.65%
K92 Mining Inc. KNT13.49%
Aya Gold & Silver Inc. AYA12.95%

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