Gold miners rise as bullion hits $4,377
- U.S.-listed gold miners moved higher as spot gold prices increased to $4,377.32 per ounce.
- Gold prices gained 0.8% and were on track for a weekly increase of about 1%.
- Investors monitored Middle East developments and falling oil prices as factors affecting bullion demand.
U.S.-listed gold mining shares gained before the market opened as rising bullion prices lifted the sector, with spot gold reaching $4,377.32 per ounce.
Gold prices rose 0.8% for the session and were on track for a weekly gain of about 1%, marking a second consecutive day of increases as investors monitored Middle East conflict developments.
Among major miners, Newmont Corporation (NYSE:NEM) shares gained 1.2%, while Barrick Gold Corporation (NYSE:B) rose 1.4% in premarket trading.
Following the move, the gold mining sector was higher in premarket trading as bullion prices strengthened.
South African miners also advanced, with Gold Fields (NYSE:GFI) and Harmony Gold Mining (NYSE:HMY) each gaining about 1%, while AngloGold Ashanti (NYSE:AU) increased 1.3% and Sibanye-Stillwater (NYSE:SBSW) rose 3.2%.
Canadian miners also moved higher, with Agnico Eagle Mines (NYSE:AEM) gaining 1.5% and Kinross Gold (NYSE:KGC) adding 1.8% as gold prices strengthened.
