Shares of U.S.-listed gold miners are trading higher today as spot gold prices continue their rally, reaching a new all-time high.
The surge in gold prices is fueled by growing uncertainties surrounding the U.S. election, ongoing tensions in the Middle East, and expectations of interest rate cuts by major central banks.
Spot gold prices rose by 0.6% to $2,737.48 per ounce, driven by the perception of gold as a safe haven asset during times of political and geopolitical turmoil.
Major gold mining companies, including Newmont (NYSE:NEM) and Barrick Gold (NYSE:GOLD), saw their shares increase by around 1.1%.
South African miners Harmony Gold (NYSE:HMY) and Gold Fields (NYSE:GFI) also experienced gains, rising by 1% and 1.3%, respectively.
Canadian miners Kinross Gold (NYSE:KGC) and Agnico Eagle Mines (NYSE:AEM) followed suit, with shares up 1.1%.
The continued rise in gold prices suggests that investors are seeking refuge in precious metals as they navigate a complex and uncertain global landscape.
As the U.S. election approaches and geopolitical tensions persist, gold is likely to remain a sought-after asset for those seeking to protect their wealth.