Shares of gold mining companies experienced a notable increase today, tracking a rise in the price of the precious metal.
Spot gold climbed 0.6% to $3,336.94 per ounce, extending its gains for the week to 3.2%.
The upward movement in gold prices was attributed to a combination of factors, including a weakening U.S. dollar and market reactions to comments on tariffs made by U.S. President Donald Trump ahead of a scheduled weekend meeting between the United States and China.
Geopolitical and economic uncertainties often drive investors towards safe-haven assets like gold, which in turn boosts the outlook for companies that mine it.
Major players in the gold mining sector saw their stock prices appreciate.
Newmont (NYSE:NEM), the world's largest gold miner, rose 1.6%, while Barrick Mining's Toronto-listed shares gained 1.5%.
South African miners listed in the U.S. also saw significant increases, with Gold Fields (NYSE:GFI) up 1.6%, AngloGold Ashanti (NYSE:AU) climbing a strong 6.9%, and Harmony Gold (NYSE:HMY) advancing 3%.
Canadian miners Agnico Eagle Mines (NYSE:AEM) and Kinross Gold (NYSE:KGC) also participated in the rally, with their shares rising 1.9% and 1.5% respectively.