On Friday gold prices soared toward the $1,500 an ounce mark, trading as high as $1,488 an ounce in afternoon action until closing at $1,486.50 an ounce. Eldorado Gold Corporation (NYSE:EGO), NovaGold Resources Inc. (AMEX:NG), Ivanhoe Mines Ltd. (NYSE:IVN) and Barrick Gold (NYSE:ABX) traded mixed as many gold miners pulled back after pushing up last week.
Inflation continues to be a major factor in gold price movement, as food and fuel prices in the U.S. continue to soar and consumer prices in China jump.
The ongoing weakness in the U.S. dollar, sovereign debt crisis in Europe and the unrest in the Middle East makes gold an attractive safe haven alternative for capital.
Barrick Gold closed Friday at $53.33, falling $0.09, or 0.17 percent. Ivanhoe Mines Ltd. closed at $26.60, rising $0.22, or 0.83 percent. NovaGold Resources Inc. closed at $13.27, gaining $0.05, or 0.38 percent. Eldorado Gold Corporation ended the session at $18.06, up $0.18, or 1.01 percent.
Monday, April 18, 2011
Barrick (ABX) (EGO) (NG) (IVN) Trade Mixed as Gold Climbs Toward $1,500
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