Monday, April 18, 2011

Goldcorp (GG) (AU) (HMY) (UXG) Trade Mixed as Gold Climbs Toward $1,500

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. AngloGold Ashanti (NYSE:AU), Harmony Gold Mining (NYSE:HMY), Goldcorp (NYSE:GG) and US Gold (AMEX:UXG) 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.

Goldcorp closed Friday at $54.18, gaining $0.22, or 0.41 percent. US Gold closed at $9.41, rising $0.04, or 0.42 percent. Harmony Gold Mining closed at $14.81, falling $0.09, or 0.60 percent. AngloGold Ashanti ended the session at $49.30, up $0.04, or 0.08 percent.

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