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. Newmont Mining (NYSE:NEM), IAMGOLD Corporation (NYSE:IAG), Golden Star Resources (AMEX:GSS) and Aurizon Mines (AMEX:AZK) 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.
Newmont Mining closed Friday at $57.75, gaining $0.22, or 0.38 percent. IAMGOLD Corporation closed at $20.07, falling $1.85, or 8.44 percent. Golden Star Resources closed at $3.02, dropping $0.01, or 0.33 percent. Aurizon Mines ended the session at $6.78, down $0.11, or 1.60 percent.
Monday, April 18, 2011
IAMGOLD (IAG) (NEM) (AZK) (GSS) Trade Mixed as Gold Climbs Toward $1,500
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