Monday, April 18, 2011

Yamana (AUY) (RGLD) (KGC) (GFI) Trade Mixed as Gold Rushes 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. Royal Gold (Nasdaq:RGLD), Kinross Gold (NYSE:KGC), Yamana Gold (NYSE:AUY) and Gold Fields (NYSE:GFI) 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.

Gold Fields closed Friday at $17.88, falling $0.09, or 0.50 percent. Kinross Gold closed at $15.67, dropping $0.21, or 0.13 percent. Yamana Gold closed at $12.80, gaining $0.05, or 0.39 percent. Royal Gold ended the session at $53.77, up $0.33, or 0.62 percent.

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