Gold Shares Jump With Coeur Mining Rising Nearly 5%. Analysts Calling for Gold Prices to Rise as High as $3,050/Oz
Gold stocks jumped on Tuesday. Coeur Mining up nearly 5%; Gold Fields up 2.5%; Harmony Gold, Barrick Gold up 1.5% each.
Volatility surrounding trade wars, the health of the U.S. consumer, and geopolitical strife is pushing gold prices further past the $3,000/oz mark, with some analysts calling for gold prices to rise as high as $3,050 per troy ounce.
Investors are increasingly wanting to place capital in safer assets amid the turmoil, says Nikos Tzabouras of Tradu.com in a note. “President Trump’s disruptive trade policies are taking a toll, with inflation expectations surging, recession fears mounting, and Wall Street under pressure,” he says.
The U.S. dollar index is up 0.2% in morning trade, while most-active gold futures climb 0.9% to $3,033.1 per troy ounce.
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