GLDM - Gold climbs closer to record after weak U.S. economic data

2023-04-04 12:35:43 ET

Gold extends gains past $2,000/oz Tuesday, pushing closer to its all-time record high of ~$2,070, as the U.S. dollar and Treasury yields weakened after U.S. government data showed job openings dropping to a 21-month low and factory orders falling.

Comex gold for June delivery +2% to $2,040.70/oz, the highest intraday price so far this year, while June silver +4.2% to $25.04/oz and July platinum on Nymex +3.2% to $1,028.30/oz.

ETFs: ( NYSEARCA: GLD ), ( NYSEARCA: GDX ), ( GDXJ ), ( IAU ), ( NUGT ), ( PHYS ), ( GLDM ), ( AAAU ), ( SLV ), ( PSLV ), ( SIVR ), ( SIL ), ( SILJ ), ( SLVP )

Newmont ( NYSE: NEM ) is Tuesday's top gainer on the S&P 500, +3.7% , with other precious metals miners also showing strong gains, including Barrick Gold ( GOLD ) +4.4% , Kinross Gold ( KGC ) +6.2% , Agnico Eagle Mines ( AEM ) +4.7% , Gold Fields ( GFI ) +4.6% , Harmony Gold ( HMY ) +5% , AngloGold Ashanti ( AU ) +4.3% , First Majestic Silver ( AG ) +4.9% , Endeavour Silver ( EXK ) +3.4% , Fortuna Silver Mines ( FSM ) +3.7% .

"The stars appear to be aligning for gold which could see it break new highs before long," Oanda analyst Craig Erlam said recently, noting interest rates are at or near their peak, and rate cuts are now being priced in sooner than expected following the recent developments in the banking sector.

Insignia Consultants research director Chintan Karnani said Monday that a close above $2,000 on both Monday and Tuesday could cause a big short covering rally .

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