YRI:CC - Gold miners rebound as surging inflation sends investors to safe havens

Newmont (NYSE:NEM) closed +3.5% to top Friday's S&P 500 leaderboard as investors turned to gold and gold mining stocks as a safe haven from potentially aggressive interest rate hikes following hotter than expected May inflation numbers. Comex August gold futures (XAUUSD:CUR) closed +1.2% to settle at $1,875.50/oz, reversing from early losses and powering to the highest settlement for the most-active gold contract since May 5, while July silver (XAGUSD:CUR) ended +0.5% at $21.93/oz. ETFs: (NYSEARCA:GLD), (NYSEARCA:GDX), (IAU), (NUGT), (PHYS) Gold mining shares closed with broad gains: (GOLD) +4.6%, (AU) +4.8%, (EGO) +5.4%, (AEM) +5.2%, (HMY) +10.3%, (IAG) +7.4%, (KGC) +4.7%, (BTG) +4.8%, (VGZ) +4.1%, (FNV) +3.7%, (RGLD) +3.4%. Gold Fields (GFI) closed +9.3% after a top investor called for the company to scrap its proposed acquisition of Yamana Gold (AUY). CPI data showed the cost of living in the U.S. jumped at an annualized 8.6% in May, topping the previous cycle

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Gold, miners rebound as surging inflation sends investors to safe havens