RGLD - Newmont stakes out new all-time high as gold miners make broad rally

Newmont (NYSE:NEM +4.2%) surged to an all-time high Friday and closed as one of the S&P 500's top two gainers, part of a broad rise in precious metals mining shares. Newmont shares have surged 36% YTD, as Comex gold's 5.9% rise in Q1 marked the metal's best quarterly showing since Q2 2020, with Russia's invasion of Ukraine, inflation worries and risks to global growth have boosted the appeal of gold - and apparently gold miners - as a safe haven asset. Newmont gained 6% on the week even as the metal's front-month contract (XAUUSD:CUR) fell 1.6% to settle at $1,923.70/oz, with analysts saying prices were pressured by a rise in Treasury yields on the heels of a rise in U.S. March employment and wages. Other Friday gainers in the gold group included GORO +6.2%, IAG +4.6%, GFI +4.2%, HMY +4.1%, RGLD +3.5%, AUY +3.4%, AU +3.3%, AEM +3.3%, BTG +3%,

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Newmont stakes out new all-time high as gold miners make broad rally