AU - Why AngloGold Ashanti Iamgold and New Gold Are Soaring This Week
2024-03-08 12:11:00 ET
Inching higher about 1.2% through the first four days of the week, the S&P 500 seems likely to lock in a gain for the first full week of March. There's almost no doubt, on the other hand, that gold stocks are going to end the week sharply higher than where they were at this time last week thanks to the rising price of gold.
According to data provided by S&P Global Market Intelligence, AngloGold Ashanti (NYSE: AU) , Iamgold (NYSE: IAG) , and New Gold (NYSEMKT: NGD) have climbed 13.5%, 12.4%, and 14.9%, respectively, from the end of trading last week through the market's close on Thursday.
Climbing to an all-time high on Tuesday, the price of gold ended trading priced at $2,141.90. With the price of the yellow stuff rising about 3.5% from the end of last week through the end of trading on Thursday, investors have bid the price of the yellow stuff as geopolitical tension continues to run extremely high in several areas around the world. Believing that gold stocks can fortify their portfolios against market volatility, investors, consequently, have added some luster to their portfolios by picking up various gold production companies.
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Why AngloGold Ashanti, Iamgold, and New Gold Are Soaring This Week