Gold miners rise on softer dollar, technical support
GDX•Major miners advance
Top miners Newmont NEM.N and Barrick Mining B.N up 2% and 2.3%, respectively.
South African miners Gold Fields GFI.N, AngloGold Ashanti AU.N and Harmony Gold HMY.N rise between 4% and 7%.
Among Canadian miners, Agnico Eagle Mines AEM.N up 1.2% and Kinross Gold KGC.N rises 2.4%.
Gold miners rise in premarket trading
U.S.-listed shares of gold miners rise premarket, tracking a gain in bullion prices GOL/.
Spot gold XAU= up 1.6% at $4,591.01/ounce, having hit $4,601.29 earlier in the session — its highest since May 15.
Dollar weakness and Treasury support cited
Price rise driven by a weaker dollar and the U.S. Treasury's surprise mid-week liquidity support announcement.
“Gold surged again after a setback on Thursday as long-end Treasury yields climbed following a Bessent interview that failed to quell investor concerns about spiralling U.S. debt and fiscal sustainability,” said Ole Hansen, head of commodity strategy at Saxo Bank.
