Gold and silver miners continue to shine benefiting from the recent rally in precious metals prices.
The price of gold has risen 2.5% this week alone, taking it back above the $2,000 an ounce mark, currently trading at $2,038.73/ounce, while the price of silver has enjoyed an even better week, up 5.7%.
The share prices in gold miner Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) is up a further 3.1% today, taking gains in the past month to more than 10%, while gold and silver miner, Fresnillo PLC (LSE:FRES), has jumped 5.8% today, and 6.7% in the past month.
Greatland Gold PLC (AIM:GGP, OTC:GRLGF) is another stock to benefit, rising 5.7% today, and a bumper 26% in the past month.
Susannah Streeter, head of money and markets, Hargreaves Lansdown explains the price has gold has been helped by the dip in the dollar as interest rate cuts are eyed on the horizon.
“A cheaper greenback makes gold less expensive to buy for foreign investors,” she pointed out.
“The eruption of conflict in the Israel and Gaza sparked this most recent rally. Although there are hopes a truce can be extended, there is deep uncertainty about what might lie ahead for the region, which is making gold edge higher,” she added.