Shares of gold producers and explorers climbed on Monday as gold hit a new record high above $2,900 per ounce.
The yellow metal was up 1.6% at $2,933.60 on Monday afternoon.
Gold has gained $300 per ounce since the start of the year driven by geopolitical uncertainties, inflation concerns, central bank easing, and strong demand from both central banks and retail investors. US President Donald Trump’s newly announced tariffs on steel and aluminum imports also added momentum to gold’s rally.
“Gold’s procession of record highs has become an almost daily occurrence,” IG chief market analyst Chris Beauchamp said. “Tariff fears and inflation worries continue to burnish the safe-haven angle, while today’s softer dollar has made the path higher much smoother.”
Kathleen Brooks of XTB added that the fact that gold is rallying alongside the dollar is “a sign of the strength of demand for gold right now.”
“The strength of the gold price is also boosting gold miners, and South Africa’s FTSE JSE index is close to a record high, as gold miners benefit from the rise in the price of the precious metal,” Brooks said.
Gold producers
Among those trading higher were gold producers Barrick Gold Corp. (TSX:ABX, NYSE:GOLD), up 2.1%, and AngloGold Ashanti (ASX:AGG), which was up 5.4%.
West Africa-focused Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) was up 4.2% while Newmont Corporation (NYSE:NEM, TSX:NGT, ASX:NEM, ETR:NMM) added 3.1%, Agnico Eagle Mines Ltd (TSX:AEM) was up 1.9%, and Kinross Gold Corporation (TSX:K) was up 1.6%.
Sonoro Gold Corp (TSX-V:SGO, OTCQB:SMOFF), a Sonora State, Mexico-focused gold producer, saw its stock gain 10.5% at C$0.11 while Steppe Gold Ltd (TSX:STGO, OTCQX:STPGF), Mongolia’s leading gold producer, was up 11.6%
Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF), which produces gold at the Segilola Gold Mine in Nigeria, saw its Canadian-listed shares up 5.3%.
Explorers
On the exploration front, Newfoundland-focused Gander Gold Corp (CSE:GAND) saw its shares gain 16% while Spanish Mountain Gold Ltd (TSX-V:SPA, OTC:SPAZF), which is developing its flagship gold project in British Columbia, saw its shares gain 8%.
Golden Shield Resources (CSE:GSRI, OTCQB:GSRFF), which is exploring for gold and other precious metals in Guyana, saw its stock rise 12.5%.
Up 1.1% was Northern Superior Resources Inc. (TSX-V:SUP, OTCQX:NSUPF), which is exploring for gold in Ontario and Quebec.