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Gold hits a new all-time high, setting mining stocks alight

Published 13/09/2024, 10:37
© Reuters Gold hits a new all-time high, setting mining stocks alight
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Proactive Investors - Mining stocks have pulled ahead after gold prices hit a record high of US$2,568 (£1,957) per ounce.

Fresnillo PLC (LON:FRES) is up 2.5%, Endeavour Mining PLC (LON:EDV) is up 2.1%, Glencore PLC (LON:GLEN) 1.4% and Antofagasta (LON:ANTO) 1.3%.

Gold’s record price comes as the US dollar starts to move lower on heightened expectations of an interest rate cut from the US Federal Reserve.

This follows a spate of macroeconomic data suggesting the US economy is beginning to sufficiently cool off enough to justify an easing of monetary policy.

AJ Bell’s investment director Russ Mould said: “Lower rates are also a driver for the precious metal as it increases its attractiveness versus assets like cash and bonds, where the level of income is likely to be lower.

“Other factors which have helped drive gold to all-time highs are buying by central banks and its traditional safe haven qualities, which have been in demand amid the ongoing conflicts in Ukraine and the Middle East, as well as the uncertainty created by the looming US presidential election.”

Read more on Proactive Investors UK

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