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Why Yamana Gold, U.S. Gold And First Majestic Silver Shares Are Rising

Published 08/03/2022, 17:41
Updated 08/03/2022, 18:41
© Reuters.  Why Yamana Gold, U.S. Gold And First Majestic Silver Shares Are Rising

© Reuters. Why Yamana Gold, U.S. Gold And First Majestic Silver Shares Are Rising

Shares of gold and silver companies, including Yamana Gold Inc (NYSE: AUY), U.S. Gold Corp (NASDAQ: USAU) and First Majestic Silver Corp (NYSE: AG), are trading higher Tuesday as precious metals prices rise amid a surge in oil prices.

Gold is viewed as an inflationary hedge and "safe haven" asset. It has gained amid rising inflation concerns and the ongoing Russia-Ukraine conflict.

President Joe Biden on Tuesday announced the United States is targeting the "main artery of Russia's economy" by banning all imports of Russian oil and energy.

Related Link: US Bans Russian Oil Imports In Response To Ukraine Invasion: What You Need To Know

Commodity supply constraints have contributed to the surge in precious metal companies.

Price Action: At time of publication, gold was up 1.96% at $2,040 and silver was 0.6% at $26.26.

Photo: PublicDomainPictures from Pixabay.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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