Gold Mining Stocks End Mixed After Gold Prices Waver Then Finish Higheradmin
Shares of gold producers ended mixed Tuesday after gold prices stumbled before regaining their footing to finish higher.
The March gold contract rose after a volatile trading day to settle up $5.60 to $618 an ounce on the New York Mercantile Exchange.
A report by Barclays Capital said speculators have increased their long positions in the gold market, meaning those investors expect the price of gold will rise. Last week, gold prices traded at their highest levels in nearly a month, said analyst Kevin Norrish in the report.
Shares of Barrick Gold Corp. rose 3 cents to close at $29.39 on the New York Stock Exchange. Newmont Mining Corp. shares finished the day up 13 cents to $42.97.
Goldcorp Inc. shares closed down 43 cents to $25.45, then dipped another 5 cents in aftermarket activity Tuesday. American depositary shares of South Africa-based Gold Fields Ltd. fell 10 cents to end at $17.20 on the New York Stock Exchange.
Elsewhere in the metals market, silver gained about 24 cents to finish near $12.60 an ounce, while copper for March delivery rose nearly 3 cents to close at $2.556