Why Are Precious Metals Miners Rallying? 5 Mining Stocks To Watch
Shares of precious metals miners rallied on Thursday, with the VanEck Gold Miners ETF (NYSE:GDX) tracking the industry posting a 1.2% rise for the session and several mining stocks reporting solid gains.
Thursday’s unexpected surge in unemployment claims, sparked fears about a weakening labor market and triggered positive reactions for gold and silver mining companies. According to the latest CME Group Fed Watch tool, investors have placed their bets on the Federal Reserve keeping interest rates unchanged next week, assigning a nearly 75% probability.
Both the dollar and U.S. Treasury yields fell for the session, while precious metals rose, as the risk of an additional hike faded, at least for now.
Gold, tracked by the SPDR Gold Trust (NYSE:GLD), gained 1.3%, while silver, tracked by the iShares Silver Trust (NYSE:SLV), climbed 3.7%.
Best Performing Mining Stocks On Thursday
- Caledonia Mining Corp. plc (NYSE:CMCL): CMCL rallied nearly 5% on Thursday, marking the strongest daily performance among US-listed precious-metals mining stocks
- Compañía de Minas Buenaventura S.A.A. (NYSE:BVN) up 4.3%
- Contango Ore, Inc. (NYSE:CTGO) up 4.2%
- McEwen Mining Inc. (NYSE:MUX) up 4.1%
- DRDGold Ltd. (NYSE:DRD) up 2.4%.
Chart: Gold and Silver Rallied On Thursday, Driving Mining Stocks Up
Read now: Stocks Rally, Metals Gain As Dollar, Yields Fall: Soft Labor Market May Prompt Fed Pause