Metals and Mining
Gold Prices Settle at 2-Month High
Stock quotes in this article:GLD
"What we see is that current fundamentals support not only this gold price but going forward there is ... a positive outlook for gold," says Jason Toussaint, managing director of the U.S. region for the World Gold Council, which is funded by large global gold mining companies. "Investors are really acknowledging that gold may have a role in their portfolios as a long term strategic asset instead of a flight to safety."
Silver prices settled up 64 cents to $19.02 while copper closed down 3 cents to $3.21.
Gold mining stocks , a risky but potentially profitable way to buy gold, were rallying. Yamana Gold(AUY) was up 3.22% to $10.10 while Freeport McMoRan Copper & Gold(NEM) was down 0.52% to $66.70. The stock was suffering due to the company's large exposure to copper prices. Other gold stocks Agnico-Eagle(AEM) and Eldorado Gold(EGO) were trading higher at $63.49 and $18.73, respectively.
--Written by Alix Steel in New York.
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
|
|---|---|---|---|---|
| 12,454.83 | 1,317.82 | 2,837.53 | 17.45 |
Oil *
107.26
|
|
DOWN
74.92 |
DOWN
2.86 |
DOWN
1.85 |
DOWN
0.14 |
10 Yr
1.74%
SPDR Gold
152.68
|
|
-0.60%
|
-0.22%
|
-0.07%
|
-0.80%
|
Data delayed 20 minutes |
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