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NEW YORK (TheStreet) -- NovaGold Resources  (NG) stock is up 4.95% to $5.30 in early afternoon trading Tuesday as gold prices climb. 

Gold for June delivery is up 0.84% to $1,229.50 per ounce on the COMEX this afternoon. 

The precious metal is gaining as stocks decline, which has caused safe-haven investing in gold, the Wall Street Journal reports. The Dow Jones Industrial Average is declining 0.58% and the S&P 500 Index is down about 0.91% this afternoon. 

"There's still a bit of a run for safety going on," Ira Epstein, a strategist at the Linn Group, told the Journal.

Based in Vancouver, NovaAGold is a gold and copper mining company that operates in Alaska and Canada. 

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