Gold miners ETF rallies to all-time high on dollar weakness |
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Mon, 29 Oct 2007 15:19
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NEW YORK (Thomson Financial) - The Market Vectors-Gold Miners ETF (GDX) jumped to an all-time high Monday as gold approached the key $800-an-ounce level on broad dollar weakness.The ETF last traded up 2.4% to $49.56, after hitting a record high of $49.76 in intraday trading. The fund is up about 24% so far this year.Gold for December delivery last traded up $5 an ounce, or 0.7%, at $792.50 an ounce on the New York Mercantile Exchange. It hit $798.30 an ounce earlier in the session.The U.S. Dollar Index, which tracks the greenback against the world's major currencies, fell to a record low of 76.775 in intraday trading Monday ahead of an interest-rate announcement by the Federal Reserve on Wednesday. Most economists expect the central bank to cut the federal funds rate by 25 basis points this week.Among the ETF's heavily-weighted components, shares of Barrick Gold Corp. rose 2.4% to $44.06, Newmont Mining Corp. added 0.9% to $48, and Goldcorp Inc. gained 1.8% to $34.02.Kinross Gold Corp. rallied 3.5% to $19.04, Harmony Gold Mining Co. added 0.2% to $10.72 and Agnico-Eagle Mines Ltd. rose 2% to $55.99. Yamana Gold Inc. advanced 2.9% to $14.84.Among gold-sector ETFs, the StreetTracks Gold Trust ETF (GLD) rose 0.4% to $77.96, the PowerShares DB Gold Fund ETF (DGL) tacked on 0.5% to $30.77 and the iShares Comex Gold Trust (IAU) was up 0.4% at $78.12.Wanfeng Zhouwz/pcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Metals - Gold, platinum hit fresh highs on dollar weakness, strength in oil 