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Cryptocurrency News Articles

Gold Mining Stocks Surge on Wall Street as Gold Hits New Record High of $2,869.68 an Ounce

Feb 06, 2025 at 03:05 am

The shares of gold mining companies surged this Wednesday, February 5, on Wall Street, fueled by a new historical record of gold at $2,869.68 per ounce.

Gold Mining Stocks Surge on Wall Street as Gold Hits New Record High of $2,869.68 an Ounce

Shares of gold mining companies rose sharply on Wednesday, February 5, on Wall Street, driven by a new record high for gold at $2,869.68 an ounce. This spectacular increase comes amid a reignited trade war between Washington and Beijing, driving investors toward safe havens.

A wave of gains for gold mining stocks

The major gold mining companies listed in the United States posted strong gains at the opening bell. Mining giants Newmont and Barrick Gold both rose by 1.1% and 1.3%, respectively.

South African miners also rode this wave, with Gold Fields surging by 2.5%, while Canadian companies Agnico Eagle Mines and Kinross Gold both gained 1.3% and 1.7%, respectively.

This stellar performance is fueled by the surge in the gold price, which hit a new record high of $2,869.68 an ounce at the beginning of the trading session. The yellow metal is reaping the full benefits of the fears stoked by the escalating trade tensions between the United States and China.

According to analysts, this trend is set to continue, as global demand for gold rose by 1% in 2024, according to the World Gold Council. The strong buying by central banks, which topped 1,000 tons for the third year in a row, is also bolstering the market.

A flight to gold spurred by global uncertainties

The recent escalation in trade tensions between the United States and China has been a key factor in this rally. After new U.S. tariffs, Beijing swiftly responded by slapping tariffs on American imports. This situation was further aggravated by a statement from President Donald Trump indicating that he was in no rush to speak with President Xi Jinping to ease the tensions.

Analysts at Heraeus Metals Germany point out that fears of a global recession and rising inflation, fueled by this trade war, are driving investors toward gold as a safe haven. This trend is being reinforced by warnings from three Federal Reserve officials about the potential impact of the tariffs on inflation.

Overall, the flight of central banks to gold is intensifying as geopolitical tensions rise. However, analyst Rhona O’Connell from StoneX notes that the precious metal is showing signs of being overbought, with its relative strength index at 76, well above the critical threshold of 70. Despite the strong fundamentals, a short-term correction seems likely.

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