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Why Gold Stocks Are Soaring Today

TheMotleyFool

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The price of gold rallied about 1% today, closing at a nearly one-month high of $1,484 an ounce. That uptick sent most gold stocks soaring. Leading the way were Harmony Gold (NYSE: HMY), Sibanye-Stillwater (NYSE: SBGL), and Coeur Mining (NYSE: CDE), which all rallied around 10% on the day.

The main factor driving up the price of gold today were comments by President Trump on the status of the trade agreement with China. He said that it might be better to wait until after the election to conclude a trade deal. Those comments spooked the market, increasing concerns that the countries might not reach an agreement. That caused investors to flock to safe-haven investments like gold.

Image source: Getty Images.

Source Fool.com

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