Gold mining stocks are surging due to rise in gold prices. ECB cuts rates, US producer inflation mixed. Gold-only investments seen as attractive due to limited supply.
Newmont outperforms expectations, sparking a rally in the gold mining industry despite weak investor sentiment. Strong Q1 performance and dividend declared.
Gold prices declined 2.7% in NY due to reduced geopolitical risks. Silver also fell 5.1%. Israeli officials averted a US-backed counterstrike on Iran, easing tensions. Gains were pared as Iran downplayed strikes and traders await key economic data. Mining stocks also dropped, with GDX and SIL falling over 3%.
