NEW YORK (AP) -- The battered stocks of gold-mining companies rallied Monday following a rise in gold futures.
Gold for December delivery was up $2.20 to $1,312.90 in late morning on the New York Mercantile Exchange and had been higher earlier in the session.
Gold prices fell for much of the spring as investors anticipated that the Federal Reserve might curtail stimulus programs. Recently, they have climbed on the belief that the Fed could sustain its bond-buying program and spur higher inflation; owning gold is sometimes seen as a hedge against inflation.
Among the more heavily traded gold-mining stocks, shares of Newmont Mining Corp. were up $1.51, or 5.1 percent, to $31.02; Goldcorp Inc. rose $1.61, or 5.9 percent, to $28.78; Gold Fields Ltd. gained 23 cents, or 3.9 percent, to $6.10; McEwen Mining Inc. rose 21 cents, or 10.5 percent, to $2.22; and Golden Star Resources Ltd. jumped 13 cents, or 28 percent, to 60 cents.
Among other gold stocks, AngloGold Ashanti Ltd. rose 28 cents, or 2.1 percent, to $13.44; and Royal Gold Inc. jumped $4.14, or 7.6 percent, to $58.49.