Newmont Mining Shines as Climbing Gold Price Boosts Optimism

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Newmont Mining Shines as Climbing Gold Price Boosts Optimism

Newmont Mining Shines as Climbing Gold Price Boosts Optimism
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Newmont Mining Shines as Climbing Gold Price Boosts Optimism

TheStreet 0:48 mins

Shares of Newmont Mining jumped on Tuesday making it TheStreet's Move of the Day. The gold mining company gained alongside strength in the price of gold futures. Gold mining companies typically benefit from an increasing commodity price as it suggests widening profit margins. Gold futures increased on traders bets that elevated uncertainties in Ukraine and Iraq gives the metal more safe haven appeal. UBS wrote in a research note on Tuesday: "Gold is trying to re-establish a trading range just above $1300," but also noted, "Range-bound prices and the lack of a clear path make directional trades challenging right now."

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