Gold prices are on the rise Tuesday amid turmoil in both Washington D.C. and abroad. Prices of the fail-safe commodity are now heading closer to $1,300 an ounce.
In Washington, backlash surrounding President Donald Trump pulling the U.S. out of the Paris climate agreement currently dominates the news. On top of that, former FBI director James Comey is set to testify in front of Congress on Thursday.
In Europe and the Middle East, uncertainty and tragedy have also helped lead to gold’s jump. The recent string of terror attacks in the U.K. come before Thursday’s parliamentary elections, and just a few days ago, Saudi Arabia, the United Arab Emirates, Egypt, Yemen and Bahrain ended diplomatic and even some commercial ties with Qatar, stating that the small Gulf state sponsors terrorism.
The recent wave of political uncertainty around the world and domestically has pusded gold prices up 1.06% to $1296.30 per ounce on Tuesday. Gold’s recent spike comes as the U.S. dollar begins to dip—the two opposite movements often go hand in hand. Last Friday’s weaker-than-expected jobs report also contributed to today’s movement.
Some of the top performing gold and gold mining stocks also jumped today.
Barrick Gold Corporation ABX stock popped 3.83% in early afternoon trading on Tuesday. Newmont Mining Corporation NEM is up 2.32%. Canadian gold mining companies McEwen Mining Inc. MUX and Klondex Mines Ltd. KLDX gained 4.41% and 3.25%, respectively. And DRDGOLD Limited DRD skyrocketed 7.06%.
Three of the top gold ETFs were also up on Tuesday. Shares of both SPDR Gold Shares GLD and iShares Gold Trust IAU gained around 1%. VanEck Vectors Gold Miners ETF GDX climbed 3.21%.
Despite today’s jump, gold sits well below its 52-week high of $1,375.08 per ounce, which it reached last summer. However, the price of gold has slowly climbed, with a few big fluctuations, since the start of the year.
Look for gold prices to keep on fluctuating along with the seemingly constant political and social turbulence in the U.S. and around the world.
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