U.S. Markets open in 2 hrs 19 mins

Gold Climbs Amid More World Turmoil

Benjamin Rains

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.
 

Will You Make a Fortune on the Shift to Electric Cars?

Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.

With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.

It's not the one you think.

See This Ticker Free >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
SPDR-GOLD TRUST (GLD): ETF Research Reports
 
ISHARS-GOLD TR (IAU): ETF Research Reports
 
VANECK-GOLD MNR (GDX): ETF Research Reports
 
Click for Free Newmont Mining Corporation (NEM) Stock Analysis Report >>
 
Click for Free Barrick Gold Corporation (ABX) Stock Analysis Report >>
 
Click for Free Klondex Mines Ltd. (KLDX) Stock Analysis Report >>
 
Click for Free McEwen Mining Inc. (MUX) Stock Analysis Report >>
 
To read this article on Zacks.com click here.
 
Zacks Investment Research