Gold closes out another week at all-time highs above $2,300 per ounce. Demand remains high after a March jobs report came in hotter than predicted.
The bullion exhibited an impressive resilience this week, diverging from its typical sensitivity to interest rate concerns.
Gold marked its sixth week of gains in the past seven, rallying by 4% despite warnings from multiple Fed speakers that rate cuts might not materialize as swiftly as anticipated by the market.
Gold also showcased a notable 1.5% gain for the session, underscoring its impressive strength and resilience despite traditional macro headwinds for precious metals.
As the price of gold surges to unprecedented heights, mining stocks are experiencing a bullish wave not witnessed in quite some time.
The VanEck Gold Miners ETF GDX has notched eight positive sessions out of the past nine, surging to peaks last seen in May 2023.
Newmont Corp. NEM — the world’s biggest gold miner and the GDX’s heavyweight — has surged over 10% this week, showcasing the most robust performance among S&P 500 stocks and its best week in 13 months.
Chart: Newmont Notches Top-Performing Week Since March 2023
Insight on Gold’s Resilience and Mining Stocks Surge
Despite concerns over interest rates, the price of gold continues to soar, reflecting investors’ confidence in its stability as a safe-haven asset. This resilience suggests a shift in market sentiment towards gold and a reevaluation of its role in diversified portfolios.
The surge in gold prices has led to a bullish trend in mining stocks, with companies like Newmont Corp experiencing significant gains. This highlights the strong correlation between gold prices and the performance of gold mining companies, bringing renewed interest to the sector.
This Week’s Top-Performing S&P 500 Stocks
| Company Name | Price Change % (5D) |
| Newmont Corporation | 10.67% |
| Marathon Petroleum Corporation MPC | 8.99% |
| Meta Platforms, Inc. META | 8.31% |
| Valero Energy Corporation VLO | 7.70% |
| NRG Energy, Inc. NRG | 7.70% |
| Occidental Petroleum Corporation OXY | 6.97% |
| Western Digital Corporation WDC | 6.84% |
This Week’s Top Performing Gold And Silver Mining Stocks
| Company Name | Price Change % (5D) |
| First Majestic Silver Corp. AG | 32.57% |
| Coeur Mining, Inc. CDE | 29.18% |
| Fortuna Silver Mines Inc. FSM | 26.01% |
| Calibre Mining Corp. CXB | 18.56% |
| Pan American Silver Corp. PAAS | 16.55% |
| MAG Silver Corp. MAG | 14.70% |
| Hecla Mining Company HL | 14.66% |
| Emerald Resources NL EMR | 13.65% |
| K92 Mining Inc. KNT | 13.49% |
| Aya Gold & Silver Inc. AYA | 12.95% |
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