The safe-haven yellow metal is in focus amid PPI and CPI readings
Barrick Gold Corp (NYSE:GOLD), Agnico Eagle Mines Ltd (NYSE:AEM), and Kinross Gold Corp (NYSE:KGC) shares are higher today, as traders turn to the safe-haven yellow metal amid inflation data. In addition the producer price index (PPI) reading for December, investors are eyeing tomorrow's release of consumer price index (CPI) for a better grasp of the Federal Reserve's interest rate plans.
GOLD was last seen up 0.5% to trade at $15.56, brushing off news that it suspended Mali operations after the local government moved its gold stock to a custodial bank. The equity is down 11.8% in the last 12 months, and has struggled with overhead pressure at $16.50 since December, but a floor at $15 contained a pullback to its lowest level since March.
AEM is up 1.5% to trade at $83.60 at last check, looking to add to its strong 59.1% year-over-year lead. Shares are on track for their fourth gain in the last five sessions, and have remained above the 180-day moving average since March, with familiar support at the $77 level containing their late December pullback.
Outperforming its peers today, KGC was last seen up 3.5% to trade at $10.42. The security is resuming last week's rally after hitting its highest level since October on Friday, and in the last nine months added more than 65.4%. The stock is also on track to resume gains with their fourth positive session in five.