Shares of gold mining companies moved higher in premarket trading Wednesday, tracking gains in bullion prices as the U.S. dollar softened and Treasury yields declined.
Spot gold climbed 0.8% to $5,066.68 an ounce, with market participants looking ahead to the release of key U.S. employment data for further clues on the Federal Reserve’s interest rate path.
Leading producers posted solid early gains. U.S.-listed shares of Newmont (NYSE:NEM) rose 1.5%, while Barrick Mining (NYSE:B) advanced 1.9%.
South African miners outperformed, with Sibanye Stillwater (NYSE:SBSW) surging 4.5%, Gold Fields (NYSE:GFI) gaining 1.9%, and Anglogold Ashanti (NYSE:AU) adding 2.6%.
Canadian names also participated in the rally, as Kinross Gold (NYSE:KGC) climbed 2.1% and Agnico Eagle Mines (NYSE:AEM) edged up 1.5%.