Why Gold Stocks Are Trading Higher

Barrick Gold GOLD, DRDGOLD Ltd DRD, Harmony Gold Mining Co. HMY and Kinross Gold Corporation KGC shares are all trading higher Friday afternoon. Shares of gold companies are trading higher amid a rotation into safe-haven assets and a decline in the U.S. dollar index.

Stocks in the broader financial industry are trading lower Friday on continued downward momentum in the sector amid volatility and stability concerns following multiple bank failures.

What's The Latest On Bank Stocks?

SVB Financial Group has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York to preserve value.

SVB Securities, SVB Capital's funds, and general partner entities are not included in the Chapter 11 filing. These businesses will continue to operate normally as SVB Financial Group proceeds with its previously announced exploration of strategic alternatives announced on Monday but did not disclose bankruptcy as one of the potential options...Read More

According to data from Benzinga Pro:

• GOLD is trading higher by 3.71 to $18.05
• DRD is higher by 7.69% to $7.98
• HMY is higher by 5.60% to $3.68
• KGC is higher by 4.70% to $4.01