Gold Shines Above $2,300, Ends Another Week At Record High: Mining Stocks Rally To 11-Month Peak

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

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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