Gold prices are on the rise Tuesday amid turmoil in both Washington D.C. and abroad. Prices of the fail-safe commodity are now heading closer to $1,300 an ounce.
In Washington, backlash surrounding President Donald Trump pulling the U.S. out of the Paris climate agreement currently dominates the news. On top of that, former FBI director James Comey is set to testify in front of Congress on Thursday.
In Europe and the Middle East, uncertainty and tragedy have also helped lead to gold’s jump. The recent string of terror attacks in the U.K. come before Thursday’s parliamentary elections, and just a few days ago, Saudi Arabia, the United Arab Emirates, Egypt, Yemen and Bahrain ended diplomatic and even some commercial ties with Qatar, stating that the small Gulf state sponsors terrorism.
The recent wave of political uncertainty around the world and domestically has pusded gold prices up 1.06% to $1296.30 per ounce on Tuesday. Gold’s recent spike comes as the U.S. dollar begins to dip—the two opposite movements often go hand in hand. Last Friday’s weaker-than-expected jobs report also contributed to today’s movement.
Some of the top performing gold and gold mining stocks also jumped today.
Barrick Gold Corporation (ABX - Free Report) stock popped 3.83% in early afternoon trading on Tuesday. Newmont Mining Corporation (NEM - Free Report) is up 2.32%. Canadian gold mining companies McEwen Mining Inc. (MUX - Free Report) and Klondex Mines Ltd. (KLDX - Free Report) gained 4.41% and 3.25%, respectively. And DRDGOLD Limited skyrocketed 7.06%.
Three of the top gold ETFs were also up on Tuesday. Shares of both SPDR Gold Shares (GLD - Free Report) and iShares Gold Trust (IAU - Free Report) gained around 1%. VanEck Vectors Gold Miners ETF (GDX - Free Report) climbed 3.21%.
Despite today’s jump, gold sits well below its 52-week high of $1,375.08 per ounce, which it reached last summer. However, the price of gold has slowly climbed, with a few big fluctuations, since the start of the year.
Look for gold prices to keep on fluctuating along with the seemingly constant political and social turbulence in the U.S. and around the world.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>