Gold Miners ETF (GDX)

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3 Gold Stocks Surging as Prices Eye Record Highs
By: Schaeffer's Investment Research | July 31, 2024

• Interest rate expectations and Middle East conflict are driving gold prices higher

• GOLD is on track for a fourth-straight daily pop

Gold prices are on track for a record finish today, amid expectations of an interest rate cut in September as the Federal Reserve concludes its two-day policy meeting. Pus, the assassination of Hamas leader Ismail Haniyeh in Tehran, Iran is boosting demand for the safe-haven commodity.

Below, let's dig deeper into how Barrick Gold Corp (NYSE:GOLD), as well as lesser known Kinross Gold Corp (NYSE:KGC) and Harmony Gold Mining Company Ltd (NYSE:HMY) are reacting to today's headlines.

GOLD is up 1.1% to trade at $18.34 at last check, and pacing for its fourth-straight daily gain. The shares are bouncing off a pullback to the $17.60 level, after hitting their July 17, 52-week high of $19.45. Over the past nine months, Barrick Gold stock added more than 14%.

KGC was last seen up 1.9% to trade at $8.91, looking to close back above the 20-day moving average after a brief slip below this trendline. The equity is not too far removed from a July 17, three-year high of $9.41, and sports a 47.1% year-to-date lead to boot.

HMY is outpacing its peers, up 5.2% to trade at $9.56 at last check. The stock is back above the 40-day moving average, after gapping below it as it cooled off from a July 16, 12-year high of $11.04. During the last 12 months, Harmony Gold Mining stock added a whopping 134.6%.

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