Pan American Silver Corp. (PAAS)

[EZ2]

Sector Snap: Precious Metals
Thursday September 6, 1:09 pm ET
Shares of Precious Metals Producers Rise on Higher Commodity Prices


NEW YORK (AP) -- Shares of precious metals producers rose Thursday, as the price of gold topped the $700-an-ounce mark on higher oil prices and a weaker dollar.
On the New York Mercantile Exchange, gold for December delivery added $13.20 to $703.90 per ounce. Silver rose 23 cents to $12.56 an ounce.

Gold is generally considered a safe-haven investment in times of economic uncertainty, such as the current climate.

Oil prices briefly passed $77 a barrel on supply concerns. Rising oil prices are a sign of inflation, and gold is traditionally treated as a hedge against inflation.

Gold prices also often move inversely to the dollar, and the price of the dollar weakened against most major world currencies.

Barrick Gold Corp. shares added $2.44, or 7.3 percent, to $35.84; Agnico-Eagle Mines Ltd. shares rose $3.77, or 8.5 percent, to $47.93; Gold Fields Ltd. shares climbed 82 cents, or 5.3 percent, to $16.23.

Newmont Mining Corp. shares picked up $1.99, or 4.7 percent, to $44.28, while AngloGold Ashanti Ltd. shares added 84 cents, or 2.1 percent, to $40.67.

Goldcorp Inc. shares rose $1.52, or 6.3 percent, to $25.50.

Kinross Gold Corp. shares advanced 53 cents, or 4.3 percent, to $12.90, while IAMGold Corp. added 63 cents, or 9.1 percent, to $7.57.

Harmony Gold Mining Co. shares climbed 43 cents, or 4.6 percent, to $9.76.

Pan American Silver Corp. shares rose 91 cents, or 3.6 percent, to $26.10 and Silver Wheaton Corp. shares rose 62 cents, or 5.4 percent, to $12.09.