Investing.com — Shares of gold miners surged on Friday as spot gold prices climbed 0.9%, nearing an all-time high, driven by a drop in U.S. dollar amid ongoing tariff uncertainty and President Donald Trump’s push for lower interest rates.
Miners like Newmont Goldcorp Corp (NYSE:NEM) rose 0.7% to $42, while ADRs of Harmony (JO:HARJ) Gold Mining Co Ltd and Gold Fields Ltd (JO:GFIJ) gained more than 4% each. Barrick Gold (NYSE:GOLD)’s Toronto-listed shares were up about 1%.
XAU/USDstood at $2,778.03 per ounce, just $5.63 shy of the October record of $2,790.15. The metal has risen 2.9% this week, marking its fourth consecutive weekly gain.
Weaker dollar dynamics and heightened tariff concerns bolstered gold’s appeal as a safe haven.
