After a strong start to the session, gold stocks remain notably higher in late morning trading on Tuesday. The sector is benefiting from a continued recovery in gold prices.
The advance by gold stocks has resulted in a 2.9 percent gain by the NYSE Arca Gold Bugs Index. With the gain, the index is extending a recent upward move, climbing to its best intraday high in well over a month.
Gold for April delivery is currently up by $12.80 at $1,131.10 an ounce. Earlier, the price of the precious metal reached as high as $1,134.50 an ounce.
Steel and oil service stocks are also seeing notable gains in the resource sector, further boosting the major averages.
Within the gold sector, shares of Hecla Mining (HL) and Golden Star Resources (GSS) are moving notably higher, posting gains of 3.5 percent and 3.1 percent, respectively.
Hecla has set a two-week intraday high, while Golden Star has jumped to its best price in roughly six weeks.
Newmont Mining Corp. (NEM) is also posting a substantial gain, rising by 3.1 percent. With the upward move, the stock has set a two and a half month intraday high.
Barrick Gold Corp. (ABX), Kinross Gold Corp. (KGC) and Harmony Gold Mining Co. Ltd. (HMY) are also on the rise, further offsetting recent losses.
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