01/23/09 - 05:15 PM EST
DENVER -- Shares of the world's largest gold mining companies jumped Friday as investors worried about the recession shifted money into precious metals, pushing up gold prices.
The price of gold for future delivery rose $38.50 to $899 an ounce Friday after briefly hitting $903.80 an ounce on the New York Mercantile Exchange.
Inflationary fears pushed gold prices as high as $1,033.90 in March 2008, but as the depth of the recession became apparent and the
Fed shifted its focus from inflation, gold prices eased. But with currently market volatility, investors seeking safer places to invest are boosting prices again.
Stocks, meanwhile, were mostly lower on Friday because of weaker corporate earnings. In addition, the British government released data showing the country's economy shrank 1.5% in the fourth quarter and declared the nation in a recession.
Friday afternoon, shares of Toronto-based
Barrick Gold (ABX
) closed up $4.01, or 11.3%, to $39.58; and Denver-based
Newmont Mining (
NEM ) rose $3.54, or 8.7%, to $44.44. Shares of
Goldcorp (GG ) increased $2.69, or 10.1%, to $29.32 and
Gold Fields increased 94 cents, or 10.8%, to $9.67.
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http://www.thestreet.com/story/10459649/1/mining-winners-losers-newmont-mining.html?cm_ven=GOOGLEN
