Gold Stocks Gain Ground with Price

Source: RTT News (8/4/10)

"Gold stocks remain notably higher in late-morning trading."

After a strong start to the session, gold stocks remain notably higher in late-morning trading on Wednesday, benefiting from a pickup in gold prices on the day.

The advance by gold stocks has resulted in a 2.6% gain by the NYSE Arca Gold Bugs Index. The gain has lifted the index to its best intraday in over two weeks.

The strength in the sector comes amid a notable increase by the price of the precious metal, with gold for December delivery up by $15.10 to $1,202.60oz.

Earlier in the session, the price of gold rose as high as $1,205.50/oz. The price remains below the record high of $1,227.50/oz. set earlier this year.

IAMGOLD Corporation (TSX:IMG; NYSE:IAG) and Eldorado Gold Corp. (EGO) are two of the gold sector's strongest performers, posting gains of 4.8% and 3.9%, respectively. IAMGOLD has set a one-week intraday high, while Eldorado Gold has set a three-week intraday high.

Gold Fields Limited (NYSE:GFI) is also notably higher, posting a gain of 2.1%. The upward move has lifted the stock to its highest intraday price in five weeks.

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