Gold miners rally 5.6% as spot price holds above $4,000

Gold mining stocks rose across the board July 2, with Gold Fields gaining 5.6%, Newmont Corp. rising 3.8% and Barrick Gold Corp. adding 4.1%.

The SPDR Gold Trust (GLD), the world's largest gold-backed exchange-traded fund, rose 2.3% on the session, tracking the spot price of gold at $4,064.27/oz as of 8:05 a.m. ET, according to market data from Alpha Vantage. The metal traded in a range of $3,959.59 to $4,139.76 over the past 24 hours, per Forbes data.

Gold has gained 21.56% over the past 12 months from $3,343.47/oz one year ago. The metal remains 25.80% below its 52-week high of $5,477.79 and 23.74% above its low of $3,284.65, data from USA TODAY shows. A week ago, gold traded at $4,009.99/oz, putting prices up 1.35% since then, though it remains 9.29% below the month-ago level of $4,480.33/oz.

The rally in mining equities comes as gold holds above the $4,000 threshold, a level that has historically attracted inflows into mining stocks as a leveraged play on bullion. Gold prices are driven by inflation expectations, central bank policy and global economic conditions, with the next catalyst being the Federal Reserve's July meeting.

The coordinated advance across precious metals miners suggests broad-based demand rather than company-specific catalysts. Newmont Corp., the world's largest gold miner by market capitalization, has gained alongside peers. Barrick Gold, which rebranded from Barrick Gold Corp. in May and changed its ticker from GOLD to B, has fallen 17.6% year to date even as gold prices remain elevated, creating a 50% gap between its $36.45 share price and Wall Street's average target of $56.08, according to 24/7 Wall St.

Gold Fields Ltd., the South Africa-based producer, led the group with its 5.6% advance. The stock has benefited from gold's sustained rally above $4,000/oz, a level first breached in March 2025. The precious metal hit an all-time high of $5,597.23 on Jan. 29, 2026, according to Forbes data.

Over the past five years, gold has appreciated 130.37%, outperforming the S&P 500's total return of 73.26% over the same period, per Forbes Advisor data. Central banks globally have been net buyers of gold, diversifying reserves away from the U.S. dollar as trade tensions persist, according to the World Gold Council's central bank survey.

The SPDR Gold ETF's 2.3% gain reflects continued investor appetite for gold exposure through liquid, exchange-traded vehicles. The fund, which holds physical gold bullion, is down 6.5% year to date but up 20.5% over the past 12 months.

This article is for informational purposes only and does not constitute investment advice.