Gold shares posted strong gains alongside the yellow metal on Wednesday, as the AMEX Gold Bugs Index (HUI) climbed 3.9% to 571.12 in afternoon trading.
The sector was fueled by another record-setting day for gold, as COMEX futures reached a new all-time high of $1,801 per ounce.
Coupled with yesterday’s 4.5% surge in the HUI, the gold equity composite is now higher by 8.5% in the past two days. This marks the largest two-day gain for the HUI since a 9.0% gain on November 3-4, 2009.
With today’s advance, the HUI is now higher by 5.1% in August. On a year-to-date basis, the HUI remains fractionally lower, by 0.04%.
Notable advancers in the gold sector on Wednesday included Agnico-Eagle Mines (AEM), Randgold Resources (GOLD), and Royal Gold (RGLD). AEM, GOLD, and RGLD jumped 5.5%, 4.6%, and 4.9%, respectively.