The gold sector includes activities related to the mining, refining, and distribution of gold. As a valuable and highly sought-after precious metal, gold is widely used in various industries such as jewelry, electronics, and aerospace. Gold’s price is often considered a reliable indicator of economic and political uncertainty. This is because it typically increases during times of market volatility and geopolitical tensions.
Next, gold stocks are a way for investors to participate in the gold sector and potentially benefit from gold’s price movements. Gold stocks refer to shares in companies that are involved in mining, refining, or distributing gold. These companies range from large mining corporations to junior exploration companies and royalty and streaming companies.
Investing in gold stocks can provide investors with the potential for capital appreciation during times of economic uncertainty. As well as exposure to a safe-haven asset. However, gold stocks also come with risks. These include things such as fluctuations in the price of gold and changes in global economic and political conditions that could affect the overall health of the sector. Given this, here are two large-cap gold stocks to watch in the stock market today.
Gold Stocks To Watch In The Stock Market Today
- Newmont Corporation (NYSE: NEM)
- Barrick Gold Corporation (NYSE: GOLD)
Newmont Corp. (NEM Stock)
Newmont Corporation (NEM) is a mining company that primarily produces gold and copper. The company has operations in North America, South America, Australia, and Africa and is one of the largest gold producers in the world.
Late last month, Newmont Corporation reported an increase in its gold Mineral Reserves, with reserves totaling 96.1 million attributable ounces for 2022. This is up from 92.8 million ounces at the end of 2021. Also, the company’s reserves grew by nearly 4 percent in 2022, primarily due to new additions at Pueblo Viejo and exploration at Newmont’s managed operations.
Over the last five trading days, shares of NEM stock have advanced by 4.57%. As of Tuesday’s afternoon trading action, Newmont stock is trading lower on the day by 1.64% at $44.38 a share.
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Barrick Gold Corp. (GOLD Stock)
Next, Barrick Gold Corporation (GOLD) is a mining company that specializes in the exploration, development, and production of gold and copper. The company has operations in North America, South America, Africa, and the Middle East and is one of the largest gold producers in the world.
In February, Barrick Gold reported its Q4 2022 financial results. In the report, the company notched in earnings of $0.13 per share, versus analysts’ estimates of $0.12 per share. Additionally, Barrick reported revenue for the quarter at $2.8 billion. This came in under analysts’ consensus estimates which were $3.2 billion.
Looking at the last five trading days, shares of GOLD stock have increased by 7.81%. Meanwhile, during Tuesday’s afternoon trading session, Barrick Gold stock is trading slightly lower on the day 0.29% at $16.97 a share.
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