BUZZ-Gold miners: Metal prices rise amid Brexit concerns

Mon Jun 27, 2016 8:33am EDT
 
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** Gold companies' U.S.-listed shares up premarket after metal prices rise as investors seek safer assets and sell equities on uncertainty over Britain's vote to leave EU

** Spot gold up 0.9 pct at $1,327.30 an ounce at 8:27 a.m. ET after rising as much as 1.5 pct earlier

** Raymond James and CIBC raise estimates on gold and silver prices, citing opportunity from Brexit ramifications and diminishing prospects of U.S. rate hike

** "From the equities perspective, precious metal stocks this year have resisted recent gyrations in commodity prices, maintaining higher valuation levels despite the metal's volatility," Raymond James analysts write in note

** Newmont Mining Corp up 2.2 pct at $38, McEwen Mining Inc up 6.4 pct, Primero Mining Corp up 5.9 pct

** World's largest gold producer Barrick Gold Corp up 3.3 pct at $21.16; IAMGOLD Corp up 4.2 pct, AngloGold Ashanti Ltd up 4.1 pct, Kinross Gold Corp up 3.1 pct

** Up to Friday's close, S&P 500 Gold sub-index had more than doubled this year