April 6, 2011 / 12:55 PM / 7 years ago

Gold, Silver stocks rise as bullion hits new highs

* Arca Gold Bugs Index poised to top 600 point mark

TORONTO, April 6 (Reuters) - Shares of North American gold and silver miners rose in trading before the bell on Wednesday, with the price of the precious metals touching new highs as a weak U.S. dollar and unrest in the Arab world raised investor demand for safe-haven assets. [ID:nLDE7350OK]

The Arca Gold Bugs Index .HUI, which tracks 16 of the world’s largest bullion miners, is poised to top the 600 point mark — it last peaked at 598.36 in December 2010.

Spot gold XAU= was last at $1,458.41 an ounce by 8:07 a.m. EDT (1207 GMT), having hit an all-time high of $1,460.60 earlier in the day. Gold has rallied more than 8 percent in the past two months.

Spot Silver XAG= hit a 31-year peak of $39.64 on Wednesday and it is currently trading at $39.58 an ounce.

Shares of Barrick (ABX.TO), the world’s largest gold miner, were up almost 1 percent at $54.70 in premarket trading, while shares of its peers, Goldcorp (G.TO) and Newmont Mining (NEM.N), were also higher in the United States.

Shares of silver miners Pan American Silver PAA.TO, Hecla Mining (HL.N) and Coeur D’Alene (CDE.N), along with those of royalty company Silver Wheaton SLW.TO were all trading higher prior to the opening bell. (Reporting by Euan Rocha, editing by Maureen Bavdek)

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