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Sector Snap: Gold Mining Stocks Rise

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09 April 2008 @ 01:50 pm EST
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NEW YORK - A weakening U.S. dollar and a strengthening gold price on Wednesday lifted shares of companies that mine the precious metal.

In afternoon trading, gold in London rose to $925.20 per troy ounce, up from $909.80 late Tuesday. In Zurich, gold traded at $924.35 bid per troy ounce, up from $910.05.

The euro rose to $1.577 from $1.5721 late Tuesday in New York. Later, in midday trading in New York, the euro fetched $1.5813.

The Dow Jones U.S. Gold Mining Index was up nearly 1 percent.

Among the gold stocks gaining were: Goldcorp Inc. up $1.10, or 2.8 percent, to $40.57; Gold Fields Ltd. up 67 cents, or 4.9 percent, to $14.434 and Newmont Mining Corp., up 25 cents, to $46.81.

Elsewhere in the sector, Barrick Gold Corp. added $1.01, or 2.4 percent, to $44.03; Harmony Gold Mining Co. Ltd. climbed 11 cents to $11.38; Kinross Gold Corp. rose 44 cents to $23.59 and Yamana Gold Inc. rose 24 cents to $14.44.

Iamgold Corp. gained 10 cents to $7.42 and Agnico-Eagle Mines Ltd. rose $2.17, or 3.2 percent, to $70.72.

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