Sector Snap: Gold miners gain on price increase

The price of gold for August delivery on the New York Mercantile Exchange rose $2 to $906.40 per ounce. In London, gold was recently trading up to $903 per ounce.

Analysts attributed the gain to stronger crude-oil prices and a weakening U.S. dollar.

The Dow Jones Wilshire U.S. Gold Mining Index rose 13.03 to 1,637.34 shortly before noon.

Among the largest gainers were Barrick Gold Corp., up 85 cents, or 2.1 percent, to $40.91; Rangold Resources Ltd., up $1.02, or 2.6 percent, to $40.01; and Agnico-Eagle Mines Ltd., up $1.40, or 2.2 percent, to $65.33.

Crude-oil futures jumped $3.46 to $135.39 a barrel on the New York Mercantile Exchange, recovering some of Thursday's $5-a-barrel drop on news of a fuel price hike in China.

Investors are awaiting this weekend's meeting in Saudi Arabia of oil producers and consumer nations, which could bring some solutions to the problem of soaring oil prices. But many analysts believe the gathering might end up being a mere finger-pointing session.

The 15-nation euro bought $1.5609 in European trading, up from its level of $1.5499 in late New York trading on Thursday.