Precious metals shares were were the best performing sector of the equity market in late morning trading, as the Philadelphia Gold & Silver Index (XAU) advanced 2.30 points, or 1.2%, to 201.10.
The rebound in the XAU came as gold surged back toward $1,330 per ounce, while silver climbed 1.6% to $26.45 per ounce. Notable advancers included Agnico-Eagle Mines (AEM), IAMGOLD (IAG), and Silver Wheaton (SLW), with gains of 2.5%, 2.7%, and 3.0%, respectively.
The rally in gold and silver shares stood in stark contrast to the broader equity market, which was on pace for its worst day of the week. In late morning trading, the S&P 500 dropped 0.9% to 1,287.50 and the tech-heavy Nasdaq Composite declined 1.5% to 2,715.04 following disappointing earnings reports from Amazon (AMZN) and Microsoft (MSFT).
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