(RTTNews) - While most of the major sectors are showing only modest moves on Friday, gold stocks are seeing significant strength amid a sharp increase by the price of the precious metal.
The gains by gold stocks are contributing to a 3.1 percent advance by the NYSE Arca Gold Bugs Index, which is currently poised to end the session at a record closing high.
A notable increase by the price of gold is contributing to the strength in the sector, with gold for February delivery currently up $18.30 at $1,407.60 an ounce. The price of gold rose as high as $1,409.90 an ounce earlier in the session, climbing back towards the record highs set in early November.
Hecla Mining (HL) is turning in one of the gold sector's best performances, with the mining company currently up by 6.5 percent. At its high for the session, Hecla was at its best intraday level in well over two years.
Shares of Harmony Gold (HMY) have also shown a notable upward move and are currently up by 6.5 percent. Gold Fields (GFI), Buenaventura (BVN), and Yamana Gold (AUY) are also posting notable gains on the day.
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