10 Firms, Predominantly Gold Miners, Lead Wednesday Rally

8. New Gold Inc. (NGD)

New Gold Inc. (NGD), a Canadian mining company, saw its share prices grow for a second day on Wednesday, rising by 5.18 percent at $2.74 apiece as investor sentiment was buoyed by higher gold prices hitting a near four-week high.

According to analysts, investor sentiment was buoyed by incoming president Donald Trump’s criticism of the Federal Reserve, particularly because interest rates in the US were “far too high.”

Trump’s statement could spark lower interest rates under his administration.

With interest rates likely to be lower, the returns from bonds and other interest-yielding assets would look less appealing and may force investors to shift their funds into non-interest assets such as gold.

On Wednesday, spot gold rose by 0.3 percent to $2,657.38 per ounce, as of 02:15 p.m. ET, hitting its highest since December 13. Meanwhile, US gold futures settled 0.3 percent higher at $2,672.40.

New Gold (NGD) owns and operates the New Afton gold-silver-copper mine in British Columbia and the Rainy River gold-silver mine in Ontario, Canada.