Emerging markets mining ADRs rallied in afternoon trading Thursday as the price of gold took a big jump on the New York Mercantile Exchange after posting a relatively sleepy performance in recent weeks.
Gold for June delivery rose $10.90 to settle at $882.10 an ounce after hitting a high of $887 earlier on the Nymex. Investors have taken gold prices on a roller-coaster ride in recent months, with the cost topping $1,000 per ounce in March and dropping below $860 an ounce toward the end of last month.
ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.
Shares of South Africa's Harmony Gold Mining Co. rose 63 cents, or 5.4 percent, to $12.22, while shares of DRDGOLD Ltd., also based in South Africa, jumped 34 cents, or 4.5 percent, to $7.88.
Shares of Gold Fields Ltd., another South African miner, increased 41 cents, or 3.1 percent, to $13.81.
Shares of China's Yanzhou Coal Mining Co. added $2.50, or 2.7 percent, to $95.58 and shares of South Africa's AngloGold Ashanti Ltd. gained 80 cents, or 2.1 percent, to $39.27.
Shares of Peru's Compania de Minas Buenaventura SA edged up 55 cents to $66.44.
The Bank of New York Emerging Markets ADR Index _ which includes shares of companies based in China, Mexico, Brazil and more _ gained 0.23 points to 372.49.
The Bank of New York Composite ADR Index gained 1.15 points to 183.43 as U.S. markets rose in afternoon trading.
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