Gold prices have been on an upward curve for quite some time, and ever since the onset of the coronavirus pandemic, the precious metal has enjoyed another remarkable bull run. However, on Thursday, gold struggled to justify its status as a safe haven against economic uncertainties and suffered a pullback to drop by 0.8% to $1714.80 an ounce.
Despite that, it should be noted that gold prices are now at a higher level, and hence, investors could consider having a look at gold stocks. Here is a look at three of those.
Gold Stocks to Watch This Week #1 Iamgold Corp
One of the gold stocks that could be tracked by investors at this point is that of Iamgold Corp (NYSE:IAG). Earlier this week, the company announced that it is all set to resume operations at its Westwood gold mine in Quebec after the local authorities classified mining as an essential business process.
The company had stopped operations at the property in question back on March 25, and the latest announcement is a major boost for Iamgold. Investors could keep an eye on this stock over the course of the coming days.
Gold Stocks to Watch This Week #2 McEwen Mining
Another gold stock that deserves attention from investors under the present circumstances is that of McEwen Mining Inc (NYSE:MUX). Back on Tuesday, the company published its report on its production for the first quarter. In addition to that, the company revealed that the Black Fox Mine in Ontario is going to be operational again after having been locked down for two weeks.
The company announced that it produced 29100 ounce of gold, and the silver production for the same period stood at 553100 ounces. The Black Fox Mine had been suspended on March 26.
Gold Stocks to Watch This Week #3 Franco-Nevada Corporation
Last but not least; it is Franco-Nevada Corporation (NYSE:FNV) that could be tracked by investors as sentiments regarding the precious metal continue to be broadly bullish. The company does not mine for gold, but instead, it is involved in providing companies with capital for kick-starting the development of mining projects.
In return, Franco-Nevada either takes a cut of the product or gets minerals at a predetermined price. That mitigates much of the risks associated with projects and hence, makes Franco-Nevada a particularly attractive stock for investors.