Gold, Silver, Copper Keep Rallying. Newmont, Freeport Stocks Are Rebounding.

Gold prices had retreated to start the week, weighing on shares in gold miners like Freeport McMoRan and Newmont, (Chris Ratcliffe/Bloomberg)

Key Points

• Gold futures rose 1.3% to over $4,400 an ounce on Tuesday, with prices up two-thirds this year and near record levels.
• Silver futures advanced 5.8% to $74.5 an ounce on Tuesday, following a volatile rally that saw it hit a record above $80 on Sunday.
• Copper futures increased 2.5% to over $5.7 per pound on Tuesday, positioning the metal for its best annual performance since 2009.

Metals prices pushed higher on Tuesday as the rally in gold, silver, and copper resumed after a selloff to start the week—buoying shares in mining companies that pull the metals out of the ground.

Continuous-contract futures for gold traded in New York jumped 1.3% on Tuesday to above $4,400 an ounce. Gold prices are up by two-thirds this year and remain in sight of record levels above $4,500 reached last week.

Gold prices had retreated to start the week, weighing on shares in gold miners like Freeport McMoRan and Newmont , which lost 2.9% and 5.6%, respectively, in Monday trading. Freeport stock jumped 1.7% in the Tuesday premarket with shares in Newmont up 2.2%.

The price of silver , which has ripped skyward in recent weeks in a volatile rally, advanced 5.8% based on futures prices to $74.5 an ounce, having traded above $80—a record high—on Sunday.

Silver’s fall to near $70 after its Sunday high marked its worst day in almost five years, underscoring the volatility behind the surge in the white metal.

Copper prices, which are on track for their best year since 2009, were also on the advance on Tuesday, with futures prices for the industrial metal up 2.5% to above $5.7 per pound. Shares in copper miner BHP gained 1.4% in the premarket after a 2.4% slide on Monday.

Write to Jack Denton at jack.denton@barrons.com