Producers of metals and other raw materials rose amid deal intrigue.
The SPDR Select Sector Materials exchange-traded fund, which tracks the materials industry group of the S&P 500, rose 6% for the week following reports that Glencore and Rio Tinto are weighing what would be the largest ever mining merger.
Gold futures are inching up towards all-time highs, closing within 1.6% of their 2024 peak of $2788.50 an ounce.
Traders are hedging against a sudden shift in trade-policy and inflation trends by buying into the precious metal, which often mirrors inflation expectations.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-17-25 1756ET