Shares of Hecla Mining Company (HL) surged 5.02% in the premarket session on Thursday, following a rally in gold prices to a new all-time high.
The precious metal spot price topped $2,950 per ounce in early trading, setting a new historical record. This represented a gain of over $320 or more than 12% so far in 2023, driven by strong demand for safe-haven assets amid economic uncertainties.
As a major gold mining company, Hecla Mining benefited from the soaring gold prices. Higher gold prices directly translate to higher profit margins for gold miners like Hecla. The company's stock rallied in the premarket, reflecting investor optimism on its improved prospects.
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