Metal stocks rise in pre-market as gold prices hit record highs

Precious metal stocks rose in pre-market trading on Monday, as gold prices hit record highs following the Federal Reserve's interest rate cut last week. Silver prices also climbed on Monday, reaching their highest level since August 2011. Scotiabank analyst Ovais Habib stated that the rise in gold prices since the rate cut is "driven by safe-haven demand, central bank purchases, and a weaker dollar." Stocks that rose in pre-market trading include: Newmont Gold up 2.9%, Agnico Eagle Mines up 3.8%, Wheaton Precious Metals up 2%, Barrick Mining up 3%, Kinross Gold up 2.9%, Equinox Gold up 2.2%, Alamos Gold up 2.8%, Pan American Silver up 4.6%, First Majestic Silver up 4.2%, Coeur Mining up 5.1%, and Endeavour Silver up 3.3%