Shares of gold and silver companies, including Yamana Gold Inc (NYSE:AUY), U.S. Gold Corp (NASDAQ:USAU) and First Majestic Silver Corp (NYSE:AG), are trading higher Tuesday as precious metals prices rise amid a surge in oil prices.
Gold is viewed as an inflationary hedge and "safe haven" asset. It has gained amid rising inflation concerns and the ongoing Russia-Ukraine conflict.
President Joe Biden on Tuesday announced the United States is targeting the "main artery of Russia's economy" by banning all imports of Russian oil and energy.
Related Link: US Bans Russian Oil Imports In Response To Ukraine Invasion: What You Need To Know
Commodity supply constraints have contributed to the surge in precious metal companies.
Price Action: At time of publication, gold was up 1.96% at $2,040 and silver was 0.6% at $26.26.
Photo: PublicDomainPictures from Pixabay.
