Finance > Capital-markets

Gold equities provide bright spot

Gold equities were a bright spot today as the S&P/ASX200, Hang Seng and Shanghai Composite Index all weakened slightly with miners impacted by lower nickel, copper and iron ore prices.

Staff reporter

Finance > Capital-markets

Gold equities provide bright spot

Gold equities were a bright spot today as the S&P/ASX200, Hang Seng and Shanghai Composite Index all weakened slightly with miners impacted by lower nickel, copper and iron ore prices.

Staff reporter

Gold equities provide bright spot

Canadian Malartic gold mine at dusk

Image: Agnico Eagle

Miners were among the biggest declining stocks in the S&P/ASX200, with graphite producer Syrah Resources (AU:SYR) following yesterday's drop with a further 3.9% fall, nickel miner Western Areas (AU:WSA) dropping 3.1% and iron ore producer Fortescue Metals Group (AU:FMG) falling 2.9%.

The gold price has held above US$1,290 an ounce on the spot market, trading at $1,293.70/oz earlier today, and Australian gold miner Newcrest Mining (AU:NCM) gained 1.7%.

Among the North American gold majors, Newmont Mining (US:NEM) and Agnico Eagle (CN:AEM), which is celebrating its 60th this year, both gained around 1.2% yesterday.

In Toronto, Barrick Gold (CN:ABX) closed up just over 1% yesterday despite announcing a fatal accident at its Hemlo mine near Ontario.

The company said a full investigation was underway into the cause of the tragic accident and the 60-year-old survey technician had been a colleague for more than 30 years.

In London, the FTSE 100 had closed lower but in keeping with the golden theme, precious metal miner Randgold Resources managed a slight gain.

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