Finance > Capital-markets

Miners in positive territory

The gold price has shot up since this time yesterday and spot copper is back above US$7,100 per tonne, with both diversified and precious metals mining equities firmly in favour on global stock markets.

Staff reporter

Finance > Capital-markets

Miners in positive territory

The gold price has shot up since this time yesterday and spot copper is back above US$7,100 per tonne, with both diversified and precious metals mining equities firmly in favour on global stock markets.

Staff reporter

Miners in positive territory

Diversified and gold stocks gain

Gold posted a strong gain after an unexpected decline in US retail sales, Bloomberg reported, despite a stronger than anticipated US inflation report, with the precious metal reaching more than US$1,354 on the spot market earlier today.

In Australian trade, gold miner Resolute Mining (AU:RSG) made one of the biggest gains on the benchmark S&P/ASX 200, up 7.9%.

In the US, the S&P 500 metals and mining sector surged yesterday, helped by Freeport-McMoRan's (US:FCX) gain of 7.42% and Newmont Mining's (US:NEM) 5.35% rise.

Gold stocks were in demand in Toronto with emerging developer Novagold Resources (CN:NG) posting a 10.9% gain, miner Kinross Gold (CN:K) up 8.28% and IAMGOLD (CN:IMG) rising 8.63%.

Ivanhoe Mines (CN:IVN) rose 5.7%, essentially regaining the ground it has lost this month on fears over new mining laws in the Democratic Republic of Congo. 

In London, miners were in favour across the board with precious metals miner Fresnillo (LN:FRES) up 4.6% and Chilean copper producer Antofagasta (LN:ANTO) up 2.97%.

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