Finance > Capital-markets

Gold stocks in demand

The spot gold price was about US$10 an ounce higher than this time yesterday at $1,333/oz, as US president Donald Trump’s talk of a trade war prompted market jitters, and gold equities gained accordingly.

Staff reporter

Finance > Capital-markets

Gold stocks in demand

The spot gold price was about US$10 an ounce higher than this time yesterday at $1,333/oz, as US president Donald Trump’s talk of a trade war prompted market jitters, and gold equities gained accordingly.

Staff reporter

Gold stocks in demand

Gold equities were a top pick

Among the larger capitalised stocks in Australia, gold miners were three of the top five gainers today.

Resolute Mining (AU:RSG) rose 3.4% and both Regis Resources (AU:RRL) and Newcrest Mining (AU:NCM) closed up around 2%.

In the US, Newmont Mining (US:NEM) rose 1.49% yesterday, while steel manufacturer Nucor Corp (US:NUE) was US8c lower at $67.78 but still about $1 higher than a week ago prior to Trump's proposal for steel and aluminium tariffs.

North of the border, diversified Ivanhoe Mines (CN:IVN) continued to regain lost ground.

It closed 3.93% higher but remains down about 25% year-to-date, having slumped around five weeks ago on concerns over a new mining code in the Democratic Republic of Congo.

London-listed gold miner Randgold Resources (LN:RRS) gained 2.09% yesterday.

Finally, diversified Anglo American (LN:AAL) rose 3.96% after announcing continued demand for rough diamonds and being named the "top pick of the majors" by an investment bank, due to its current undervaluation.

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