CAPITAL MARKETS

Gold miners in favour

The spot gold price was lower today but Australian gold miners were up in the wake of US president Donald Trump’s widely anticipated move to scrap a nuclear deal with Iran.

Staff reporter
Saracen among Australian market risers

Saracen among Australian market risers

The S&P/ASX200's gold sector was in positive territory in late trade, with Saracen Mineral Holdings' (ASX: SAR) rise of 3.6% one of the top gains.

Miner Regis Resources (ASX: RRL) was up close to 3% late afternoon, and St Barbara (ASX: SBM) was up close to 2.4% at the time of writing.

It was the opposite case for gold stocks in London yesterday, where precious metals miner Fresnillo (LSE: FRES) posted one of the bigger drops on the FTSE100 of 2.44%.

The gold price has moved between about US$1,306 and $1,316 an ounce in the past 24 hours and was recently trading at $1,308/oz.

The metals and mining sector had closed up slightly in Toronto yesterday, where gold miner IAMGOLD (TSX: IMG) closed 8.88% higher in the wake of reporting an "outstanding" quarter.

Hudbay Minerals (TSX: HBM) was among the diversified mining equities to close lower in Toronto, down 2.44% yesterday.

Finally, back in the US, the S&P500 metals and mining sector managed a slight gain yesterday to close up 0.07%.

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