Finance > Capital-markets

Gold drops below US$1,300/oz

The gold price fell below the psychological barrier of US$1,300 an ounce for the first time this year as the US dollar strengthened and 10-year Treasury yields rose above 3% for the first time since 2011.

Staff reporter

Finance > Capital-markets

Gold drops below US$1,300/oz

The gold price fell below the psychological barrier of US$1,300 an ounce for the first time this year as the US dollar strengthened and 10-year Treasury yields rose above 3% for the first time since 2011.

Staff reporter

Gold drops below US$1,300/oz

Gold price hits lowest level since late December

However gold's best days are still in front of it, the inaugural ResourceStocks conference in Sydney was told today.

Gold was trading around $1,294/oz on the spot market at the time of writing.

Unsurprisingly, gold equities have been affected by the precious metal's slide.

On the S&P/TSX Composite Index yesterday, the metals and mining was down 1.47% with the gold patch worst hit, down 1.77%.

West African-focused gold miner SEMAFO (TSX: SMF) fell the most, down 4.57% and Yamana Gold (TSX: YRI) dropped 3.73%.

Endeavour Mining (TSX: EDV) was the best of the four companies on the gold list managing a gain yesterday, with a slight rise of 0.74%.

On London's FTSE100, precious metals miner Fresnillo (LSE: FRES) down 3.38% as the metals and mining sector lost 0.97%.

Australia's gold sector followed suit today, down about 1.7% in afternoon trade while the diversifieds on the S&P/ASX200 were up around 1% collectively.

Gold producers Newcrest Mining (ASX: NCM) and Resolute Mining (ASX: RSG) were both down more than 2% at the time of writing.

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