CAPITAL MARKETS

Gold lower again

The US dollar’s strength has weakened the gold price further today, with the precious metal hitting its lowest point since mid-December on the spot market, last trading at US$1,251.76 an ounce.

Staff reporter
Pinos project holder Candelaria on the rise

Pinos project holder Candelaria on the rise

In Australian dollar terms, gold was a little lower around A$1,702/oz but only back to where it was at the start of this month, well above its mid-December mark of about $1,634/oz.

The metals and mining sector on the benchmark S&P/ASX200 index was up more than 1.2% in afternoon trade.

Its gold sector continued to shine, up a collective 1.46% at the time of writing.

Among the diversifieds, BHP (ASX: BHP) was up 1.8% this afternoon, following Rio Tinto's gain of 1.96% in London yesterday.

On the S&P/TSX Composite Index, miners had closed down 0.33% yesterday but the gold sector just managed to finish in positive territory, up 0.01%.

Centerra Gold (TSX: CG) led the way with a 5.23% gain as it completed the sale of its royalty portfolio.

Mexico-focused juniors were on the rise on the TSX Venture Exchange.

Candelaria Mining (TSXV: CAND) closed up 25% to C75c yesterday despite no news since May 2, when it announced it was given the environmental go-ahead for its Pinos gold project in Mexico.

And Ridgestone Mining, which completed a C$900,000 (US$675,000) raising earlier this month and gained regulatory approval on the option to acquire the Rebeico gold-copper property in Mexico, rose just over 42% to C27c.

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