CAPITAL MARKETS

Gold, Newmont higher

The gold price is remaining close to the US$1,300 an ounce mark as the US government shutdown continues and the UK parliament prepares to vote on prime minister Theresa May’s Brexit deal.

Staff reporter
Newmont is reportedly cutting jobs at Carlin. Image: Newmont Mining

Newmont is reportedly cutting jobs at Carlin. Image: Newmont Mining

It was worth more than $1,290/oz on the spot market earlier.

The only gold miner on the S&P 500 closed up slightly on Friday, following a report of job cuts.

Newmont Mining (NYSE: NEM) is cutting 120 jobs at its Carlin operations in Nevada after deciding to reduce the minelife at Emigrant and is suspending operations at part of the Gold Quarry due to a wall slide, Reuters reported.

In Toronto, gold major Barrick Gold (TSX: ABX) had closed more than 0.9% higher.

In Australian trade today, gold miners including Northern Star Resources (ASX: NST) and Evolution Mining (ASX: EVN) were slightly higher at the time of writing.

However market heavyweight BHP (ASX: BHP) was off about 0.27% as it specified the currency rates for its upcoming dividend payment.

Finally, Canadian junior GMV Minerals (TSXV: GMV) had enjoyed a strong finish to last week, rising 56% or C7c on Friday to 19.5c.

It has had nothing to report since filing an amended preliminary economic assessment for its Mexican Hat gold project in Arizona in December.

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