CAPITAL MARKETS

Gold rises amid gloom

The US returned from a long weekend to the IMF’s reduced global growth outlook and the S&P500 was among key market indices that closed lower around the globe yesterday.

Staff reporter
Saracen was among market risers

Saracen was among market risers

The gloom did push the gold price up on the spot market, with it trading more than US$4 an ounce higher than this time yesterday, close to $1,283/oz.

Australian gold miners benefitted, with Saracen Mineral Holdings (ASX: SAR) the biggest gainer on the S&P/ASX200 at the time of writing, up around 4.7%.

However gold producer Northern Star Resources (ASX: NST) was the exception. The miner was down more than 5.6% after today forecasting higher costs for its Australian and new Alaskan operations.

Precious metals miner Fresnillo (LSE: FRES) had closed 1.83% higher in London yesterday.

In Toronto, metals and mining stocks were down 2.8%.

However gold miner Kirkland Lake (TSX: KL) gained 4.6% and explorer GoldMining (TSX: GOLD) rose 5.75%.

Meanwhile, the US government shutdown continues, concerns remain over US-China relations and Brexit is no closer to being resolved as its March 29 deadline approaches.

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