CAPITAL MARKETS

Dovish comments send markets soaring

Dovish comments from US Federal Reserve chairman Jerome Powell yesterday, which hinted at a possible rate, cut sent US markets soaring.

Staff reporter
 Image: Unsplash.com/Sunyu

Image: Unsplash.com/Sunyu

The S&P500 breached 3,000 points for the first time before closing slightly below the benchmark.

The spot gold price has shot up US$32 an ounce compared with this point yesterday, to about $1,424/oz.

The gold-heavy metals and mining sector closed more than 1% higher in Toronto yesterday.

Market futures were pointing to a positive start today for key global indices.

The S&P/ASX200 was up at the time of writing and gold producer Resolute Mining (ASX: RSG) was leading market risers on the index with a gain of about 9% on no news.

The Australian dollar gold price has risen further, to A$2,046.32/oz, according to the Perth Mint.

Base metals also closed higher on the London Metal Exchange yesterday.

Among the majors, Newmont Goldcorp (NYSE: NEM) rose 0.75% in New York yesterday, Antofagasta (LSE: ANTO) reduced some of the previous day's losses by gaining 1.79% in London and BHP (ASX: BHP) was up 0.4% in afternoon Australian trade.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.