CAPITAL MARKETS

Gold rises after oil attack

The gold price has bobbed back above US$1,500 an ounce on the spot market following news of a drone attack on Saudi oilfields over the weekend.

Staff reporter
 Northern Star is looking to optimise the plant at its Pogo gold mine in Alaska

Northern Star is looking to optimise the plant at its Pogo gold mine in Alaska

It was trading at $1,503/oz earlier, ahead of a US Federal Reserve meeting later this week.

Copper had finished last week up 2.5% on the London Metal Exchange after goodwill trade gestures between the US and China improved sentiment.

Market futures are proving mixed at the start of the week.

Rio Tinto (LSE: RIO) closed up about 2.2% in London on Friday, while metals and mining stocks closed 2.7% higher in Toronto.

In Australian trade, BHP (ASX: BHP) was up 3.5% at the time of writing.

Western Australia-based gold miner Northern Star Resources (ASX: NST) was up 5.6% ahead of its presentation tomorrow to the Denver Gold Forum in the US.

Other presenters include majors Barrick Gold (TSX: ABX) and Newmont Goldcorp (NYSE: NEM), which last closed up 1% and down 0.1% respectively.

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