CAPITAL MARKETS

Markets march up, gold down

March began with markets upbeat and gold sinking.

Staff reporter
 The New York Stock Exchange

The New York Stock Exchange

Wall Street was buoyant, with the S&P 500 making its strongest one-day gain since June, Reuters reported, as another COVID-19 vaccine received US approval and president Joe Biden's US$1.9 trillion relief package was passed by the house of representatives before heading to the senate.

The S&P 500 closed up 2.38% to 3,901.82.

Futures were up around the globe.

Gold has slumped to $1,723 an ounce on the spot market, having bobbed around the $1,800/oz mark last week.

Chinese official manufacturing PMI missed forecast in February and the Caixin manufacturing data also came in below estimates, but business expectations for both the manufacturing and non-manufacturing sectors rose from already-strong readings in January, Marex Spectron's Anna Stablum said.

Among the majors, Anglo American was a standout in London, up 4.53%.

Freeport-McMoRan rose 2.92% in New York, Barrick Gold gained 1.18% in Toronto and BHP was up 0.67% in midday Australian trade.

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