CAPITAL MARKETS

Gold tumbles towards US$1,700/oz

Gold has tumbled towards US$1,700 an ounce on the spot market, the level of about nine months ago.

Staff reporter
 Gold producer Newmont closed lower in New York

Gold producer Newmont closed lower in New York

The precious metal has been dented by the prospect of US fiscal stimulus boosting the economy and inflation, prompting an earlier than expected interest rate rise.

It was worth around $1,710/oz at the time of writing.

Wall Street closed lower but the FTSE 100 was up almost 1% as it continued its recovery.

Down Under, Australia's 3.1% rise in fourth quarter GDP cemented a strong recovery, ANZ Research noted.

Market futures were mixed.

Gold major Newmont closed down 2.59% in New York.

Metals and mining equities were collectively up 1% in Toronto, where markets had closed lower.

Diversified miner Teck Resources (TSX: TECK.B) rose 1.74%.

Finally in London, Glencore managed a 0.52% gain.

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