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Global markets up, gold down

Global markets were more positive with London’s FTSE 100, Germany’s DAX, the S&P500 and S&P/ASX 200 all closing higher in the past 24 hours.
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Gold miners in WA government’s sights again

Staff reporter

The DAX was unruffled by Germany's political turmoil and investors are keeping an eye out for the latest US Federal Reserve's minutes, due out tomorrow ahead of the Thanksgiving break in North America on Thursday.
 
The gold price regained ground earlier today but remained just below US$1,290 an ounce on the spot market.
 
Meanwhile gold companies are back in the Western Australian treasurer's firing line to provide budget repair, with Ben Wyatt today announcing a revised gold royalty rate after his previous proposal was blocked.
 
The new royalty would remain a 50% increase, to 3.75%, but would only apply when the gold price was above A$1,400/oz (US$1,056/oz), rather than $1,200/oz.
 
Wyatt also outlined an exemption for small producers and an assistance package for marginal miners, who had all-in sustaining costs above 85% of the gold price, to be refunded the increased royalty paid.
 
Australian gold stocks were mixed in the aftermath, with profitable St Barbara (AU:SBM) up 2.3%, and Newcrest Mining (AU:NCM) - who had previously said a royalty hike threatened the viability of its Telfer gold mine - closed down just over 0.04%.
 
Major diversified miner BHP (AU:BHP) finished up 0.4%, following similar small gains made yesterday by Rio Tinto (LN:RIO) and Freeport-McMoran (US:FCX).