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Geopolitical tensions helped lift the gold price closer towards US$1,300 an ounce today as North Korea announced it had successfully launched another missile.
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Galaxy Resources rises on offtake agreements

Staff reporter

Among gold equities, Australian-based miner St Barbara (AU:SBM) barely changed as it held its AGM - its stock remains near a one-year high.

In North America, Goldcorp (CN:G) closed down more than 1% while Newmont Mining (US:NEM) was up slightly in New York.

Most market indices around the globe moved higher in the past 24 hours, with the S&P500 higher and the FTSE 100 up more than 1% but the S&P/TSX Composite Index closed slightly lower.

In Australia, the benchmark S&P/ASX200 managed to surge back over the 6,000-point benchmark, helped by star performer Galaxy Resources (AU:GXY) gaining 8.64%.

The lithium miner shot up on news of signing long-term offtake agreements with multiple customers for 100% of its planned lithium concentrate production from Mt Cattlin from 2018, starting at higher headline pricing than in 2017.

Other lithium stocks also gained, with Pilbara Minerals (AU:PLS) rising more than 5% and Altura Mining up 2.5%.