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Miners lower despite positive market mood

The gold price retreated as the US dollar strengthened on positive economic news but Western Australia gold miners were relieved as the government’s revised, proposed royalty increase was once again scuppered by a lack of support in the state’s upper house.
Miners lower despite positive market mood Miners lower despite positive market mood Miners lower despite positive market mood Miners lower despite positive market mood Miners lower despite positive market mood

Downbeat day for miners including Newcrest

Staff reporter

Investors sent Australian gold stocks down today though, with Evolution Mining (AU:EVN) and Newcrest Mining (AU:NCM) among those closing lower.

In North America, Barrick Gold (CN:ABX) and Goldcorp (US:GG) also finished lower, despite hopes of US tax cuts boosting the markets.

Nickel prices closed up yesterday in London but Australian producer Western Areas (AU:WSA) went backwards 3.7%, one of the biggest declines in today's S&P/ASX200 index. Its shares have been on an upward path since mid-year.

Among the diversified majors, BHP (AU:BHP) closed 1.2% lower, following the lead of Rio Tinto's (LN:RIO) drop of almost 1.9% yesterday in London.

Finally, embattled Tanzanian miner Acacia Mining (LN:ACA) lost last week's gains, falling almost 7.6% yesterday on no news.