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TSX miners make flying start

Canada’s metals and mining sector kicked off 2018 with a strong start, rising 2.75% in the first day of trade as the S&P/TSX Composite Index hit a fresh record high of 16,309.99 points.
TSX miners make flying start TSX miners make flying start TSX miners make flying start TSX miners make flying start TSX miners make flying start

Barrick has enjoyed a positive start to 2018

Staff reporter

Gold mining stocks featured in the day's list of gainers as the precious metal price hit its highest point since late September thanks to a weakened US dollar.

The gold spot price broke through the US$1,320 an ounce mark overnight and was trading at $1,313/oz earlier today.

Mitsubishi analyst Jonathan Butler told Reuters it was gold's highest January opening since 2013 and "only the fourth time ever that gold has opened the year above $1,300".

On the TSX, Barrick Gold (CN:ABX) gained 4.57%, Kinross Gold (CN:K) rose 3.32% and Goldcorp (CN:G) closed up 2.99%.

B2Gold (CN:BTO) headed in the other direction, losing just over 1%, while in London, Randgold Resources (LN:RRS) gained close to 0.5%.

In the US, the record-breaking cold didn't freeze markets with the S&P 500 closing up 0.83% and gold miner Newmont Mining (US:NEM) rising 1.71%.

On the other side of the world, mining stocks performed strongly again today leading gains in the S&P/ASX 200 index.

Meanwhile, gold miner Northern Star Resources (AU:NST) made a minimal gain but enough to reach an all-time high of A$6.30 (US$4.93) intraday.

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