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Gold lower, Orocobre rises

The gold price has continued to weaken into the second half of 2018, trading below US$1,250 an ounce on the spot market earlier at a new low for this year as trade tensions continue.
Gold lower, Orocobre rises Gold lower, Orocobre rises Gold lower, Orocobre rises Gold lower, Orocobre rises Gold lower, Orocobre rises

Orocobre gains on news

Staff reporter

However base metals including copper and nickel closed slightly higher on Friday, as did iron ore.

Despite positive leads from northern hemisphere markets on Friday, the benchmark S&P/ASX200 was in negative territory this afternoon.

Lithium miner Orocobre (ASX: ORE; TSX: ORL) was the top market riser on the index in afternoon trade, up more than 5.3% in a newsy day.

It announced production for the June quarter was the second highest ever achieved, 28% higher than the previous quarter, and would likely equate to lower unit costs.

It also unveiled a six-fold resource increase for the Cauchari lithium joint venture in Argentina which will be the basis for a preliminary economic assessment this quarter.

Despite gold price woes, Canadian explorer GT Gold (TSXV: GTT) closed up 15.58% on Friday to C89c, after last week starting drilling at its high-grade Saddle discovery in British Columbia's Golden Triangle.

Meanwhile money managers say trade jitters are prompting them to look for ways to protect profits in the event equity markets take a dive after years of growth, Reuters reported.