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Gold tumbles

The gold price has tumbled to its lowest point in a year as the US dollar strengthened and US Federal Reserve chairman Jerome Powell pointed to gradually increasing interest rates.
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Mixed results in gold equities

Staff reporter

Gold was trading around US$1,225 an ounce on the spot market earlier, about $15/oz lower than this time yesterday.

There were mixed results in the gold sector around the globe.

Condor Gold (TSX: COG) rose more than 14% yesterday after telling the market on Monday it was confident the company was close to receiving permitting approval for its Mina La India gold project in Nicaragua.

The benchmark S&P/TSX Composite Index remains close to a one-year high with metals and mining stocks up more than 1% yesterday.

Among the gold majors, Barrick Gold (TSX: ABX) closed down 0.65% in Toronto, while in the US Newmont Mining (NYSE: NEM) rose 1.21%.

In Australia, gold miner Northern Star Resources (ASX: NST) was off 0.4% at the time of writing, despite announcing a record quarter and generating about A$1 million (US$0.74 million) in free cash flow a day.

Finally, BHP (ASX: BHP) was up more than 3% this afternoon after releasing its yearly review and outlining increased copper output and several production records.