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Metals and miners upbeat

Metals and mining stocks were upbeat despite increasing tariff tensions between the US and China.
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New Gold's Rainy River

Staff reporter

The gold price went within a few dollars of the US$1,200 mark late last week but recovered to around $1,215 on the spot market earlier today.

The move will be welcome to the gold-dominant companies presenting at the annual, three-day Diggers & Dealers mining forum that got underway in Kalgoorlie today.

Australian metals and mining stocks on the benchmark S&P/ASX200 were up 1.54% at the time of writing.

BHP (ASX: BHP) was up more than 2% in early afternoon trade ahead of its presentation scheduled after market close at Diggers & Dealers.

Copper and zinc futures were up in Shanghai at the time of writing.

In Toronto, metals and mining stocks on the S&P/TSX Composite Index closed up 0.43% on Friday ahead of the long weekend.

New Gold Inc (TSX: NGD) led the gold subsector, closing up 4.27%.

The miner is recovering from a 52-week low reached in late July on the back of disappointing June quarter results and its revised 2018 guidance of decreased output and higher costs, mainly due to start-up issues at its Rainy River mine.

Miners had a positive finish to the week in London, up 1.98% on the FTSE100.

Rio Tinto (LSE: RIO) had closed up 2.15% on Friday to regain some of the week's lost ground on a "slight miss" in reported underlying earnings.