Major stock indices closed lower yesterday, with the exception of the FTSE100 which managed a slight gain with no thanks to the small number of metals and mining stocks on the index.
Fresnillo (LSE: FRES) fell 4.01% in London yesterday, having lifted its full-year gold outlook but lowered its silver production target.
In Toronto, metals and mining stocks had a dismal day, closing down 2.93% overall.
Among the biggest falls, First Quantum Minerals (TSX: FM) plunged 9.14%, New Gold (TSX: NGD) lost 8.16%, and Hudbay Minerals (TSX: HBM) dropped 7.87%.
Gold is at its highest point since mid-July, at US$1,237 an ounce earlier on the spot market.
Gold stocks were generally higher on the benchmark S&P/ASX200 in Australian lunchtime trade while the diversified mining equities languished.
Meanwhile the palladium price hit an all-time record this week, up from around US$844 on the spot market in mid-August to $1,144/oz on Tuesday.
Bloomberg reported the rise was fuelled by supply concerns, and accelerated due to growing US tensions with Russia, one of the top producers, and stimulus measures in China, a key consumer of the metal widely used in the automotive industry.
Pure play palladium miner North American Palladium (TSX: PDL) enjoyed a gain of more than 4% yesterday, representing a rise of more than 48% year-to-date.