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Markets turn on tweet

Wall Street slumped yesterday as doubts grew over a possible US-China trade truce but futures were positive at the time of writing as sentiment turned on a tweet.
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Wall Street slumped yesterday. Image: Photography

Staff reporter

China's commerce ministry said trade negotiations with the US would proceed, Bloomberg reported, and US president Donald Trump earlier tweeted he believed the two countries would make a deal.

Meanwhile palladium hit a fresh all-time high of US$1,239.50 an ounce overnight, placing it around the same price as gold.

Two of three miners on the S&P500 had shared in the index's slump yesterday but gold producer Newmont Mining (NYSE: NEM) gained 1.72%.

The NYSE is closed today to observe the national day of mourning for former US president George HW Bush.

Precious metals miner Fresnillo (LSE: FRES) closed 3.73% higher in London, where the FTSE100 was down amid a Brexit brouhaha in British parliament.

Metals and mining stocks closed higher in Toronto yesterday, where the gold sector was up 1.2%.

Gold equities were just in positive territory in Australian trade this afternoon, up a collective 0.11% at the time of writing.

The spot gold price is around the same as this time yesterday, near $1,235/oz on the spot market after being around $1,240/oz overnight.

Finally, base metal futures were down in Asian trade following a mixed session on the London Metal Exchange yesterday.