CAPITAL MARKETS

Gold pushes past $1,300/oz threshold

Gold has surged back through US$1,300/oz and managed to hold up above the threshold overnight.

Staff reporter
Gold pushes past $1,300/oz threshold

The yellow metal jumped on Friday ahead of China-US trade talks and the latest Federal Reserve meeting, where rates are expected to remain on hold.

Traders will be awaiting commentary from Fed chair Jerome Powell on the state of the US economy, particularly given the lengthy US government shutdown, which ended over the weekend.

The Congressional Budget Office estimated the shutdown cost the US economy $11 billion. US president Donald Trump is already threatening a second shutdown.

That's been good for gold, which is now at $1,303/oz.

It's also good for Australian dollar gold, which is now at A$1,818/oz after rising as high as $1,820/oz.

Meanwhile, the MySteel 62% Australian iron ore fines price surged 4.8% to US$78.80 per tonne following Vale's tailings dam collapse in Brazil.

In London, aluminium dropped 3% after the Oleg Deripaska divested his stake in Rusal, allowing US sanctions to be lifted.

Only zinc rose, with a 0.3% gain.

 

TOPICS:

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.