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Australian gold equities on the rise

Australian gold stocks were proving a standout for investors with the sector up collectively more than 4% at the time of writing as the local precious metal price remains near an all-time high.
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Newcrest among market risers on Red Chris deal in BC

Staff reporter

It was worth about A$1,843 an ounce on the spot market earlier, headed back towards the $1,871.64/oz reached briefly last month.

Australia and Papua New Guinea gold producer St Barbara (ASX: SBM) was leading the way with a gain of 7.4% in early afternoon trade.

Newcrest Mining (ASX: NCM), which today announced a foray into North America through the US$806.5 million acquisition of 70% of Imperial Metals' Red Chris mine in British Columbia, was the comparative laggard among S&P/ASX200 gold equities with its gain of about 3.5%.

In US dollar terms, the gold price has recovered slightly on the spot market, having fallen from about US$1,310 an ounce on March 1 to spend most of last week around $1,286/oz.

It was nearing $1,298/oz at the time of writing, helped by disappointing US jobs data on Friday.

US and European market indices were mainly pointing higher today after a period Bloomberg described as "the worst week for global equities since mid-December".

However Toronto looked set for a subdued start.

Base metal futures were mixed in Asian trade this afternoon, with copper futures up slightly and lead up 0.84%.

Further sales, investment and industrial production data is due out of China this week, Bloomberg noted, while UK MPs are set to vote tomorrow on a revised Brexit deal.