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Gold softens from high

Market futures were pointing to a positive start to the week, which is tipped to possibly include a US interest rate cut.
Gold softens from high Gold softens from high Gold softens from high Gold softens from high Gold softens from high

Newmont Goldcorp’s Tanami operations in Australia

Staff reporter

Macro uncertainties continue, with ongoing demonstrations in Hong Kong, a massive power blackout in South America, attacks on two oil tankers in the Middle East late last week and US-China trade tensions unresolved.

The spot gold price rose above US$1,350 an ounce on Friday but has softened a little to about $1,341/oz at the time of writing.

BHP (ASX: BHP) remains around an eight-year high, well above the A$40 mark in afternoon Australian trade, as the iron ore price remains close to $110 per tonne and workers at Codelco's Chuquicamata copper mine in Chile go on strike.

Elsewhere among the majors, Rio Tinto (LSE: RIO) had closed down 0.7% in London on Friday but is also close to a multi-year high.

Newmont Goldcorp (NYSE: NEM) gained 1% in New York, while Freeport-McMoRan (NYSE: FCX) lost 1.66%.

Metals and mining stocks were off about 0.6% overall in Toronto on Friday, where Barrick Gold (TSX: ABX) finished up 0.86%.