CAPITAL MARKETS

Australian dollar gold price at all-time high

The gold price was on the rise today as geopolitical tensions remain an undercurrent and the market ponders the likelihood of a rate cut at this week’s US Federal Reserve meeting.

Staff reporter
 An Alacer gold pour

An Alacer gold pour

The Australian spot gold price rose to a fresh all-time high today and was worth A$1,962.60 an ounce at the time of writing.

The US dollar gold price was near a 14-month high at US$$1,341.89/oz, having been close to $1,360/oz on Friday.

Market futures were mixed after most key indices closed higher yesterday.

Gold miners were unsurprisingly gaining in afternoon Australian trade.

Western Australian producer Saracen Mineral Holdings (ASX: SAR) was up more than 3% in late trade.

Newmont Goldcorp (NYSE: NEM) had closed up 0.8% in New York yesterday.

It had announced it was ramping up its Peñasquito mine in Mexico after an illegal blockade was lifted and a government-sponsored dialogue process established, with the company saying it was committed to a fair resolution of contract and water availability issues.

The gold-heavy Toronto metals and mining stocks closed about 1.3% higher yesterday.

Dual-listed Alacer Gold (TSX: ASR; ASX: AQG) gained 10.2% in Toronto to close at C$4.43 and is up almost 76% year-to-date.

It had declared commercial production at its Çöpler sulphide expansion project last week and a one-third increase in oxide gold production for 2019 at its flagship operation in Turkey.

Macquarie reinstated coverage of Alacer with a recommendation of outperform and a price target of $4.50, Bloomberg noted.

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