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Gold price, equities continue to rise

Gold stocks are shining as the gold price continues to rise amid ongoing geopolitical tensions, ahead of the G20 meeting set for later this week in Japan.
Gold price, equities continue to rise Gold price, equities continue to rise Gold price, equities continue to rise Gold price, equities continue to rise Gold price, equities continue to rise

WA gold miner Saracen hits all-time high

Staff reporter

"It is our view that the whistle is blowing and the gold train is leaving the station … are you on board because it is certainly not turning back for you," bullion trader Sharps Pixley CEO Ross Norman said on Friday.

He pointed out in 72 currencies gold was at, or at least within a few percentage points of being at, an all-time high.

Gold was worth more than US$1,436 an ounce on the spot market, a level last seen in May 2013, and hit a new all-time high of just over A$2,062/oz at the time of writing.

The world's biggest gold producer, Newmont Goldcorp (NYSE: NEM), closed up 2.5% yesterday to a fresh one-year high.

Barrick Gold (TSX: ABX) gained more than 4% in Toronto to its highest point since September 2017.

Gold stocks were rising in afternoon Australian trade.

Western Australian-based producer Saracen Mineral Holdings (ASX: SAR) was up 8.5% at the time of writing to an all-time high of A$3.95.

 

The FTSE100 closed higher yesterday whereas most global equities indexes finished lower.

Most market futures were pointing to a lower start today, with Toronto one of few exceptions.