CAPITAL MARKETS

Gold dips, markets futures mixed

Gold has dipped to US$1,392 an ounce on the spot market after the strong US jobs report has seemingly reduced the impetus for a possible rate cut and US-China trade talks look set to resume.

Staff reporter
Africa-focused gold producer Avesoro Resources continues its share price recovery

Africa-focused gold producer Avesoro Resources continues its share price recovery

Meanwhile US president Donald Trump has turned his attention to India, tweeting yesterday the country had "long had a field day putting tariffs on American products. No longer acceptable!"

Market futures and mining stocks were mixed.

Metals and mining stocks in Toronto fell 1.7% yesterday.

However West African miner Avesoro Resources (TSX: ASO) has continued its recovery from a June low of C41.5c, when it slashed full-year guidance and its Youga mine in Burkina Faso was suspended for about a week over labour issues.  

It gained 17.19% yesterday to close at $1.50 but is still a long way off last July's $5.99 peak.

Antofagasta and Glencore posted two of the bigger drops on the FTSE100 yesterday, closing down 3.83% and 2.88% respectively.

Western Australian lithium miner Pilbara Minerals was down 5.8% in afternoon Australian trade.

It had lifted yesterday on a new offtake agreement and saying it expected production and sales to "return to full capacity" in the December quarter, after flagging customer issues in June.

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