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Precious metal hits new highs

Continuing trade tensions and Brexit uncertainties are helping drive the gold price to new highs.
Precious metal hits new highs Precious metal hits new highs Precious metal hits new highs Precious metal hits new highs Precious metal hits new highs

Yamana Gold was among the market risers

Staff reporter

Gold has reached a fresh high in Australian dollar terms today of A$2,224.53/oz and had hit a record high in British pounds on Monday of £1,209.55/oz, Reuters reported.

It was above US$1,485 an ounce on the spot market earlier, a level last seen in April 2013.

US market indices closed higher but Europe and Toronto ended in the red on Tuesday, while the Australian dollar has slid to its lowest point in a decade of US66.77c on speculation of a bigger-than-expected rate cut following New Zealand's lead, Bloomberg noted.

Metals and mining stocks on the S&P/TSX Composite Index had a welcome return from a long weekend yesterday, closing collectively 2.7% higher yesterday, led by gold equities' gains of 4%.

Yamana Gold (TSX: YRI) was the standout, closing up 9%.

Australian gold stocks were also shining with the sector up about 4.6% in early afternoon trade on the S&P/ASX200.

Resolute Mining (ASX: RSG) has continued to rise, touching a three-year high earlier and was up 8.7% at the time of writing. The miner, which is among the presenters at this week's Diggers and Dealers mining forum in Kalgoorlie, is up 78% year-to-date.

Diversified majors were down in London, including Rio Tinto (LSE: RIO) which closed about 2.7% lower.

Key market futures were pointing to a lower start today.