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Gold gains again, results move miners

Gold has breached the US$1,500 an ounce mark on the spot market for the first time since April 2013 as geopolitical tensions continue to simmer.
Gold gains again, results move miners Gold gains again, results move miners Gold gains again, results move miners Gold gains again, results move miners Gold gains again, results move miners

B2Gold’s Masbate gold operation in the Philippines

Staff reporter

Australian gold major Newcrest Mining (ASX: NCM) was up 3% in afternoon trade to its highest point since 2011.

Meanwhile investors have shown strong reactions to miners' results as the reporting season continues.

Canada-based miner B2Gold (TSX: BTO) shot up to an all-time high yesterday before closing up 11.45%, as it announced better-than-expected results including record quarterly consolidated gold production of 246,020 ounces and all-in sustaining costs 10% below budget.

Glencore continued its slide as CEO Ivan Glasenberg said its performance reflected "a challenging economic backdrop", closing down 0.9% to take its year-to-date loss to more than 19%.

He confirmed the company would mothball its Mutanda copper-cobalt mine in the Democratic Republic of Congo, citing low cobalt prices.

"Looking ahead, we are confident that commodity fundamentals will move in our favour and that our diverse commodity portfolio will continue to play a key role in global growth and the transition to a low-carbon economy," he said.

However Africa-focused developer Ivanhoe Mines (TSX: IVN) said it did not have a company-specific reason for the drop in its share price, which closed down 3%.

It is due to issue its results today before markets open in North America.

The company is up 59% year-to-date, with a private placement set to close this month which will see its Kakula copper mine joint venture fully financed to commercial production.

Markets generally closed in positive territory and most futures were looking up at the time of writing, in the absence of further negative developments.