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Trade optimism lifts markets

Markets were buoyed by comments from US president Donald Trump yesterday indicating a trade deal with China could be close.
Trade optimism lifts markets Trade optimism lifts markets Trade optimism lifts markets Trade optimism lifts markets Trade optimism lifts markets

Core from Wesdome’s Kiena Deep A Zone in Quebec

Staff reporter

Base metals, ferrous and crude all "clawed back some of the day's losses in the late afternoon", Marex Spectron's Dee Perera on the LME desk noted.

The positive vibes sent the gold price lower, to about US$1,509 an ounce on the spot market earlier.

Wesdome Gold (TSX: WDO) was the only gold equity to gain on the S&P/TSX Composite Index yesterday.

It closed up 3.65% after announcing a significant increase to the gold resource at its Kiena mine complex in Quebec and said work was underway to determine the next steps and timing of a potential restart.

Eldorado Gold (TSX: ELD) posted the biggest decline, closing down 8.1% as the gold sector lost a collective 3.2%.

Metals and mining stocks closed higher in London, where Rio Tinto (LSE: RIO) closed up 0.9% and copper miner Antofagasta (LSE: ANTO) rose 1.8%.

Gold producers were lower in midday Australian trade, where recently-enlarged Silver Lake Resources (ASX: SLR) was down about 5%.