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Gold passes US$1,600/oz, palladium surges

Precious metals soared yesterday as markets digested further coronavirus woes, with tech giant Apple warning it didn’t expect to meet revenue targets this quarter due to iPhone supply constraints.
Gold passes US$1,600/oz, palladium surges Gold passes US$1,600/oz, palladium surges Gold passes US$1,600/oz, palladium surges Gold passes US$1,600/oz, palladium surges Gold passes US$1,600/oz, palladium surges

Gold major Newmont was on the rise as it declared a dividend

Staff reporter

Gold futures rose more than 1% above US$1,600 an ounce and gold was worth $1,600.60/oz on the spot market at the time of writing.

Palladium surged to a new record and was trading earlier at $2,536/oz on the spot market.

Base metals, bar lead, sank on the London Metal Exchange yesterday.

The S&P500 closed lower, as did European and Australasian indices except the Shanghai Composite Index, which managed a 0.05% gain.

Futures were mixed.

Among the mining majors, Newmont (NYSE: NEM) gained 3.4% as it declared a fourth quarter dividend of 14c.

Its shares have risen above $45 this month for the first time since August 2016 and reached a one-year high of $45.73 yesterday.

Rio Tinto (LSE: RIO) lost 0.96% in London yesterday and BHP (ASX: BHP) was down a similar amount in morning trade.