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Gold gains, Buffett buoys Barrick

The gold price has risen sharply since this time yesterday as interest continues in the sector, amid news US-China trade talks scheduled for this weekend have been postponed.
Gold gains, Buffett buoys Barrick Gold gains, Buffett buoys Barrick Gold gains, Buffett buoys Barrick Gold gains, Buffett buoys Barrick Gold gains, Buffett buoys Barrick

BHP’s Nickel West operations in Western Australia

Staff reporter

Spot gold was up around US$1,990 an ounce earlier but was at $1,981/oz at the time of writing.

Meanwhile, word of Warren Buffett's Berkshire Hathaway investment in Barrick Gold sent the gold major up 11.32% yesterday to within C$1 of a one-year high.

Other gold equities gained in Toronto, including Equinox Gold (TSX: EQX), Victoria Gold (TSX: VGXC) and Wesdome Gold Mines (TSX: WDO), which all rose more than 7-8% to hit 52-week highs.

Newmont rose 7% in New York, while copper major Freeport-McMoRan lifted 2.3% as the red metal gained.

"Copper turned higher on Monday after China added liquidity to the money markets, injecting a net 340 billion yuan," Marex Spectron's Anna Stablum said of the larger-than-expected boost.

Key markets closed higher yesterday and the Nasdaq reached another record closing high on Monday boosted by tech stocks, Reuters reported.

Market futures were pointing higher.

In Australia, BHP has released its FY20 results which included a 5% drop in underlying EBITDA and a 10% lower dividend per share for the year of $1.20.