CAPITAL MARKETS

Gold, iron ore rise

The gold price has strengthened and the iron ore price is around a seven-year high.

Staff reporter
 Vale’s Carajas iron ore mine in Brazil

Vale’s Carajas iron ore mine in Brazil

Iron ore is up on strong demand from Chinese steel mills, Reuters reported, with spot iron ore at its highest point since January 2014 according to SteelHome.

Vale also yesterday lowered its 2020 production guidance again, from a revised 310-330 million tonnes to 300-305Mt.

It closed down 1.7% in Brazil but remains at the top end of a one-year range.

The most-traded iron ore for January delivery on the Dalian Commodity Exchange gained as much as 2.8% to 928 yuan ($141.45) a tonne in early trade, the wire service said yesterday.

Rio Tinto rose 4.8% in London yesterday and BHP was up 3.5% in midday Australian trade.

Gold was above US$1,830 an ounce on the spot market earlier but around $1,827/oz at the time of writing.

The gold price meant a generally good day for gold equities in Toronto.

Major Barrick Gold rose 0.42% and Canada-focused junior Visible Gold Mines (TSXV: VGD) gained 30.95% to C27.5c on no news.

Market futures were mixed.

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