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Markets, gold higher as new US president sworn in

Gold gained and US markets were at fresh highs as Joe Biden was inaugurated as the 46th US president, replacing Donald Trump.
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Fire last week at Vale’s Ponta da Madeira terminal in Brazil. Image: Dry Bulk ETF

Ngaire McDiarmid

The S&P 500 closed up 1.39% to a record high of 3,851.85.

Gold shot up about US$30 an ounce to more than $1,870/oz on the spot market.

The iron ore price remains strong, around $170 per tonne, with the market impacted by factors including last week's fire at one of Vale's main ore shipping terminals in Brazil, Ponta da Madeira, which reportedly could limit shipping capacity by 32 million tonnes this year.

Ferrous also benefitted from the tropical low heading for Port Hedland [Western Australia] potentially causing supply issues into weekend, although BHP's increased guidance on the back of the Samarco restart capped any meaningful advances, Marex Spectron's Alastair Munro said yesterday.

In Toronto, Goldcore Resources (TSXV: GEM), which has the Berkwood graphite discovery in Quebec and last week pointed to a forecast 500% increase in demand for the battery mineral, gained 66.7%.

Junior Gold Rush Cariboo (TSX: GDBO) gained the same amount on no news.

Among the majors, Rio Tinto rose almost 2% in London, gold major Newmont gained 2.7% in New York and BHP was up nearly 1% in morning Australian trade.