CAPITAL MARKETS

Markets up, gold above US$1,900/oz

Markets closed higher ahead of a holiday today in the US and UK.

Staff reporter
 Image: Unsplash/David Vincent

Image: Unsplash/David Vincent

In Australia, the benchmark S&P/ASX 200 closed at a record high on Friday of 7,179.50.

Gold has risen firmly above US$1,900 an ounce again and was worth more than $1,906/oz on the spot market at the time of writing.

US president Joe Biden said on Friday America had "turned the tide" on a once-in-a-generation economic crisis and reiterated plans for a major infrastructure spend.

Base metals were mainly higher on the London Metal Exchange.

Copper closed up 0.4% to $10,248.25 per tonne, as strike action is underway, slowing operations at BHP's Escondida and Spence mines in Chile.

There are also issues in the Democratic Republic of Congo regarding the export of copper and cobalt.

New producer Ivanhoe Mines, which started production last week at its Kamoa-Kakula copper joint venture in the DRC, said it had held "constructive discussions" on obtaining a derogation given limited smelting capacity in-country.

Ivanhoe (TSX: IVN) closed down 4.3% in Toronto.

In London, Antofagasta closed down more than 2%.

Newmont gained 0.5% in New York and remains near a multi-year high.

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