CAPITAL MARKETS

Gold droops as June quarter ends

Gold has fallen to its lowest point since mid-April as the US dollar strengthened.

Staff reporter
 Fresnillo’s Saucito silver operation in Mexico

Fresnillo’s Saucito silver operation in Mexico

The precious metal neared US$1,750 an ounce on the spot market but has since risen slightly to $1,762/oz.

Nickel rose 0.4% on the London Metal Exchange amid reports the ongoing strike at Vale's Sudbury operations in Ontario is straining battery-grade nickel supply.

The strike action over a wage offer began on June 1.

Sumitomo Metal Mining yesterday reportedly narrowed its forecast nickel surplus and said it saw demand for nickel used in batteries rising 18% in 2021, thanks to EV sales growth in China.

Futures were mainly higher after the S&P 500 finished up slightly to yet another record closing high of 4,292.84.

Precious metals producer Fresnillo lost 1.8% in London and Newmont was off 0.1% in New York.

Vale was unchanged in Brazil and BHP was up more than 2% in morning Australian trade.

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