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Gold droops as June quarter ends

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

Fresnillo’s Saucito silver operation in Mexico

Staff reporter

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.