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Gold gains as concerns weigh on markets

Economic concerns, energy woes, a looming US debt ceiling showdown and more Evergrande worries weighed on markets but provided a boost for safe haven asset, gold.
Gold gains as concerns weigh on markets Gold gains as concerns weigh on markets Gold gains as concerns weigh on markets Gold gains as concerns weigh on markets Gold gains as concerns weigh on markets

Gold major Newmont was among the market risers

Staff reporter

Shares in indebted property giant China Evergrande went into a trading halt yesterday pending news of "a major transaction".

The precious metal price has risen to US$1,769 an ounce on the spot market.

Newmont, which is trading near a 52-week low, closed up 2.09% in New York.

In Johannesburg, Sibanye-Stillwater (JSE: SSW) gained 3.63% and Impala Platinum (JSE: IMP) rose 3.14%.

Still in South Africa, the two-day Joburg Indaba begins tomorrow and is being held online for the second year due to COVID-19.

In Toronto, Australia-focused explorer RooGold (CSE: ROO) - previously JNC Resources - shot up more than 20% on news of a strategic investment by Crescat Capital.

Base metals closed mostly higher in London, where the space continued to face conflicting signals, Marex's Al Munro said.

"Whilst low official warehouse inventory levels and other micro factors remain supportive there is the small matter of increasing macro concerns which affect our space and particularly copper more so than the energy space," he said.

China remains closed for Golden Week.