ASX gold stocks lower as bullion price dips
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The news: ASX gold miners fell in early trading as spot gold edged down, as investors awaited upcoming US economic data and further developments in the Middle East conflict.
The numbers: Gold producers Westgold (-3.3%), Vault Minerals (-3.1%) and Genesis Minerals (-1.9%) were all trading lower by 11am AEST, while the materials sector added 0.21%.
Spot gold inched down 44 US cents, or 0.02%, to USD2,658.20 ($3,863.72) an ounce, after rallying more than 1% following Iranian missile strikes on Israel earlier this week.
The context: Limiting gold's run was strength in the US dollar, a rival safe-haven asset, which made greenback-priced bullion more expensive for other currency holders, Reuters reported.
Gold has risen over 28% this year and extended gains this week as traders turned to the safe-haven investment as further conflict unfolded in the Middle East.
The source: Reuters
