Bellevue Gold rallies as commodity price hits new peak
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The news: Bellevue Gold was leading a rally among ASX-listed gold miners in morning trade as the spot price of gold hit a new price peak. The miner also announced that Leigh Junk had joined its board.
The numbers: At 11:16am AEST shares in Bellevue Gold had lifted 3.7% to 91.7 cents per share.
Other gold miners among the biggest gainers on the ASX 200 were Vault Minerals (+2.7%), Regis Resources (+2%), Northern Star Resources (+1.9%) and Genesis Minerals (+1.9%).
The spot price of gold was up 0.07% to USD3,535 ($5,427.40) per ounce, lingering around record highs after surging past USD3,500 for the first time overnight.
The context: Bellevue Gold newest independent non-executive director, Junk was previously managing director of Karora Resources prior to its $1.2 billion merger with Westgold Resources.
Meanwhile, demand for gold hit a new record price amid expectations that the US Federal Reserve will lower interest rates later this month and as markets await a ruling on the legality of US President Donald Trump’s attempt to remove Federal Reserve governor Lisa Cook.
Market uncertainty also rose after a US appeals court last week ruled that most of Trump's tariffs were illegal. However, the tariffs will remain in placed until 14 October to give the administration a chance to file an appeal with the US Supreme Court.
