Gold miners buck ASX decline amid US deficit fears
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The news: Gold miners were among the ASX 200's top performers in early afternoon trade, boosted by increased demand for the safe-haven metal. It came as US stocks and the dollar slipped amid a rise in US Treasury yields, triggered by fears a proposed tax-cut and spending bill will pump up the US deficit by trillions.
The ASX 200 followed Wall St stocks lower at the open and was down 0.48% at 8,345.30 at 1:04pm AEST.
The numbers: Eight of the 10 best performers on the ASX 200 were gold miners, led by Genesis Minerals, which was up by 4.6%.
Westgold Resources (+4.4%) Northern Star Resources (+4.2%), Spartan Resources (+4.1%) , were among the other top gainers. The wider materials sector was up 0.4%.
The gold spot price was 1.8% higher at USD3,342.59 ($5,190.26) per ounce.
