Gold miners continue rally as commodity hits new peak
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The news: ASX-listed gold miners were among the best performing stocks in afternoon trade as the spot price of gold hit a new record earlier in the day.
The numbers: At 2:17pm AEST, shares in Greatland Resources were up 5.4% to $7.52 while shares in Emerald Resources gained 3.8% to $4.79.
Around 11:45am AEST, the spot price of gold hit a new record of USD3,759.23 ($5,707.39) before easing.
The context: Hopes for an accelerated interest rate cut path in the US has led to increased demand for exchange-traded gold funds, with holdings growing at their fastest pace in more than three years on Friday.
Investors will be looking at US Federal Reserve chair Jerome Powell’s speech overnight (AEST) for any hints on the prospects for future rates cuts as well as the release of personal consumption expenditure data on Friday.
The source: Bloomberg
