Gold miners dip, tracking spot price fall after US data and rates hold
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The news: Gold miners were among the biggest losers on the ASX 200 in afternoon trade after the spot price of gold declined sharply overnight following the release of strong US data and the Federal Reserve’s decision to keep interest rates steady.
The numbers: At 2:52pm AEST, Ramelius Resources was leading losses among gold miners after its share price fell by 4.8% to $2.49. It was followed by Bellevue Gold (-4.4%), Genesis Minerals (-3.9%) and Evolution Mining (-3.6%).
The spot price of gold fell 1.5% in the previous session to USD3,275.18 ($5,066.02). Throughout the day the spot price recuperated some losses, having lifted 0.7%.
The context: Overnight, the US Federal Reserve held the benchmark interest rate unchanged at 4.25% to 4.5% and downgraded its assessment of the US economy.
The Federal Open Market Committee noted that “growth of economic activity moderated in the first half of the year”. It also described inflation as “somewhat elevated” and labour market conditions as “solid”.
For the first time since 1993, two Fed governors opposed the decision.
The US Bureau of Economic Analysis released gross domestic product data that indicated a resilient growth rate of 3% in Q2 of 2025.
Meanwhile, Ramelius Resources has completed its acquisition of Spartan Resources. It has issued the scheme consideration of 0.6957 new Ramelius shares and $0.25 for each Spartan share to eligible Spartan shareholders. The new Ramelius shares will commence trading on 1 August.
