Gold miners drag as spot price eases after reaching new high
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The news: ASX-listed gold miners were among the biggest losers in early afternoon as the spot price of the commodity fell after breaking USD3,700 ($5,541.79) per ounce for the first time overnight.
The numbers: At 12:31pm AEST, shares in Capricorn Metals had fallen 3.4% to $11.57. Westgold Resources (-3%) and Genesis Minerals (-3%) were also among the biggest losers.
The spot price of gold had fallen 0.37% to USD3,676.51.
The context: Gold has been on a record breaking rally over the last two weeks, having just breached USD$3,600 per ounce for the first time on 8 September.
The spot price has been gaining ahead of an expected US Federal Reserve benchmark overnight interest rate cut decision on Thursday morning (AEST) and as the US dollar remains soft.
An expected 25 basis point cut to the 4% to 4.25% range would be the first interest rate cut this year.
